X REPORT OF THE COMPTROLLER 0F THE TREASURY.

STATE DEBT.

The funded debt of the State amounting to $8,526,926.13 is
shown in Statement J, or an increase during the year of
1600,000. but by reason of the sale of the State's interest in the
Chesapeake and Ohio Ganal Company and the purchases for the
Sinking Funds, the net debt is $3,087,869.13, or an actual
reduction of $55,000 during the fiscal year.

The increase of $600,000 above noted was a part of the amount
authorized by the last Legislature, Chapter 228, known as the
Public Buildings Loan. That Act provided for the issue of
$1,625,000 Maryland State Bonds for the purpose of completing
and repairing the State House at Annapolis, and for sundry
other public buildings in the State, and in order that you may
see at a glance the purpose for which issued, I herewith submit
the following exhibit:

	$600,000
	200,000
	200,000
Maryland Asylum and Training School for Feeble-Minded. . .	66,000 57,000
	33,000
Cambridge Hospital ...................................	10,000
Charlotte Hall School ..................................	5,000
	5,000
St. Mary's Female Seminary.............................	4,000
Maryland Institute ...................................	175,000
Relief Fund Commission ................................	250,000
Total ...........................................	$1,625,000

Eight hundred and twenty-five thousand dollars of this Loan
was issued during the fiscal year 1904, or a sufficient sum to
meet the needs of the institutions above mentioned. During the
past fiscal year there was issued the additional amount of
$600,000, making the total issue to date $1,425,000, as shown in
Statement J. This completes the entire issue save $66,000 to
the Maryland Institute, which will be sold and taken by the
State whenever the needs of the said Institute demand the
same, therefore making the entire issue $1.491,000, instead of