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from these sources, large at first, but in a diminishing ratio
each year. After a full and mature consideration of this
subject, I feel safe in advising a repeal of these taxes. The
taxes upon Commissions of Executors and Administrators,
and upon Collateral Inheritances particularly, were of
doubtful propriety at all events. In the former the tax-
very generally fell upon widows and orphans, because, in
consideration of the tax, a larger commission was in many
cases allowed Executors and Administrators.

Whilst in inheritances and legacies, the inheritor was
prevented from enjoying the full benefit intended to be con-
ferred by the decedent. But another reason exists for the
repeal of the latter, in the fact that the national tax law,
approved July, 1862, imposes a tax upon inheritors of
personal property, amounting in some cases to as much as
four per cent, thereof. The tax from Trustees and Receivers
is not considerable ; the law in regard to it, is, and has
been, but partially executed, owing to the difficulty in some
Counties to procure the necessary action by Clerks of Courts
and State's Attorneys, or by the one, or the other of them;
whilst from some portions of the State, taxes from this
source have been regularly received, from others there has
not been anything received at any time ; and this, notwith-
standing that I have urged the attention of the proper
officials to it. I think, therefore, that this tax should not
be longer continued.

If doubt remains after the facts presented, of the propriety
of the repeal of the taxes referred to ; if there are doubts of
the ability of the State to meet all reasonable demands in
the event of such repeal, another consideration merits at-
tention.

The Sinking Fund by the investments made for its benefit,
and the cash standing to its credit, at this date amounts
very nearly to the sum of six millions of dollars, and is
equal to, or exceeds the actual debt of the State, without it,
The accumulations occur faster than the Treasurer is able to
promptly invest, owing to the scarcity of Stocks in the
market; wherefore, a very considerable loss of interest to
this fund is continually sustained ; and this difficulty will