standard of expenditure in the future. This law, establish
ing our present basis of taxation, was never fully executed;
and the time which has elapsed since the last Assessment
took place, with the changes which have been wrought in
the reduction and enhancement of values, and the introduc-
tion of new capital into the State, render it indspeusable to
a proper understanding of our real financial condition, that
an accurate official schedule should be immediately prepared,
of the aggregate property of the State, fairly subject to taxa-
tion. I have reason to believe that a considerable amount of
capital is now exempt from taxation, which, if brought into
the general exhibit, would tend to equalize the burthens im-
posed upon our people, by an enlargement of the basis, and
materially contribute to the relief' of the Treasury. Until
this is done, it is evident that every day's delay must be at-
tended with positive inju3tice to the individual tax-payer, as
well as the loss of a large amount of revenue to the State.
I deem this measure of so much practical interest, in ad
vance of a detailed exhibit of the state of the finances, that
I feel it my duty to commend it to your earliest considera-
tion. In the action of the Legislature, in any plan which
may be adopted looking to this result, the greatest caution
should be observed in securing the services of agents of the
strictest impartiality and business capacity, that justice may
be done to all in the proposed reassessment, at the same time
that assurance may be given of a just and fair valuation of
the real and personal property of the State subject to taxa-
tion.

THE CHESAPEAKE BAY. ITS VALUE TO THE STATE
OF MARYLAND AS A SOURCE OF REVENUE.
For years past that portion of the Chesapeake flay, under
the ownership and jurisdiction of the State of Maryland, re-
presenting a large amount of her substantial wealth, has
been a field for unlicensed marauders, paying no tax what-
ever to the State. Roaming unrestrained over its waters,
they have respected no right of property in the State of Mary-
land. Not satisfied with the freedom of its more frequented
resorts, they have penetrated into its coves and estuaries, and
in many instances appropriated, without return, the labor of
our own citizens. The products of this Bay belong to the
State as absolutely as her great staples of wheat and tobacco
belong to the individual owners of the land on which they
are produced. Nor are they less valuable as legitimate sour-
ces of revenue to the State treasury. The Act passed at the
last session of the General Assembly has, thus far, resulted
in no practical benefit in correcting the abuses to which we
have been cxposed. Our citizens have been subjected to tri-
bute, while no adequate check has been imposed upon stran-
gers, living and doing business beyond our limits.