The New York Herald Newspaper, January 9, 1851, Page 3

1888. 1854, 1856 30 is? AeA 1858 $3088 Bo 1869 47,028 30 1860. 45,523 30 1861 43,773 30 1962 43,273 30 1863, 36,500 00 1864.. 26,750 00 1865 20,750 00 1866. . 19,759 00 A te contributions, ....... $94,225 60 following is a statement of the amount that has been ch upon the Baak Fund for the re- demption of bills tad payment of debts of the ‘several insolvent Safety fund banks:~~ 4 6. Redemptions Debts. Total, “Bank of Buffalo, .$436,540 00 $149,241 22 $684,781 22 “City Bank of But. a falo.... +» 917,111 48 _ 217,111 48 lommeroial Bank of Buffale ..,.. 186.861 00 427,514 88 611,375 87 Commercial Bank of New York... 169.837 19 146,129 23 285,966 23 ‘Wayne Co. Bank. 183,185 00 = 18,077 70 129,208 70 Commercial of Oswego . 163,162 00 = 78.851 68 §=-241.513 63 Bank of Lyons. 52.898 00 40.053 08 »=—- 92.951 08 Watervliet Bank. 128246 16 ©=—72059 81 = -195,825 47 ‘Clinten Co. Bank. 71,893 (0 156,257 39 228,153 39 La Fayette Bank New York..... 38 00 88 00 $1,503,740 64 1 081,634 48 2,686,425 07 MARINEK'S FUND This fund consists of ‘he following items, viz :— Mortgage of the American Seaman’s Friend Society, (without interest,).. $10,000 00 * Money in the treasury. ee 164 81 Money im the treasury » test... . $154,223 79 ‘The Comptroller would a-k the attention of the Legislature to the su; 3 contained in his last annual report, in relationto the moneys paid into the treasury, uader protes: for the nor pag tax. The amount thus received and now | tre is $144,058 98. Several of the made the payments have called on the Comptroller to refund ike ansount, onthe ground that the tax was adjudged to be unconstitutional by the Su- preme Court of the United States. But serious doubts are entertained #s to the liability of the State to restore the money, and if liable, another ques tion arises, whether it should be paid to the ship e@wners or to the passengers from whom it was de- rived. It would seeg proper that authority shoukd be conferred on the astoruey Genera ar join amicable eedings for preseating the legal quesa- tion to ths Supreme Court Ifit shall be decided that the amount in the treasury belongs to the State, its application will hecome & proper subject for the discretion of the Legislature. ‘ Auburn ochester Ruilroad Company Sink- ing Fund m2 : This fund consists of the following items, vizi— State stock :— 5 percent, redeemable in 1855, $13,847 00 6 do. do. 1860, 4,000 00 $17,317 00 Sameealer's \igee a ane on T ct., payable on deman: Of 6°40’ Ge, do” Forse 69 ——— 19,999 69 Bank Fund stock :— 6 per cent, redeemable in 1859... « 13,000 00 Money in the treasury 1,145 78 $51,952 47 Tonawanda Rauroad Company Sinking Fund. This fund consists of the following items, viz :— State Stoc! 5 per cent redeemable in 1855.$3,500 00 5 do. do. Iso 1. 800 00 5 do. do. 1860. 1,500 00 —— $5,909 00 Bonds and mortgages... 5,809 00 Money in the treasury... 6,703 86 $18,908 25 Hudson and Berkshire emeet Company Sinking ‘wnd. This fund consists of the following items, viz :— State Stock :— 5 per cent redeemable in 1855. $3,260 00 6 do. do 1860. 3,000 00 Less, balance due the treasury 012 77 The interest on the State stock loaned to the Hudson and Berkshire Railroad Company, due on the first days of January and Jaly last, bei $8,250, was paid from the treesury. To refun this edvance and provide for the ‘interest falling due Ist Januery next, the Comptroller (since the of the fiecal year) tas disposed of all the se- curities held in trust for tlie Hudson and Berkshire Railroad Siaking Fund, in pursuance of chapter 237, lawe of 1850. Afier reimbursing the trea- sury there remains a balance of $5,: 52, which is sufficient to meet the January payment, and leave $1,173 52, apres to the interest falling due on the lot of July, 1851. It is hoped, that afterthe sinking fund shall have been exhausted, the eg will be able to meet the future pay- ments of interest from its own resources. Tioga Coal, Irom Mining and Manufacturing,Com- pany Sinking Fund. This fund consists of the following items, viz :— State stock, 5 per cent, redeemable in S61 .. $700 00 Money in the treasury .. 211 lo $1,198 92 Long Island Railroad Company Sinking Fwnd. This fund consists of the following items, viz:— Boa oreo bonds P per cent, payable on de- mand.. $3,000 00 7 per cent, do. . 2,331 25 —— 5,381 Money in the treagury..........cess0. 4,159 48 $9,490 73 School and Gospel Fund of the Stockbridge Indians. ‘The amount of this fund is invested in a bond issued by the Compzroller, pay- able at pleasure, 6 per cent 36,000 00 Fund for the payment of the interest on the Bonds waued by the New York and Erie Rauroad Com- | y. The balance in the hands of the Compirolier on the Ist of December, 15%), in trast for the paymeat of the interest on the bonds issued by the New York and Erie Railroad Company, in pursuance of chap. 325, lnwa of 1845, is as follows :— Amount invested, viz . 