attempt is made to offer them in the market. It has always
seemed to me of doubtful expediency, in the legislation of a
State, to permit any interference, so far as the power of the
State extends, with the established rate of interest agreed
upon with the public creditor. The State Bonds heretofore
authorized, purporting to yield on their face an annual in-
terest of six per cent,, will be found under existing laws and
exactLons to tall greatly below that standard; and as a con-
sequence any reduction in the marketable value of the State
securities, from this liability to taxation, must operate, in
any future negotiation, as a direct drawback upon the Trea-
sury. The exemption of these Bonds will be attended with
a large saving to the State. Coupled with the modification
above suggested, I would further recommend the sale of the
stock held by the State in her incorporated banking institu-
tions, which so far as at present represented by the Public
School or Sinking Fund, could be changed to the Bounty
Bonds proposed to be negotiated, reducing to that extent the
amount necessary to be thrown upon the market.
The desire to meet the indebtedness growing out of the
Bounty Act, by the non-user of the proposed issue, and the
substitution of accruing revenue, ought not to be suffered to
limit of the ability of the Treasury to contribute to objects of
current interest by trammelling the only available means at
the disposal of the Legislature. The floating obligations in-
curred by the Treasuer should be provided for by a sale of the
Bonds, authorized under the Bounty Act, to the extent that
may be required, at such convenient time after their exemp-
tion from taxation as may be deemed most advantageous. I
have every reason to believe that the arrangement indicated
by me, will enable the Treasurer to retire the obligations in-
curred in the payment of bounties, on terms that will not in-
terfere with the present high credit of the State.
Without an effort in this direction, to provide at maturity
for temporary loans to a large amount advanced by the banks
of the City of Baltimore and elsewhere, with the assurance
that the State would be forthcoming with the necessary means
without a further extension of time, it would, be difficult to
retire obligations maturing in the next sixty days, without
an unnecessary sacrifice of the State credit. As this is a
measure of pressing necessity, I would ask the action of the
Legislature with as little delay as practicable.
RE-ASSESSMENT OF' PROPERTY.

It would be impossible, under the Assessment Act of May
29, 1852, providing for the general valuation of property in
this State, to form any just estimate of the ability of the Trea-
sury to meet probable or extraordinary demands, likely to
arise in the progress of our affairs, or to adopt any fixed