The globe. (Huntingdon, Pa.) 1856-1877, January 21, 1863, Image 1
TERMS OF THE GLOBE. Per annum in advance Six months Throe nionihs .• • A f.tilure to notify a discontinuance at the expiration ut the term subscribed for will be considered a new engage wont. =I 1 insertion. 2 do. 3 do. Sour lines or less $ 25 1 37l i 50 Joe square, (12 lines,) 50 75 1 00 two actuates, 1 00 1 50 2 00 three squares 1 50 2 25 3 00 Over three week and less than three mouths, 25 cents ;sr square for each insertion. 3 months. 6 months. 12 month's. die lines or less, 21 50 $3 00 $5 00 Jne square 3 00 5 00 7 00 two squures, 500 100 , 10 00 fhroo squares ' 7 00 10 00 15 00 Your square 4 0 01 13 00 "0 00 Untie Column, 12 00 10 OU ...... ....24 00 One column, 0 0 00 10 00.... ..... .Z 0 00 Pl ofe.ionril and Busine•s CM 119 not exceeding four lines, one your 5.3 00 Administrators' nod Execntol a' Notices . $1 75 .k.d, el tisentents not marked w ith the mater of in.er lions desired, will be continued till fun bid and Cllnlged ac cording to these terms. Lac (51obt. HUNTINGDON, P.A. Friday, January 16, 1863. NOTICE. We have not the time nor the incli nation, to dun personally, a large num ber of persons who have unsettled ac counts upon our books of several years 6tanding. We shall, therefore, from day to day, without respect to persons, glare into the hands of a Justice for collection, all accounts of over two years standing. All those who wish to save expense, will do well to give us a call. § [Par theOlobe.) SIX THOUSAND YEARS AGO BY J. 8.0 Six thousand years ago, And twice six thousand more, This mighty globe was made, And darkness reigned all o'er Six thousand years ago, With darkness all around, God moved upon the deep And broke the vast profound Six thousand years aro. One glim'ring ray drew near, But all the time before, Eternal night was here. Six thousand years ago, That ray of light was born, And from it quickly sprang The first auspicious morn. Six' thousand years ago, But none will e'er portray ; For language ne'cr can paint The glory of that day. Six thousand years ago, rile contrast, who can tell, For lo! the world is now— Hang o'er the gulf of hell. COALMONT, January, 1803. STATE TREASURER'S REPORT. To the Senate and House of Representa tives of Pennsylvania: GE TL) n compliance with the act of 16th of Afar* 1832, I here with subinit'my report of the opera tions of this Department fix• the fiscal year ending Nov. 30th, 1862. In my last annual report I alluded to the increased ditties and disburse ments of this Department caused by the southern rebellion against the gen eral Government, which at that time bad existed for the preceding nine months. Notwithstanding this rebel lion has coLtinued to the present time, and grown even more gigantic in its features and operations, I am happy to say that our State has stood up most nobly under the drain which has thus been made upon her resources, as is manifested by the excellent condition of our finances which I am enabled to report: The balance in Treasury, Nue. 30, 1861, was . Receipts during fiscal year end ing NUT. 3021), 1801, were as follows: Ordinary 50urce5.54,047,822 39 6 per cent. loan act Mayls, '6l, 387,850 00 From various banks as an e quivalent f o r coin the paytn't of int. on the Public debt Refunded ca s It, military . . United States Go vernment . . 140,768 30 29,56 G 42 605,740 52 5,211,747 63 Total into treasu ry for fiscal y ear ending Noy, 30, 18131 And the pa y ments have been as follows: Fur ordinary par poses . . 43,083,110 06 NO on state into- Test ns an oquiv alent for coin . Military expenses net April 12, '6l Military expenses, net May 15,'61 1,217 26 Military expenses, net April 16, '62 20,607 04 Military pensions, net May 15, '6l Commissioners of Sinking Fund Domestieermiitore Temporary Loan redeemed United States Go vernment direct tax 14G,631 22 400 5i 427,881 51 105 32 100,000 00 350,000 20 4,520,509 25 Leaving balance i n Treasury, Nov. 30, 1862 . A 40004 account of receipts and expenditures will be found in the P t e.- port of the Auditor General. A careful analysis of the ordinary or general receipts, together with the ex penditures of the last year, as com pared with the ordinary receipts and expenditures of the year 1861, will show the following gratifying result : Receipts from ordinary sources : For year ending Nov. 30, 1862.54,047,822 39 " 1861. '3,017.64 . 6 57 Excess of receipts for 186 0 54,030,176 . 82 - . 41 50 75 WILLIAM LEWIS, Editor and Proprietor, VOL. XVIII. Payments for ordinary purposes, excepting interest; For year ending Nor. 30, 1861.51,118,602 93 1862. 