536               JOURNAL OF PROCEEDINGS           [Feb. 29,

Fund," that portions of over-due Certificates are thus held. This
has occurred from the Treasurer having (when a loan was called
in for redemption,) redeemed only that portion of it which was
outstanding, leaving the portion held by the "Sinking Fund
unredeemed.

This state of the case raises the question, whether the interest
of the State would not be promoted by authorising the Treasurer,
in his discretion, to use any surplus in his hands, after the ap-
plication of one hundred thousand dollars, as now directed by
law, to the payment of over-due Stock now held by the "Sinking
Fund," and apply the proceeds to the purchase of Bonds out-
standing, but not due, to be substituted for over-due Certificates
now held for the benefit of the Fund.

The Committee consider the purchase of over-due Stock as of
doubtful policy, as long as there remain out Bonds having many
years to run before maturity. When the over-dues (for which
the State can never be liable for more than their pur value,) are
called in and liquidated, the "Agent" of the Fund will be thrown
exclusively upon Bonds outstanding and not due, and held as in-
vestments. In this emergency it is certain that the present hol-
ders of such Bonds will place a high estimate upon them, not
only because of their value, but because they will bear, to some
extent, the character of a preferred Stock, being the only Stock
authorised to be purchased for the use of the "Sinking Fund."

The Committee do not consider it necessary to extend this
Report. They recommend, and herewith submit for the consi-
deration of the General Assembly, a law to provide for carrying
out the foregoing suggestions.                

W. B. Tyler,              } Committee of the

        S. OWINGS HOFFMAN, }          Senate.

George Schley,         }

E. J. hall,          } Committee of the

Wm. D. Bowie, } House of Delegates.

Which was read.

On motion of Mr. Rowles,
The House took up the bill entitled, an act to incorporate the
Patapsco Bank of Maryland ;
                     Amendments Proposed.                         

In the 15th line of section second, strike out "three hundred,"
and insert "two hundred and fifty."

In the 15th line of section second, after the word "dollars," in-
sert the following words: