The balance remaining unpaid of temporary loans, is not included in the above estimate, inasmuch as they are reimbursable as rapidly as the means of the Treasury will permit, viz: Balance of temporary loan, authorized per act of April 19, 1858.... Amount remaining in the State Treasury and Sinking Fund, applicable to the further cancelation of the State stocks, interest certificates, domestic creditors' certificates and relief notes... $400,000 00 184,000 00 $584,000 00 $795,257 28 [The magnitude of the debt of Pennsylvania, as well as of her resources, and the general prominence of her position in the Union, have been the subject of frequent remark in the Merchants' Magazine. The number for March, 1849, vol. xx., pp. 256-259, contains an elaborate analytical account of the finances for many years, and history of the debt. Other articles are contained in the following volumes-Vol. i., pp. 176-179; vol. vii., p. 365; vol. xii., pp. 279-280; vol. xiv., p. 357; vol. xv., p. 176; vol. xvi.. p. 209; vol. xviii., p. 204; vol. xix., p. 443; vol. xxii., p. 231; vol. xxiii., p. 456; vol. xxiv., p. 247; vol. xxv., p. 619; vol. xxvii., p. 606; vol. xxxi., pp. 422–423; and vol. xxxiv., p. 211.] FINANCES OF DELAWARE. The annual expenditures of this State, "not unhappily confined in territory," amount to about $50,000, and the receipts are usually somewhat more than the expenditures. The receipts are derived from corporation taxes, dividends, and interest on loans, licenses, etc. The State has no debt, and possesses productive property (invested capital) amounting to $350,638, and a school fund of $435,506-in all, $786,144. Governor CAUSEY, in his message to the Legislature of 1857, dwells upon the newly awakened prosperity of Delaware, the application of new fertilizers to long neglected fields, the introduction of agiicultural improvements, &c. This progressive spirit the Governor attributes to the influences of steamboats and railways. In this connection he speaks approvingly of the policy inaugurated by the opening of the Delaware Railroad. An act proposing an amendment to the Constitution, forbidding lotteries, was passed by the Legislature, and the Governor has signed it. It now only remains for the present Legislature to pass the requisite penal law. The growing scarcity of money in Delaware is spoken of as owing to the large amounts constantly drawn to the West, from the Atlantic seaboard, for purposes of speculation. During the past year, $53,000 were expended on the public schools, in which 12,000 children were taught. FINANCES AND DEBT OF NORTH CAROLINA. Governor BRAGG, in his message to the Legislature, November 18, 1856, says that the State of North Carolina is in a prosperous condition; agriculture attracts the notice it deserves; internal improvements have not been neglected, and her common schools are improving. The receipts of the Treasury for the year ending October 31, 1856, were $391,901 97; of which the public tax was $341,833 84; tax on bank stock, $14,182 33; dividends, $34,050. The average annual revenues of the State are $405,113, and the expenses proper of the government are only about $85,000, leaving $320,113 applicable to the payment of the interest on the public debt. The interest on the debt already contracted is $302,328 15-less than the sum applicable to that purpose; but $70,836 additional will be required when all the subscriptions authorized shall have been made. The Governor recommends additional taxation to meet this liability, and to form a sinking fund. In the meantime it is anticipated that some of the works of improvement, about completed, will commence paying dividends, and to that extent relieve the State from taxation, and increase its ability to meet all its engagements. The public debt of the State amounts to $5,038,802, principally due in 1883, 1884, 1885 and 1886 The last Legislature directed subscriptions to certain works of improvement, which will increase this total by the sum of $1,180,000. The State is further liable for $800,000 on bonds of certain works of improvement indorsed by it, the interest on which has been regularly paid by the several companies, the bonds themselves being secured by mortgages. To meet these liabilities the State owns of railroad stocks, $4,220,500; of plank-road stocks, $160,000; of navigation stocks, $175,000; of bonds drawing