xiv REPORT OF THE COMPTROLLER OF THE TREASURY

the additional tax upon Ms stock of goods. Some companies,
electric light, trust, etc., pay in addition to their other taxes a
franchise tax as well. Take for instance a dredger owning
his boat of 50 tons with an invested capital, say, of $3,500.
He pays, if living in a city, in addition to the State, city and
county tax upon his invested capital of only $3,500 for the
privilege of catching oysters less than six months in the year,
within $7.50 as much as the merchant for twelve months with
a capital of $500,000 or more.

There is only one question involved in the above measure:
Does the above schedule make everyone operating thereunder
bear his fair share of governmental expenses?

STATE TAX ON BALTIMORE CITY STOCK.

The State tax on these securities yielded a revenue during
the fiscal year of $96,733.45, applicable to the public schools,
sinking funds and road maintenance. An estimate has been
submitted whereby Baltimore City will have to pay into the
State Treasury during the next fiscal year the sum of $110,-
683.45 from the same source. It therefore follows that as the
debt of the city increases so will this tax, since the city itself
is compelled to pay this tax, deducting the same, of course,
from the holders of said stock. This provision is applicable to
no other city or county in the State and it does occur to me
that common justice requires that all should be placed upon
the same basis—tax all or exempt all.

CONCLUSION.

Let me urge upon you the strictest economy. The condition
of the Treasury, as it has been my endeavor to show, will not
stand any further strain, and I view with alarm the demands
that are now being agitated for increased appropriations and
bond issues. We are going through a period of contraction
and not expansion. Our tax rate is now so high as to be bur
densome, and any additional increase should be most seriously
considered, if considered at all.

I cannot close this report without again calling attention
to the fact that unless additional revenues are derived from