DEBT OF PENNSYLVANIA. The Governor remarks as follows in his message : "When it is remembered that during this period the law reducing the State Tax upon Real and Personal Estate from three to two and a half mills has been in full force. and that nothing for the last year has been received from the Pennsylvania Railroad Company on account of tax on tonnage, making the receipts from those two sources of revenue less by four hundred thousand dollars than they were for the preceding year, it is a source of congratulation that under such circumstances a result so favorable has been produced by the ordinary operations of the Treasury. "For nearly two years past the State has been entirely free from the ownership or management of canals and railroads, and the gratifying result, thus far. is that her public debt is now less than it has been since the year 1842, and is decreasing at the rate of nearly one million of dollars per annum. It is now morally certain that nothing but the grossest mismanagement of the financial interests of the State can prevent its sure and speedy extinguishment." By the following statement, showing the amount of indebtedness of Pennsylvania, at the close of nine successive years, it will be seen that the highest point was reached in 1854. Since that period the amount has been reduced three millions fifty-nine thousand six hundred and thirty-four dollars and sixty seven cents : To meet this indebtedness, the State holds the following bonds, besides which individuals are indebted to the State nearly a million and a half :- FINANCES OF VIRGINIA. The report of the Auditor of State gives details as follows: The Constitution provides "that whenever, after the first day of January, 1852, a debt shall be contracted by the Commonwealth, there shall be set apart in like manner, annually, for thirty-four years, a sum exceeding by one per cent the aggregate amount of the annual interest agreed to be paid thereon at the time of its contraction; which sum shall be a part of the sinking fund, and shall be applied in the manner before directed." This debt is irredeemable for 34 years from its issue; the amount of which created after the 1st of January, 1852, and before January 1, 1858, was. To 1st of Jan, 1854. $2,962,687 00 4,571,416 87 4,111,884 37 1,405,408 09 2,653,570 00 588,060 00 1,866,800 00 1,226,500 00 To 30th Sept., 1859. $19,480,321 33 Of this debt, $1,865,000 bears 5 per cent interest, and $17,615,321 33 bears 6 per cent interest. The Commissioners of the Sinking Fund have invested the one per cent per annum above the interest contracted to be paid on these debts to the amount of $1,083,657 20. The entire indebtedness of the State stands thus : Of this, the Commissioners of the Sinking Fund hold an investment of.... $1,083,657 20 $29,106,659 43 For purposes of taxation, and to meet the requirements of the Constitution and the act creating the Commissioners of the Sinking Fund, we must provide from the accruing revenues of the State for seven per cent per annum on the old debt, exactly as though it was not reduced by redemption, to wit: For For the new debt, including investment by the Commissioners of the Sinking Fund.. $11,971,838 30 19,480,321 33 Making... $31,452,159 63 Thus : For the old debt of $11,971,888 60 For 7 per cent on the new 6 per cent debt of $17,615,321 33..... $838 028 68 1,233,072 46 111,900 00 $2,188,001 14 PUBLIC DEBT OF INDIANA. The following is a summary of the entire indebtedness of the State, foreign and domestic, by T. G. PALMER, Esq., Deputy Auditor of State : Internal improvement bonds outstanding..... Two and a half per cent stocks outstanding.. Bonds issued to the Board of Commissioners of the Sinking Fund, under the act of December 23, 1858.. Vincennes University bonds. Loan from the Board of Commissioners of the Sinking Fund to pay interest due July 1, 1858.... Bonds issued to pay interest due July 1, 1859.. $394,000 00 5,323,000 00 2,054,298 50 1,818,219 64 66,585 00 165,000 00 165,000 00 929,675 80 2,076 63 Due Shelby County for an advance as revenue of 1857. Total.. The indebtedness of the General Fund to the other Funds, November 1st, 1857, was...... On the 1st of November, 1857, it was Increase.... Add amount of two loans to pay interest Makes .... As the amount of debt accumulated in consequence of the failure of the Legislature of 1857 to pass Revenue Bill The indebtedness of the General Fund to the other Funds, Novem ber 1st, 1859, was..... November 1, 1858, it was.. Increase.... Additional loan to pay January, 1860, interest.. Deduct difference between balance on hand November 1, 1859, ($172,672 82) and November 1, 1858, ($102,412 74)...... Makes...... As the amount of debt accumulated in consequence of the refusal of the Legislature of 1858, (extra session,) to act upon Gov. Willard's recommendation to levy a tax for 1858. FINANCES OF LOUISIANA. $10,286,855 57 $929,675 80 407,677 31 $521,998 49 330,000 00 811,758 85 $1,163,757 34 929,675 80 489,779 58 $439,896 27 140,000 00 $579,896 27 70,260 08 $509,636 19 The report of the State Treasurer, R. A. HUNTER, makes the following exhibit of the condition of the Treasury and its operations during the year ending December 31, 1859: Balance in the Treasury 1st January, 1859.. Received from all sources, from 1st of Jan. to the 21st Dec. 1859, In his general remarks, the Treasurer speaks in gratifying terms of the improved condition of the State finances over former years, and attributes it to the amendment of the revenue law made the last year, in pursuance of his suggestion, which has operated admirably." All the sheriffs and tax collectors, except four, have complied with the requisitions of the amendment on or before the first five days of July. The receipts, under its operations, to the general fund alone up to the 5th of July, being $333,000. The sixty-ninth section of the act of 1855, exacted a forfeiture of ali commissions, in case of failure to make the partial settlement required within the first five days of September. The Treasurer states that the Auditor was of the opinion this law could not be enforced, and must remain "a dead letter upon the statute book." The prompt payments, under the certain knowledge that the provisions of the law could neither be evaded nor disregarded, have refuted this position. CITY WEEKLY BANK RETURNS. NEW YORK BANK RETURNS.