GENERAL BANKING LAW OF NEW JERSEY. A supplementary act to the General Banking Law, authorizing free banking in the State of New Jersey has been passed, which repeals so much of the original act as requires that persons associating for the purpose of banking shall be residents of the State, and provides that any association of persons formed, may deposit, in addition to the stock mentioned in the original act, the stocks of the States of New York, Ohio, Kentucky and Pennsylvania, as security for their circulation. It is provided, also, that the bills issued shall be stamped "secured by public stocks in the State Treasury," or "secured by public stocks and bonds and mortgages in the State Treasury," as the case may be. A majority of the Directors must be residents of the State. REVENUE AND EXPENDITURES OF PENNSYLVANIA. The Harrisburg correspondent of Cummings' Evening Bulletin, published at Philadelphia, furnishes the subjoined statement, from official records, of the revenue and expenditures of Pennsylvania for the last three years. SUMMARY STATEMENT OT THE REVENUES AND EXPENDITURES OF THE COMMONWEALTH of PENNSYLVANIA FOR THE FISCAL YEARS, 1848, 1849, AND 1850. Revenue. $4,512,667 07 $5,010,979 04 $5,364,338 75 1847. 1848. 1849. 1850. AGGREGATE REVENUE AND EXPENDITURES FOR SIX YEARS. 1846. 1845. $3,010,062 $3,529,057 $3,977,029 $3,831,176 $4,433,688 $4,333,131 Bal. in Treasury 663,851 384,886 384,678 680,790 577,290 926,207 Expenditures.. 3,280,028 3,529,264 3,980,813 3,935,879 4,084,771 4,569,053 Bal.in Treasury 384,886 384,678 980,861 577,290 926,207 795,284 TAX AND VALUATION OF PROPERTY IN THE STATE OF NEW YORK. The annexed tabular statement (derived from the Annual Report of the Controller) shows the assessed valuation of real and personal estate, the number of acres of land assessed in each county, the amount of town, county, and State taxes, and the rate of taxation (in mills and fractions) on each dollar of the aggregate valuation for the year 1850. We have omitted, for the sake of convenience, the cents or fractions of a dollar in the amounts of State, county, and town taxes, but have added them to the total, making a difference in the State and county tax of fifty-one cents; town tax, eightytwo cents; total taxation, thirty-three cents. The counties marked thus (*) having failed to forward to the Controller their returns in time for this statement, the amounts returned for 1849 are adopted. The total number of acres of land in the State of New York, according to Burt's Atlas, is 28,297,142, while the total number assessed is 27,912,076. STATEMENT OF THE VALUATIONS OF REAL AND PERSONAL ESTATE IN THE SEVERAL COUNTIES OF THIS STATE; THE NUMBER OF ACRES OF LAND ASSESSED IN EACH COUNTY; THE AMOUNT OF TOWN, COUNTY, AND STATE TAXES, AND THE RATE OF TAXATION ON EACH DOLLAR OF THE AGGREGATE VALUATION FOR THE YEAR 1850. Onondaga. Monroe 770,559 6,630,159 1.078,505 7,708,664 35,796 19,022 54,818 7.1 7,951,669 48,207 20.518 68,726 8.6 5,051,550 44,980,866 142,025 326,294 468,319 7.3 164,418 2,361 000 11,406 1,411,757 11,226,654 29.273 14,626 64,863 437,467 3.599,813 26,306 78,919 240 286,061,816 3,230,085 423,425 5,591,385 20,547 5.6 3,020,792 13,147,231 63,406 34,252 97,658 4.8 2,102,068 17,992,066 66,014 42,877 108,892 2,449,331 14,437,897 32,589 12,520 45,109 3.1 490,072 9,537.313 2,622,674 12,159,987 36,064 19,720 55,784 4.6 235,385 4,652,369 550,700 5,203,069 17,670 10,631 28,301 5.5 587,543 7,226,686 812,092 8,038,778 31,512 30,762 62,274 7.8 602,288 4,528,992 906.961 5,435,953 132,809 2,566,337 722,851 3,289,178 181,069 8,449.500 4,035,250 12,484,750 396,490 9,910,736 1,195,713 14,106,476 21,262 5,809,046 104,099 +1,738,500 24,804 89.667 5.7 12,698 39.004 10.9 ** 3,230,085 11.3 Saratoga Schenectady.. Schoharie 507,235 5,860,397 1,416,020 25.891 7,440,101 28,138 17,398 45,536 6.1 3,112,408 13,000 14,470 27,470 8.8 1,826,141 16,366 15,300 17,425 60,066 11.8 31,666 17.3 8,884 26,310 3.9 27,907 4.5 Steuben 904,000 6,063,150 682,462 8,050,689 28,880 18,635 47,515 5.9 6.520 18,253 11.8 22,505 11.3 5.4 11.9 15,278 14.1 Yates... 