xvi REPORT OF THE COMPTROLLER OF THE TREASURY.

The Treasury is in a sound and healthy condition, notwith-
standing the continued falling off of receipts from the Sus-
quehanna and Tidewater Canal Company, the Chesapeake
and Delaware Canal Company, the Columbia and Port De-
posit Railroad Company, tho Bohemia Bridge Company, and
its large amount of unproductive assets, classed in "State-
ment I"; and unless largo extraordinary demands upon it
are made no extraordinary relief will be needed.

As an offset to any future necessities, should they arise,
the Treasury holds the bonds of the Baltimore and Ohio
Railroad Company, amounting to $366,000, and yielding 6
per cent, interest, which can be made available at not less
than par under the Act of 1878, chap. 238. These are the
bonds that were obtained in the settlement authorized by the
Act of 1878, chap. 155, and made with that Company, of its
indebtedness on account of former sources of revenue.

Much good would be accomplished and great relief af-
forded to tax-payers if the area of taxation were extended
and property and wealth, ia whatever shape or form or sub-
stance they may be put, except perhaps in charity or reli-
gion within a prescribed limit, were subjected alike to the
burden. As long: as exemptions are made, superabundant
and inactive wealth will seek investment in those securities
which are exempt, and to that extent escape taxation. If
obligations to pay ought not to contribute to the support of
the government, then let those who give, and not those who
hold these obligations escape. Not until every person hold-
ing properly shall be required to go once a year to the
assessor to be taxed according to his actual worth, will taxa-
tion be equalized and its burdens be imposed so as to fall
lightly on the many rather than heavily on the few.

Full exhibits of all the operations'of the Treasury Depart-
ment during the fiscal year are set forth in the statements
and tables in the Appendices. The Index at the end will
afford a ready reference to them.

Respectfully submitted,

THOS. J. KEATING,

Comptroller.