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date of more than $377,000,000, according to population, and nearly six times greater according to population, than our present debt. At that date the country, exhausted by a seven years war, and weakened by the internal difficulties growing out of the feeble character of the old confederation, had scarcely commenced her onward career to greatness, wealth, and power; yet this debt was voluntarily assumed as a matter of honor, and it was paid, including principal and interest, punctually, without failure or suspension.

Again, at the close of the war of 1812, our debt in 1816 was $ 127,334,933 74—a portion of it bearing an interest of seven per cent.; yet that debt, also, was not only fully paid in 1836, both principal and interest, but the government, after liquidating all its engagements, had a surplus left in the treasury of $28,101,644 91; which was deposited with the States for sase keeping, who may be called upon to return it to the government of the Union, should the emergency ever require its use, which is most improbable. Al that date the country had been exhausted by a prolonged and severe struggle with the greatest power of the world, and its commerce almost annihilated by blockades and embargoes. Ils population, then, was 8,678,000; and consequently, according to population, the debt of that date would be equivalent to a debt at the present period of upwards of three hundred and eight millions of dollars, or nearly five times as great as our present debt. Yet that debt of 1816 was not only punctually paid within twenty years thereafter, but a surplus, as we have seen, of more than twenty-eight millions of dollars deposited with the States. If, then, in twenty years, under such circumstances, and with such a population and such resources, we could pay a debt of that magnitude and have a surplus of twenty-eight millions, within how short a period may we liquidate our present engagements ? By reference to this table it will be seen that from 1790 to the present period, including the reimbursement of treasury notes, we have paid a public debt, including interest, amounting to a totality of upwards of five hundred millions of dollars. By reference to the same table, it appears that our revenue during the same period, derived from resources other than loans or treasury notes, was upwards of eleven hundred and thirty-six millions of dollars. It will be perceived that our present debt, including the whole of the loan yet to be paid in, and deducting the purchase directed by this department of about $500,000 of the public debt within the last few weeks, would be about $65,278,450 41, (see table 0;) but to which must be added about $26,000 for Mexican and bounty-land scrip. Our whole debt, including the loan yet to be paid in, is not a sixtieth part of the debt of Great Britain, and less than one-half the annual interest of that debt.

According to a table of the Commissioner of the General Land Office, hereto annexed, it appears that our whole public domain unsold amounts to 1,442,217,837 acres, which at the present minimum price of $1,25 per acre, would make an aggregate value of $1,802,772,296. Regarding them, however, including our mineral lands at twenty-tive cents per acre, they would yield $360,554,459. Large as is this sum, our wealth as a nation would be more rapidly increased by the sales of all our agricultural lands at low rates, not exceeding twenty-five cents

per acre, in small farms, to actual settlers and cultivators, and thus, by enlarged products and exports, insuring increased imports and augmented revenue. As it is obvious, even with liberal appropriations, that our revenue from lands and customs will enable us to pay the public debt before its maturity, I present the following suggestions for the consideration of Congress. The great mass of our public debt, exclusive of treasury notes, consists of five per cents. redeemable in 1853, of six per cents. redeemable in 1856, 1862, 1867, and 1868, and the military bouoty-land scrip, bearing six per cent interest, redeemable at the pleasure of the government. Of this sum, the department as at present authorized by law, can purchase at its discretion, when the means will permit, the five per cents. and six per cents. redeemable in 1856, 1862, and 1868. The military bounty-land scrip bears six per cent. interest, and is redeemable at the pleasure of the government. No power, however is given to the Secretary of the Treasury to purchase this debt, although Congress may authorize the department to liquidate it at any time without paying any premium or advance; and I advise such authority to be given, to take effect at any time after the 1st July next.

The attention of Congress is respectfully invited to the condition of the public lands in California. The official reports of the great mineral wealth of that region, present important questions for your consideration. That gold and quicksilver exist to a great extent in California, would seem to be placed beyond controversy. This gold would appear to require the establishment of a branch of the mint of the United States at San Francisco. The quicksilver is not only important as connected with the mining of the precious metals, with health and the arts, but still more with the advance of science and the progress of discovery in physics. The mines of gold, and perhaps of other minerals, would seem to be located chiefly on the public lands. They belong to the government as a trustee for the people, whose interests should be protected and secured by Congress. A scientific commission, to make a geological examination, accompanied with linear surveys, is deemed important.

