Treasurer, in his report to the Legislature, remarks: " Believing that the public sentiment looks to a continuation of such reductions, by the annual appropriation to that object of all sums in the Treasury, which the wants of the government do not require, and confidently trusting that legislative provision for that purpose will be made during your present session, I have inserted in the estimate of expenditures sums conformable to these views." In the estimates referred to for the years 1850 and 1851, the following amounts are inserted :-- $72,000 is put down for the reduction of the debt in 1850. The next meeting of the Legislature will be 1851. 66 1851. DEBT AND FINANCES OF SOUTH CAROLINA IN 1849. The following statements relating to the public debts, the finances, and bank of South Carolina is derived from the last annual message of the govenor, to the Legislature of South Carolina: the public debt of South Carolina, and the means for its liquidation is thus stated in the message:— The resources of the bank, applicable to the payment of this debt, amount to $3,888,368 60, which is an excess, or available assets over the liabilities of the State of $1,532,843 99, or over two and a half millions, if the sum of $1,051,000, received from the Federal Government on deposit, be included. The following sketch of the history of the bank of South Carolina, is thus given in the same message: This institution was chartered in 1812. To the pecuniary pressure of the times, induced by the restrictive policy of the Federal Government, it owed its existence. The distress of the planting community was so general and paralizing, that the Legislature, after investigating every mode of relief, ultimately adopted the scheme of a system of public loans, in the nature of discount on real or personal property. The accommodation furnished on mortgage to individuals, limited at first to $2,000 each, but by the act of 1825, increased to $10,000. The 7th section of the original law prescribed should be distributed in proportionate amounts among the election districts. This provision, I believe has never been carried into effect. Its execution, if required at the time, was soon rendered unneccessary, as it is well known, that our agricultural population recovered from the consequences of the sudden revulsion in their condition, at an early period subsequent to the war. In 1820, the capital of the bank was pledged for the redemption of the public debt. This was done to meet the expenses consequent on the establishment of a system of internal improvement, then commenced by the State. The immediate effect was to convert the bank, for many years practically only as a loan office, into an institution to be conducted on purely commercial principles. By the usual accommodation on bonds, it incurred embarrassments and hazards, and the operation was too slow to attain the end, which, by a virtual modification of the principal, if not exclusive design of the orignal act, it was henceforth to fulfil. In 1833, it was deemed "expedient and beneficial, both to its citizens and the State, to re-charter the bank." It now becomes the solemn duty of the legislature to inquire, whether its existence shall be prolonged beyond the year 1856, to which by law it is limited. In concluding this subject, he says:— In submitting a plan for winding up the bank, I scarcely need assure you, that the subject has received my most attentive examination, and that in suggesting the necessity for your action upon it I have been influenced solely by a high sense of official duty. It is proper that I should inform you, that Messrs. Baring, Brothers & Co., of London, have addressed to me a communication substantially protesting against closing the bank, on the ground that that institution was voluntarily offered by the State, as one of the securities for the loan negotiated by them. I will only here remark, that it is not proposed to destroy the bank, but to deprive it of its banking powers. It will continue as a corporation until 1860-four years beyond the period to which its duration extends by the existing law. At that time, only $488,888 88 of the foreign, and $398,619 50 of the domestic debt will be due, while the assets of the bank will amount to about two and a half millions. But, in truth, the foreign debt will then have been paid, if the plan of hypothecating securities, or emitting new bonds, should the ordinary means fail, be resorted to. In order to secure that result, the directors should be invested with full powers. By this expedient, the argument of violated faith wil have no ground on which to rest. The State will have discharged its obligations in full, and that, too, before the period specified in the contracts. In the meanwhile, let the assets of the bank, not required for the redemption of the liabilities of that institution, be solemnly set aside for the liquidation of the public debt. STATE DEBT OF INDIANA. The readers of the Merchants' Magazine, are referred to the number for August, 1849, (vol. xxi., page 147 to 153,) for a full and comprehensive statement of the debts, finances and resources of Indiana. The subjoined statement touching the debt of Indiana, may be regarded as a note to that article, including the last official statement, derived from the message of the governor to the Legislature, at the opening of the last session, on the first Monday in December, 1849. The debt of Indiana is complicated, and requires some explanation. By the acts of the Legislature of the 19th of January, 1846, and the 27th January, 1847, proposals were made to the holders of the bonds (and then about $11,000,000 were held in Great Britain,) that they should complete the Wabash and Erie Canal, and take the State's interest in it for one-half of this debt, and the State would issue new certificates for the other half, upon which she would pay interest at the rate of 4 per cent per annum, until January, 1853, and after that time at 5 per cent per annum, and issue certificates for half the arrears of interest, upon which she would pay interest at the rate of 24 per cent per annum after 1st January, 1853. In this 24 per cent stock is included i per cent per annum of principal, which gives the holders of the old bonds 5 per cent interest per annum upon the new 5 per cent stock from the dividend day, next preceding the surrender of the old bonds. There has been surrendered and converted into new stock to 1st July last. Making... $9,530,000 33,000 $9,563,000 Leaving yet to come into this arrangement, 1,488 bonds, or $1,488,000. Classified as follows: State's half of principal of bonds surrendered, interest payable in New York semi-annually, 5 per cent, $4 in cash; $1 added to back interest-redeemable in 1867 and 1868.. $4,781,500 State's half bonds for back interest, with one per cent of principal as above, interest payable in New York semi-annually after 1853, 24 per cent.... Old bond's unsurrendered on 31st October, 1849, (the State's half is).. 