1,023,345 77 Decrease in expenditures of '62 $ 95,317 16 It will thus be seen that while the ordinary receipts of last year were one million thirty thousand one hundred and seventy-six dollars and eighty-two cents (51,030,176 82) in excess of the year 1861, the ordinary expenses were ninety-five thousand three hundred and seventeen dollars and sixteen cents ($95,317 16) less. It affords me much pleasure to state that a large portion (about $125,000) of this increased revenue for the last year is due to the untiring energy of the honorable Attorney General of the State, through whose department this amount has been collected from claims which have been due to the State for a number of years. Amount of public debt of Penn sylvania, as it stood on the Ist day of Dee. '6l $40,580,666 08 Additional nm't received at the State Treasury during the &s -eal ycarending Nor. 30, 1862, on Military Loan, author ized per act of Mtv 15, 1861 . 387,850 00 Deduct nmnunt redeetned at the . State Treasury during the fis cal year ending Nov 30,'62,viz: 5 per cent. State stocks . . .$268,809 49 4i percent. State stocks . . 50,000 00 4 per cent. State stocks . . 100,000 00 Int'et certificates 17 25 Relief notes . . 1,411 00 llumeatic credit or's certificates 64 52 Military Laan, per act of A pril 12. 1861, redeemed . . 100,000 00 ---$ 520,302 26 Public debt, Dee 1, 1862 . The Commonwealth holds bonds re .3eived from sales of the public works amounting to ten millions seven hun dred and eighty-one thousand dollars, ($10,781,000), as follows; Penna. Railroad company's bonds . . . $7,000,000 Philada. and Erie Railroad Company's bonds . . 3,500,000 Wyoming Canal company's bonds The speedy completion of the Phila delphia and Eric Railroad being se cured by the permanent lease of the same to the Pennsylvania Railroad Company, the above securities of that road may now be relied upon at matu rity tin• their full amount with interest towards the liquidation of the public debt. I understand that the Wyoming Ca nal Company are about to make a proposition to the Legislature which will also -secure the amount of her bonds to the State beyond a doubt.— The whole amount, therefore, ($lO,- 781,0000 of the above securities may be relied upon for the liquidation of the public debt, which amount would reduce the same to about $29,000,000. By an act of Congress approved Au gust 5, 1861, a direct tax of twenty millions of dollars was levied by the General Government against all the States of the Union. The quota of Pennsylvania under that act was $l,- 946,719 33. $1,551,005 72 Up to the first ofJuly last we had presented accounts against the Gene ral Government amounting to $2,037,- 334 42. On these accounts they had paid us $606,000, leaving $1,431,334 42 due and unsettled. Under the act of February 10th, 1862, I paid to the General Government, in June last, $350,000 ; with this amount, together with the above unsettled accounts and $292,007 90 allowance for prompt pay ment, we paid the direct tax of our State, leaving 8126,622 99 due us, sub ject to the settlement and adjudication of the above accounts. The balance of our accounts against the General Government for war expenditures, from June last to the present time, have not yet been presented, but are now being made out for that purpose. The direct tar of $1,946,719 33, against our State has thus been paid, and we will have in the treasury on the first proximo, after paying the State interest, !wet! one and a quarter million of dollars, and there is also due us from the General Government about two hundred and fitty thousand dol lars, for unsettled accounts. The gen- Cial balance in the treasury during the past year, has been larger than would have been required in ordinary times, or for ordinary purposes, but in view of the existing state of things, with an armed force of Zn hundred thousand rebels hoveririg around our borders and at times penetrating even into our State, it was deemed advisable to re tain in the treasury an amount sufli : eient to provide for any contingency which might arise under the circum stances. Since that time the enemy have beep driven from the adjoining State of Maryland, but are yet in Vir ginia in very large force, and when we consider the energy and daring which has hitherto characterised their !nue ments, it is a matter of serious ques tion whether our State is yet free from the dangers of invasion and the perils of'war on our cl,yn A large porticm Of this balance in the treasury can be applied to the li quidation of the public debt, if in your judgment it will not be required for $6,763,353 35 BM $2,172,844 10 .~j $10,068,510 Os $40,448,213 82 281,000 $10,78r,000 HUNTINGDON . , PA.