Erie Rail Road Bonds. The following bids were received at New York by Messrs. Ward & Co. for Erie Railroad Co, seven per cent. Mortgage Bonds November, 1848. $20,000 at 89 $5,000

at 87.25
at 88.25


at 87
at 88.12-5


at 56.25
at 88.10


at 86
at 88.03


at 85.25
at 88.02


at 85
at 87.50

$686,000 The successful bids for the $500,000 advertised were 88.02 a 89 inclusive.

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Comparative view of the condition of the Bank of Cape Fear and Six Branches,

1845, 1846, and 1848.
May, 1845. May, 1846.

Nor. 1848. Capital,

$1,500,000 $1,500,000 $1,500,000 Circulation,

1,133,488 1,528,292 1,357,625 Dividends unpaid,


420 Individual deposits,

194,769 202,567 192,335 Bank balances,


17,526 Surplus,

124,706 75,265

79,435 Total Liabilities, .

$2,983,318 $3,323,000 83,147,341 RESOURCES. Discounted Notes,

$1,826,418 $1,817,906 $1,771,893 Bills of Exchange,


239,337 Bank balances,

417,951 656,725

65,037 Notes of other Banks,

213,928 229,206 142,185 Specie on hand,

438,710 552,515 605,162 Real Estate, .


70,737 U.S. Stock and Treasury Notes,


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Total Resources, .

$2,988,318 $3,323,000 Debt due by the directors of the parent bank and its six branches, Debt due by stockholders,

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Liabilities and Resources of the Bank of Cape Fear and its Six Branches, on

the 28th November, 1848.

RESOURCES. Bills and Notes Discounted,

$1,771,892 80 Bills of Exchange-Foreign,

239,336 92 United States Stock and Treasury Notes,

250,000 00 DUE BY BANKS, VIZ: Union Bank, Boston,

$739 70 Massachusetts Bank,

218 24 Merchants’ Bank, New York,

3,510 95 Bank of New York, .

14,191 79 Bank of America,

4,402 57 Bank of North America, Philadelphia,

2,129 62 Farmers and Mechanics' Bank, do.

2,003 03 Bank of the United States,

18,448 86 Merchants’ Bank, Baltimore,

146 40 Bank of Virginia,

952 75 Farmers' Bank of Virginia,

959 51 South Western R. R. Bank,

22 86 Bank of Hamburg, S. C.,

846 61 Merchants’ Bank, Cheraw,

1 00 Planters and Mechanics' Bank, Charleston,

5,352 57 Bank of the State of N. Carolina, Fayetteville,

7,000 00 Tarboro',

1,076 21 Elizabeth City,

853 64 Merchants’ Bank of Newbern,

309 65 Commercial Bank, Wilmington,

1,872 97 65,037 93 Notes of North Carolina Banks on hand,

90,190 00 Notes of Foreign Banks on hand,

51,995 00 142,185 00 Specie, Gold and Silver change,

608,161 72 Real Estate,

70,737 is Total,

$3,147,341 55


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$1,500,000 00


$792,868 50

353,471 00
187,158 50
243,314 50
292,102 50

56,850 50
237,575 00

Capital Stock,
Bank Notes issued, payable at

Fayetteville Branch,

Deduct Notcs on hand, $795,745 50
Dividends unpaid,
Due Bank of Baltimore,

Exchange Bank of Virginia,

Bank of Charleston,
“ Bank of the State of N. C., Wilmington,

Contingent Fund,
Profit and Loss,
In transitu,

1,357,625 00 192,334 98

420 00


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$3,147,341 55

LAFFITTE, (James or Jacques) an eminent French banker, was born in 1767. In 1778 he went to Paris, and was appointed to a situation in the house of M. Perregaux the rich Swiss banker. From being a simple clerk, he soon rose to be cashier, then partner, and finally head of the banking house, at that time the first in Paris. He was the oldest member of the national representatives of France, and was the most popular of all the public men in that kingdom.

