36 REPORT OF THE

the interest on stocks of the city of Baltimore, due under Section
101 of Article 81 of the Code of Public General Laws, for the year
1811, appears in said table, not having been made until after the
close of the fiscal year. This, together with the fact, that during
the fiscal year 1870, two payments were made on the same account,
viz., for 1869 and 1870, accounts for the very large difference in said
table from that of last year.

A large amount is due from various Corporations having out-
standing bonds bearing interest, under Section 96 of Article 81 of
the Code, but said Section is entirely insufficient, for want of a pen-
alty to compel its observance by the officers of the Companies con-
cerned. Some time in the month of April last, I addressed a circu-
lar letter to all the Companies of which I had information, having
such outstanding bonds bearing interest, quoting the words of the
Section of the Code, and calling the attention of the officers thereto,
and requiring the report due under said Section to be made. In
consequence of the absence of a penalty for non-compliance, very
few of the officers of the Companies addressed have made a report,
and those who have reported, have failed to pay over the amount
due.

It is for the General Assembly to provide by legislation, suck
penalties and forfeitures as will compel the officers named in said
'Section to comply with the terms thereof.

INCORPORATED INSTITUTIONS.

Table No. 7 exhibits the amounts received from tax on the capi-
tal stock of Incorporated Institutions The trifling amount received

from this source is conclusive evidence of the utter inadequacy of
the legal provisions, in regard to the collection of this branch of

the revenue. Under the present provisions of law, this Department
is compelled to depend upon the information which it is able to ob.
tain from the County Commissioners of the several counties, and
Appeal Tax Court of Baltimore city. Instead of the Comptroller
being clothed with power to make the proper assessments, and. to
ascertain by examination and by any tests which might be availa-
ble, the proper basis of taxation of these Institutions, he is compel-
led to rely on whatever statements he may be able to obtain from
the County Commissioners or Appeal Tax Court.

This frequently is entirely delusive, even when obtained at all,
from the fact that, under our system, the County authorities and
Appeal Tax Court may commute with Corporations within their
jurisdiction, and rate the basis at an imaginary or speculative