COMPTROLLER OF THE TREASURY. v

1884, will, I think, be convertered this year, at par, and
perhaps less, into the new loan, at 3.65 per cent., interest.

The Revenues of the State last year, derived from her
investments, were $147,994.67; from licenses, $517,354.69;
from Direct .Taxes, $898,867.18; from taxes on civil com-
missions, commissions of executors and administrators,
collateral inheritances, protests and gross receipts of rail-
roads, $207,319.89; from other and miscellaneous sources,
$152,945.04; making the aggregate sum of $1,924,
481.47, and embracing the total receipts of the year. The
receipts from these, which constitute the ordinary sources
of revenue, vary in amount from year to year. During
the year 1878, the first year of my term of office, they
were $1,623,643.23, making a difference between the two
years and in favor of last year of $300,838.24. If these
sources of revenue had proved as available in 1878, as
they now are, no Treasury Relief Loan would have
been needed; and it is chiefly because of this increase that
the Treasury Officers were enabled to expend last year the
sum mentioned above in Sinking Funds, and to preserve
a healthy balance for immediate demands.

Since the assessment made in 1877, there has been a
decrease in the assessed value of property upon which
the direct tax is levied. The aggregate decrease since
1877, is $13,643,149. The increase in the actual value of
property of every kind, during this period, has been
marked and the decrease in the assessment is the result
of the notorious fact, that everybody whose taxable,
wealth decreases, goes before the Tax Court for abate-
ment, and everybody whose wealth increases avoids a
reassessment. This gives me occasion to repeat the sug-
gestion made in my report to the Legislature of 1880,
that "not until every person holding property shall be
required to go once a year to the Assessor to be taxed
according to his actual worth, will taxation be equalized
and its burdens be imposed so as to fall lightly on the
many, rather than heavily on the few." Should your
Excellency concur in this suggestion, important aid