1860.] OF THE HOUSE OP DELEGATES.            71

Also, the following:                                 

Treasury,
Annapolis, January 13, 1860.

To the Hon. the General Assembly of Maryland:

The Treasurer having been directed by ch. 295, of 1858, to
invest the sum of $160,929.26, in Bonds of this State, or in
his discretion, in some safe and profitable stock or stocks,
fund or funds, and upon the warrants of the Comptroller to
distribute annually the interest or dividends arising there-
from, among the several counties of the State and the city of
Baltimore, in the ratio of the whole representation of said
counties and city in the General Assembly, respectfully re-
ports, that finding he could not purchase so large an amount
of State stock except after long delay and at great sacrifice of
profit, he deemed it advisable to make the investment in
stocks of the city of Baltimore, which he esteemed to be both
safe and profitable.

He accordingly invested $54,458.00 in 6 per cent. Coupon
Bonds of the York and Cumberland Railroad Company, guar-
anteed by the city of Baltimore, bought at 90 per cent., and
the balance $106,479.26 in Baltimore city 6 per cent, inscrib-
ed stock, at an average cost of 94.18, realising $173,558.98
of 6 per cent, stock for the $160,929.26, the amount invested.

The annual interest from this stock is $10,413.54, which
has been distributed among the counties and the city of Bal-
timore, as prescribed by the act aforesaid.

He further reports, that although he had authorised Mr.
Peabody, who on more than one occasion had given assurance
of his devotion to the interest of the State, to purchase it in
Europe at no other limit than his discretion, he found in the
fund at the close of the fiscal year, 30th Sept. 1858, an unin-
vested cash balance of $134,590.05.

It being thus ascertained that a large and accumulating
balance must remain unproductive in the fund or seek in-
vestment in other than State stock, he after long and anxious
reflection and consultation with the Governor and Comptrol-
ler, came to the conclusion, that in this exigency it became
his duty to invest in the next best and safest stock he could
procure.

And in accordance with this determination, he invested the
balance then lying unproductive in the Treasury, in the in-
scribed 6 per cent, stock of the city of Baltimore, which he