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 84 years from its issue; the amount of which created after the 1st of January, 1852, and before January 1, 1853, was.. To 1st of Jan, $2,962,687 00 1854. 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. $19,480,821 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 : $30,190,316 63 Of this, the Commissioners of the Sinking Fund hold an investment of...... $1,083,657 20 $29,106,659 48 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.... $81,452,159 63 Thus : For the old debt of $11,971,838 50 For 7 per cent on the new 6 per cent debt of $17,615,321 33..... $838 028 68 1,283,072 46 111,900 00 $2,183,001 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. $394,000 00 5,323,000 00 Two and a half per cent stocks outstanding. 2,054,298 50 Bonds issued to the Board of Commissioners of the Sinking Fund, under the act of December 23, 1858.. 1,818,219 64 66,585 00 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.. 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.... 165,000 00 165,000 00 929,675 80 2,076 63 $10,286,855 57 $929,675 80 407,677 31 $521,998 49 330,000 00 311,758 85 $1,163,757 34 929,675 80 489,779 53 $439,896 27 Additional loan to pay January, 1860, interest.. 140,000 00 $579,896 27 Deduct difference between balance on hand November 1, 1859, 70,260 OS Makes..... $509,636 19 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. The report of the State Treasurer, R. A. HUNTER, makes the following exhibit of the condition of the Treasury and its operations during the December 31, 1859 : Balance in the Treasury 1st January, 1859.... year ending Received from all sources, from 1st of Jan. to the 21st Dec. 1859, Paid out during the same period..... Balance in the Treasury. $1,200,325 70 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. Actual deposits. NEW YORK BANK RETURNS.(CAPITAL, JAN., 1860, $69,333,632; 1859, $68,050,755.) Average Deposits. clearings. 97,493,709 22,684,854 74,808,855 99,247,743 23,363,980 75,883,763 99,644,128 22,813,547 76,830,581 98,520,793 21,640,967 76,879,826 99,476,430 21,898,786 77,577,694 98,146,463 21,674,908 21 28 Loans. Specie. Circulation. Jan. 7 124,597,663 17,863,734 8,539,063 14 123,582,414 18,740,866 8,090,548 123,845,931 19,238,194 7,880,865 123,088,626 20,063,739 7,760,761 124,091,982 19,924,801 8,174,450 123,336,629 19,787,567 8,185,109 124,206,031 20,591,189 8,050,001 100,887,051 22,061,811 78,325,240 BOSTON BANKS.- —(CAPITAL, JAN., 1859. $35,125,433; 1860, $35,981,700.) Feb. 4 11 10 Due 76,471,055 7,545,222 Due from banks. 6,848,374 7,867,400 6,735,283 7,784,169 6,516,532 Loans. 17,483,054 7,388,870 6,517,541 PHILADELPHIA BANKS.- -(CAPITAL, JAN., 1860, $11,647,835.) 6,656,460 Feb. 6.... Jan. 7 .. 14.. 21.. 28.. NEW ORLEANS BANKS.-(CAPITAL, JAN., 1860, $18,917,600.) Distant balances. Short loans. Specie. Circulation. Deposits. Exchange. PITTSBURG BANKS.—(CAPITAL, $4,160,200. 1,603,763 Loans. Specie. Circulation. 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 4 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 residents of Decima, although certain quantities of dollars from the Dutch government's deposit had been exchanged by way of experiment. This change acted very favorable upon business: return cargoes could be purchased if silver dollars were on hand, and the expense of living, which had been excessively high, became cheap. In October and November several English and American merchants from China arrived with large quantities of dollars, which they exchanged for paper taels at the rate of four taels, six and 4.7, (4,600 a 4,700 cash.) This enabled them to buy largely of Japanese produce, which, taken to China, yielded enormous profits. The Japanese government in the mean while invented a new monetary system, one of the principal objects of which seems to have been to ignore the dollar entirely. Their action was as follows: The 4th of July was the date when the new treaties went into operation, and Japan agreed to furnish coin to foreigners for their coin of the same metal, according to weight, without any deduction or discount whatever; but from the outset the authorities failed to comply therewith. From the 4th of July to the 9th, included, exchange was made at the rate of $2 for every foreigner, and on the 10th they stopped altogether-the treaty was violated. In the meantime the natives were notified that a dollar was equal to one itsebu, or one thousand six hundred copper cash; it became, therefore, impossible to pass a dollar for more. Immediately following this notification to the people of Nagasaki, foreigners were informed that the silver itsebu would cease to have currency, and a new silver coin be made in corresponding weight to a Mexican dollar. This new coin would be called ni-tsho, and pass for 1,600 cash. It is difficult as yet to form even an approximate estimate of the seriousness of this complication so suddenly brought forward by the Japanese government, and on the influence it must exercise on the many extensive time contracts with native merchants for delivery of Japan produce, in all of which, without exception, calculation of payment was made at three itsebues for a dollar, or a little over 4,800 cash. The English, American, and Dutch merchants at once protested; but what is the result? No exchange whatever, no old paper taels, no ni-tsho (which have to be coined yet, and in substitution for which the Japanese propose to issue paper ni-tshos, probably never intending to redeem them in silver,) no dollars, unless they be given away for one itsebu each, no circulating medium of any kind, and no trade, except barter to a very limited extent. The British Consul General, Mr. Alcock, who greatly distinguished himself in China, appears to have assumed a dignified position at Jeddo in this matter, and fully to have demonstrated the outrageousness of making sudden changes in the system without any previous notice. British subjects are prohibited to trade as long as the treaty remains violated. It would further appear that Mr. Townsend Harris had also entered his protest. The greatest anxiety is manifested in the solution of this complication. The Japanese government officially announces that their subjects may give gold kobangs in payment. The Japanese appear, however, to be under some sort of injunction, as it is impossible to obtain a single gold kobang. It is true, they will pay in small one-eighth kobangs; but eight of these are far inferior in intrinsic value to the kobang. |