368,000 4,169,068 328,833 4,497,931 16,835 12,658 29,493 6.6 3.9 SUMMARY VIEW OF THE ABOVE TABLE, COMPARED WITH THE PRECEDING YEAR. The aggregate valuation exceeds that of the previous year (1849) by $61,643,846 The method of assessment throughout the State is very defective, especially in relation to personal property. Probably not more than one-half or two-thirds of the personal property is reached by the Assessors. The Controller says that " in the city and county of New York, the Board of Tax Commissioners have made vigorous and successful efforts to reach all forms of personal capital, legally subject to taxation; and in assessing the real estate they have approved it at its value, in compliance with the statute." This may be correct so far as real estate is concerned, but from facts which have come to our knowledge, we apprehend that large amounts of personal capital are not reached. In many of the counties," says the Controller, "the prevalent system of undervaluation is too generally continued." In one county in the above table (Hamilton) we notice that the assessed value of personal estate is put down at only $3,841; a low mark for an entire county. There is not, we venture to say, a town in that county, where the personal property would not, under a more equitable system of assessment, reach a much higher figure. The Controller repeats his conviction that the evil (to which we have alluded) can be remedied, and a just equity attained, as between individual tax-payers, towns, and counties, only by an essential modification of the laws prescribing the duty of the Assessors. The Controller, in concluding his report, on this head remarks:- Some further provisions of law are required to regulate the manner of assessing the capital of individual bankers, and to prescribe the mode of proceeding to enforce the collection of the tax, in cases where its payment is evaded or refused. The act of December 4, 1847, (Sec. 4, Chap. 419,) is vague and indefinite in this respect, and has given rise to much perplexity, injustice, and litigation. The general provisions of law regu lating the recovery of taxes against corporations, should be extended to the capital of individual bankers by express statute; and all other remedies failing to secure the tax, legally imposed, it should be made the duty of the Controller to pay it from the accruing interest on the securities deposited with him under the General Banking Law. UNITED STATES TREASURY NOTES OUTSTANDING APRIL 1, 1851. と Amount outstanding of the issue of 22d July, 1846, as per records of this office... Amount outstanding of the issue of 28th January, 1847, as per records of this office... Total....... Deduct Cancelled Notes in the hands of the accounting officers, of which $150 is under acts prior to 22d July, 1846, and $100 under act 28th January, 1847.... TREASURY DEPARTMENT, REGISTER'S OFFICE, April 1, 1851. Amount outstanding of the several issues prior to 22d July, 1846, as per records of this office. $136,911 64 22,600 00 23,450 00 $182,961 64 Balance... 250 50 $182,711 64 • Including capital of banks and other corporations, BANKING CAPITAL, ETC., IN PENNSYLVANIA. STATEMENT SHOWING THE AMOUNT OF BANKING CAPITAL EMPLOYED IN THE COMMONWEALTH OF PENNSYLVANIA, AND THE AMOUNT OF TAX ON DIVIDENDS AND ON CORPORATION STOCKS I DERIVABLE THEREFROM, FOR THE SEVERAL YEARS THEREIN DESIGNATED, TOGETHER WITH THE RATIO OF SAID TAX. COINAGE OF THE UNITED STATES MINT. It appears from a statement prepared by E. C. Dale, Esq., Treasurer of the United States Mint in Philadelphia, that the coinage during the month of March reached the sum of $6,298,672; and that the total coinage for the year thus far (months of January, February, and March, 1851,) amounted to $14,119,213. The subjoined table shows the coinage for each of the three first months of the present year : Total...... $13,989,688 $98,850 $30,675 $14,119,213 The deposits, during the same period, of the precious metals were $10,687,100, of which $10,671,000 was in gold, and 16,100 in silver. Of the gold, California contributed $10,434,000, as will be seen by the annexed table:: Pieces. Pieces, Half eagles. Pieces. Quarter eagles. Dollars. Pieces. Value. 38,104 $95,260 263,220 $263,220 Double eagles. Value. 284,197 $5,683,440 48,663 $243,315 Showing a total coinage of gold of 634,184 pieces, amounting in value to $6,285,735. The silver coinage during the same month consisted of 128,000 half dimes, of the value of $6,400. There was also coined 653,799 cents, of the value of $6,537 99 cents. When will our government abolish the coinage of copper cents? & The North American states, on the authority of the Treasurer, that all deposits made at the Mint since March 11th have been paid promptly on the ascertainment of their value, and a large surplus of coin has been accumulated in the Treasury; the amount now on hand, available for payments, is over $2,000,000. Deducting $500,000 for old deposits payable but undrawn, and $200,000 for deposits not ascertained, and we have a surplus beyond all demands of $1,300,000. |