OHIO. The valuation of property in Ohio for thirty-two years, has been as follows: The slight falling off of 1857, was owing to a new rule of taxing personal property, by which a large amount, which was placed on this list of 1855, was taken off in 1857. The following schedules will exhibit the taxable property of the State as valued for taxation; the respective amounts of State, county, and local taxes; and the total amount of taxes levied in each of the last three years :— The public debt of the State, of all descriptions, appears in the following Total amount of foreign State debt....... Total foreign and domestic State debt..... Total State debt of all descriptions......... Existing laws require, the Governor remarks, the agent and registrar at New York, and regulate the payments of interest and debt through this agency. $13,621,857 20 $807,061 43 277,250 37 16,523 10 $13,899,067 57 $823,534 53 2,503,927 76 141,402 27 $16,402,005 33 $964,986 80 appointment of a transfer transfer of stocks and the Experience has shown the danger of confiding powers, such as are necessarily vested in these officers, to persons beyond the jurisdiction of the State, and not amenable to its laws. If obligations, assumed at the creation of the debt and as part of its consideration, require their appointment and maintenance, these obligations must be fulfilled in good faith. If it be otherwise, the offices should be abolished, and all transfers should be made within the State, and under the direction of its executive officers. I commend this subject to legislative investigation and consideration. ILLINOIS. The Auditor of the State of Illinois has published a tabular statement of the value of real and personal property in the State, which, as it appears, is very satisfactory. The total amount is $407,477,367. Cook County is set down at $45,680,333. The next highest is Sangamon County, $12,064,994. We copy the aggregate of this table :— The constitution of the State of Iowa provides as follows: SECTION 1. The credit of the State shall not, in any manner, be given or loaned to, or in aid of any individual, association, or corporation; and the State shall never assume or become responsible for the debts or liabilities of any individual, association, or corporation, unless incurred in time of war for the benefit of the State. SEC. 2. The State may contract debts to supply casual deficits or failures in revenues, or to meet expenses not otherwise provided for; but the aggregate amount of such debts, direct and contingent, whether contracted by virtue of one or more acts of the General Assembly, or at different periods of time, shall never exceed the sum of $250,000; and the money arising from the creation of such debts shall be applied to the purpose for which it was obtained, or to repay the debts so contracted, and to no other purpose whatever. Under this last section of the constitution, the State has recently made a loan of $200,000 at par, bearing 7 per cent interest, of Messrs. Cooke & Sargent, of Davenport, Iowa. The constitution also provides, that no other debt than specified above shall be contracted unless sanctioned by direct vote of the people, and that such debt shall be for some single work or object, and the act creating the debt shall also lay a direct tax for the payment of the interest and the reimbursement of the principal within twenty years. VIRGINIA. The Auditor of public accounts of the State of Virginia reports, under date of March 29, that the amount to be added to the public debt under acts of the last and present session of the Legislature will be $2,925,800, but that it will be necessary to increase the State taxes to meet liabilities growing out of the recent appropriation. In his report the Auditor says:— In my report of November last, I estimated that there would be a deficiency in the treasury on the 1st of October, 1858, to be supplied by temporary means, to the amount of... And that there would be outstanding unpaid treasury notes amounting to... ...... Total floating debt...... To which must be added appropriations to pay claims, &c.... Probable amount of interest payable 1st July, 1858, on new stock.. Total.... Apply excess of taxes over ordinary expenses.. Deficit, 1st October, 1859..... $423,191 93 400,000 00 $823,191 93 51,993 35 17,694 40 20,000 00 74,032 00 77,774 54 $1,064,686 22 613,049 64 $451,637 08 Whether it will be necessary to increase the taxes to meet the old and new charges upon the treasury depends upon the time within which it is desirable to pay off the liabilities. The debts which may be presented are principally treasury notes held by the banks, and balances due to the Literary Fund. The stock of the former, to a large amount, is owned by the State, and she may, with great propriety, approach the banks for the temporary means, and the balances due to the latter are entirely within the control of the General Assembly. Beside these facts, and with the full charge upon the treasury on account of the new debt, the present rate of taxation is sufficient to meet all the ordinary expenses of the government, and produce a surplus annually of more than four hundred