of bills of exchange and promissory notes. Art. 22, s. 25. statement of promissory notes, and stamp the same with the same stamp used by him on all licenses issued from his office, and shall take receipts from the several notaries public for all such stamped protests at any time delivered to them. 28. He shall, after each regular session of the General Assembly, furnish the printer of the laws with an accurate statement of the receipts and expenditures of the public money for the fiscal year; and it shall be the duty of the said printer to attach said statement to and publish the same with the laws passed by the General Assembly at such sessions. Art. 94, s. 1. FUNDING THE PUBLIC DEBT. 25. Amount to be set apart to credit of sinking 26. Surplus in treasury to be invested in pur- ers. 27. If overdue bonds not procurable, invest- 1. The treasurer, in addition to the oath prescribed by the sixth 12, c. 12.8.1; section of the first article of the Constitution, shall take an oath faithfully, diligently, and honestly to discharge the duties of his 1853, c. 403. Oath. Id. s. 2. 1852. c. 12, ss. 2-4. Bond. Penalty. office. 2. He shall, before entering upon the discharge of his duties, give bond to the State of Maryland, with security or securities approved by the governor, in the penalty of two hundred thousand dollars, with condition that he will truly and faithfully discharge, execute, and perform all and singular the duties of him required, and which may be required, by the Constitution and laws. 3. Each security on the bond of the treasurer shall make oath that he is bona fide worth, over and above his debts, not less than some specified sum to be stated in said oath, which oath shall be indorsed on said bond and recorded therewith. 1852, c. 12, s. 6. to authorize 4. The governor shall not approve any bond of the treasurer Id. s. 4. unless the sums so sworn to and indorsed on said bond shall in the What necessary aggregate at least equal the amount of the penalty thereof, and he approval. shall be satisfied of the availability of such security. 1852, c. 12, s. 8. Where to be 5. The bond of the treasurer, when duly executed and approved, Id. s. 5. shall be recorded in the office of the clerk of the Court of Appeals, and certified copies, under seal of said court, may be used in evidence in any court of law in this State. recorded. Id. s. 6. 1852, c. 12, s. 7. be renewed. 6. It shall be the duty of the governor at all times, when in his opinion the security or securities of any treasurer have or are likely to become invalid or insufficient, to demand and require such treas- require bond to urer forthwith to renew his bond to the State of Maryland, with security or securities to be approved by the governor, in the penalty and according to the form prescribed in this article; and in case of neglect or refusal by any treasurer to give bond with security or securities as aforesaid within twenty days after the same shall be demanded and required by the governor, such neglect or refusal shall be, and it is hereby declared to be, a disqualification within the meaning of the Constitution; and the governor is hereby required to proceed forthwith to appoint a fit and proper person to fill the vacancy occasioned thereby, according to the provisions of the Constitution. 7. The treasurer of Maryland shall appoint two clerks to assist in the discharge of his duties, who shall each receive an annual salary of twelve hundred dollars. Art. 94 s. 7. 1828, c. 74, s. 4; 1852. c.56; 1860, 1834, c. 229, s. 2; c. 199;1872,c. 104. Clerks' salaries. 1781, c. 20, s. 4. papers to have 8. He shall keep and carefully preserve all the books, papers and Art. 94, s. 14. accounts belonging to the treasury office, including the debt-books What books and and other papers relative to the revenue of the late Lords Proprie- custody of. taries, and the books, papers, and accounts of the commissioner of loans. 1853, c. 247. legislature 9. All persons having claims against the State for errors in the Id. s. 15. payment of their State taxes, or for sums erroneously paid into the To report to treasury, shall present the same with the proofs and vouchers thereof claims for taxes overpaid. to the treasurer, who shall examine the same and report to the General Assembly, at the next session thereof, the names of such persons as in his opinion are entitled to an allowance for said erroneous payments, and the amount that ought to be paid to each. 1845, c. 145, s. 1.amount of in 10. The treasurer, upon demand being made upon him by any Id. s. 16. person or corporate body, having a claim against the State due to To deduct him in his own right, shall, if such person or corporation is indebted debtedness in to this State upon the books of the treasury to an amount less than paying creditor of State. Id. s. 17. 