„ WEDNESDAY, JANUARY 21, 186 the defences of the State, or for other purposes connected with the present unholy war against the General Gov ernment. By the report of the Commissioners of the Sinking Fund, made to the Gov ernor on the first of September last, it will be seen that 5262,801 67 of the public debt was paid during the year ending at that time; and since that re port was made au additional amount of $158,510 26 has been liquidated; also, $lOO,OOO of temporary loan of April 12, 1861, making together 3521,- 311 93 paid since the 2d of September, 1861. Under the act of March 7, 1801, "to change the name of the Sunbury and Erie liailtoad Company, and to facili tate the completion of a railroad from Sunbury to Erie," ,4delivered on the warrants of the Governor to that com pany, on the 12th of February last, ono million of the bonds specified in that act, and on the 20th of November another million of said bonds, they having complied with all the provis ions of the act which entitled them to receive the same, and it is certainly a cause of congratulation to the State that the work on this most important public improvement is progressing so energetically that the present year will probably witness its entire completion, and we shall begin to realize the im portance of this work to our trade and commerce. There is,one subject to which I ask your immediate and earnest attention, viz : the payment of interest on the State's indebtedness due on the Ist proximo. By the act of June 12th, 1840, it is my duty as financial officer of the State to pay that interest in "coin or its equivalent;" and by the act of April 11, 1862, it is also my du ty to assess and collect the cost of this mode of payment pro rata from the banks of _the Commonwealth which may be in a state of suspension, and have availed themselves of the ben efit of the aforesaid act. When this last act was passed, the rate or difference between specie and the bank currency of our State was but about 2§ per cent; from that time to the present Ether° has been a gradual increase of this rate until now it is about 30 per cent. I cannot for a moment suppose that the Legisla ture, in imposing this penalty on the banks, ever anticipated the existing state of things in reference to the cur rency of our country, or they would not have imposed such an enormous and tuijust tax upon them—as it would, be to require them to pay this large difference on the payment of the State interest. When the last semi-annual interest j was paid in August, the rate for spe cie was about l 2 per cent., and when I called upon the banks to meet this large expense, in addition to what they paid in February (which togeth er was about $146,000) I could not but feel, as they did, that it was an oner ous and unjust tax in view of the al ready heavy taxes which they paid in to the treasury of the Commonwealth, and, as they have paid this tax into the treasury in addition to their previ ous heavy taxes, 1 fuel it to he my du ty to recommend to the Legislature a reduction on their taxes for the coin ing year to relieve them in part for the heavy expenses they thus incurred in sustaining the credit of the State by the payment of its interest in " coin or its equivalent." If the banks were in a state of suspension front bad man agement, or from any causes within their own control, I should not feel authorized to recommend them to be relieved front any just penalty for their suspension. But when it is caused by great national troubles beyond their control, and from which they are suf fering, in common with all other inte rests, I cannot but think it very un just to impose upon them alone a.tax to maintain the credit of the State, when every other business interest, as well as every citizen, is equally inter ested in maintaining the high credit of our Commonwealth. When I reflect upon the invaluable assistance which has been rendered to our State and the General Government by the banks of our Commonwealth, from the com mencement of our national troubles, I cannot but feel that they have a spe cial claim upon your most favorable consideration and action. I feel free to express the opinion that but for Elm assistance rendered to the States and General Government by the bank ing interests of our country, we should have been compelled to apply to for eign governments or foreign capital ists for means to sustain the Govern ment in its efforts to put down this unholy rebellion; and tq convince you that the banks of Pennsylvania have done their shave in this noble work of keeping us independent of foreign capitalists, I need but state the fact that they have taken of our State and Government securities over_forty-one millions of dqliqrs, Is it not manifest ly unjust, then, and not only unjust, but impolitic also, to single out this one interest of our State from