Magoun New Hanover Norris Stanley Pacific Paul T. Jones Pennsylvania Peru Rowena Smyrna Susan Theodore BRIGANTINES. Maria Mentor Norfolk Olive Grand total, 178 Coffee-Houses; 77 Boarding-Houses; 36 Billiard Tables; 71 Retail Grocery stores; 20 Ten Pin Alleys and 2 Restaurats. We should like to know, purely as a matter of curiosity, how many Cabarets and grog-shops of every description there are throughout the whole extent of the city.-N. 0. Bulletin. The late Rain Storm Does not appear to have reached Albany, and up to Tuesday morning, the sufferings of that city for want of water were still augmenting. The scarcity of water for family use is more general, and has been of greater duration, than before experienced for many years, and perhaps has never been exceeded. Milk and butter have so far failed, in the surrounding country, that some of the neighboring farmers, who in the early part of the season brought butter to market and sold it for one shilling a pound, have within the last week bought the article from the Albany grocers, for their own consumption, at eighteen pence.-N. Y. Sun. State Credit, No. 1. The conduct of the late Legislature has been severely scrutinized. Many of its acts have been censured, how just We copy from the National Gazette the following two ly it is not necessary now to inquire. But had it done noarticles on the State credit; that observespaper "The writer is a gentleman whose mind, information and patriotic sympathies alike claim attention to his views on this important subject. . We beg the attention of public and business men to these communications, as exhibiting very clearly the fact that the Credit of Pennsylvania is justly second to that of no other State. To holders of State stocks the matter must prove exceedingly welcome." The interest on the public debt of Pennsylvania, due on the first of August has been punctually paid in specie or its equivalent. The amount payable was as follows: Total amount of interest. .... Add 3 per cent. on $769,258, the amount remaining after deducting $86,157 due to non specie paying banks, not entitled to premium*. Actual amount of interest,..... thing else than secure by effective enactments the maintenance of the public faith-and the punctual payment of this very interest, more errors than are imputed to it might be pardoned. It did this, however, in the resolute assertion of the law, that all money drawn from the Treasury should be by specific appropriations, and that moneys pledged for interest, should be used for no other purpose. This policy was enforced by the 15th section of the Revenue Bill of the 4th May, 1841, which is important enough to be here quoted: "Section 15. That where moneys have been or shall be specifically appropriated to the Internal Improvement (interest and sinking) fund, or any other object by any act of Assembly, the same shall not be applied by any officer of .$855,416 01 this Commonwealth to any other purpose or object than that to which they have been so specifically appropriated; and if any officer as aforesaid, shall knowingly offend against the provisions of this section, it shall be deemed a misdemeanor in office, and such officer so offending, shall, on conviction in any court of competent jurisdiction, be subject to a fine of not less than 500 dollars, and not more than 2000 dollars, at the discretion of the court." 23,077 75 $878,493 76 It is due to the Governor to say that in his annual message he called the attention of the Legislature to the necessity of such action, although its adoption was not sufficient to save the bill in which it was incorporated from a veto. The credit of its enactment belongs to the majority in the Legislature and especially to those who resolutely refused to accede to any Revenue Bill without it. The credit of its enforcement is due to the State Treasurer, who has in this, as in all respects with peculiar fidelity executed his duty. It is proper that the public creditor should understand this. It is his best security for the future. Had Pennsylvania failed to pay this interest, the intelligence would have been widely if not gladly circulated, and our public authorities, the Legislature and the Executive, would have been censured, and justly censured, for gross neglect of duty in not providing for it. It would have been deeply mortifying to every citizen of Pennsylvania, to acknowledge this Commonwealth as one of the insolvent States -either temporarily unable or perversely unwilling to pay what is justly and legally a debt. The actual loss would have been most disastrous. A depreciation of not less than twenty per cent., or in the aggregate seven millions of dollars, would have ensued. All this has been avoided and the The effect of the new provision is this. By Acts of Asfaith of Pennsylvania is yet beyond just reproach or reason-sembly passed in 1826 certain Revenue, viz: canal and railable suspicion. Still this result would be by no means as gratifying if the payment had been effected by other than legitimate means, such as sound economy authorizes. If for instance the interest due on the 1st of August