322 State Papers and Addresses

I quote the following few lines from my inaugural address of two years
ago to indicate that truths do not change:

"Let us, together, so arrange the affairs of the great State of Maryland
that never again will we need take second place in the Union. Let party con-
siderations be ignored while we, as fellow citizens, become interested in the
continued progress of our State along every forward-looking line. "

With such an invitation I close, assuring the members of this General As-
sembly that my every purpose is to cooperate with you for the betterment of
the public good.

With full expectation that your membership is as informed as I of the
serious tasks which lie ahead in this eventful period of the world's history and
with confidence that you are capable and disposed to discharge your part effi-
ciently and conscientiously, I express pleasure at your convening and wish you
every success in your important undertaking.

BUDGET MESSAGE

TO THE

GENERAL ASSEMBLY OF MARYLAND

State House, January 7, 1941

Annapolis

THE Constitution of Maryland prescribes the manner in which the Governor
should submit to the General Assembly the State Budget and the financial
plan for the next biennium.

In conformity with these provisions I herewith present for your considera-
tion the proposed Budget showing the revenues and expenditures for the pre-
ceding two fiscal years, current assets, liabilities, revenues and surplus as of
the beginning of the current fiscal year, the debts and funds of the State, an
estimate of the revenues and disbursements for the next two years and the
estimated surplus as of September 30th, 1943.

Because the General Assembly of 1939 met fairly and honestly the financial
problems confronting the State at that time, I am gratified to report to you
that the State's fiscal position is, at the present time, sounder than it has ever
been before. The legislation passed at your last Session, pertaining to the
revenues of the State, made it possible to abandon the unsound financing which
obtained during the several years preceding your last meeting. The diversion
of highway revenue was stopped, with the result that all available road funds
are now being spent on the roads and streets in the State. An adequate work-
ing fund has been provided to finance the operations of the State Government.
No bonds have been issued to balance the budget.

This very gratifying situation has been made possible because of your
willingness two years ago to meet the problem confronting the State Govern-
ment in a highly intelligent and cooperative manner.

The strong financial condition of the State is also indicated by the high
regard in which the bonds of the State are held by investors. The last issue of
bonds, sold in August 1940, brought a price of $101. 49 at an interest rate of
l'/2%.