vii

the very large sum of $1,435,237.39 of the receipts, was for
revenue that accrued within the year.

The receipts by the Treasury for the current fiscal year,
which ends September 30, 1864, upon an estimate as per
Statement C, carefully made on the basis of existing laws,
will probably amount to $1,850,000.00, and the probable dis-
bursements for the current year, made upon the same basis
as per Statement D, will amount to $1,023,000.00 ; which
latter includes an estimate of $125,000.00 for foreign ex-
change; thus showing a probable surplus of receipts over
disbursements for the fiscal year which will end September
30, 1864, of $827,000.00 ; and this sum being added to the
surplus in the Treasury proper as of September 30, 1863,
will make the probable surplus at the close of the current
year, amount to $1,857,527.47, if this sum be not devoted,
in whole or in part, to expenses to be incurred or in invest-
ments to be made. It would be well for the Legislature to
authorize the investment of a large part of the surplus on
hand in some safe security other than State Stocks which
are difficult to obtain of the currency debt; and investments
in the sterling debt can only be made at rates much above
par for the five per cents, owing to the high rate of exchange.
There was invested in the purchase of State Stocks for the
Sinking Fund in the last fiscal year, as per Statement E, the
sum of $270,624.89, which sum purchased stocks of the par
value of $251,853.46, owing to the market value of the stocks
being above par—and there remained of the increments ac-
crued within the year, uninvested, the sum of $138,543.52 ;
making the whole amount of Stocks and Cash at the
credit of said fund September 30th, 1863, $5,649,666.83 ;
added to which are the investments made since the close of
the last fiscal year, in the purchase of Stocks of the par
value of $144,423.39, purchased at the cost of $161,623.75,
which added to the increments since accrued, make the en-
tire amount of the Sinking Fund at this date about six mil-
lions of dollars.

The State Stocks redeemed have ceased to have interest
provided for them, and are held by the Treasurer uncancelled
and subject to the orders of the Legislature.