has become necessary. The time has now fully arrived, not only for economy, but for retrenchment and reform, since without it, an annual State tax of some $600,000 to $800,000 cannot be avoided." Gov. GARDINER mentions "that in every branch of expenditure but two, a considerable saving has been effected in 1856, as compared with the year previous, amounting in the aggregate to over $156,000; and that while the total ordinary expenses of 1855 exceeded the total ordinary receipts in the sum of $244,812, the aggregate ordinary receipts of the past year exceeded the aggregate ordinary expenses by $116,940. The two items of expense which are this year increased, are "Legislative and Executive," which is about $42,000 larger, owing to the unprecedented length of the last session of the Legislature, and the charge for "interest," which is nearly $41,000 in excess over that of the previous year, in consequence of our added permanent and temporary loans. The excess of these two items being deducted, there appears to be a net relative gain in the balance of the last, as compared with the previous year, of over $288,000.” The Governor urges economy in every department of the State government, and recommends various provisions for the purpose of curtailing the public expenditures. From the State Treasurer's report we learn that the State debt is now $7,183,555 56, having been increased in 1856 by the sum of $370,000. The larger portion of this debt, viz.: $5,049,555 56, has been contracted by aiding various railroads in the State, as follows: Loaned to Western Railroad, which loan is due in 1868 to 1871... $3,999,555 56 100.000 00 400,000 00 400,000 00 100,000 00 50,000 00 $5,049,555 66 2,133,000 00 There is due from the above roads, during the present year, the sum of $600,000, and assurances have been received from the management of the Eastern and Boston and Maine Railroad Companies that the amounts due from them will be provided for. On amount of State scrip issued for the Western Railroad Company and the State Reform School, there is due this year $1,010,000. The State assets in the hands of the Treasurer are According to the State Auditor's report, the public property and resources on the 31st day of December, 1856, was $11,963,305, including the public buildings and interest on the Back Bay Lands. debt, January 1, 1857, was $397,000. The unfunded [Articles on Massachusetts finances and debt in previous volumes-vol. i., p. 175; vol. viii., pp. 153, 180; vol. xvi., p. 209; vol. xvii., pp. 582-587, (very full article;) vol. xxii., p. 347; vol. xxvi., p. 222; vol. xxviii., p. 486; vol., xxxi., p. 421; and vol. xxxiv., p. 210.] FINANCES OF RHODE ISLAND. From the report of the State Auditor of Rhode Island it appears that the expenditures from the 30th of April, 1856, to October 31st, 1856, were $73,267 70, and the receipts, $86,831 24-leaving a balance in the treasury of $13,583 54. The Public School Fund amounts to $73,517 46; the Public Deposit Fund, $382,335 23; and the Touro Synagogue Fund, $17,680 73. From the 31st of October to the 31st December, the receipts of the State Treasury, with the balance on hand, amounted to $91,681 64, and the payments to $63,931 75, leaving a balance on hand of $27,749 89. There are loans remaining unpaid amounting to $30,000. FINANCES AND DEBT OF NEW YORK. Governor KING's message to the Legislature, January 6, 1857, presents the condition of the various interests of the State with unusual fullness and detail: STATE OF THE TREASURY. The balance in the treasury at the commencement of the year was. Receipts of the treasury from all sources during the fiscal year ending September 30, 1856. $3,127,510 96 14,677,190 11 Total....... Total of payments from the treasury during same period.. $17,804.701 09 14,563,110 68 Leaving an aggregate balance in the treasury on Sept. 30, 1856... $3,241,590 41 COMMON SCHOOL FUND. $2,491,916 14 The capital of the Common School Fund is... And the amount appropriated from the income of the United States Total...... The payments from the fund on account of revenue received, viz. :— Common school dividends 34,395 25 158,549 17 165,000 00 $324,549 17 $310,000 00 44.985 56 42,701 98 The payment from the fund for dividends to the academies, &c.... Capital Revenue this year... UNITED STATES DEPOSIT FUND. Amount paid from the revenue of the fund.. $4,014,520 71 256,549 08 260,401 40 GENERAL FUND STATE DEBT. Amount of debt, exclusive of temporary loans to the treasury, to be paid from revenues of the General Fund is............ GENERAL FUND DEBT SINKING FUND. The deficiency in this fund to meet the payment of the interest on the State debt has increased during the year $6,928 53, showing a deficiency on September 30, 1856, of.. GENERAL FUND REVENUE. The deficiency in the revenue of the General Fund is................... CONTINGENT DEBT OF THE STATE. State stocks issued and loaned to railroad companies.... $6,505,654 37 $23,780 50 $88,007 79 $770,000 00 The books of the Canal Department furnish the following abstract of the actual debt outstanding at the close of the last fiscal year, as well as of the revenue and expenditure of the canals: CANAL DEBT. Under article 7, section 1, of the Constitution Total on September 30, 1856..... REVENUES AND EXPENDITURES OF THE FISCAL YEAR. $13,223,704 33 8,750,000 00 442,585 49 $22,416,289 82 $2,719,925 68 1,815 00 27,392 77 $2,749,138 40 Amount set apart by article 7 of the Constitution to pay the interest and redeem the principal of the State debt, viz.:— For that part of debt called the Canal Debt, sec. 1. $1,700,000 00 For that part of debt called the General Fund Debt, (three-fourths of $350,000,) sec. 2 .... Tolls received in the fiscal year ending September 30, 1856...... 