652             JOURNAL OF PROCEEDINGS           [Mar. 4,

finances menaced the ruin of public credit and the plighted faith
of the State, when every extraordinary means of taxation was re-
sorted to raise the State from the degradation of repudiation; and
which then even odious as it was, induced our fellow-citizens to
bear it with submission and cheerfulness; but now that our rev-
enue is greater than the disbursements, the honor of the State, is
equally bound to remove this unequal and unjust imposition upon
the credit and operations of the whole commercial community
Besides, it was clearly the intention of the Legislature that im-
posed this tax, to remove it at as early a day as the honor of the
State would allow, and that it should never be considered as a
permanent charge upon the people; for the act of 1844 imposing
this tax, expressly limited it to the year 1848. But, notwith-
standing the Committee consider the obligation upon the Legis-
lature as imperative under these circumstances, to remote this
unjust restraint upon the operations of trade and commerce, and
having a proper regard for the continued prosperity of our finan-
cial system, they have at the same time introduced a bill for the
increase of Traders and Ordinaries Licenses, which, if carried
into effect, will much more than supply the deficiency occasioned
by the repeal of the Stamp Act, estimate by the Comptroller at
$73,000. This bill proposes, upon a low estimate, an increase
upon Ordinaries and Traders' Licenses upon the amount now re-
ceived, a sum equal to $100,000; besides this, other Committees
have introduced measures for the more efficient collection of fines
and forfeitures, lor a more strict accountability of the public rev-
enue, for an increased tax upon Hawkers and Pedlars, as well as
a bill to Equalize Taxation, which is a measure of such manifest
propriety, that the Committee cannot doubt the certainty of its
becoming a law, and by which millions of dollars of properly
will be made to yield revenue to the State that is now ex-
empt.

From these various proposed sources of increased revenue, and
from the natural increase in the value of property in the State, as
well as the successful and flourishing conditions of our Railroads,
with every prospect of a certain augmentation to their business
and profits, as well as the highly prosperous condition of the
Tide Water canal companies, give the committee the assurance of
an increase in the receipts of the Treasury department of not leas
than $150,000; this added to the surplus of $271,322.50, as es-
timated by the Comptroller, would give a sum of $421,323.00 for
the last half of the fiscal year of 1856, and the first half of the
fiscal year of 1857. These estimates are not based upon any
sanguine expectations of results from the proposed measures, but
are rather under the amount likely to be received, if carried into
effect. In view, then, of such a condition of our resources, the
Committee have further considered the ability to reduce the di-
rect tax 3 cents, making an amount of nearly $73,000. The ap-