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1892.] OF THE HOUSE OF DELEGATES. 291
Mr. Berret, from Committee on Ways and Means,
reported favorably,
House bill entitled an Act to provide for the assess-
ment, valuation and taxation of ten millions of dollars
of the increased capital stock of the Baltimore & Ohio
Railroad Company, as ratified by the stockholders at
their annual meeting, November 11th, 1891.
Which was read a first time.
Also, favorably,
House bill entitled an Act to amend the Charter of
the Baltimore Belt Railroad Company, as amended by
the Act of the General Assembly, passed at the
Session of 1890, chapter 139, entitled an Act to pro-
vide for the mode of constructing and operating the
railroad of the Baltimore Belt Railroad Company in
Baltimore city and county.
Which was read a first time.
Mr. Berret, from same committee, submitted the fol-
lowing explanitory paper:
To the Souse of Delegates:
The Committee on Ways and Means in reporting
favorably the bill for the assessment and taxation of
the ten millions of dollars of the increased stock of
the Baltimore and Ohio Railroad Company, lately
authorized to be issued; and the bill to amend the
charter of the Baltimore Belt Railroad Company, res-
pectfully submit a brief statement of the grounds
upon which they ask for their passage.
Both of these subjects are considered in the recent
message of Governor Jackson, and the bills are framed
to carry into effect his recommendations. The com-
mittee have fully reviewed his suggestions, and care-
ful examination and reflection have led them to the
clear and strong conviction that they embody a just
and expedient public policy.
The Baltimore and Ohio Railroad Company ought
not to enjoy an exemption from taxation beyond the
strict letter of its charter. And if the question were
a new one, free from the difficulty and embarrassment
of a decision of the Court of Appeals made more than
forty years ago, and subsequently followed out of de-
ference to precedent, there can be but little doubt
that the exemption originally carefully limited to
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