VI

interest on the Public Debt, and other claims have been
satisfied ; the War Tax to the General Government, paid;
the stock of the ''Maryland Defence Loan," repossessed ;
all stocks now due, or overdue, in process of redemption ;
and a handsome surplus in the Treasury wherewith to meet
future demands on the Treasury, or to be employed in the
purchase of the outstanding debt; and by the prospect of
a further handsome surplus in the current year, as will be
seen by reference to the estimate of Receipts in Statement
C, and of disbursements in Statement D, we are removed
from financial difficulty, under almost any state of circum-
stances likely to arise : and this too in a period of civil
commotion, such as has not at anytime afflicted, any people
or country, with our State close to the scene of conflict,
and the ravages of war at times on our soil, whereby the
business relations of our citizens have been much disturbed
and always threatened, with the anxieties thereby occa-
sioned, weighing heavily upon the energies of the people ;
we may in the very midst of these difficulties be satisfied
with our financial prospect, and feel assured of substantial
progress in prosperity and material wealth.

The probable receipts by the Treasury for the current
Fiscal year will be found in the Statement of Estimates,
marked C. to be $1,698,000,00, and the probable disburse-
ments for the same period will be found in the Statement of
Estimates, marked D, to be $1,033,000.00, which, as will
be seen by the Table, contains a large estimate for Foreign
Exchange, thus showing a probable surplus of receipts,
over and above disbursements for the Fiscal year ending
September 30th, 1863, of $665,000.00, which added to the
balance in the Treasury proper, as of September 30th,
1862, will make the probable surplus in the Treasury at
the end of the current Fiscal year amount to $1,111,749.19
unless in the meanwhile invested.

Section 8 of Article 94 of the Code of Public General
Laws, devolves upon the Treasurer the duty of making in-
vestments for the benefit of the Sinking Fund from the
increments arising therefrom; and Section 9 of the same
Article gives a discretion to the Treasurer, to employ "all