COMPTROLLER OF THE TREASURY. XV

While the subject of taxation is a difficult one to ad-
just so as to suit every interest, and while there are as
many different systems as there are States in the Union,
there is to my mind, but one fair and equitable mode

of taxation, and that is to assess all property, except
churches, graveyards and wearing apparel, that repre-
sents value.

Holding these views, I think now is the time to have

a new assessment and therefore recommend that you

/pass a law providing for the reassessment of the entire

property of the State.

In this law, provision should be made for an annual

assessment of personal property, otherwise in less than
three years time you will and the same shrinkage in

your assessable basis that we have experienced in the
past. While speaking of the assessable basis I think it
proper that I should call your attention to the subject of

RAILROAD TAXATION.

Table No. 5 gives the receipts into the Treasury dur-
ing the fiscal year 1885 from the Tax on Gross Receipts

of Railroad Companies to be $46,489.76.

When we consider the immense value of all the Rail-
road property in this State amounting to many millions,
and that the above sum is all the State Taxes paid by

the Companies named in the table for one year, and all

that could be demanded of them under existing laws, it
must be evident to every one who will give the matter,
a moment's consideration, that there are great inequalities
in our Tax Laws.

In view of the fact that Railroads have improved and
contributed very largely to the prosperity and wealth of

our State, and particularly to our metropolis, Baltimore

City, it is right that the State should treat them liber-
ally, but before we are generous we should not forget to
be just to the other property of the State.

Were the cash value of our Railroads and Railroad

property invested in farms, or personal property, the
State would realize a revenue therefrom, accounting at