198 reent State stock, 1864. haat eno te 5 6 ob $117,020 65 Amount deposited in the Merchants’ Bank, New York, for payment of the interest due Ist May and Ist Nov., 1860, on the je issued by the com- pany od $227,314 24 Less amount of interest due lst May and let Novem’r, 1860, payable from the above, for which the cou- pores have not yet been received by the Comptrol- 17,214 24 Amount of the fand......66 cscs cece ee 194,334 BO ‘The amount of the accruing interest on the bonds, from the Ist Nov. 1850, to the Lith May, 1851, being the ex- iration of the time for which this fund is intended to ceeure the pay- ment of said interest, is 113,054 79 Showing an excess in the hands of the Comptroller, over the weeruin est to the Mth of May, 1551, o' $21,280 lo INDIAN ANNUITIRG By the several treaties with the following Indian ribes, annuities are annually payable to them, viz The Gayogas teens The Onondagas. . ‘The Senecas.... ‘The St. Regia.......- « 2,131 69 $7,351 69 THE RANKING SYSTEM. The currency of the State is in a sound and oeperous condition. Not a single bank failure 8 occurred during the past year. The business of banking, under the generat banking law, is apidly increasing, by the creation of new banks, and the deposit of additional securities, ag a basis tor circulation, by existing institutions The prin- ciples embodied in the general banking law, as Modified by subsequent legislation, have received the sanct on of public approval, and may now be regarded as the basis upon which our banking system ie permanently established. The charters of the safeiy fond banks are dually expr’ that, a their preeent privileges terminate, the most of them will re-organize, and conti their ope- rations under the general banki em, im the manner authorized by the act of In making this transition from the old te the new system, will be required to deposit specific securities with the Comptroller for the entire amount of their eiceulation rae 0 | phed i, and there is reason to conclude | | hed veeations is ev | prominent and distinct branch of the public ad- The permanent investment of so large a por 100 of their capital will necessacily dimmish the’! frginbie means for the accommodation of the business a, 10 & Considerable extent, aad some embarrasement must expected to reeult from so important u change. But it is hoped that the temporary incoavenience thus produced will be compensated by the advantages attendant upon syetem which imparts to the ghoslating medium the essential qualities of unifordlity and security. In the last annuxl report from this office, the attention of the Legislature was called to the ap- proaching necessity of providing a more extended ba for the security of circulating notes to be issued under the general banking law. It ia be- lieved that this necessity has been reached. The formation of new banks, and the re-organization of expiring institutions, create a large and con- stantly increasing demand for the securities which the law authorizes the Comptroller to receive ia pledge for registered notes. While the demand for these securities 13 thus increasing, the supply is steadily diminishing by the reduction of the State debt. . The present Jaw requires that the whole amount of bills issued from the Bank Department shall be secured by the hypothecation of an equal amount, which may consist of New York stocks exclusive- ly, or New York stocks and bonds and mortgages in equal proportions; or the stock security may coneiat in equal proportions of New York aud Uni- ted States stocks. During the last year the Com- missionera of the Canal Fund redeemed $436,000 of the State debt, and the further sum of $870,000 be- comes Peaerwe in January aad April next. Of the pee thus paid and to be paid, nearly one half ad been a by the banks as a security for circulation. The same process of reduction must be continued from year to year, by the application of the revenues of the Sinking Fund. The effect of thie reduction, in connectioa with the growing demand for New York stocks for banking purposes and for foreign investment, has been to enhance the premium to high rates, which cannot be afford- ed by the legitimate profits of banking business. [t is apparent then that some new species of securities must be admitted in place of our own stocks, alrea- dy so difficult to procure, and which will continue to disappear from the market until the debt shall have been extinguished in 1868 The question arises, what form of security shall be stituted; what kind ef public stock, safe and convertible in all emergencies, is within our reach and obtainable by ers, without paying ex- travagant premi All will admit that no received as fy class of obligations should ~ be a foundation fer currency, which will not afford perfect protection to the bill holder under the Most favorable circumstances. After much reflection, the Comptroller is of opinion that the stocks heretofore issued by the cities of this State may safely be admitted on the same footing with New York and United States stocks. The princi- jount of city debt now existing in thia State, of the stock created by the city of New York for the construction ef the Croton Aqueduct. Tre