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The first section of the Act provides that all property, real,
personal and mixed, of all kinds and description whatever,
shall be liable to valuation and assessment. The Assessors
have generally complied with this provision. The informa-
tion thus obtained as to the value of all the property within the
State may be of interest and advantage. Some portions,
however, of the property thus assessed, it is beyond the power
of the State to tax, because of her contracts exempting it,
and other, for the want of jurisdiction.

Other descriptions of property, as will be seen by reference
to the third and fourth sections of Article 81 of the Code,
have heretofore been exempt. It is questionable whether all
the property embraced within the provisions of these sections,
should be released from taxation.

EXPENDITURES.

It may be well to notice in conclusion, the disbursements
of the Treasury during the last five years—between the 30th
of September, 1861, and the 30th of September, 1866—on
account of unusual appropriations and extraordinary demands.
The principal items are as follows :

For tax paid General Government................. $371,300

Exchange for paying interest on Sterling Bonds,

(excess over previous rates)...................... 550,000

Bounties to Volunteers, including appropria-
tions for their relief............................... 3,850,000

State's subscription to Railroads................... 213,000

$4,985,000

During the same period the expenses of the Constitutional
Convention and two extra sessions of the General Assembly,
and unusually liberal appropriations to educational and
charitable Institutions, were paid. The direct taxes for two
of the years were two and a half mills on the dollar, and
for the other three years one and a half mills.

When we consider these heavy payments in excess of and
beyond the ordinary expenses of the State Government, and
remember that the public debts of many of the States of the
Union, by reason of the expenses attendant on the late war,
have been greatly increased, it is gratifying to know that the
bonded debt of this State has been increased and her invested
capital diminished but in the gum of $1,341,695.91.

Respectfully submitted,

ROB'T J. JUMP,

Comptroller.