all oth ers, and to impose upon it alone all 'the taxes necessary to sustain the credit of our Commonwealth in the payment of her interest? I cannot but think it is. Under the impression, then, that your honorable body will not, for a moment, hesitate to relieve the banks from the very heavy tax which the present high rate of specie .would impose them under the act of 1862, I would respectfully ask your immediate action on the subject, so that, I may he governed by Such action in the payment of the interest on the Ist. proximo. A very small portion of the interest ( about 533,000) was due on the Ist instant, iq the payment of which t have been governed by the act of Juno, 1840, by paying it in spe cie or its equivalent. The question I now arises for your consideration, as -PERSEVERE.- to the duty and policy of the State in the payment of her interest hereaf ter, whether it shall be paid in the pa per currency of the country or in spe cie. I will most respectfully submit my views on the subject, and then leave it for the action of your honora ble body, The question generally asked in dis cussing this subject, is : Can the State afford to pay this large differ ence between currency and specie in the payment of her interest ? Ought not the question rather to be can she all'ord not to do it? Will not the cred it of the State suffer materially if she refuses to do it? Is her credit of no value to her and her citizens ? Is the IState so strong and powerful, so above lany liability of future want, that she call exercise her power irrespective of' any effect lice action may have upon her credit? We must bear in mind that we have established the policy by the act of 1840, and have twice paid our interest in specie or its equiva lent; in February last when it was 2 per cent. premium, and in August when it was 12k. We did this besatuse we thought it was either just or polit. ie, or because we thought it both just and politic, and having thus declared to the , world our policy, and that we thought this was the right way for the State to act towards her creditors, and have been publicly and privately commended for it both at home and abroad, shall we not, if we now change that policy, admit one of two things Either, first, that the State is no lon ger willing to do that which she has declared, by her own voluntary action to be just and right, or, second, that she is no longer able to do it ? In ei ther case, will wo not weaken public confidence, both at home and abroad, in the good faith and character of our State in financial matters? On the other hand, it' we continue firm in our policy of meeting our interest in spe cie or its equivalent, can we not bring back the credit of our State to its original high standing, when it was equal, if' not superior, to any State in the Union ? Up to 1835, this was the noble position of Pennsylvania. In that yeah', Governor Wolf alluded to the flirt that the State had received, in cash . . . 8'23,776,656 68 For which she gave her obligations at the low rate 015 per cent. for 22.420,003 32 Gaining in cash by her credit alone . . . $1,350,1353'30 Does not this prove that the credit of a State is worth something to' her in dollars as well as in the moral posi tion it gives her before the world ? Since 1835, the credit of the State has fallen very much, I think, by its own action at different periods: Ist. In the repeal, by the Act of February, 1830, of the State Tax on real and personal property, and sub stitution of the bonds of the Bank of the United States as a source for the payment of interest. 2d. By the payment of her interest in '47 and '4B in relief notes. 3d. The failure of' the State in '42, (when the bank had failed) and for some time thereafter, to pay her inte rest otherwise than by the issue of new stock. 4th. 13y the impost or tax laid by the State on its own loans by the Act of April 16th, 1845. ,3th. In defaulting in the payment office/ley-two different loans at maturi ty, there being now that number of loans overdue, amounting to more than half her whole debt. In my opinion these causes have conspired to injure the credit of our noble Commonwealth, when we have I within us all the elements which should give us the highest credit of any State in the Union. Deeply nu pressed with the importance of bring ing back the credit of our State to the high and proud position it once held, I would respectfully suggest two modes of action by which it can be accomplished : Ist. By a continuance of the policy of paying our interest in specie, or its equivalent. 