secuaity and at jity of this stock ig unquestion- able. The smaller amounts issued by Albany, Troy, and Buffalo,are considered equally valuable and su stential. No objection is peices to the admis- tion of stocks which may be issued hereafter by cities, provided the Legislature will tirst pass a law, (as required not only py public considerations of policy, but by the express injunction of the consti- tution,) restricting their power of borrowing moeey The debt to be created by city corporations should be limited to a certain per centage on the assessed valuation of taxable property, and it should be made the duty of the authorities to levy an angual tax for the payment of interest. Under such restraints, tee bonds cannot fail to be be sound and converti- le The Comptroller would also recommend that the benks be permitted to deposit United States stock exclusively, instead of requiring an equal share to be in stocks of this State. The high premiums borne by State and govern- ment stocks, and the difficulty experienced in ob- taining them, has turned the attention of bankers to bonds and mony es as a basis for circulation, and the amount of these securities offered at the bank department is rapidly insteasing. Bondsand mortgages on improved and productive real estate, possessing an intrinsic value, are considered a safe security for bill holders, and many considerations may be urged in favor of a system which gives to landed property some of the facilities inciden! to other forme of capital, by making it an element of security in the creation and regulation of a paper correney. But in receiving moi 8, a rigid scrutiny is requisite to ascertain the title is clear end the value unquestionable. ‘he Comp- troller hae aimed to exercise the utmost vigilance in this respect, and to exclude all securities which were not deemed amply sufficient. A careful in- vestigation of the nature and value of the mortgaged property, is made peculiarly necessary incon: tion of the fect that some of t banks of circulation, carried on in the names of distant and irresponsible parties, while the real owner, scting under powers of attorney, avoids personal liability, and no capital 18 employed or in- vested for the public security, beyond the stocks and mortgages deposited in the bauk department, which in many cases are purchased exclusive) trom the proceeds of the bills obtained thereon. is undoubtedly proper and expedient that m¢ should continue to be re: d to the extent now allowed, and under the restrictions now in force but the Comptroller is of opinion that any change in creasing the proportion of securities of this descrip tion would be prejudicial te the system, and impei the public confidence in the stability of the cur- rency. ‘The Comptroller deems it his duty to call the attention of the Legislature to the growing impor- tance of the bank department, the extent of its re- spaeinnaes, ind the magnitude ot its labors. Vhen viewed imal its aspects, it may be regarded as one of the most responsible branches of the State administration. The duties devolved upon itare ardous and delicate, requiring business ca- pacity of a high order, firmness and integrity supe- rior to all temptation. ‘The people must rely upon the intelligent and correct ¢ischarge of those duties, as their only security for the protection and integrity of their circulating medium. To all who are familiar with the extent and the complicated functions of the Comptroller's office, it must be evident that it it is physically impossible for that officer to give to the bank ddpartment the personal care and supervision which should be exercised in the du charge of so responsible a trust. The present incumbent deems it due to his successor and to the | public, to ask the jappelaunre to relieve the Comp- troller from this portion of his official labors. This should be done by organizing the bank department into « separate and independent office, to be placed under the charge of a commissioner clothed with all the powers and responsibilities in respect to the banks and the currency, which are now vested in the Comptroller. Many considerations _— be urged to sustain the expediency of such a change. Jriginally, and-tor meny years, the duties of U Ceomptroiler’s office were within a narrow range, and almost exclusively fiscal im their character. ile was the auditing and accounting office, of th State, having a general charge of its finances, i cloding fonds and debts, receipts and expencivure: With the progress of the State m wealth and po; lation, these duties have been enlarged and mul New powers have been conferred from | time to time, until the incidents have outgrown | the original office | Asa member of the Canal Board, the Comptrol- | ler is required to devote nearly one-half of the ye to thet important braneh of the public service # commissioner of the Canal Fund and of the L: Office, he is charged with important and laborious | reep iities. Add to these the supervision of | several millions of investments held for the School, | Literature, and ae