A. W. BRADFORD, ESQUIRE, GOVERNOR.

of her citizens preserved from destruction ; and
whereas, it is not only the duty of said State, but
is also an act of self-defence on her part, to pro-
vide the necessary means for paying her propor-
tion of the expenses of said war ; therefore, '

155

SECTION 1. Be it enacted by the General Assembly
of Maryland, That the Treasurer be and he is
hereby authorized to issue,' in the manner herein-
after prescribed, stock of the State of Maryland to
an amount not exceeding two millions and a hall
of dollars, for a loan, to be called ''The Maryland
Defence Loan," which stock shall be redeemable
at the pleasure of the State, and, until redeemed,
shall bear interest at the rate of six per cent, per
annum, payable semi-annually, on the first day of
January and July in each and every year.

Treasurer
authorized to
issue stock, &c.

Sec. 2. And be it enacted, That, one million and
a quarter of dollars of said stock shall be reserved
for the investment of the interest accruing, from
time to time, on the Sinking Fund of the State ;
and on the first day of January, April, July and
October in every year, and at whatever other times
any interest of the said Sinking Fund may be pay-
able or standing to the credit of the Treasurer, as
trustee of that Fund, the Treasurer shall'issue to
himself, as trustee of that Fund, certificates of
stock at par to the amount of said interest so pay-
able or so standing to his credit, as trustee of
said Fund, and on the warrant of the Comptroller,
shall pass the amount so paid for said stock, to the
general credit of the State Treasury, to be applied
to the payment of the State's proportion of the
direct tax levied or which may hereafter be levied
by the Congress of the United States, to provide
for the expenses of the war now carried on to sup-
press rebellion and maintain the integrity 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 in-
terest thereon shall be paid semi-annually, and the
principal ultimately redeemed, out of the proceeds
of the tax hereinafter particularly pledged for the
payment of principal and interest of the whole of
said "Maryland Defence Loan;" and until the
accruing interest on the said Sinking Fund shall
have absorbed, by such investments, the full amount
of one million and a quarter of dollars of said loan,

Provision for
payment of the
United States'
direct tax.