2d. By fun ding all the overdue loans, and issu ing new certificates for the same, pay able in twenty or thirty years, at five per cent., free of the tax as levied by the Act of April 16, 1815. It May be said that in the prozont condition of our country, it is no time for the State to consult its credit by any action which will add to our expense. I can not but think that this is just the pe riod for such action on the part of the Coin monwetlith, The treasury has riqt bpen in a better condition for ma ny yems, and the receipts of the last year prove the ability Of our citizens to meet any just and proper expenses necessary to iimintain the good faith and credit of the Commonwealth ; and I venture the'opinion that, if a census could be taken to-day of the wealth of Pennsylvania, it would be found that, notwithstanding the war of the last 20 .months, she has largely ailvanced in wealth and the development of her re sources, and if, (as it is to be hoped,) before the next semi-annual interest is duo, our army shall meet with those ' successes which we have a right to expect,'and which shall restore conft deuce and reassure the public mind in the success of our arms and the sup pression of this rebellion, and thus again equalize the value of specie and paper currency, what Pennsylvanian will not feel a just pride over the re flection that, amid all our trials and difficulties, our good old Common wealth stood firm and erect in its in tegrity and honor? What citizen will not cheerfully - pay his small share of the expense ne s pessary thus to main tain the good faith and credit of his St,ate? If, however, your liopprahle body shall decide against this policy, and determine to pay the interest in the pap& currency of the country, let me urge, with all earnestness, that the t. State will at least do that justice to her creditors which I cannot but feel has been too long delayed. I allude I to the repeal of the tax on her own loans, to which I adverted in my last , annual report. Certainly the State ' will not think of paying her creditors t the interest due them in a currency largely depreciated in value, and at the same time refuse to pay them in , full the small rate of interest Which I she agreed to pay them at the time she borrowed their money. If I did not feel that the State was doing herself, as well as her creditors, great injustice in this matter, I would not again al lude to the subject; but when I truly and sincerely believe that the State is injuring her fair reputation as well as her credit, by allowing this law to re- main on her statute books, in, its yes- , eat form, you must excuse me for again calling your attention to it. I know there are those who defend this law, on the ground of the right of taxation which belongs to the State, and I have ..bees asked "if I think the State has not the right to tax her own loans."— The State has an undoubted right to tax, the incomes of hdr citizens, but I ! certainly cannot think that she has I the right, even if she has the power, of, breaking her contracts, as I think she' has in this instance, and shield herself under the right of taxation. [tow doeg' the case stand ? The State advertises at various periods that she wishes to borrow money for a term of years, I and, as an inducement to capitalists, promises to pay them five per cent. in terest for the same, the principal to be returned at specified periods. The contract is n4,ade, and her obligations given, bearing upon their face these terms of the contract. For a period I of years she faithfully performs her contract so far as the interest is con cerned • but when the principal be comes due and reimbursable, she de faults in the payment, and her credi tors are obliged to hold her matured and unpaid obligations, they being powerless to enforce the same. In ad dition to this, under the power she' claims to have by virtue of her right of taxation, sho subsequently directs her Treasurer and financial agent to ' withhold from her creditors a portion even ' of the interest she had agreed and con tracted to pay them -when she took their , money; can it be said that this is right? Is it just? Would the same course of action be tolerated as be tween individuals ? Is it to be Wee dered at that the fair time and finan cial integrity of our State has of late , years depreciated and suffered from such a sours° of action ? And if she shall now pay the interest on the first ( proximo in this depreciated currency of our country, and at the seine time withhold this impost or fax on her in-; terest, her creditors will get but a tri-; fie over three per cent., instead of 5; and the injustice of this Will be more apparent when applied to a foreign , creditor• who will be obliged, from ne cessity, to convert, at this immense loss, the currency lie receives front a State which had pledged to hint her faith and obligated herself to pay him j five per cent. interest for the use of his' money. It cannot be that the State , of Pennsylvania will do this wrong.