1845, c. 145, s. 2. Assignee. Id. s. 18. the sum so due and claimed, deduct the sum so due the State from the amount demanded, and pay the difference only; and if the amount due to the State shall be equal to or exceed the sum so demanded, the treasurer shall withhold the entire amount. 11. If the demand is made by any assignee of a party having a claim against the State, the same right to withhold or deduct as the case may be, shall exist as if the demand were made by the assignor. 12. The treasurer may issue new evidences of debt, or coupons of interest, showing on their face that they are duplicates of bonds or coupons alleged to be lost, and corresponding in amount with the said lost bonds or coupons; Provided, the owner of such bonds or coupons, before such renewal, shall, by legal and competent evidence, prove to the satisfaction of the treasurer the loss of said bonds or coupons, and shall give him satisfactory security to indemnify the State against any other claim or demand on account of said bonds or coupons alleged to be lost. Id. s. 19. 1834, c. 279, s. 1; c. 123, s. 1. To appoint agent to pay interest. PUBLIC DEBT. 13. The treasurer is authorized to appoint the president of an 1838, c. 336; 1852, incorporated bank in the city of Baltimore his agent, whose duty it shall be, under such proper arrangements as the treasurer shall make, to pay the interest upon the public debt; the interest on such portion thereof as consists of the currency stock to be paid at the bank of which the said agent is president; the said agent shall take receipts for all such payments, and his accounts shall at all times be subject to inspection by the treasurer, and copies thereof shall be furnished whenever required by the treasurer, comptroller, or either house of the General Assembly. Id. s. 20. Agent not to be paid. 14. In any arrangement the treasurer may make with the said 1852, c. 123, s. 2. president, for the purpose aforesaid, it shall be stipulated that for any or all the duties to be performed, the said agent shall receive no compensation whatever, nor shall he be reimbursed for any expenses whatever that may be incurred in the performance of said duties, except the actual cost of the necessary books, stationery, and printing expenses. Id. s. 21. 1834, c. 279, s. 3; 1852, c. 123, s. 3. To give bond. Condition. 15. It shall be the duty of the treasurer to require of any agent to be appointed by him, to give bond to the State of Maryland, with security or securities to be approved of by the governor, in the penal sum of two hundred thousand dollars, with condition that the said agent shall diligently and faithfully discharge and execute all and singular the duties required to be performed by him, under and pursuant to such arrangement, and that he will well and truly disburse, pay out, and account for all moneys that may be placed in his hands, or deposited with him for the payment of the interest on the public debt of this State, according to the terms of such arrangement. 1852, e. 123, s. 4. Oath of security on bond. 16. Each security on said bond shall make oath that he is bona Id. s. 22. fide worth, over and above his debts, not less than some specific sum to be stated in said oath, which said oath shall be indorsed on said bond, and recorded therewith; and the governor shall not approve any bond of the said agent, unless the sum or sums so sworn to shall, in the aggregate, at least equal the amount of the penalty thereof, and shall be satisfied of the availability of such security. 17. The bond of the said agent, when duly executed and ap- Id. s. 23. proved as herein before provided, shall be recorded in the office of the clerk of the Court of Appeals, and certified copies thereof under the seal of the said court may be used in evidence in any court of law in this State. 1852, c. 123, s. 5. Where to be recorded. 103. burn coupons 18. The treasurer of the State shall record all State coupons 1872, c. 435 ; e. that may hereafter be paid and returned to the treasury by the To record and agents employed to pay the interest on the public debt, and shall, paid. together with the comptroller, at the close of every month examine and burn all such coupons that have been recorded, and shall make a report of their proceedings, showing the amount of the value of Report. such coupons, to the legislature at each session thereof. Bonds, etc., be cancelled. Statements to be troller's office. 