Maryland. Commissioner of Loans

The Laws of 1834, chapter 279 authorized the governor (with consent of the Council) to appoint the president of a Baltimore bank as Commissioner of Loans. The Commissioner was responsible for overseeing the existing state stock as well as future stock issues. Formerly a responsibility of the Treasurer of the Western Shore (Laws of 1821, ch. 88), the explosion of stock sales needed to fund various internal improvements - turnpikes, canals, and railroads, in particular - required the separate agency. In addition to issuing stock, the Commissioner was tasked with receiving, cancelling, and transferring all state-issued stock.

He was also required to pay interest to the stockholders "annually or oftener," drawing the needed funds from the Treasurer. To encourage foreign investment, the Commissioner was required to list Maryland stock in dollar and cents equivalents to the currency of Great Britain, Holland, and France. In addition, the Commissioner's obligations included negotiating and contracting state loans. The records of the Commissioner were subject to inspection by the treasurer and a legislative committee.

The Constitution of 1851 abolished the office and assigned its duties to the State Treasurer. The books kept by the Commissioner of Loans were turned over to the Treasurer in 1852, and the Treasurer seems to have used them wherever possible; some entries postdate the change over by more than thirty years. In fact, no real line of division exists between the records of the Commissioner and the loan records of the State Treasurer.

The Maryland Laws of 1834, ch. 279 authorized the Governor (with consent of the Council) to appoint the president of a Baltimore bank as Commissioner of Loans. The Commissioner was responsible for overseeing the existing state stock as well as future stock issues. Formerly a responsibility of the Treasurer of the Western Shore (Maryland Laws of 1821, ch. 88), the explosion of stock sales needed to fund various internal improvements - turnpikes, canals, and railroads, in particular - required the separate agency. In addition to issuing stock, the Commissioner was tasked with receiving, cancelling, and transferring all state-issued stock.

He was also required to pay interest to the stockholders "annually or oftener," drawing the needed funds from the Treasurer. To encourage foreign investment, the Commissioner was required to list Maryland stock in dollar and cents equivalents to the currency of Great Britain, Holland, and France. In addition, the Commissioner's obligations included negotiating and contracting state loans. The records of the Commissioner were subject to inspection by the Treasurer and a legislative committee. The Constitution of 1851 abolished the office and assigned its duties to the State Treasurer. The books kept by the Commissioner of Loans were turned over to the Treasurer in 1852, and the Treasurer seems to have used them wherever possible; some entries postdate the change over by more than thirty years. In fact, no real line of division exists between the records of the Commissioner and the loan records of the State Treasurer.