COMPTROLIER OF THE TREASURY. XV

to the manner in which, under the then existing laws, these
apportionments were being made, directed the Comptroller
"to equalize, as far as may be possible, the sums to be ap-
portioned so as to apportion and distribute the same amount
as far as may be practicable" on each apportionment day.
These apportionments arc made four times a year. The law
is still somewhat indefinite, but I have endeavored to con-
form strictly to it and at the same time to give to the Schools
all of their money I can under it. The School Tax is one of
those ''Special Funds," and is, of course, hard to manage.
The receipts on account of it are short during the quarters
ending in March and June, and hence a balance has
always to be kept on hand to equalize the distributions of
these quarters with those of the other quarters. This will
explain why the $76,034.31 mentioned in the foot-note to
"Statement L," was retained in the apportionment of Oc-
tober 1st, 1878.

The State Debts and the amount of each Class and the time
when each becomes due will be found in "Statement J,"
The Debt therein referred to as reduced is the Sterling Debt.
This reduction was made by the redemption of overdue
Sterling Bonds from the money realized from the sale of the
Maryland State Loan, and by the exchange of a portion ot
this Loan for gome of these Bonds.

This process of taking up one debt by creating another,
does not much increase or decrease the indebtedness of the
State. The aggregate Debt is larger than it was at the end
of the last fiscal year, on account of the issue of the Treasury
Relief Bonds.

Having submitted this brief and general, but, I trust,
faithful view of the operations and condition of the State
Treasury during the Fiscal Year ended September 30th, 1878,
I invite the attention of your Excellency to the full and im-
portant details set forth in the Statements and Tables pub-
lished in the Appendix. The Index will afford a ready ref-
erence to them. Permit me to say in closing that notwith-
standing the embarrassments, both in law and in fact, under
which the Treasury Officers, with your sympathy, have con-