interest, $60,774-making a total of $4,616,274. A part of these stocks are productive, the balance unproductive-many of the works of improvement, in which investments have been made by the State, being still unfinished. DEBT, LIABILITY, AND ASSETS OF SOUTH CAROLINA. From the message of Governor ADAMS, of South Carolina, we learn that since the 1st of October, 1855, the public debt has been increased as follows:-By issue of bonds to construct new State House, $250,000; by subscription to Blue Ridge Railroad, $200,000. The following table exhibits the debt, liability, and assets of the State:— [Notices of the finances and debt of South Carolina, are contained in the Merchants' Magazine as follows:-Vol. i., pp. 177-179; vol. xxii., p. 97; vol. xxiv., p. 107; vol. xxxi., p. 424; and vol. xxxiv., p. 100.] FINANCES AND DEBT OF LOUISIANA. From the report of S. F. MARKS, Auditor of Public Accounts to the Legislature of Louisiana, it appears that the fiscal operations of the State for the year ending December 31, 1856, were as follows:-Balance on band, January 1, 1856, $632,305 88; total receipts during 1856, $2,223,868 67; making the total resources for the year, $2,856,264 55; total expenditures, $1,953,840 84; balance in the Treasury, January 7, 1857, $902,414 71. The principal receipts were these:-State taxes of 1855, and arrears of 1854, $549,548 10; mill tax from the ordinary tax, $329,504 35; internal improvement tax, $242,559 55; sales of internal improvement lands, $50,986 36; sales of swamp and overflowed lands, $423,503 39; licenses on trades, professions, and occupations, $211,138 75; poll tax, $46,301; loan from Louisiana State Bank, $200,000. The principal payments during 1856, were as follows:-Out of the general fund, reimbursement of loan, $200,000; salaries of State officers and contingent expenses, $163,872 79; expenses of the General Assembly, $99,991 57; commissions to collectors and compensation to assessors, $90,881 59; interest on State bonds, $86,190; charitable institutions, $89,500. Out of the Mill and Poll Tax Funds, $307,014 44 were paid for support of free public schools. The Public Debt proper of Louisiana consists of $3,226,000 in bonds, maturing between 1857 and 1896, and of $1,154,590 95. The liabilities of the State amount to $6,322,551 10, consisting of $6,124,311 10 on its bonds loaned to the property banks, and of $198,240 for bonds loaned municipality No. 2. [Notices of the finances and debt of Louisiana, at former periods, are contained in the Merchants' Magazine, viz. :-Vol. i., p. 178; vol. vii., p. 81; vol. xxii., p. 346; and vol. xxxi., p. 432.] FINANCES AND DEBT OF ARKANSAS. Governor CONWAY's message to the Legislature of Arkansas, delivered November 4, 1856, is lengthy, and devoted wholly to State affairs. During the last two years the condition of the State Treasury has much improved, and a general increase in population and wealth is apparent throughout the State. Balance of specie in the treasury, October 1, 1854.... Total Total expenditures for the two years.. Balance in treasury October 1, 1856...... $58,771 87 332,287 57 $391,059 44 213,832 82 $177,226 62 Of this balance, $142,154 22 were applicable to State expenditure, the rest being due certain funds. The receipts are chiefly from taxes. The principal items of expenditure were— A large part of the message is devoted to the exposition of the affairs of the old banks of Arkansas, and the average of the liabilities in which they have involved the State, for bonds issued in their favor. The Bank of the State of Arkansas belongs wholly to the State, and is managed by officers elected by the Legislature. Its capital stock was obtained by the sale of State bonds, of which there remain outstanding the principal amount of $752,000, and an unpaid interest of $658,468 60. No interest has been paid for thirteen years, except that portion which the United States stopped out of the shares of the State of Arkansas in the distribution of the surplus revenue in 1841-42, to meet the interest on such bonds as the United States Treasury held for an investment of Indian funds. The bank was put into liquidation in 1843, but its affairs are still unadjusted, and the Governor recommends that they should be taken out of the hands of the Commissioners, and the duty of collecting and keeping the assets should devolve, by law, on