viii

THE ''FUNDS."

Statement "E" exhibits the Free School and Sinking Fund,
constituting the "Funds," as they are called.

There remained in the Treasury on the 30th September, 1867,
to the credit of the "Free School Fund" $2,966.06, and the
receipts during the Fiscal Year ended September 30th, 1868,
on account of said Fund, amounted to $76,712.00, making
an aggregate of $79,678.06. The disbursements during the
same period amount to $67,143.13, leaving a balance of $12,-
534.93, to the credit of the "Fund".

There has been an increase of this Fund over 1867, of
$14,938.58, derived chiefly from the transfer of $12,000, ap-
propriations to the credit of the Indigent Blind.

It will be perceived that only two National Banks, viz :
the Western National Bank of Baltimore and the First Na-
tional Bank of Frostburg, have paid the 20 cts. tax on the one
hundred dollars of their capital stock. In obedience to Resolu-
tion No. 4, and Chap. 239 of 1868, I made a demand on all the
"National Banks of the State," and on their refusal or fail-
ure to pay the tax, I have requested the Attorney General to
institute such proceedings as will bring the matter to an is-
sue and definitely settle the question.

Statement "F" exhibits the items and aggregate amount
constituting the several funds invested for the use of, and
belonging to the "Free School Fund," held for the several
counties enumerated, amounting to $315,370.01, less the sum
of $8,487.14, to the credit of the "Indigent Blind."

This Statement also exhibits the investments for the "Sink-
ing Fund,' which amount to $1,591,509.71, of which sum
$363,387.41, has been invested in the "Defence Loan," un-
der the provisions of Chap. 235 of 1868.

Statement "G" shows the amount realized from the salt
of stocks held by the State, and the amount of dividends re-
ceived on Bank and Rail Road Stocks during the past Fiscal
Year.