xxi

The business and travel of the road have largely increased
within a few years past, and induced the hope of receipts
with, each semi-annual report made by its officers.

The two Reports made since the payment of the balance
on hand, December 1, 1862, show that the entire receipts
since have been absorbed, and that the Company has also
incurred debt.

I ask your careful consideration of this question, as one
affecting the interests of the State, as to what ought to be
received from the Company; and, more especially, that
something may be done to keep the revenues of the State
derived from other sources, from being applied to the obli-
gations of this road.

The receipts from the Susquehanna and Tide Water Canal
Company, in the past two years, have been greater than had
hitherto been received from that Company, but still barely
sufficient to pay the interest and exchange on the original
sum of one million of dollars, for which the State advanced
its credit in London, and upon which the State pays regu-
larly the interest; leaving the arrears of interest and ex-
change due by the said Company to the State, for deficiencies
in payment by the Company in former years unreduced.

The terms of the loan by the State, as per Chapter 416, of
1838, obliged the Company to provide for the payment of
the principal thereof, 1st January, 1864, being one year in
advance of the time when the bonds of the State may be
redeemed in London.

Your attention is directed to this subject in view of the
short time intervening when the obligation of the Company
requires it to make payment, not only of the interest but the
principal of this debt; there has been no provision made by
the Company, that I am advised of, for this payment.

The able management of the Baltimore and Ohio Rail
Road Company, has brought large receipts to the Treasury
from this Company in the last two years, notwithstanding
the untoward events so frequently overtaking the Road within
that period. The receipts from this Road in the past fiscal
year, exceeded the sum of $350,000.00, and the appearances
thus far in the current fiscal year, are that even this large
sum will be exceeded in the receipts to September 30, 1864.