to one fourth part of that sum is in existence; at all events it ought to be called in by a day limitted,
and discharged.
    The committee therefore, in the above statement of annual receipts and expences, feel assured that
their calculations rather fall short than exceed the state's annual income.
    The committee here observe, that there remains in the treasury the sum of £. 8850 of the emissions
made by an act of congress of the 18th of March, 1780, which was never introduced into
circulation, and ought to be immediately destroyed.
    The committee further observe, that the faith of the state is pledged for redemption of the
certificate debt, and as the state funds are competent to that object, and as part of that debt carries
an interest of eight per cent. the propriety of an early payment of it becomes very obvious.
    The committee further discover, that the state has lost greatly by continued approbation of money,
from year to year, to discharge the five months pay due to the officers and soldiers of the Maryland
line, and for services on board the barges, no part of which has ever been demanded; and
they suggest the propriety of limitting a day for such claims to be exhibited, that the surplus may be
invested in stock, which will enable the state to meet the payment of such part as may hereafter be
demanded, and if never demanded, will increase our capital and annual interest.
    The committee report, that there exists at this time in the treasury the sum of         37600 0 0
which sum is a surplus beyond the appropriations for 1796, and exclusive of the five
months pay and barge money; if from this sum is deducted the probable amount of
outstanding certificates, say                                                                    20000 0 0
And the probable principal and interest of the emissions of June, 1780,     7500 0 0
                                                                                                            -----------  27500 0 0
                                                                                                                              -----------
                                                                                                                           £.10100 0 0
    There remains the sum of £. 10100, after an honourable discharge of all our debts and engagements.

To this net balance in the treasury, after the payment of our debts, of  may be added the money appropriated for five months pay and service on board the barges,     Surplus of certificate debt beyond what exists, or will probably be claimed by the 1st of July next,     Surplus of emissions of June, 1780, beyond what exists, or will probably be claimed by the 1st July next,     Interest on 3 and 6 per cent. stock,     Redemption of 2 per cent. on 6 per cent. stock,     Fines, forfeitures and licences,     Land-office,     Chancery seals and taxes,     As the state debtors have a right of discharging their debts in 6 per cent. stock,  which is below par, of one fourth of that debt there will be paid for interest, in specie, and some principal, say £. 5000; but it must be remembered, that the balance, if paid in 6 per cent. stock, creates an immediate interest of 6 per cent. to the state, and sinks so much of the debt due,       From which, as our debtors will be paid, we must deduct the expences of government, under appropriations, say Surplus, to be vested in 6 per cent. stock, at the discretion of the legislature,

10100 1910 5000 2500 13444 3237 7500 10000 600       5000 ------- £. 59292 21722 ------- £. 37569

0 2 0 0 19 11 0 0 0       0 --- 13 15 --- 18

0 4 0 0 9 9 0 0 0       0 --- 10 0 --- 10

    The committee find, that the profit made on the purchase of 6 per cent. stock, amounts, in principal
and interest, to a sum more than double the amount of the agent's commission, as by a statement
appears, viz.

42443 72/100   2022 89/100 17958 30/100 -------------- 62424 91/100

bearing interest from 1st Jan. 1796 to 1st Jan. 1797,                         from 1st April, 1796, to ditto,                         from 1st July, 1796, to ditto, dollars 6 per cent. stock brought by the agent for 56000         dollars specie, yielding a profit on the principal of                                         Gained on the purchase

2546 62/100     91   3/100   538 74/100 ------------- 3176 39/100 6424 91/100 ------------- 9601 30/100

While in former times the commission paid has been an actual loss to the state, and they are of opinion, 
that the continuance of an agent is highly necessary to hasten the collection of the public debt,
and wind up our accounts, by an investment of our capital in productive funds, a event ardently
to be desired, and which that appointment accelerates.
    The committee are of opinion, that the situation of the public funds will bear an advance of money
for the purposes of promoting literature and disseminating knowledge, and are adequate to a
moderate increase of the salaries of our officers, which have depreciated greatly in value since their
original establishment.