viii REPORT OF THE COMPTROLLER OF THE TREASURY

aggregating $5,306,096.94, the largest amount ever issued by the
State during a like period, viz:

BONDS	Par Value	Net Proceeds
Consolidated Loan of 1913 ......................	$200,000 00	$194,162 00
Maryland State Normal School Loan ..............	300,000 00	291,243 00
Public Highways Loan of 1910 .................	250,000 00	245,675 00
Second Insane Hospital Loan ...................	400,000 00	388,324 00
State Loan of 1912 ...........................	274,000 00	266,001 94
State Omnibus Loan of 1914 ...................	950,000 00	942,951 00
State Roads Loan of 1914.........................	3,000,000 00	2,977,740 00
Totals ...........................	$5,374,000 00	$5,306,096 94

In order, therefore, to accurately ascertain the amount of the
State's revenues from which must be paid all governmental ex-
penses, I beg to submit the following statement:

Total receipts of the year, exclusive of balance .....		$12,600,566 59
Less direct tax from Collectors ..................	$2,911,123 14
'' ' " " Incorporated Institutions .....	245,957 74
" " Baltimore City Stock ........	950 59
Consolidated Loan of 1913 ................	194,162 00
Maryland State Normal School Loan ........	291,243 00
Public HighwavB Loan of 1910 .............	245,675 00
Second Insane Hospital Loan ...............	388,324 00
State Loan of 1912 .......................	266,001 94
State Omnibus Loan of 1914 ................	942,951 00
State Roads Loan of 1914 .................	2,977,740 00
High Liquor License, Baltimore City ........	964,829 47
Receipts of Oyster Fund ..................	64,384 19
Interest on the Public Debt ...............	14,718 64
Motor Vehicle Licenses ....................	190,653 10
Maryland Agricultural College ..............	3,614 02
Crownsville State Hospital .................	25,445 39
Wastern Shore State Hospital ..............	722 28
Spring Grove State Hospital ................	69,968 70
Springfield State Hospital .................	130,306 94
		$9,928,771 14
Total for 1914 ...................		$2,671,795 45
Total for 1913 ...................		2,637,107 35
Increase during year ......		$34,688 10

It, therefore, clearly appears that our ordinary receipts for the
past fiscal year have increased only to the extent of $34,688.10,
and that, in fact, for the past several years they have remained
in the aggregate about $2,650,000.00, while our expenses, how-
ever, by reason of extraordinary appropriations, have increased
by leaps and bounds.

In my report to the last General Assembly of Maryland the
condition of the State's finances was such that as a warning I
used these words:

"How, therefore, can the State provide for the increased ap-
propriations already made and the demands now being so ser-
iously advocated? A few years ago the Treasury was able not
only to meet all its obligations in the running expenses thereof.