260,500 00 $1,960,500 00 2,719,925 63 2,631,491 11 Increase.... $88,434 52 Received from the treasury on account of taxes, under chapter 835, section 2, laws of 1855....... A loan (5's, 1874,) was effected, to supply deficiencies under article 7, section 1, of the Constitution...... $4,000,000 00 A loan (5's, 1874,) was effected to supply deficiencies under article 7. section 3, of the Constitution.... Total, (included in canal debt on September 30, 1856,)..... 500,000 00 $4,500,000 00 Total amount redeemed and canceled..... The entire canal debt as it existed on the 30th September last was Add to this the amount authorized to be borrowed during the present fiscal year, which completes the loans provided for in the late amendment of the Constitution for the enlargement and completion of the canals.... And it makes the sum of........ $4,489,266 34 22,416,289 82 2,500,000 00 $24,666,289 82 It appears by the annual report of the State Engineer, made to the Legislature at its last session, that after the amount raised upon these loans shall have been exhausted, and also the premiums realized from them, there will still exist a deficiency of over $2,500,000 necessary to finish the enlargement and completion of the canals. This deficiency arises from the circumstance that the estimate upon which the amendments of the Constitution were based, included only the construction of the work, and did not include engineering, land, and other damages necessarily consequent upon the construction. The work has generally been contracted for below the estimate, and on terms advantageous to the State. The statistics of the trade, tolls, and tonnage of the New York canals for the year 1856, were published in the Merchants' Magazine for April, 1857, (vol. xxxvi., pp. 502–506.) [The Merchants' Magazine for March, 1848, vol. xviii., pp. 243-255, contains a detailed history of the financial policy of the State of New York. Other notices of the State's finances and debts may be found in vol. i., p. 176; vol. vii., p. 365; vol. xv., pp. 175, 419; vol. xvi., pp. 118, 305; vol. xx., p. 86; vol. xxii., p. 230; and vol. xxviii., p. 485.] FINANCES OF NEW JERSEY. From the annual message of the Governor of New Jersey it appears that the total disbursements of the State have been for the past year $180,035 21, and the total receipts $181,347 39, leaving the sum of $1,012 18 in the treasury on the 31st day of December, 1856. The fund for the support of the free schools has increased $4,362 58, and now amounts to $479,806 10. The outstanding loans amount to $30,000, and the unsatisfied appropriations to $62,950. This indebtedness thus nearly reaches the limit fixed by the Constitution, as the sum which the debt of the State shall not exceed, viz.: $100,000. The State holds available assets amounting to $247,674. [The finances of New Jersey at various periods have been given in the Merchants' Magazine as follows:-Vol. xvi., p. 209; vol. xviii., p. 202; vol. xxii., p. 348; vol. xxiv., p. 242; vol. xxviii., p. 485; and vol. xxxi., p. 422.] FINANCES AND DEBT OF PENNSYLVANIA. Governor POLLOCK, in his message to the Legislature of 1857, states that the financial condition of the Commonwealth is highly satisfactory. Every demand upon the Treasury has been promptly met and paid, without the aid of loans. The operations of this department will be exhibited, in detail, in the report of the State Treasurer. For the fiscal year ending November 30, 1856, the receipts of the Treasury (including the balance in the Treasury on the first day of December, 1855, of $1,243,697 37) have been $6,621,937 64. The total expenditures for the same period, were $5,377,142 22. Balance in the Treasury, December 1, 1856, $1,244,795 42. Excluding the balance in the Treasury on the first day of December, 1855, the receipts, from all sources, were $5,378,240 33. The ordinary expenditures for the same period, were $4,113,144 77, showing an excess of receipts over ordinary expenditures of $1,265,095,56. The extraordinary payments for the same year, were $1,263,997 45, as follows, viz-To the completion of the Portage Railroad, and for the payment of debts previously contracted on that work, $181,494 11; to the North Branch Extension, $122,723 52; to relay the south track of the Columbia Railroad, $267,000 00; for motive power in 1855, $118,049 42; to enlarge the Delaware Division of the Pennsylvania Canal, $13,960; for general repairs in 1853-'54-'55, $63,965 11; to domestic creditors, $151 63; to old claims on the main line, examined by the commissioners, and paid under the act of May 22, 1856, $130,512 09; to the redemption of loans, $327,824 47; and relief notes cancelled, $38,217 00. Interest on the funded debt, which fell due in February and August, 1856, was then paid; and that which would become due in February, 1857, would be paid with equal promptness, out of available means in the Treasury. The punctuality with which the interest on the public debt has been paid, and the ability of the Treasury to meet all legitimate demands upon it, have inspired public confidence in the State securities, and contributed largely to establish and sustain the credit of the Commonwealth. The Governor reports the canals, railroads, and other public works, in a prosperous condition. With regard to banks, he recommends that no new banks be incorporated, or old banks revived, unless when absolutely necessary for the interests of trade and commerce. The following special statement from the Auditor General's office, shows the indebtedness of the Commonwealth of Pennsylvania, on the first day of December, 1856:— |