xii REPORT OF THE

this amount has been decreased during the fiscal year
1884 by redemption, and exchange of the old "Mary-
land Defence Loan" for the new issue of "Defence Re-
demption Loan," and by exchange of sterling bonds for
"Maryland State Loan," to the amount of $3,319,450.66
and increased $3,015,562.22 by the issue of, and ex-
change for, new "Defence Redemption Loan," the ex-
change of sterling bonds for "Maryland State Loan/'
and by the correction during the year of a number of
small errors, which have existed for a number of years,
in the sterling debt, showing a net reduction in the
State's debt during the past fiscal year of $303,888.44.
The aggregate amount of the debt as shown by this
statement is $10,965.934.45, but in this amount is em-
braced an item of the old Maryland Defence Loan,
amounting to $17,300.00, which amount had not been
presented at the Treasury Department for redemption
at the close of the past fiscal year, there is no interest
accruing upon this sum, (interest having ceased to be
paid upon this Loan since the first day of January, 1884.)

Deducting then this sum from the aggregate amount of
the debt outstanding September 30th, 1884, leaves the
amount of the debt for which interest has to be provi-
ded $10,948,634.45. As an offset to this amount, the
State holds available bonds, stocks and cash standing to
the credit of the Sinking Funds, to the amount of
$3,992,851.56, leaving the sum of $6,955,782.89, forwhich
interest has to be provided by the Treasury, the State
having no further offset, save and except her unproduc-
tive stocks and bonds, amounting in the aggregate to
the sum of $27,320,539.82.

Since the close of the Fiscal year a certificate for $7,-
550.00, of "Defence Redemption Loan" has been issued
to the "General Sinking Fund," making the total
amount of said Loan now outstanding $3,000,000.00.
ASSESSBLE PROPERTY.

The total assessable property in this State at the close
of the fiscal year, as shown by "Statement K,"; was
$469,593,225, an increase since the levy of 1883 of