— Let us wipe from our statute books every act which shall bear the least , semblance of bad faith or injustice. on' the part of our State, and, my word for it, her credit will soon again be so firmly reestablished that she will be enabled always to borrow at five per conk. ' or less, to meet her loans as they may hereafter come due, and thus al ways be able to keep her good •faith with her creditors, and occupy that position before the world which will be a cause of just pride to every citi zen of the Commonwealth. In this connection, I would respectfully sug gest how, in my opinion, an additional income to the State may be scoured, to meet any expense which may thus be incurred in maintaining the credit of the State. In my last report, I re ferred to the necessity of a thorough alteration and revision of our revenue laws, and I beg leave to repeat a few words which I the» said on this sub ject. When the fact is stated that the val uation of property of all kinds in our State, including money at interest, tax on offices, &e„ is one-third less than that of Ohio, and two-thirdsless than New York, it must be evident to eve ry one that property in our State is either assessed at a mere fraction of its value, or else that a very large pro portion of property escapes taxation altogether. It has been the boast of Pennsylvanians for years, that our rich agricultural domain, and our im mense mineral wealth and resources, constitute n 9 Anp of the richest States iu tho Vnion; and yet, according to the valuation of our property for tax able purposes, we are comparatively one of the poorest. From facts which have come under my own observation, I am satisfied that a largo number of our wealthy citizens escape taxation almost entirely, by reason of having their wealth mainly, if not exclusively, in bonds and mortgages, ground rents, and other securities, which they fail to return for taxation, and which can not be discovered by our assessors, un der the present system, thus throwing sin unjust and unequal amount of tax ation upon real estate and other tan gible property, and upon those eitiOus who are faithful anti just in the re turns they make of their means and To show that I was not wrong in the opinion I expressed at that time, let me state one or two facts bearing upon the subject. The Board of Rev enue, Commissioners aro now receiv ing the triennial returns from the Com missioners of the State, of the yqitie of property of all kinds in their- various counties, and the assessments thereon. Iront this department the Commis- TERMS, $1,50 a year in advance. sioners wore furnished with a schedule under various heads, in which they were to make their returns to the Board, and in that schedule was the following: Value of all mortgages, money ow ing by solvent debtors, whether by promissory notes, penal or single bill, bond or judgment.; also of articles of agreements, and accounts bearing in terest, except notes and bills for work and labor done, and bank notes. The amount returned under this head by the commissioners of the city and county of Philadelphia, is $12,439,- 381 ! Will any one who knows any thing whatever of the wealth of the city of Philadelphia, suppose that there is only twelve millions.of dollars out at interest in the various forms specified above? I venture the assertion that the amount is nearer one hundred mil lions, if the truth could be ascertained. Another item which they were requir ed to return was the number of gold watches, and they return 2,9941 Tireaty-n inc hundred and ninety--four watches returned for the city of Phila delphia, with a population of over six hundred thousand ! Would it not be a safe calculation to say there are at least twenty-nine thousand watches in Philadelphia, which should be taxed. instead of that many hundred? And the Commissioners of Lehigh county return eleven watches for their bounty; and thus I could cite numberless cases all over the State, where amounts of money at interest, and other property returned for taxation, are hut a mere fraction of their true value. Is not this wrong ? Why should one citizen pay the honest and just tax on his money at interest and other property for the support of the Commonwealth, and his neighbors all around him es cape by either making false returns or no returns at all ? This state of things should Rot exist. Every citizen of our Commonwealth is protected alike in his person and his property by our Government and its laws, and should pay a firir proportionate share of the expenses of the Government from which he receives such protection. The question arises, how can this difficulty be avoided? I would sug gest two methods by which it can be accomplished to a great extent: I would make it obligatory on every citizen to make his returns to the as sessors of his money at interest and taxable securities, under oath or affir mation. No citizen who now makes an honest and just return of his means and wealth could or would object to this, as it would divide the burden of sustaining our Government between him and those who now escape it in part or altogether. Again, I would have the i;ecords of every county ex amined yearly by the assessor, as those records will giVe a true and fhithful !account of all money at interest on bond and mortgage in each county.— Let this be done faithfully, and I veil tare to say it will increase the reve nue of the Commonwealth over a million of dollars annually from per ! sons or property now escaping taxa tion altogether. I am happy to know that this sub ject of the revision of our revenue laws will be brought beforeyou through a report from the Board of Commis sioners appointed by the Governor under authority from the last Legis lature. As the act of 1832, which calls for an annual report on the subject of finance from this Department, also re quires that report to contain "plans for the .support of public credit and for improving or increasing the revenues from time to time, for the purpose of giv ing information to the General Assembly in adopting modes of raising money requi site to meet the public expenditures," I wduld respectfully offer one or two suggestions for your consideration when the subject shall come before you for your action. I cannot but think that in all laws for the assess ment of taxes on any community, a due regard should be had to justice and equality in reference to the interest or property to be taxed; or in other words, that no one kind of business, interest, or property should be taxed in undue proportion to any other. I fear this principle has not been carried out in all our revenue laws heretofore enac ted as applied to companies, or corpo rations- of our State, such as mining and railroad companies, banking asso ciations, and other corporations which are vitally and essentially necessary to the commercial prosperity and growth of our State, and the develop ment of its great mineral wealth and resources. For example, there are, to my knowledge, mining companies in our State which pay very heavy State and county taxes upon the land which is the basis of their stock and corporation, and also a State-tax upon their stock, according to its assessed value, and the stockholders have never received a dollar of dividends ,or reoemfe from their shares. This would seem to be and is a double tax on the same property. First, the land is taxed to its full value, and then the stock which represents the land is also taxed its assessed value when it does not produce the least revenue to its owners. This is certainly an unequal and, therefore, unjust tax. The same may be said of many railroad companies of our State. There is probably more unproductive capital invested in the railroad and min , ingoompaniesofour State than in any or all 'other business interests; and when we take into consideration the fact that those two interests have done and are doing more to advance the wealth and develop the resources of our State than all others, is it not anjust,and impolite also, (the interests of the State considered,) to harden and cripple these interests with an undue ILO un equal proportion of taxes? I am aware there is a prevalent disposition in the public mind against associated eapital corporations generally, and THE 0 :3-1..,033M SOB PRINTING OFFICE, GLOB 3013 OFFICE' is the moot cimpleit) of ally 111 the Wintry, and pee =it Tpple'rectlftiee tht prpfutli ..T.9p,l!Q stio beg stylpt °Tory puiv!y of 49 prfpfk,lll4 4 RAND MfiLS, PROGRAMMES, BLANKS, CARDS, CIRCULARS, BALL TICKETS, BILL BEADS, LABELS, &C., &C., g, NO. 32. CALL AND I.VASSLVZ alBeillE.V9 OP Wan; AT LEWIS' BOOK, STATIONERY & MUSIC STORE, this feeling is apt to manifest itself in the form I have alluded to. I would, therefore, respectfully sug gest whether, in your consideration of the subject, the interests of the State will not be advanced and her revenue increased by such action as shall foster and encourage, rather than discourage, those associations of capital and corpo rations which aro essentially necessa ry to the commercial advancement of our State, and the development of our great resources. I would, not.wish it to be understood that I advocate the policy of relieving corporations from any just and proper taxation ' .but only from unequal and unfair taxation ; and