1876 REVENUE AND TAXES. [ART. 81

appointment of agents, assessors or clerks in connection there-
with, shall not be in any way affected or invalidated by sections
200 and 201, but the same are hereby ratified and all acts done
in pursuance thereof declared valid, and the appointees so made
shall, in the discretion of the county commissioners of such
counties, continue without reappointment to execute their official
duties under sections 200 and 201; provided, however, that
nothing in said sections shall apply to Baltimore county.

The acts of 1898, ch. 275, and 1902, chapters 402 and 633, codified in sec-
tions 200, 201 and 202, relating to the relisting of personal property in the
several counties (except Baltimore county), and giving to the county com-
missioners power also to revise assessments of real property, refer specially
to sections 173, 174, 175 and 176 of the general assessment act of 1896,
chapter 120, as such sections are therein numbered, and in general terms
to other provisions of this article 81, as contained in that act and its sup-
plements of 1896, chapters 140, 142 and 143 Instead of reproducing these
several sections and provisions (the directions of which have bfien exe-
cuted), it is thought sufficient to revive them by words of general refer-
ence and thus to make them effective parts of these sections 200-202.

1896, ch. 120, sec. 194.

203. All certificates of indebtedness issued by any indi-
vidual or firm shall be subject to valuation and assessment to
the owner thereof in the county or city in which such owners
may respectively reside; and they shall be assessed and valued
according to the rate of interest therein stipulated to be paid ;
that is to say, such of said certificates of indebtedness as bear
an interest of six per centum shall be assessed at fifty per
centum of their face value; such as bear an interest of five per
centum shall be assessed at forty-one and two-thirds per
centum of their face value; such as bear an interest of four
and a half per centum at thirty-seven and one-half per centum
of their face value; such as bear an interest of four per centum,
at thirty-three and one-third per centum of their face value;
such as bear an interest of three and one-half per centum, at
twenty-nine and one-sixth per centum of their face value; such
as bear an interest of three per centum, at twenty-five per
centum of their face value, and such as bear an interest at a
rate not named in this section shall be assessed and valued at
a correspondingly reduced valuation, if the rate of interest be
less than six per centum, and at a correspondingly increased
valuation, if the rate of interest be above six per centum, and
such upon which no interest shall be actually paid shall not
be valued and assessed at all.

Balto. City. v. Johnson, 96 Md. 744.