1,642,617 334,820 744,000 Domestic floating debt, Treasury notes, &c.... . Total amount on which the State pays interest .. Bonds on which the State Bank pays the interest, redeemable in 1855 to Total debt of Indiana.. $7,502,937 1,390,000 $6,892,937 CANAL DEBT. Canal's half of principal of bonds, redeemable in 1867, 5 Preferred canal stock, 6 per cent interest, principal and $4,781,500 1,860,475 800,000 Amount of the State's former liabilities, principal and interest. ...... 7,685,975 $16,578,915 The property of the canal is pledged for the payment, principal and interest, of the canal debt, and the State, agreeable to the acts of the Legislature referred to above, is free from any responsibility for this half of her late indebtedness, and the means to preserve the value of these bonds depend entirely upon the receipts from the canal. The fund held by the bank is considered ample to pay the interest on the $1,390,000, It holds a sinking fund for the redemption of the Treasury notes issued in 1839-40. These notes are receivable for all State dues, and are being rapidly withdrawn. Joseph A. Wright, the governor of Indiana, took the oath of office on the 16th of December, 1849. In his inaugural message to the Legislature, delivered on that occasion, he says: "I take this occasion, in the commencement of my duties, to express to you this day, and through you to your fellow-citizens, the assurance that no effort of mine shall be spared to keep fair the credit of the State, and faithfully to keep all our past contracts. “We should now mutually covenant and agree with each other, as the representatives of our people, that we will maintain at any and every sacrifice, the credit of Indiana upon our past engagements; and that we will not hereafter pledge her faith for another dollar of public money. It is not only our duty to take this position and keep it firmly, but to go one step further. "By increased property, subject to taxation, as well as new objects of revenue, to be reached by judicious enactments, we may, so soon as the small amount of six per cent treasury notes now outstanding is provided for, command means to create a sinking fund whereby the extinguishment of our State debt may be immediately thereafter commenced. "The Wabash and Erie Canal is accomplishing, as it progresses, all that its friends predicted by the arrangements made by the State with our creditors. Its progress equals the expectations of its warmest friends. Due credit should be given to the board of trustees for the energy they have displayed in pressing forward this great work. "It is your plain duty in good faith to carry out all the stipulations and agreements entered into with our creditors in connection with this work, and in no manner whatever throw any obstacles in the way of its advancement. If this work progresses the next two years as it has the past, we shall have by that time, the waters of the lakes united with the Mississippi. We then shall have in actual operation the longest canal in the United States, carrying upon its bosom the productions of the most fertile part of the Mississippi valley." OATES' INTEREST TABLES. Mr. George Oates has in press, and will publish in a few days two series of interest tables bearing the above title, one at 6, the other at 7 per cent per annum, which will be found equally useful to banking institutions, who charge interest by days, at the rate of 360 days to the year, and to merchants and others who charge interest by years, months and days, each month being the twelfth part of a year of 365 days. They give the interest on any sum from $1 to $1,000, consecutively, for any length of time from 1 day to 360 days, by the first mode of calculation, or by the second mode, from 1 day to 24 years, by the addition of two sums only, and which are both seen at a glance. The following tables are introduced to show their construction, and the way in which they are used. Example of the first mode. Wanted the interest on $598, for 163 days. Turn to the table headed $598-and on a line with figure 5, will be found 150, (5 months of 30 days to the month, making 150 days) the interest on which, found in the second column (months) is $17 44 2; then turn to figures 13, opposite to which in the first column (days) is $1 51 2, together $18 95 4, say $18 95, 4 mills being less than half a cent are thrown aside. Example of the second mode. Wanted the interest on $596, for 1 year 7 months and 14 days. Turn to the table headed $596, and in the second column, (months,) opposite 19—(19 months being 1 year and 7 months,) will be found $66 05 7; then turn to the first column (days,) and opposite 14, is found $1 62 2, together $67 67 9, equal to $67 68, nine mills being more than half a cent, are reckoned one cent. These two examples explain the whole method, the only difference being in the amount to be sought for, and the time for which interest is to be charged. Mr. Oates in his preface says, "in preparing these interest tables, the author has attemp ed to produce such as combine the two important requisites, simplicity and comprehensiveness, in a greater degree than has hitherto been attained," and in our opinion, after an examination of these tables, it will be conceded that he has been eminently successful. These tables are extended so as to give the interest on any sum from $1 to $10,000, by the introduction of tables from $1,000 to $10,000 by thousands, which for easy reference, will be placed on the inside of each cover of the book. VALUATION OF PROPERTY IN NEW YORK CITY. We publish below a tabular statement of the "relative value of the real and personal estate in the city and county of New York, as assessed in 1848 and 1849," from the official records, in the Controller's office. Five of the wards of the city and county show a decrease in valuation of $2,819,758 41, and thirteen wards an increase of $4,843,324 77; giving an increase, in all the wards of the city, of $2,033,566 36, in 1849, over the valuation of 1848. The total valuations, in each year, from 1845 to 1849, inclusive, has been as follows: 1815. 1846. 1847. 1848. 1849. $239,995,517 $244,952,404 $247,152,303 $254,192,027 $256,217,093 Exhibiting an increase, in five years, of $16,221,476. ASSESSMENTS OF 1848. RELATIVE VALUE OF THE REAL AND PERSONAL ESTATE IN THE CITY AND COUNTY OF NEW YORK, AS ASSESSED IN 1848 AND 1849. ASSESSMENTS, OF 1849, |