at this time especially do I think this principle of action would be both just and politic on the part of the State, when we consider the fact that the General Government, by its internal revenue act, bears so heavily on suet* corporations, to the exclusion almost entirely of real estate. There are some corporations in our State which are prosperous and proddetive in their operations, and from which the share holders receive fair, and in some cases large dividends.' On such companies I would lay a fair and full tax, to cor respond with their income or profits. In very many other cases there are companies or corporations whose ope rations assist very materially in do veloping the wealth and resources of the State, and yet produce little or no income whatever to the shareholders. The good sense and judgment of your honorable body will at once perceive the discrimination which should be made in reference to these two classes of corporations, when you shall come to•act upon the revision of our revenue laws. There is probably no subject that will be presented for the conside ration and action of your honorable body of more importance, and with which the interests of our citizens, as well us the general interests of the State, are so intimately connected, as the subject of the revision and altera tion of the revenue laws, and as I pre sume it will bo fairly and fully elabo rated in the Report of the Board of Commissioners, to which I have allu ded, I will forbear any further sugges tions on the subject, except to again express the hope, that in whatever ac tion you may take, you will endeavor to bring within the operations of the law those citizens and their immense property and wealth, who have hither to escaped taxation by failing to make a true and just return to the officers of the State. By doing this you will, in my opinion, nearly double the income or revenue of the State without the least increase of the present rate of taxation. I herewith submit tables giving, in detail, the operations of this depart ment for the last.fiseal year, together with estimates of the receipts and ex penditures for the present year. AR of which are respectfully submitted. HENRY D. MOORE, Jan. 7, 180. State Treasurer. Choice of Animals for Fattening. Mr. Medley contributes the follow ing valuable hints on fattening cattle, to the Newcastle Club, and which we find published in the Agricultural Ga zette, England.. He says : "In my close identification. with fat cattle for several yearS, I have al ways found that the best animals have the most massive heads, most capac ious chests, and the strongest spines. I have, therefore, evolved a few rules to go by in the purchase of lean ones, and scarcely with one exception I have found them to be applicable.— The head of any of our bovine races ought to have the first consideration; this is the true index to the vital acu men, and oven bodily construction, and will be found to foreshadow all good or bad that may' bo accomplish ed. Thus, - an animal possesied of a broad, full, spacious skull, with strong, evenly-bent, deflective horns, will be found to have a thick neck at the base, wide thorax, and strong, nervous aye tom; while ono with long, narrow, contracted skull, and puny, abruptly. bent horns, will be characterized by weakness, wildness, and slowness to fatten. A small, dull, sunken eye betokens great hardness of t6tuil4 and an inaptitude to fatten; and a bright, largo, open eye vice versa. A starting, dark, fiery eye often accom panies a small forehead and hereditary wildness, and when combined with small, drooping hems, and a chin with no loose skin hanging from it, is a ve ry despicable animal indeed, Weak in constitution, predisposed to lung dis ease, and sterile in fattening propensi. ties. Animals with weakly formed heads, have always small loins, and the width of these parts will always be found in an exact ratio with the strength of the head. The nose, in stead of being long and fine, as Virgil, Aristßit'l'mrid several other naturalists recommend it, ought, in my opinion, to be thick, strong, and near the ear as possible, if only in proportion to the size of the frame. Thickness of nose and thickness of chest are often twins, and so aro thin, meagre, irregit lay noses and consumption. Small, snipy noses oft sniff the air into frames of small capacities, and are joined to mouths that can crop but very small morsels at a time. The ovil that men do, lives -after when, the good is oft interred "%WI their bones. Some that smile have ill their hearts millions of, misehief, One touch of nature makes the whole world kin. The amity that wisdom knots, folly may easily untie. ! T Perseverance keeps hope; bright MST;pt