1867.} Of THE SENATE. 735

our State. Until the assets, now improductive, shall become
productive, it is not supposed that the company will have oc-
casion to invest or employ (except temporarily) any consider-
able "surplus fund" otherwise than in the prosecution of
such beneficial designs as have been described.

During the war, as explained in the Annual Reports, there
was some reserve of funds in the hands of the company, be-
cause a large amount of repairs that should have been made
and of improvements that were desirable, could not be ac-
complished; and it was necessary also to retain some provi-
sion for unforeseen, contingencies. The means reserved dur-
ing several years from these and other causes, have been
partly applied to the works then postponed, and it has been
deemed prudent to use the residue in enlarging the basis of
future prosperity for the company and for the communities
with which it is connected.

It is proper to add that the current expenditures materially
exceed the present earnings, and that if the important enter-
prises in which the company is engaged be carried out, all
its available means will not only be absorbed but large sums
must be obtained by loans or otherwise, to consummate the
grand works and connections which will contribute so largely
to develop the material resources and interests, and ad-
vance the prosperity of the city of Baltimore, of the State of
Maryland and of the great regions with which the Baltimore
and Ohio Road and its branches are connected and identified.

I am, with great respect, your obedient servant,

JOHN W. GARRETT, President.

Which was read and referred to the Committee on Inter-
nal Improvements.

Mr. Waters, from the Committee on Militia, to which was
referred the bill entitled, an Act to exempt the bond of
James E. Nutwell, of Anne Arundel county, from responsi-
bility on account of arms furnished to him as Captain of
Home Guards, Second Regiment, Maryland Militia, by the
State, and subsequently taken from him by the agents of the
General Government ;

Reported it without amendment,

The bill was then read a second time.

The bill entitled, an Act supplementary to an Act en-
titled, "an Act to provide for the general valuation and as-
sessment of property in this State," passed at the extra ses-
sion of the Genera] Assembly in the year 1866, chapter 157,

Being under consideration,

The Committee on Finance submitted the following amend-
ment: