The capital of all Corporations, not specially exempted, is liable to taxa-
tion, and the mere fact that it is represented by premium notes or that
it. trades upon the mutual principle and declares no dividends, eo nomine,
should, in no way, relieve any Corporation from the payment of its just
share of taxation. The fund, on which a Company trades, whether it is
in Stock, Cash or promissory notes, is the capital of that Company, and as
such should be assessable.

Section 7 of chapter 266 of 1847 seems to be ample to cover all such
eases, but it is construed differently by the County Commissioners in
several of the Counties.

No tax has been retained by the Register of the City of Baltimore, for the
year 1855, out of the interest payable on the " Baltimore Water Stock,"
created under chapter 376 of 1854. It is alleged, that there is no authority,
in the last mentioned act, for the imposition and retention of the State Tax
on the said Water Stock. However this may be, some provision should
now be made, not only for the collection of this tax in the future, but also
for the past year. A law, somewhat similar to chapter 218 of 1845, might
be passed to effect this object.

STAMP DUTIES,

The receipts into the Treasury from Stamps and Stamp duties are to be
found stated in Table No. 7.

They amount to the sum of $72,664.07, of which $48,421.80 were paid
by the Commissioner of Stamps ,and $24,242.27 were received from the
Clerks of Courts.

The amount received from this source of revenue, during the last fiscal
year, exceeded the sum. paid into the Treasury during the preceding fiscal
year, by the sum of $1,653.15,

If was suggested in the Report, which issued from this Department on
the 3rd January 1855, that a change in the management and collection of