19. The comptroller and the treasurer shall, within the first two 1862, c. 112. weeks of January, April, July, and October, in every year, in the purchased for presence of the governor, count and cancel the bonds and certifi- sinking fund to cates for stocks of the State, purchased or obtained by the treasurer for the use of the sinking fund, and a statement of the bonds and filed in compcertificates so counted and cancelled, signed by the comptroller and treasurer, and countersigned by the governor, shall be filed in the office of the comptroller; and the committee on finance of the Senate, Duty of legisla and the committee on ways and means of the House of Delegates tive committees. shall, during each session of the legislature, examine, count, and burn all such bonds and certificates of stock as have been so purchased or obtained up to the close of the fiscal year next preceding the session, and cancelled as aforesaid, and shall make report of their proceedings therein to the legislature at the same session in which they shall perform said duty. 1858, c. 109, s. 3. 20. The agents employed to pay the interest upon the public debt Art. 94, s. 26. are hereby required semi-annually to transmit to the treasurer of the Agent to return State, all coupons they may have paid up to the time of making such coupons paid. transmission. 1837, c. 357, s. 1. 21. The treasurer shall provide, in such manner as he shall deem Id. s. 12. most expedient, for transmitting to Europe, and there disbursing To transmit insecurely and punctually, all such sums of money as from time to terest to Europe. time may be necessary to pay the interest which is to accrue on that part of the debt of this State the interest whereof is payable in Europe. 22. He shall, upon the application of the holder of any of the Id. s. 13. sterling bonds of this State, and upon the surrendering and cancel- 14741 ling of the same and of their proper coupons, issue to and in the currency into sterling bonds. To commute Art. 34, s. 1. 1834, c. 279; 1838, c. 336; 1839, c. 33; 1846, c. 238; c. 123; 1853, c. name of said applicant, or any other person named by him, a certificate or certificates of debt of the State for the principal of the bond or bonds so rendered to him, converted into current money of the United States, at the rate of four dollars and eighty-four cents for each pound sterling, or at such rates as may be established by act of Congress, to bear interest of five per centum per annum from the first day of January or July, as the case may be, next before its issue, payable quarterly at the treasury, and to be there redeemable at the pleasure of the State, after the time in that behalf limited in and by said sterling bonds. 23. The interest on the public debts heretofore created by this State shall be punctually paid at the times and places, and at the 1847, c. 41; 1852, rates stipulated, and the same shall be paid as heretofore by the officers and agents whose duty it is made to pay the same; and the principal of said debts shall be paid by the treasurer as it falls due, according to the conditions of the contract by which each debt was incurred. 360. Interest on public debt. Id. s. 2. 1839, c. 33, s. 5. Agents for pay ment of interest on foreign debt. 24. The Messrs. Baring Brothers and Company of London, are hereby declared to be the agent of the State for the payment of the interest on its public debt there payable, with an allowance of one per cent. commission for the service, and the treasurer shall semiannually, in April and October, transmit the amount of such interest, and all charges and duty, to the said Baring Brothers and Company for disbursement in payment of said interest. 1872, c. 276, s. 3. Amount to be set apart to credit of sinking fund. State bonds to be purchased and cancelled. Id. s. 4. treasury to be chase of State debt. FUNDING THE PUBLIC DEBT. 25. The comptroller shall, on the first day of July in every year, set apart to the credit of the sinking fund, the sum of one hundred thousand dollars, which in addition to all sums otherwise accruing to the augmentation of the sinking fund, is hereby appropriated for the purpose of taking up the existing debt of this State, and the comptroller shall cause the same to be invested in stock or bonds of this State, purchased at par or less, and said bonds, after being cancelled as hereinafter directed, shall be credited to the sinking fund, and held by the treasurer, subject to the future action of the General Assembly. 26. Whenever in the judgment of the comptroller, there shall be a surplus in the treasury over and above the amount necessary to invested in pur- meet the current expenses of the State, as provided by law, he shall cause the same to be invested in the bonds or certificates of debt of this State, purchased at par or less; and in all purchases of bonds. or certificates hereby directed to be made, the treasurer shall give be preferred in the preference to the overdue debt of the State, and the comptroller and treasurer may at any time require the said overdue debt or some class thereof, which can be regulated and accurately described, to be presented at the place where made payable for payment, by giv Overdue debt to purchases. |