had been paid as heretofore by borrowing-by either voluntary or forced loans, no one of ordinary forecast could pretend to rejoice at it. But, if on the other hand, it had been effected either wholly or in part by an economical application of actual revenue, by a retrenchment of expenses and by a rigorous execution of the law which appropriates certain portions of the public debt, then there is abundant cause of congratulation. If it can be further shown, assuming this latter alternative, that such an economical policy will be steadfastly pursued, and that abundant means, out of actual and certain revenue, have been provided, there may be perfect confidence for the future and the doubts and misgivings which have arisen from a view of the past policy of the State need have no existence. The object of this communication is to show as briefly as possible: 1. That to the action of the late Legislature, is due high praise for a resolute adherence to certain fixed principles of economy, which has enabled the State by legitimate means to pay its interest. 2. That the larger portion-two-thirds at least, of the interest due on the 1st August, and now paid, was realized from revenue; and, that ample provision is made to pay the interest hereafter, without borrowing a single dollar from the banks in the form of permanent loan. * By the Act of 12th June, 1840, after enacting that thereafter the interest falling due on Pennsylvania stock shall always be paid in specie or its equivalent, it is provided that "No bank which shall at the time any such interest becomes due, neglect or refuse to pay any of its notes, bills, obligations or deposited moneys in gold or silver, shall be entitled to receive or be paid such difference in value and all other creditors of the commonwealth shall be paid in gold or silver or its equivalent. road tolls, auction duties, turnpike, &c. dividends, and collateral inheritance taxes, were pledged to a fund which, though under a different name, is in fact the Interest and Sinking fund. By the Act 11th June, 1840, the taxes therein authorized were pledged for the same purpose. But from 1826 to 1841 a practice had grown up of considering this a mere nominal fund-a matter of paper debits and credits, and in point of fact it was no security whatever. The pledged revenue went into the Treasury, was paid out to meet current demands of whatever kind, and then money was borrowed to make up the deficiency in the Interest fund. Hence it was, that for sixteen years the interest was paid by new loans. The intrinsic impropriety and ultimate disaster of this system were not realized in times of easy credit. In 1840 the amount of pledged revenue, if it had been kept inviolate, would have been 999,891 dollars, or in round numbers one million of dollars, yet in January last the Governor announced that the deficit in the Interest fund was at least 800,000 dollars, which in less than a month the Legislature was obliged to provide as it best could. On the 1st of February, 1841, for the last time, thanks to the precaution taken by the late Legislature, a loan was negotiated or exacted to pay the whole amount of interest then due. On the 23d February, 1841, a resolution was adopted by the Senate calling on the State Treasurer for a statement of the amount which would be realized before the 1st August, 1841, from the sources of revenue appropriated to interest purposes. To which an answer was sent estimating the amount at 534,987 dollars. A bill was subsequently reported by the Senate Committee of Finance adding other revenues to the interest fund and securing its inviolability, which, though it failed to become a law in the form reported, may be considered the basis of the enactment on the same subject, which was subsequently embodied in the Revenue bill and has been already quoted. Assuming the estimate of the State Treasurer to be correct as to the revenue of the first half year, it was apparent there would be a deficiency in the interest fund on the 1st of August, of about 300,000 dollars, for which it became necessary to provide. This was done by the act of 5th May, 1841, authorizing the Governor, if other means failed, to require certain banks to comply with the requisitions of their charters, and to the extent of the deficiency, make a loan to the State. Under this act the Governor called on a number of the banks for a loan not exceeding three and a half per cent. on their capitals, which was made, and which in the aggregate amounted to about $340,000. It thus will be seen that while at every period of semi-annual payment of interest down to the 1st of February inclusive, loans to the full amount had been resorted to. On the 1st of August it was necessary to borrow but a small sum, and as will now be shown, the amount of the Governor's requisition was unnecessarily large. The state of the interest account on the 1st of August is believed to be this, the amounts though stated in round numbers, being in the main accurate. Amount of Revenue pledged to interest to 1st August, and kept for that purpose under the Act of last session,... Amount in the