40 DEBT—PUBLIC. [ART. 34.

direct tax levied or which may hereafter be levied by the Con-
gress of the United States, to provide for the expenses of the
war now carried on to suppress rebellion and maintain the in-
tegrity of the Union; and the stock so purchased, from time to
time, out of the interest of the sinking fund, shall be added to
the capital of said fund, and the interest thereon shall be paid
semi-annually, and the principal ultimately redeemed, out of the
proceeds of the tax hereinafter particularly pledged for the pay-
ment of principal and interest of the whole of said "Maryland
Defence Loan; " and until the accruing interest on the said sink-
ing fund shall have absorbed, by such investments, the full
amount of one million and a quarter of dollars of said loan, it
shall not be lawful for the Treasurer to purchase any other
stocks for the investment of the interest of the said fund, unless
before said full amount is so absorbed, it shall become unneces-
sary to provide by loan any part of the means required to pay
the said United States' direct tax.

3. At any time, and from time to time, after the passage of
this act, the Treasurer shall, for the best price that can be ob-
tained, negotiate the sale of so much of the remaining one mil-
lion and a quarter of dollars of said "Maryland Defence Loan, "
as may be necessary, in addition to the amount received or to
be received from the sales made to the sinking fund, under the
next preceding section, to provide means for the payment of
the State's proportion for the year eighteen hundred and sixty-
two, or any succeeding year, of the direct tax now levied or
which, before negotiating said sale, shall have been levied by
Congress to pay the expenses of the present war; but no sale of
any part of said loan shall be so made by the Treasurer, without
the written approval of the Governor and Comptroller, in each
case, ratifying the terms of said sale; and on the ratification of
such sales, respectively, certificates of stock shall be issued, and,
on payment being made therefor, delivered to the purchasers.

4. If either in the year eighteen hundred and sixty-two,
or in any succeeding year, it shall be deemed expedient by the
Governor, Comptroller and Treasurer, or any two of them, to
advertise for sealed proposals for taking any part of the said