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THE FINANCES OF THE STATE. 477
other uses. The last convention also issued $535,11H, $120,000 of which was
appropriated to take up the remainder of the first issue, still in the hands of
the people. All these issues were unsupported by funds ; but the conventions
declared that they should be redeemed by the first of January, 1786, by taxation or other legislative provision. At the October session of the legislature
ofjL7g(J, an act was passed " for calling out of circulation the quota of this
State of the bills of credit issued by congress, and the bills of credit emitted by
Acts of Assembly under the old government, and by the resolves of convention." By this Act bills of credit were not to pass after the 20th of March,
1780, and were redeemed by giving one dollar of a new emission supported by
ample security for forty dollars of the old issues for which only the public
faith was pledged. To meet the expenses of the government, the legislature,
at its first session in 1777, imposed a tax of ten shillings on every £100 of
property within the State. And in 1778, "to raise supplies for the current
year" a tax of twenty-five shillings was imposed upon every £100 of annual
income, which Act was continued for 1779. At the next session of the legislature of 1779, however, the tax was increased to forty shillings in every £100,
and at the July session a "further sum of £9 15s. in the £100, to be added to
the sixty-five shillings which are levyable under two former Acts." A treble
tax was also imposed upon non-jurors. In 1780, the further sum of £20 in
the hundred was levied upon all the property within the State.
Finding it impossible to bring money into the treasury in sufficient quantity to meet the exigencies of the times, the General Assembly, at their last
session in the year 1780, authorized and required the payment of taxes in kind.
This Act imposed a tax of thirty shillings in the £100, to be paid in fresh
pork at £3 per hundred; beef at forty-eight shillings; barrelled pork, £8 10s.
per barrel, containing two hundred and twenty pounds; wheat at 7s. &d. per
bushel; flour 18s. 9d. per short hundred; transfer tobacco at 17s. 6d., and crop
tobacco at 20s. per hundred; " Spanish dollars at 7s. Gd., and gold, silver, or
new bills of the emissions of this State, at their respective comparative passing
value, at the time of payment."
The freemen, at this period, appear to have cheerfully paid into the
treasury their last dollar; and then to have contributed with alacrity, under all
the wasteful disadvantages of such a mode of contribution, a share even of
their provisions, for the support of those who had taken the field in the common cause. These taxes in kind, or these " specifics," as they were called,
were collected in many different warehouses and places of deposit throughout
the State; and, as circumstances required, were distributed and handed over
to the army, or the public creditors, or sold to raise money to meet instant
and pressing demands. And it was made optional with the State officers, in
the year 1782, to draw their salaries in bills of credit of the last emission, or
in wheat, one of those specifics. In this condition of affairs it was impossible
to fix any value upon currency; and, in fixing the governor's salary, the legislature assigned to him four thousand five hundred bushels of wheat per year.
| Title | History of Maryland - 2 |
| Creator | Scharf, J. Thomas (John Thomas) |
| Publisher | J. B. Piet |
| Place of Publication | Baltimore |
| Date | 1879 |
| Language | eng |
| Type | Books/Pamphlets |
| Title | 00000520 |
| Type | Books/Pamphlets |
| Transcript | THE FINANCES OF THE STATE. 477 other uses. The last convention also issued $535,11H, $120,000 of which was appropriated to take up the remainder of the first issue, still in the hands of the people. All these issues were unsupported by funds ; but the conventions declared that they should be redeemed by the first of January, 1786, by taxation or other legislative provision. At the October session of the legislature ofjL7g(J, an act was passed " for calling out of circulation the quota of this State of the bills of credit issued by congress, and the bills of credit emitted by Acts of Assembly under the old government, and by the resolves of convention." By this Act bills of credit were not to pass after the 20th of March, 1780, and were redeemed by giving one dollar of a new emission supported by ample security for forty dollars of the old issues for which only the public faith was pledged. To meet the expenses of the government, the legislature, at its first session in 1777, imposed a tax of ten shillings on every £100 of property within the State. And in 1778, "to raise supplies for the current year" a tax of twenty-five shillings was imposed upon every £100 of annual income, which Act was continued for 1779. At the next session of the legislature of 1779, however, the tax was increased to forty shillings in every £100, and at the July session a "further sum of £9 15s. in the £100, to be added to the sixty-five shillings which are levyable under two former Acts." A treble tax was also imposed upon non-jurors. In 1780, the further sum of £20 in the hundred was levied upon all the property within the State. Finding it impossible to bring money into the treasury in sufficient quantity to meet the exigencies of the times, the General Assembly, at their last session in the year 1780, authorized and required the payment of taxes in kind. This Act imposed a tax of thirty shillings in the £100, to be paid in fresh pork at £3 per hundred; beef at forty-eight shillings; barrelled pork, £8 10s. per barrel, containing two hundred and twenty pounds; wheat at 7s. &d. per bushel; flour 18s. 9d. per short hundred; transfer tobacco at 17s. 6d., and crop tobacco at 20s. per hundred; " Spanish dollars at 7s. Gd., and gold, silver, or new bills of the emissions of this State, at their respective comparative passing value, at the time of payment." The freemen, at this period, appear to have cheerfully paid into the treasury their last dollar; and then to have contributed with alacrity, under all the wasteful disadvantages of such a mode of contribution, a share even of their provisions, for the support of those who had taken the field in the common cause. These taxes in kind, or these " specifics," as they were called, were collected in many different warehouses and places of deposit throughout the State; and, as circumstances required, were distributed and handed over to the army, or the public creditors, or sold to raise money to meet instant and pressing demands. And it was made optional with the State officers, in the year 1782, to draw their salaries in bills of credit of the last emission, or in wheat, one of those specifics. In this condition of affairs it was impossible to fix any value upon currency; and, in fixing the governor's salary, the legislature assigned to him four thousand five hundred bushels of wheat per year. |
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