Due from Collectors, Sheriffs,
Clerks and Registers of the
several Counties, and Balti-
more City, and from incor-
porated institutions....... 1,182,264 96

Difference between Productive

Capital and the Public Debt 1,057,683 98

——————— $10,790,809 21

The unproductive assets of the State amount to the sum of
$18,017,642.67.
In an official communication to me, the Treasurer remarks:

"We have unproductive capital, amounting in the aggre-
gate to say eighteen millions of dollars, the larger portion
of which is of the Chesapeake and Ohio Canal. Recently the
State has been offered five millions of dollars for this work, or
if the State preferred not to sell outright, the party's second
proposition was, a lease for twenty years at $300,000 per year,
payable.semi-annually; in any event, the State can receive for
the unproductive capital, in my opinion, not less than six
millions of dollars.-"

I refer to this simply to show the extent of these unproduc-
tive assets; without venturing any opinion as to their present
value if brought into the market, or probable availability
within any reasonable time. It certainly will not be deemed
out of place in this Exhibit of the general financial condition
of the State.

The Act passed at the extra session of the General Assem-
bly providing for a re-assessment of the real and personal
property of the State may be expected to increase largely the
existing basis of taxation, and add materially to the revenue
of the State. Besides this, there are other and not less legiti-
mate sources of increase, which, while they may be drawn
upon without injustice to those who would be immediately af-
fected, would tend to lighten the burthen imposed by existing
laws upon the honest and willing tax payer, by a system of
just equalization.' Some of these I may deem it my duty to
bring to the notice of the proper committee when the time
arrives for the consideration of this important subject.

The recommendation contained in my last Annual Message
in reference to a modification of the oyster laws, has lost none
of its weight. On the contrary experience has only confirm-
ed the necessity for some appropriate legislation looking to
the availability and proper regulation of this undoubted
source of revenue. The protection of our citizens against ma-
rauders and outlaws trading without license in our waters,
and appropriating without hindrance the property of the
State, would seem to be demanded by every consideration of
right and justice, and I would again earnestly invite the at-