the Treasurer of the State. The Real Estate Bank of Arkansas was a private stock bank; the State had no share in it, but she loaned her bonds to the company to raise capital, and took as security mortgage on the lands of the stockholders. This mortgage from the one hundred and eighty stockholders is on 141,980 acres of land, valued at the time, by commissioners under oath, at $2,603,932 32, and it is still held by the State. The Governor is of opinion that the lands mortgaged are sufficient, owing to their increased value, to pay off the whole debt of the State, and he advises that steps be taken to make it available for that purpose. On October 1, 1854, the State debt stood thus: Outstanding bonds issued to Real Estate Bank, principal.. Total debt for Real Estate Bank, October 1, 1854..... $1,473,389 77 1,134,519 25 Outstanding bonds issued to Bank of the State... Total debt for Bank of the State.... Total debt on account of both banks.. $2,607,909 02 $939,000 00 713,665 01 $1,652,665 01 $4,260,574 03 Between September 30, 1854, and November 1, 1855, there had been canceled bonds issued to the Real Estate Bank to the amount, with interest, of $794,330, and of those issued to the State Bank, with interest, $146,647 63. This would make the absolute debt of the State, November 1, 1855, to be $1,506,017 38, and its contingent liability, $1,813,579. [Previous notices of the finances of Arkansas are contained in the Merchants' Magazine-vol. i., p. 178; vol. xxiv., p. 111; and vol. xxviii., p. 100.] FINANCES AND DEBT OF OHIO. Governor CHASE, of Ohio, in his message to the Legislature of 1857, presents an analysis of the current expenditure of the State during the last two fiscal years, from which it appears that the expenditures actually chargable to the years 1854-'55, amounted to $3,570,255 87, while the corresponding expenditures chargeable to the years 1855-56, amounted to $3,189,600 16-showing that the expenditures of 1855-'56 were less than those of 1854-255, by $380,665 71. The amount of expenditure of the last year was largely increased by the financial session of the Legislature in 1856, whereas no session was held in 1855; and when this difference is taken into account, the balance in favor of 1856 will be better appreciated. However, the apparent expenditures in the former year were $3,509,574 23, and in the latter year, $3,706,972 81; this difference resulting from the payment of the debts of 1854-55. Balance in treasury November 15, 1855, $703,570 08; and November 15, 1856, $579,353 81. The following table affords a comparative view of the "proceeds of State taxes, including delinquencies," for the last two fiscal years, each ending on November 15: The Governor thus speaks of the " new loan," which was authorized under the act of April 8, 1856, for the payment of the State debt of $2,423,349 79, payable at the pleasure of the State after January 15, 1857-"Proposals for this new loan, fixed by the Commissioners at $2,400,000, were invited by advertisement to the leading journals of Europe and America, and, on October 1, 1856, it was awarded to the highest bidder for the whole amount, at a premium of three-and-a-half per cent. All the bonds of the old loan, which have been presented for payment, have been promptly redeemed; and the debt payable after 1856, will soon be entirely extinguished." In referring to the debt of $6,413,325, which will be payable after 1860, he says:-"To raise the whole amount by taxation, during the four years which will intervene before it can be paid, would impose too serious burdens upon the people. I recommend, therefore, the sale of such stocks and other property of the State as can be disposed of for its real value, and the appropriation of the proceeds of the sale, together with the proceeds of such a rate upon the grand list as will produce the needed sum, to the payment of least one-half the debt-distributing the remainder over so many of the following years as will bring its payment within the reach of moderate taxation. As every bond is payable at the pleasure of the State after 1860, the right to do this seems unquestionable." From the report of the Auditor of State, FRANCIS M. WRIGHT, we derive the facts in the following account of the condition of the foreign and domestic State debt of Ohio, on January 1, 1857. The foreign debt is payable in New York: |