The forfeiture of their right to bounty by some of the volume-
leers, and the death of others without heirs entitled to claim,
will reduce this aggregate considerably.
It may be stated, as a matter of interest, that there has
been paid on this account since the 30th September, 1365.
the sum of $642,200, and that at the present time, the total
amount of outstanding claims will not exceed $800,000.
The Treasurer was authorized by the Act of 1365, chapter
33, to issue bonds of the State to an amount not exceeding
four millions of dollars. In pursuance of its directions he
issued proposals for two millions dollars, but bids only to
a small amount were made, and at such rates as were not
deemed acceptable. The General Government 7.30 Loan
was then in the market. and appeared to engage the attention
of capitalists to the exclusion of t State Loan, because of
he higher rate of interest paid, and t a fact that the hands
were exempt from taxation. He therefore determined to
withdraw the State’s Bonds. He after wards succeeded in
negotiating with the Banks a temporary loan of $830,745 81
at six per centum interest. It was expressly agreed however,
the t at the expiration of nine months from the date of the
loan, (the second day of June, 1865,) , the same was to be re-
paid.
For the purpose of enabling the Treasurer to meet his en-
gagements with the Banks, it is important that some action
be promptly taken. It is necessary, too, to provide for the
anticipated deficit in the Treasury. With this view I re-
spectfully recommend that your Honorable Body direct the
sale of the Baltimore City and Bank & Stocks held by the State.
arid the State Tobacco Warehouses and Wharves: all of
which may now be sold upon very favorable terms. The
character of the Stocks referred to, as well as their par value,
is shown by the following statement:
Bank Stocks held by State 3,406 66
Bank Stocks for use of’ School
Fund 120,440 00
$533, 846 66
Baltimore City 6 pet cent. Stock,
School Fund 113,058 98
Baltimore City 6 cent. Stock,
Sinking Fund 154,550 00
267,60898
York and Cumberland R. R. Bonds, guaranteed
by Baltimore City—School Fund60,50000
Stock of Union Manufacturing Company10,000 00
$921,955 64