property properly assessed and valued. As the community grows older and the disadvantages arising from the present system of low valuations and high rates of taxation are better understood by the people generally, the laws upon the subject will, no doubt, be so altered as to secure approximately full and correct returns of all property in the Territory subject to taxation. When assessments are had upon a just and equable system of valuation, the rate will be as low here as in any of the States. I have endeavored to present the importance of this subject clearly to the legislative branch of the Territorial government, and the commission now engaged in codifying and revising the laws, as authorized by the twentieth legislature, will correct the faults of our revenue system in this respect.

1. Territorial general fund (R. S., 2659)

2. Territorial insane asylum interest fund (R. S., 2473)

3. Territorial university interest fund (R. S., 2509)

4. Territorial normal school fund (act 44, laws 1897)

5. Territorial school fund (R. S., 1569)

6. Territorial interest fund (R. S., 2047 and act of Congress 1890)

7. Redemption fund (R. S., 2473)

8. Interest world's fair bonds (act 103, laws 1891)

10. University fund (act 50, laws 1899)

9. Capitol interest fund (act 9, laws 1897)

11. Normal school fund (act 27, laws 1899)

35 10

3

14

85

Final valuation of property in each county in Arizona in 1900.