vi REPORT OF THE

trary, every special fund is dedicated and appropriated by
law to a particular purpose ; and in no instance is authority
given to use it for any other.

The Constitution, Art. 3, sec. 34, declares that "no debt
shall be contracted by the General Assembly, unless such
debt shall be authorized by a law providing for the collec-
tion of an annual tax or taxes sufficient to pay the interest
on such debt as it falls due, and also to discharge the prin-
cipal thereof within fifteen years from the time of contracting
the same ; and the taxes laid for this purpose shall not be
repealed or applied to any other object, until the said debt
and the interest thereon shall be fully discharged."

In the face of this provision of the Constitution, it is my
duty to report that the debt, known as the "Maryland De-
fence Loan," authorized by Act of 1808, chap. 235—the
principal of which is $3,326,750.66—will fall .due iu the
year 1883 ; and that it devolves upon this General Assembly
to make provision for its payment or redemption.

There has been received, on account of the tax of 5 1/2.
cents on each $100, known as the "Bounty Tax," and
imposed by the above Act for the payment of this debt,
the sum of $2,887,297.02. There has been disbursed io
payment of interest on the loan the sum of $2,127,714.51.
(See Statement M.) There is shown, upon the books of this
office, to the credit of this tax, in excess of disbursements,
as set forth in "Statement M," on page 22 of this report, the
small sum of $145,628.73 due from the Treasury Proper.
The balance of the tax, $613^953.78, and millions more,
have gone ior bounties. It will presently be seen that the
Treasury Proper is not, and will not be, in any condition to
settle up with this special fund creditor ; and even if it were,
the amount due would fall far short of the amount required
for this purpose. I am, therefore, compelled to ask that
a new loan be authorized, to enable the Treasury to take up
this debt, as it falls due in 1883. I am prompted to make-
this request, in compliance with another provision of the Con-
stitution, to wit: Art. 6, Sec. 2, which requires that "the-
Comptroller shall digest and prepare plans for the improve-