58 DEBT—PUBLIC. [Art. 34.

the Union manufacturing company held by the state; and directs that
the proceeds be applied to the reduction of the debts of the state.
1866, c 186, directs the sale of three thousand nine hundred and twelve
and eight-tenths shares of the dividend stock of the Baltimore and Ohio
railroad company now held by the state, and to apply the proceeds in re-
duction of the debts of the state.

1866. c. 170, authorizes the sale of all the bank stocks held by the state,
the proceeds to be applied as directed in said act.

1867. c. 152, authorizes the issuing of bonds of the state to amount of
one hundred thousand dollars, bearing six per cent, interest, redeemable
in six yours, if, in the judgment of the treasurer, the demands upon the
treasury require the same.

1867. c. 156, repeals ss. 5 and 8, of the act of 1864, c. 15; and ss. 4 and 5
of act of 1865, c. 33.

1868. c. 235, amends the act of 1865, c. 33, by amending and re-enacting
ss. 4, 5 and 6, which were repealed, or intended to bo repealed, by 1867, c.
156; and by adding a new s. and by changing the numbering of 8. 9; and
creates a fund to be called " the defence loan "; and authorizes the issuing
of bonds or certificates of indebtedness to an amount not exceeding four
millions of dollars, bearing six per cent, interest, and redeemable in not
less than ten, nor more than fifteen, years; and directs that no further
bonds or certificates under the act of 1864, c. 15, be issued.

1868, c. 454, authorizes the treasurer, if in his judgment the condition of
the treasury require it, to issue bonds of the state, to amount of live hun-
dred thousand dollars; but in amounts not exceeding one hundred and
twenty-five thousand dollars in any one year, bearing six per cent. in-
terest, and redeemable in fifteen years.

1870, c. 275, an act to provide for the renewal of certain bonds and cer-
tificates of indebtment of the state already due, and of others falling due
in the year 1870; and to provide for the sale of certain stocks of the
state, to pay the holders of said bonds who may demand payment thereof.

See 1870, c. 422, under article 33, u Deaf, Dumb and Blind — Education
of. "

1873, c. 276, provides for cancelling the bonds or stocks of the state
now held by the treasurer.

1872, c. 366, an act to create a loan, to provide for the payment of the
overdue debt of the stale, and for exchanging, or taking up the sterling
debt of the state, and issuing a currency loan in lieu thereof, creates a
loan to be called " the Maryland state loan, " not exceeding six millions of
dollars, bearing interest at six per cent., and redeemable at the pleasure
of the state in fifteen years; and further provides for exchanging the
same for present outstanding bonds, &c.

1872, c. 883, provides for payment of the state bonds past due, and
others not yet due, by selling the state stocks and bonds in said act men-
tioned.

1874, c. 233, creates a fund to be called " the House of correction state
loan, " and authorizes the issuing of certificates of debt or bonds to an
amount not exceeding two hundred and fifty thousand dollars, bearing