thousand dollars. In my report of the 25th of November last, I estimated the receipt from taxes to be..... And that the ordinary annual expenses would be.. $3,472,459 22 $2,859,409 58 204,806 00 3,064,215 58 $408,243 64 Excess of receipts over ordinary expenses. GOLD. The gold fever appears, by the late California accounts, to be rapidly on the increase again. The production of the two countries since the discoveries in Australia, are given by the Alta Californian, as follows: This has been the result of mining during the last six years, and the Californian estimates that some $200,000,000, in addition to this, has found its way into the world at large through private channels. The result for the last year, it is apparent, has been above the average of previous years, and for the previous year the results are still greater. The value of gold, it is to be remembered, is now greater than it has been since the discoveries in California relatively to other metals, and the excitement in California, in relation to new discoveries, seems to be very great. In Carson Valley, the newly discovered diggings are represented as "fabulously rich," and the discoveries on Frazer's River have created a still greater excitement. These circumstances are likely greatly to promote the production of gold. The California papers advises caution to those who are so eager to seek the new diggings, but do not contradict the reportsseeking only to moderate the excitement The chances are that the gold product from all quarters will be greatly larger in 1858 than it has been in any former year. BANKS OF ILLINOIS. The Bank Commissioners of the State of Illinois report respecting the banks of that State as follows: There is that excess of securities, if the bonds are at par. Total.. Circulation Excess of securities....... BANKS IN CONNECTICUT. The Governor of Connecticut, in his message, remarks upon the operations of the banks as follows: From the examination I have given this subject, I am led to recommend― First. That the banks be prohibited from having interest on deposits. Second. That they be prohibited from making loans on call. Third. That their circulation be limited to an amount not exceeding seventy-five per cent on their capital stock. Fourth. That they be required to make monthly returns of their condition to the Bank Commissioner. Fifth. That they be required to keep on hand an amount of specie equal to ten per cent on the total amount of their indebtedness. and if during any month their average amount shall not be equal to this requirement, all discount shall cease until they shall be restored to such a condition. We have seventy-six banks in the State, with an aggregate capital of $20.618,723, the condition of which will appear in detail in the report of the. Bank Commissioners. Their observation and experience will enable them to give you valuable suggestions relative to the operations of our banking system. Their report will also exhibit the condition of the several saving and building associations-under our laws they possess the peculiar privilege of taking a higher premium for the use of money than private citizens or any other associations. It will be well to consider whether you may not with a true and just regard to all their rights, and your obligations to the public, limit a time for closing their business, or enact a law which shall prohibit them from taking any bonus on any future loans, and confine them to an interest of 6 per cent per annum. INTEREST LAW OF PENNSYLVANIA. We publish in full the new interest law of Pennsylvania, as an example for the legislators of our own State :— AN ACT REGULATING THE RATE OF INTEREST. SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the lawful rate of interest for the loan or use of money, in all cases where no express contract shall have been made for a less rate, shall be six per cent per annum, and the first and second sections of the act passed 24 March, one thousand seven hundred and twenty-three, entitled "an act to reduce the interest of money from eight to six per cent per annum," be and the same is hereby repealed. SEC. 2. That when a rate of interest for the loan or use of money exceeding that established by law shall have been reserved or contracted for, the borrower or debtor shall not be required to pay to the creditor the excess over the legal rate, and it shall be lawful for such borrower or debtor, at his option, to retain and deduct such excess from the amount of any such debt; and in all cases where any borrower or debtor shall heretofore or hereafter have voluntarily paid the whole debt or sum loaned, together with interest exceeding the lawful rate, no action to recover back any such excess shall be sustained in any court of this Commonwealth, unless the same shall have been commenced within six months after the time of such payment. Provided always, that nothing in this act shall effect the holders of negotiable paper taken bona fide in the usual course of busi ness. G. NELSON SMITII, Speaker, pro tem., House of Representatives. APPROVED, the 28th day of May, A. D., one thousand eight hundred and fifty eight. WM. F. PACKER. |