Treasury derived from Revenue not pledged, but applied by the Treasurer for interest, Amount of the Executive requisition on the banks under Act 5th May, 1841,.. Deduct amount of interest due the 1st August,. Excess,. $550,000 10,000 dollars or thereabouts. This statement is made on Balance of Governor's requisition under Act of Proceeds of State tax, 11th June, 1840... Amount of interest fund, 1st February, 1841.. $71,507 489,904 360,000 4,800 $926,211 The interest due on that day, if the banks do not resume specie payments, the whole of the loan of 1821 be converted into a six per cent. stock, and the Lunatic Asylum loan be taken, will not amount to 90,000 dollars, leaving a clear surplus without allowing any increase of revenue for the current year. The impression of the writer (and as such only is 60,000 it stated) is that the interest fund on the 1st February, 1842, if the present system be adhered to, will be not less than 340,000 1,100,000 dollars, which will leave a surplus of 200,000 dollars, to be applied under the Act of 1826 to a sinking fund. $950,000 The interest on the 1st of February and at all times there878,493 after may therefore be certainly relied on. 71,507 The Legislature seems to have anticipated this result, and to have looked beyond the necessities of the Commonwealth on the first of August by providing that the amount to be received from the banks should be applied to no other purpose than the payment of the interest on the public debt, then due or thereafter to become due. The excess, therefore, remains in the Treasury pledged and applicable to the next half yearly payment of interest on the 1st of February. Thus it is demonstrable that by the enactment of the 15th Section of the Revenue Bill of 4th May, 1841, and its faithful execution by the State Treasurer for the first time in the financial history of Pennsylvania since the creation of the present Improvement debt, the larger portion of the semiannual interest has been paid out of secure and certain revenue. It remains to be shown (and it can be most conclusively,) that hereafter the interest can be always paid with punctuality and the principal gradually liquidated, without borrowing a farthing from the banks. No. 2. It remains to be shown that the interest on the public debt can at all times hereafter be paid, and the principal gradually reduced, without recourse to forced or voluntary loans or exactions of any kind from the banks. At the time the State Treasurer made his estimate of the proceeds of the revenue pledged to the payment of interest, no tax law on real and personal property was in force but the act of 11th June, 1840, and no change had been made in the very defective system of assessment under that act.Even the laws subsequently passed, with a few exceptions presently to be noticed, for the increase of the taxes and the correction of the assessments, will not be in full operation till 1842, so that all estimates of revenue for interest or other purposes must have reference to former laws. Estimates for the next year must be made on another and still more favorable principle. Let us see how the interest fund will be on the 1st February, 1842, when the next payment is to be made. The Treasurer in his communication to the Senate of the 24th February, 1841, estimated the interest fund on the 1st of August at 534,987 dollars, in which he included 25,000 dollars from the State tax. It appears that the fund, through the ordinary increase of revenue from other sources, amounted in fact to 550,000 dollars, but that the proceeds from the State tax before the 1st of August amounted to but In 1842 and thereafter these results of provident legislation may still be more clearly foreseen. If the estimates heretofore made and still believed to be accurate be verified, the Interest and Sinking Fund will, without computing the new taxes imposed last year, amount to 2,200,000 dollarsor with those taxes to very nearly 3,000,000 dollars. The crisis in our State finances may therefore be considered as over. Had it sooner occurred, and had previous Legislatures been made to realize the real state of things, it would have been better. To borrow to pay interest is always easier than to borrow for other purposes, simply be cause those who are able to lend have, or think they have, an interest in lending. Had the pledged revenue heretofore been kept sacred as it now is, and loans been solicited for improvement, or the many other purposes for which it has been squandered, no one supposes they would have been obtained, and thus the course of improvident and almost profligate expenditure would have been arrested. The Commonwealth is now in the safest of positions; amply solvent able to pay all its debts, and yet unable to incur any new ones. If the same policy which the writer has endeavored to vindicate be steadily pursued (and there is no reason to suppose it will be abandoned) there need be no uneasiness for the future. * In the estimates of taxation made by Mr. Reed in his published letter of the 9th of May, the Brokers' tax was stated at 3000 dollars. In this city and