REPORT OF THE COMPTROLLER OF THE TREASURY. xiii

interest on the State debt and provide for the payment of the debt
at maturity could be dispensed with.

ASSESSMENT AND LEVY OF 1901.

The assessed value of property for State purposes, as shown
in Statement "K," aggregates, $643,812,408, or an increase of
$27,092,626. While the State tax is 3/4 of one cent less for the
year 1901, yet by reason of the increased basis, the tax at 17
cents on such basis, if realized, would produce within $196.52
of what it did last year.

PUBLIC SCHOOL TAX.

Statement "L," shows the receipts and disbursements on ac-
count of this tax during the fiscal year now closed. The receipts
during the year were $727,314.41, which, added to the balance
on hand September 30, 1900, aggregate $1,077,270.48. There
was disbursed during the year among the several counties and
Baltimore City, the sum of $720,455.85, leaving as a balance on
hand, October 1, 1901, the sum of $356,814.63, as against $349,-
956.07 for the same period last year.

In the apportionment of this tax during the year, I have found
the rule I established of distributing more equally among the
counties and Baltimore City the quarterly installments thereof,
has worked most admirably. The distribution heretofore made
on the 15th day of June (close of the scholastic year), always
exceeded very largely the other distributions, but by. distributing
an extra sum of $25,000, on the first days of October and January
and the I5th day of March, the several counties and Baltimore
City have gotten the benefit of these amounts at once.

FREE SCHOOL BOOKS.

Statement "M" exhibits clearly the condition of the Free School
Book Fund at the close of the fiscal year. The receipts
were $138,455.08, while the disbursements during the same period
aggregated $153,532.74. The summary in said statement shows
a deficit of $164,314.67 since the levying of this tax in 1896, thus
demonstrating that the 2 cents levied on each $100 has never been