ferred to, and the necessity avoided for any further increase

of the funded debt on this account. The State, it is thus
shown, has passed through this war and the extraordinary
demands attendant upon it, without recourse to the war loan,
beyond the.trifling amount before stated, say $500,000. The
whole liabilities on account of outstanding bounties not yet
provided for, it is estimated, will not exceed $450,000, if it
reaches that amount, which is more than balanced by the sur-
plus remaining in the Treasury at the close of the fiscal year.

The Funded Debt of this State, together with its active
available assets, held as a set-off, carefully made up from the
Comptroller's Report, and by the Treasurer, may be thus
stated:

PUBLIC DEBT OF THE STATE, AS OF OCT. 1, 1866.

Sterling 5 per cent. Coupon Bonds, interest

. payable in London......... ........ $6,237,444 43

Currency Debt, inscribed stock, interest
payable in Baltimore................. 4,553,364 78

$10,790,809 21

ESTIMATED PRODUCTIVE CAPITAL
OF THE STATE, AS OF OCT. 1, 1866.

Stock of Central Nat'1 Bank of

Frederick................ $34,850 00

Stock of Farmers Nat'1 Bank

of Frederick............. 56,310 00

Stock held for the Sinking

Fund ................... 1,228,122 30

Cash due the Sinking Fund 238,761 71
Cash in the Treasury Proper 367,816 26
Stock of Baltimore and Ohio

Rail Road Co. (preferred) 3,000,000 00
Dividend Stock in Washington

Branch ................. 550,000 00

Dividend Stock in Mam Stem 500,000 00
Baltimore and Ohio Rail Road

Co. Dividend Bond No. 141 10,000 00
Stock of the Chesapeake and

Delaware Canal Company 60,000 00
Stock of the Fredericktown

and Yorktown Turnpike

Companies .............. 15,000 00

Bond of theSusquehanna and

Tide-Water Canal Co's,.... 1,000,000 00
Mortgage Northern Central

Railway Company........ 1,500,000 00