In his political career he adhered to the principles of the revolution which raised the Orleans dynasty to the throne, after many of the most active partisans of that event had deserted the cause; and it was by his influence that Louis Philippe was called to the throne. Before the revolution of 1830, his fortune was estimated at upwards of forty millions of francs. The disasters and failures which followed, and his involvements with the class of Paris shopkeepers, who were great sufferers by the revolution, reduced him so much, that he was obliged to a certain extent to suspend payments, and to sell the whole of his property. At that time so popular was he, that his splendid residence in the Rue Laffitte (so called in honor of him) was purchased for him by a national subscription, which amounted to 1,400,000 francs.

In 1836 M. Laffitte founded the joint stock bank which goes by his name, and of which he was the head and principal partner. He died in May, 1844, and was buried with great magnificence in the Cemetery of Pere la Chaise. He left one daughter, who married the prince of Moskowa, the son of Marshal Ney. M. Laffitte was representative for Rouen in the Chamber of Deputies.-[Rose's Biographical Dictionary.)



Domestic Goods.-We copy from the Boston Shipping List the following table, showing the export of domestic cotton goods from Boston, for the month of November, 1848, and ten months previous:

Bales and Cases.

Value. To Hong Kong,


$19,514 27 Manilla,


48,413 78 Bombay and Calcutta,


5,454 40 Valparaiso,


147,606 34 Buenos Ayres,


$70 00 Sisal,


5,949 94 Belize,


1,800 00 Mansanilla, Cuba,

110 00 Surinam,

256 94 Cape Haytien,

136 22 Cumberland,


239 13 Total for November, .


$ 230,391 02 Total ten months previous,


1,752,725 71 Total for eleven months, 1848,


$1,953,106 73

2 3 2

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Abstract of the Revenue and Expenditures of the State of Pennsylvania, for the

fiscal years ending 30 November, 1845, 1846, 1847, and 1848.
1845. 1846. 1847.

1848. Lands, .

$11,778 $13,235 $15,293 $21,455 Auction Commissions,

18,900 18,348 21,700 22,500 Auction Duties, .

71,248 68,290 53,831 56,153 Tax on Bank Dividends,

86,675 75,394 126,307 115,048 Tax on Corporation Stocks,

80,147 94,892 124,355 140,360 Tax on Real and Personal Estate, 1,318,332 1,445,112 1,330,781 1 350,130 Tavern Licenses,

36,112 45,883 34,963 33,306 Retailers' Licenses,

72,905 109,473 143,684 131,165 Pedlars' Licenses,

1,427 3,372 2,291 2,185 Brokers' Licenses,

1,712 6,544 5,598 2,566 Theatre and Circus Licenses,


555 Pamphlet Laws,


305 Militia Fines,

7,838 15,090 11,090 17,161 Tax on Writs, &c.

30,820 57,820 47,134 30,683 Tax on certain Officers,

2,596 12,355 13,611 19,394 Collateral Inheritance Tax, .

33,650 45,468 42,743 55,359 Canal and Rail Road Tolls,

1,154,591 1,357,203 1,587,995 1,550,555 Canal Fines, old Materials, &c.

5,639 2,679 5,019 1,121 Tax on Enrolment of Laws,

1,600 2,095 3,420 1,965 Tax on Loans,

55,798 110,083 118,977 113,431 Loans, .


12,490 220,089 140,000 Turnpike and Bridge Dividends, 1,199 1,253 1,076 1,950 Accrued Interest,

2,335 4,204 2,043 2,803 Refunded Cash, .

8,577 15,535 2,242 14,535 Escheats,

909 2,850

906 Fees of the Public Offices,

1,564 1,716 1,257 1,644 Miscellancous,

1,468 6,076 10,149 1,527


Cash on hand November previous,

$3,010,062 $3,529,057 $3,977,025 $3,831,776

663,851 384,886 354,678 650,890

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