county, though probably all the licenses have not yet been taken, it amounts to 4,800 dollars. The Bee Business. Mr. Rice, of Ripley, Erie county, Pa., has an extensive establishment for keeping bees. Twenty years ago he had one swarm, from which in 12 years, he had 396 swarms. The Erie Gazette states that they had then become so powerful that they commenced depredations on the neighboring tribes, going out on predatory excursions to the distance of two or three miles, much to the annoyance of the unfortunate neighbors. He then killed off a number of swarms and obtained over two tons of honey for the New York Market. He has now adopted the patent hives for a part of his bees, in which small glass drawers are placed in the upper part, with small apertures for access from the main part of the hive. In this way, by drawing the slides the bees can be seen at work, and the amount of honey ascertained. When filled, the drawer can be removed, and the place supplied by another, without destroying the industrious insects. Laws of the United States. direction of the President, addressed to Mr. Greenough a letter of instructions for carrying into effect the resolution An Act authorizing a loan not exceeding the sum of twelve of the House. millions of dollars. On the 14th day of July, 1832, an appropriation of the Be it enacted &c. That the President of the United States sum of five thousand dollars was made to enable the Preis hereby authorized, at any time within one year from the sident to contract with a skillful artist to execute, in marble, passage of this act, to borrow on the credit of the United a pedestrian statue of George Washington, to be placed in States, a sum not exceeding twelve millions of dollars, or so the centre of the Rotundo of the Capitol," and several apmuch thereof as in his opinion the exigencies of the govern-propriations were made at succeeding sessions in furtherance ment may require, at a rate of interest, payable quarterly of the same object. and semi-annually, not exceeding six per centum per annum; which loan shall be made reimbursable either at the will of the Secretary of the Treasury, after six months notice, or at any time after three years, from the first day of January next; and said money so borrowed shall be applied, in addition to the money now in the Treasury, or which may be received therein from other sources, to the payment and redemption of the Treasury notes heretofore authorized, which are or may be outstanding and unpaid, and to defray any of the public expenses which have been heretofore, or which may be authorized by law, which stock shall be transferable only on the books of the Treasury. Mr. Greenough, having been employed upon the work for several years, at Florence, completed it some months ago. By a resolution of Congress of the 27th of May, 1840, it was directed "that the Secretary of the Navy be authorized and instructed to take measures for the importation and erection of the statue of Washington by Greenough." In pursuance of this authority, the Navy Department held a correspondence with Commodore Hull, commanding on the Mediterranean station, who entered into an agreement with the owners or master of the ship" Sea," for the transportation of the statue to the United States. This ship, with the statue on board, arrived in this city on the 31st ultimo, and now lies at the Navy Yard. Sec. 2. And be it further enacted, That the Secretary of the Treasury be and he is hereby authorized, with the consent of the President, to cause to be prepared certificates of stock, signed by the Secretary, and countersigned by the Register of the Treasury, for the sum to be borrowed, or any part thereof, bearing an interest not exceeding six per centum per annum, and transferable and reimbursable as aforesaid, and to cause the said certificates of stock to be sold; Provi- An Act making Appropriations for the pay, ded, That no stock be sold below par. As appropriations have become necessary for the payment of the freight and other expenses, I communicate to Congress such papers as may enable it to judge of the amount required. JOHN TYLER. Sec. 3. And be it further enacted, That the Secretary of the Treasury be, and he is hereby authorized to receive proposals for taking the said loan, or to employ an agent or agents for the purpose of negotiating the same, and to pay to him or them a reasonable commission, not exceeding onetenth of one per cent. on the amount so negotiated; which sum to be allowed to such agent or agents, and such expense as may be necessarily incurred in printing, issuing certificates of stock, and other expenses incident to the due execution of this act, in all not exceeding twelve thousand dollars; which sum is hereby appropriated for that purpose, and shall be paid out of any money in the Treasury not otherwise appropriated. The Home Squadron. of a Home Squadron. subsistence, &c. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for the pay and subsistence, increase and repairs, medicines, and contingent expenses of two frigates, two sloops, two small vessels, and two armed steamers, to be employed as a Home Squadron, the sum of seven hundred and eighty-nine thousand three hundred and ten dollars is hereby appropriated, to be paid out of any money in the Treasury not otherwise appropriated. JOHN WHITE, Speaker of the House of Representatives. Approved, August 1, 1841. JOHN TYLER. Sec. 4. And be it further enacted, That the Secretary of the Treasury is hereby authorized to purchase, at any time before the period herein limited for the redemption of stock hereby authorized, such portion thereof as the funds of the government may admit of, after meeting all the demands on the Treasury, and any surplus in the Treasury is hereby ap-morning from Asteriam, 327 miles above the mouth of Rock propriated to that object. Sec. 5. And be it further enacted, That the faith of the United States be, and is hereby, pledged for the punctual payment of the interest and redemption of said stock. JOHN WHITE, Approved, June 25, 1841. The Speaker laid before the House the following communication from the President which was referred to the Committee of Ways and Means: WASHINGTON, August 3, 1841. To the House of Representatives: On the 18th of February, 1832, the House of Representatives adopted a resolution in the following words: "Resolved, That the President be authorized to employ Horatio Greenough, of Massachusetts, to execute in marble, a full-length pedestrian statue of Washington, to be placed in the centre of the Rotundo of the Capitol, the head to be a copy of Houdon's Washington, and the accessories to be left to the judgment of the artist." From Rock River. A small boat called the "N. P. Hawkes," arrived this River! She was built at the above place, which is only 40 The UNITED STATES COMMERCIAL AND On the 23d of the same month, the Secretary of State, by Where, and at 76, Dock St. Subscriptions will be received. AND STATISTICAL COMMERCIAL VOL. V. REGISTER. EDITED BY SAMUEL HAZARD. PHILADELPHIA, WEDNESDAY, AUGUST 18, 1841. MISSISSIPPI BONDS. No. %. ing in this section shall be so construed as to prevent the To the Governor of the State of Mississippi. Amsterdam, 22d May, 1841. HOPE & Co. lost: Interest on five millions State Bonds from 7th June, 1838, Difference between five millions dollars prin- $183,338 30 478,750 00 69,625 00 EXECUTIVE DEpartment, City of Jackson, July 13, 1841. Gentlemen-I have received your letter dated Amsterdam, 22d May, 1841, post marked Washington City, June 21st, 1841, and bearing the official frank of the Hon. Daniel Webster, Secretary of State of the United States. I have duly considered the contents thereof. Those bonds were not sold in accordance with the Constitution and laws of this State. They were delivered by me as an escrow, to be sold at not less than their par value and for cash, as the statute of this State required. The Charter of the Mississippi Union Bank prescribes not only the substance, but the form of the bonds, and provides that they shall be in the sum of two thousand dollars each, "which sum the said State of Mississippi promises to pay in current money of the United States," to the order of the bank, with interest at the rate of five per cent. per annum, payable half yearly, at the place named in the endorsement of the bonds. The act further provides that "said bonds shall not be sold under their par value." The bonds having been delivered to the managers of the bank to be sold on certain conditions, the State cannot be bound for their redemption unless the terms prescribed were complied with in the sale. The Constitution of this State expressly From the above statement it will be perceived that one provides that "no law shall ever be passed to raise a loan of money upon the credit of the State or to pledge the faith of hundred and eighty-three thousand three hundred and thirthe State for the payment or redemption of any loan or debt, ty-eight dollars and thirty cents were lost by selling the five unless such laws be proposed in the Senate or House of Re- millions dollars of bonds on a credit, and paying interest presentatives, and be agreed to by a majority of the members thereon from their respective dates, and the further sum of of each House and entered on their journals, with the yeas nine hundred and one thousand three hundred and fortyand nays taken thereon, and be referred to the next succeed- three dollars was lost by changing the bonds from dollars ing Legislature, and published for three months previous to current money of the United States to pounds sterling of the next regular election, in three newspapers of this State; Great Britain. These two items amount to the enormous sum of one million cighty-four thousand seven hundred and and unless a majority of each branch of the Legislature so elected, after such publication, shall agree to and pass such eighty-one dollars and thirty cents. Surely such a sale canlaw; and in such case the yeas and nays shall be taken and not be binding on the State of Mississippi. The faith of this entered on the journals of each House: Provided, that noth-State was pledged for the payment of those bonds only upon VOL. V-13 353,068 00 $1,084,781 30 |