The product of these funds for the ensuing year, they are of opinion should be estimated in the following
manner:

Interest and reimbursement on stock of the United States belonging to this                 state, presuming that congress will provide similar funds for the payment                 of interest and reimbursement of principal of the deferred stock as                 for other 6 per cents.             Interest on the loan to the city of Washington, including a quarter due on                 1st October now unpaid,             Interest on ditto to Susquehanna canal company,             Fines, forfeitures, &c. on both shores,             Land-office, and taxes on seals, &c.             Constituting the aggregate sum of £.--------, which may be considered                 as the annual income from the productive funds of the state permanently                 secured, except the yearly reduction of 2 per cent. on the capital of 6                 Washington.             To this may be added the amount of collection from the state debtors, estimated                 by the agent at £. 6500, but which sum your committee has reduced                 to the actual receipts of the preceding year from the same funds,                 as they can see no cause why they should expect more, indeed a less                 sum might be presumed, as the fund itself is yearly lessened by the receipt                 of the most solvent part of the capital,             The total probable income of the ensuing year is therefore,             To which may be added cash now in the treasury,

12,232 7,021 942 11,500 4,500 36,195 3,960 40,155 40,155 2,299 42,455

5 5 3 0 0 14 0 14 14 5 0

7 0 9 0 0 4 0 4 4 9 1

    The actual annual expenditure of the last year was £. 48,898 3 1, so that, admitting the expenditures of the
ensuing year to be equal, there would be a balance against the state of £. 6,443 3 0, leaving the treasury entirely
exhausted at the commencement of the next session of the legislature.--But it is to be presumed that the expences
of the ensuing year will be decreased by the following two sums of £. 11,250, loaned the proprietors of
the Susquehanna canal, and £. 2,184, expended on the barracks at Frederick-town, constituting the sum of
£. 13,434, which would then leave  a balance of £. 6,990 17 0, in favour of the treasury; but it must be recollected
that the sum of £. 9,226 9 11, part of the principal sum of £. 11,250, loaned to the Susquehanna canal
company, was a diversion of funds, solemnly appropriated in discharge of indispensible obligations, which it was
expected the present legislature would supply, an da considerable part of which is now actually in demand, to wit:
the reduced value of the paper money received by the treasury in payment of British debts during the revolution.
How far these, and other demands which the legislature may find it expedient and necessary to provide for, may
extend, your committee can form no estimate, but they cannot hesitate in giving their opinion, that it will considerably
exceed the last mentioned balance of £. 6,990 17 0.
    But could your committee believe that the expenditures would not exceed the receipts by the commencement
of the next session, still they feel the present situation of the finances of the state so inconvenient and degrading,
to a government possessing not only the extraordinary resources to be derived from the wealth and industry of its citizens,
but also the extraordinary means resulting from a large accumulated capital, that they consider it their
duty to present the subject fully to the house, that means may be assured, that their successors may not be subjected
to similar inconveniencies, and the state itself may never incur the disgrace and ill consequences that
might result from a stopping of payment, with such ample funds.
    The vices of society too often originate from the errors of government; when those who are selected as examples
to a community, conduct the affairs of a state on principles that would be disgraceful in private life, it
should not excite surprise, if individuals are led to believe that they are liberated from the obligations of moral
rectitude, when freed from the dread of coertion.
    If we ought not to impute the bankruptcies and insolvencies that have distressed and disgraced the union to the
failure of the public engagements, which has been in some measure sanctioned by an over-ruling necessity, yet
we may falsely conclude, that if the state of Maryland should fail to comply honourably and punctually with her
duties and engagements, (possessed as she is of such undeniable resources,) it may weaken, in the estimation of
society, those sacred obligations of the punctual and honourable discharge of debts, (where the means exist,)