5

By an examination of this Statement, it will, be discovered, that on the
30th September 1853, the Stock, standing to the credit of the Sinking
Fund, amounted to $2,870,704.71, and that on the 30th September 1854,
it had been increased to the sum of $3,158,637.53, showing an addition,
in the twelve months of $ 287,932.82.

A calculation, made from Statement and Statement No. 6, will show
a gain in the amount of Stock so purchased for this Fund, as compared
with its par value, of $2,341.47.

Great credit is due to the late and present Treasurers, by whose ability
and zeal these successful operations of the Sinking Fund for the last year
have been accomplished, for, by the Constitution, the charge of that branch
of the Treasury Department is Exclusively confided to that officer.

DIRECT TAXES.

Statement No. 6, will show, that the receipts from the Direct Tax for
the fiscal year are $39,679.11, of which $133,827.72 were paid on
account of the Direct Tax for 1854, and $259,851.39 were on account of
previous years.

No exact comparison of receipts, from this Source for the last fiscal year
and the year, ended 30th September 1853, is instituted, because the last
mentioned year was composed of but ten months; but it is sufficient to
say, that the receipts on this account for the twelve months exceed very
little the payment for the ten months, ended 30th September 1853.

This, however, might have teen anticipated, because the arrears of past

years, which are collectible? are speedily decreasing.

It is sincerely to be hoped, that the present system of taxation may
remain undisturbed. The annual revenue of the State should be sufficient,
not only to discharge its current liabilities, but to keep its faith high above
all contingencies, which might impair its credit, and also to add to the
Sinking Fund by which so much of the Public Debt is gradually retired.

Some action should be had by the Legislature to close, as far as practi-
cable, the many accounts open against defaulting Collectors and their
securities; and also to dispose of such suits and judgments long pending
against such Public Officers and upon their Official Bonds.