ART. 94.] TREASURER. 693

9. All surplus moneys which may at any time be in the Trea-
sury, not required in the judgment of the Comptroller and Trea-
surer to pay the ordinary expenses and the current interest upon
the funded debts of this State, shall, upon the warrant of the
Comptroller, be applied, in the discretion of the Treasurer, to the
purchase of the funded debts of this State, or of part or parts
thereof, or to the redemption of such part or parts of the said
funded debts as may be due or become due.

10. All parts of the funded debts of this State redeemed shall
be cancelled, and all parts purchased shall be also cancelled, ex-
cept one hundred thousand dollars of said funded debt so pur-
chased in each year, which shall be carried to the credit of the
sinking fund.

11. All such parts of the funded debts of this State created for
the benefit of works of internal improvements or on account of
the Tobacco debt as may be redeemed or purchased, as herein
provided, shall continue to be a charge against the works of in-
ternal improvements, or against the Tobacco fund, as the case
may be, and shall be carried to the credit of the sinking fund for
that purpose and no other.

12. The Treasurer shall provide, in such manner as he shall
deem most expedient, for transmitting to Europe, and there dis-
i bursing securely and punctually, all such sums of money as from
time to time may be necessary to pay the interest which is to
accrue on that part of the debt of this State the interest whereof
is payable in Europe.

13. He shall, upon the application of the holder of any of the
sterling bonds of this State, and upon the surrendering and cancel-
ling of the same and of their proper coupons, issue to and in the
name of said applicant, or any other person named by him, a
certificate or certificates of debt of the State for the principal of
the bond or bonds so rendered to him, converted into current
money of the United States, at the rate of four dollars and
eighty-four cents for each pound sterling, or at such rates as may
be established by act of Congress, to bear interest of five per
centum per annum from the first day of January or July, as the
case may be, next before its issue, payable quarterly at the
Treasury, and to be there redeemable at the pleasure of the
State, after the time in that behalf limited in and by said sterling
bonds.

«