(CAPITAL, JAN., 1860, $69,333,632; 1859, $68,050,755.) 21 Average Actual Loans. Specie. Circulation. Deposits. deposits. Jan. 7 124,597,663 17,863,734 8,539,063 97,498,709 22,684,854 74,808,855 14 123,582,414 18,740,866 8,090,548 99,247,743 23,363,980 75,883,763 123,845,931 19,233,194 7,880,865 99,644,128 22,813,547 76,880,581 123,088,626 20,063,789 7,760,761 98,520,793 21,640,967 76,879,826 Feb. 4 124,091,982 19,924,801 8,174,450 99,476,430 21,898,736 77,577,694 11 123,336,629 19,787,567 8,185,109 98,146,463 21,674,908 76,471,055 10 124,206,031 20,591,189 8,050,001 100,387,051 22,061,811 78,325,240 BOSTON BANKS.- —(CAPITAL, JAN., 1859. $35,125,433; 1860, $35,981,700.) 28 60,068,941 4,478,841 6,199,485 17,483,054 50,705,422 4,249,594 6,307,922 17,900,002 Due Due from banks. 6,848,374 7,867,400 6,785,283 7,784,169 6,516,532 7,388,370 6,517,541 7,259,703 6,656,460 PHILADELPHIA BANKS.-(CAPITAL, JAN., 1860, $11,647,835.) 16 6,770,624 17,753,002 23.. 30 59,917,170 4,182,114 6,486,139 17,378,070 59,491,387 4,172,325 9.... 16... 28. 30. Feb. 6.... 25,248,051 4,453,252 2,675,623 14,161,437 2,596,212 14,934,517 2,563,449 15,064,970 2,601.271 15,401,915 2,619,573 2,574,015 NEW ORLEANS BANKS.—(CAPITAL, JAN., 1860, $18,917,600.) Specie. Circulation. Deposits. Exchange. 12,234,448 12,038,494 18,563,804 7,323,530 12,336,735 12,417,847 18,678,233 7,410,360 1,387,704 12,821,411 12,809,512 18,664,355 7,423,629 1,377,796 12,818,159 12,882,184 19,677,121 8,144,681 1,603,763 PITTSBURG BANKS.-(CAPITAL, $4,160,200. Distant balances. 1,557.174 CURRENCY OF JAPAN. The Batavia Journal of Commerce, says the Rotterdam Courant, in an article translated for the New York Herald, in it correspondence from Decima and Nagasaki, (Japan,) contains an interesting review of the currency question in Japan -a question which has led to many complications and protests, and the total suspension of British trade with that country. The Japanese used a metal currency from time immemorial; the princes or governors, however, to facilitate trade, issued paper, the currency of which was limited to their principalities or districts respectively. The Japanese have various gold, silver, and copper coins. Their principal coins are the gold kobang, the silver itsebu, and the copper cash. The gold kobang is equal to 4 a 44 itsebues, according to the fluctuation in the value of silver. The intrinsic value of the gold kobang, as has been lawfully tested, is a little over ten guilders ($4). The silver itsebu, weighing about one-third of a Mexican dollar, has a value of about 1,600 cash, fluctuating between 1,400 and 1,800. This silver coin is very small, and its intrinsic value is far less than the amount of copper it represents; but the Japanese formerly having no foreign trade requiring the use of coin, their government could put what fictitious value on the itsebu they pleased, and no objection was ever made to it. Copper cash is an alloy of iron and copper, and is round and thin, with a square hole in the centre. Cash is in general circulation, and the Japanese use it exclusively to pay small bills and for daily expenses. In order to meet the requirements of the limited trade of the Dutch with Japan, another entirely new coin has been used for a number of years past, to which the name of tael was given, and a value of 1,000 cash. It is impossible to say for what purpose a new coin was created, which never had a real existence, being simply a designation of 1,000 cash. In 1857, when, according to treaties, trade was allowed, and foreigners commenced establishing themselves at Nagasaki, a circulating medium was urgently required, and the creation of real taels was resorted to. Bills of 1,000 cash were issued by the government exclusively for the use of foreigners. The board (trading society or monopoly) formally agreed to redeem those bills with silver on demand, but never did so. They made many objections when Japanese merchants demanded silver for their bills, requiring statements as to what they sold for it, exercising in this manner some control over the trade with foreigners, putting off the redeeming in silver of those bills for weeks and months, and finally meeting their obligations under charge of a discount of from 10 to 30 per cent. In the autumn of 1857, the Consul General of the United States concluded an arrangement with the Japanese government at Simoda, whereby Japanese silver coin was to be given to Americans for their silver in equal weight, less 6 per cent for recoinage. The same was stipulated for gold coin. A Mexican dollar being equal in weight to three itsebues of about 1,600 cash each, the Americans received 4,800 cash for their dollar, less six per cent. This rate varied slightly in proportion to the weight of the several silver dollars. It was not till July, 1858, that this advantage was shared in by the Dutch |