24

FOR THE REDEMPTION OF THE DEFENCE
REDEMPTION LOAN.

Maryland Hospital Loan Bonds for..........$ 41,181 32

Deaf and Dumb Asylum Loan Bonds for. ..... 92,000 00

Exchange Loan of 1886 Bonds for............. 70,413 40

Baltimore City Stock for...................... 104,000 00

——————— $307,594 72

Making the total amount of cash invested on account of the
sinking funds from 1st July, 1884, to the close of the
fiscal year 1887, of ................................ $1,421,779 11

By this it will appear, that we have an investment in
cash on these accounts, in excess of the sum received
and required by law to be invested. This statement
presents a very satisfactory exhibit.

It shows that the ordinary receipts of the treasury
.have been sufficient during the past four years,
not only to defray all of the ordinary expenses
of our State government, pay the interest on
$6,770,535.56, of the debt of the State, for which
there are no special taxes provided, but also to add to
the sinking funds for the payment of the bonded in-
debtedness of the State, where special taxes are pro-
vided, the sum of $165,433.29, without the aid of one
cent derived from direct taxation.

Nor is this all. During this period there have been
disbursements made in the building of two steamers,
two sail boats and other expenses, on account of the
oyster service in excess of the receipts from that
source, to the amount of $110,242.47. There also has
been paid more than $20,000 towards the enlargement
of the State House. Nevertheless, at the close of the
fiscal year 1887, we had a balance'in the treasury, with
every sinking fund full, of nearly seven hundred
thousand dollars.

The face value of the bonds and securities purchased
for the sinking funds, amount to $1,367,006.72.

The difference between the amount of money ex-
pended in the purchase of bonds, and the amount of
bonds in the sinking funds, to wit, the sum of