vi REPORT OF THE

county, viz: $175,000, has been paid from the ordinary Treasury
receipts, but when the call was made by the County Commissioners-
of St. Mary's county, for one-half the amount due to that county, and
notice was given of a call from the County Commissioners of Calvert
county, for a large amount of the sura awarded to that county under
said Act, it was found necessary to issue stock of the State, in order
to meet the requirements of the Act. Instead of creating a new series
of State Debt, as authorized by the Act-of 1868, Chapter 454, the
Treasury officers, after consultation with the Governor, concluded to
issue a portion of the balance of the stock of the Defence Loan, au-
thorized by the Act of 1868, Chap. 235, to reimburse the Treasury, as
directed by the last mentioned Act, and thereby obtain the means of
complying with the requirements of the Act of January Session, 1868,
Chapter 454. The further sum of $100,000, accrued to the credit of
the Maryland Agricultural College Fund, from the redemption by the
State of the Southern Relief Bonds, which came to maturity during
the fiscal year 1873. The deduction of the three several sums above
named, amounting in the aggregate to $466,157.50, added to the
sum of $152,171.02, transferred from the Sinking Fund in payment for
stock redeemed, will show the receipts from ordinary sources of
revenue for the fiscal year, to be $1,814,348.96, which is less than the
revenue from ordinary sources during the year 1872, by the sum of
$62,020.43.

The receipts of revenue have fallen very much below the esti-
mates, from the fact that a number of the Railroad Companies, Coal
Companies and National Banks, are still resisting the payment of
the taxes imposed by law, and consequently the large amounts due
from these corporations is still unpaid. A large item of revenue
has also been lost to the Treasury, by the failure of the last Legis-
lature to enact a suitable law, imposing a license upon sample
traders. The revenue from this source in 1871, amounted to
$44,253, but the law imposing the license being defective, became
inoperative, and the bill framed to cover the defect, failing to be
passed, that item of revenue bas been lost to the State for the past two
years. I have never been able to obtain a trial in any of the cases
against the Railroad Companies claiming exemption from taxation,
involving the validity of the law taxing their gross receipts.

The several sources from which the revenue received by the Trea.
surer has been derived, are fully detailed in statement "A," appended
to this Report.