COMPTROLEER OF THE TREASURY. xiii

interested that these preferred bonds should be discharged, in order
that they may derive from the revenues of the Canal some relief
from the heavy taxation which they have borne for years on account
of the debts incurred to develops the resources of the western sec-
tion of the State.

STATE DEBT.

The total amount of the public debt of the State, as shown in
Statement ''J," was at the close of the fiscal year $11,372,677,28,

of which $5,334,222 23 is sterling debt, on which the interest is
payable in coin in London.

Of this aggregate the bonds issued for the House of Correction,
and stock issued for tha State Normal School and other stocks and
bonds detailed in Statement "E," amounting in the aggregate to
$446,855.84 are now held by the Treasurer for the Sinking Fund. I
recommend that authority be given to the Treasurer to destroy all

of these bonds and stocks; and that the taxes to pay interest on them,
as well as on the $100,000.00 of Southern Relief Bonds which were
redeemed in 1874, may cease to be levied. The necessary amount
has been provided and transmitted to London, since the close of the
fiscal year, to redeem the 67,500 pounds sterling bonds issued to tha
Tide Water Canal Company. This loan is rated in currency in the
debt statement, at $300.000.00. This amount may therefore be
subtracted from the statement of the sterling debt. When all these
amounts are deducted, the public, debt upon which interest is to he
provided, will amount to $10,625,821.44.

The State has productive assets to the amount of $4,787,205.20,
now available to offset so much of the public debt, leaving the sum
of $5,838,616 24, on which the interest will have to be provided by
taxation. There is also a considerable amount due from collectors
and other officers and from corporations which when collected should
be used in further extinguishment of the publie debt. It is hoped
that no increase of the public debt will be authorised by the Legis-
lature at the present session.

STATE LEVY.

Statement "K," exhibits the State levy for all purposes for the
year 1875 in the several counties and the City of Baltimore amount-
ing in the aggregate to $868,873.64. It will be noticed that the
assessable basis of the State has largely decreased since 1867, and
from the lapse of time since the last assessment, it is very generally
believed that a new one ought to be provided for, at the present
session.