COMPTROLLER OF THE TREASURY, XXI

only a very limited amount of the State bonds at par. Having
called in all the currency debt that had matured, except the South
ern Relief Bonds, which matured in 1873, and being unable to pro-
cure at par any considerable amount of the unmatured currency
debt, in which to invest the money in the Treasury to the credit of
the sinking fund, the Treasury officers concluded to call in the whole
amount of said Southern Relief Bonds, and cancel the same. This
being done, it became the duty of the Comptroller, under the Act
of 1864, Chapter 90, to reinvest the amount of said bonds, the same
being a portion of the fund belonging to the Agricultural College,
"in stocks of the United States or of this State, or in some other
safe stocks, yielding not less than five per centum per annum on the
par value of said stocks." Accordingly the same was invested in
bonds of the State, as far as such bonds were obtainable at par, and
the balance was invested, in stock of the city of Baltimore. Thirty
bonds of the Deaf and Dumb Asylum Loan, of this State, of five
hundred dollars each, were purchased for this purpose, amounting
to $15,000.00, and the balance invested in stock of the city of Bal-
timore, bearing interest at six per cent, per annum, and purchased
as 95 1/4 per cent., amounting to $88,800.00. The said State bonds
and certificate of stock of the city of Baltimore are now held by the
Treasurer for the benefit of the Maryland Agricultural College. By
this reinvestment, an increase of the fund has been effected to the
amount of $3,800.00.

MARYLAND PENITENTIARY.

For the first time since its foundation, as is believed, the Maryland
Penitentiary has only drawn a very small portion of the appropria-
tion made for its benefit for the last year, and bas since paid into
the Treasury the surplus of its receipts, over expenditures, amount-
ing to $5,638.42. This is a most satisfactory result, and reflects espe-
cial credit on the officers conducting the business of that institution.
NEW ASSESSMENT.

The last assessment of property throughout the State, is com-
plained of as imperfect, having been made at a period so near the
close of the civil war, that a normal condition of values could
hardly be said to exist at that time. I suggest that the General
Assembly take into consideration the propriety of a new assessment,
with a view to the equalization of the basis of taxation, and making
it conform more perfectly to existing valuations.

Although very large amounts are due the State from National
Banks, Railroad Companies, and from taxes on coal mining corporations,
as well as from collectors sad other officers, the available resources of