Funds, the accounts and | correspondence with county treasurer, loa com- | rmssioners, auctioneers, [odian agents, State prison ayents, and other officers, instructions to assessors, the auditing of claims against the State, the return of non-resident lands and the collection of taxes, | the distribution of public moneys, the management of the State debt, the decision of questions arising from there complicated affairs, examinations touching the sufficiency of foreign and domestic insurance companies, and incicental duties too va- rious to enumerate, including the purchase of fuel and stationery for the Legisieture; and all must perceive that the proper discharge ef these diversi- cient to engrose the time and attention ef the Comptroller, without imposing upen him the further responsibility attendant upon the issue and re issue of forty millions of currency to several hundred banks rs. All experience proves that the public interests are liable to sufter from an excessive accumulation of powers in the hands of a single officer. Each ministration should constitate an independent office, especially, where the details are so complicate: and multifarious as to require constant supervision. The Bank Department, in addition to other grave responsibilities, includes the eustody*and safe keepin t only of many millions of securities, but of lerge sume of money, for which the head of the office is liable. The officer charged with a trust of thie ma, de should be enabled to devote his whole atte s3 and quali- fications for the peculiar duties imposed upon him; no conflicting obligations should be permitted to withdraw his services; and being thus mvested with full control over the daily operations of the office, his reepensibility to the public will be direct apd personal, In view of all thece considerations, and others which might be more fully presented, the Comp- | troller would respectfully recommend that a new officer be authorized to administer the affairs of the bank department, and tha Comptroiler be relieved from all the responsibil devolved upon him by the general banking law. The officer thue crea ed should have exclusive superintendence of the general and incorporated bank depart- mente: the quarterly returns should: be je to P Li d publiah him, and it would be judicious to, | teeneier to him also the power of the Comptroller in III OEE nies, on ions for certificates of autho! &c., under the act of 1849. INCORPORATED BANK DEPARTMENT. The annexed statement (marked K. 1) exhibits th.* names of the incorporated banke, the capital and ¢irculatien of each, the dates at which their respes’tive c! rs will expire, and the names and resideny€8 of their redeeming agents. It will be seen tha’ present number of chartered banks is seventy-three and one branch; the aggregate emount of their nnn 18 $27,664,360: the amount ot circulation 10 which they are eatided by law is rity, it $22,161,370, of which they have in actual circula- ton and on hand, $20,669, 17850. Two banks are un cluded in this statement whoae chartere will expire January 1, 1851 New York State Banis, capital $369 600 Bank of Newburgh, _ 140,000 These banks are m admirable condition, aud have indicated an intentiou of continuing business under the general banking law. The stockholders, or a majority ef them, in three of the banks whose charters expired January 1, 1850, viz:—The Bank of Uuca, the Bank of Au- burn, and the Bank of Ithaca, have re-organized by forming new associations under the general banking law, in pursuance of chapter 313, laws ot 149. These banks are gradually returning their old circulation ana receiving new notes secured by a pledge of public stocks deposited in the free banking department. _ There have been received, counted and burned at the incorporated bank department, during the ear ending December 1, 1850,501,461 mutilated ank notes, amounting-to $3,494,612, and durin the same period there have been couatersigoed, numbered and rapeare’ 569,780 new notes, amounting to $3,460,387, which were delivered to the banks entitled to the same. FREE BaNK DEPARTMENT. The whole number of banking associations and individual bankers organized and doing business under the “ Gene: janking law,” 13 136, viz:— Banking associ: 7 Individual bankers. 65 TOMAL,.. teansn sesh csee cere esac cose pase, TO ‘The whole amount of circulating notes issued to seid associatious and individual bankers outstand- ipg on the Ist day of December, 1850, was $14,203,115; for the redemption of which, secu- nities are deposited and held in trust by the Comp- troller, amounting in the aggregate to the sum of $14,823,087 46, Bonds and mortgages. zt seseceeecees $2,320,914 71 New York State stock, 45 per cent. 225,450 00 Ld &). 9% 4,245,680 92 bl fs) nas 1,071,400 00 “ 6 ¢ 2,565,679 26 United States stock, 5 1,266,262 34 - a 1,628,218 85 Illinois State stock, 6 651,696 60 Michigan State stock, 6 220,000 00 Arkanses ¥ - 2 375,000 00 Indiana “Bes « 6,650 00 Alabama bed 5 s 34,000 00 Cash in deposit for stocks matured and bonds and mortgages paid.... 212,106 83 $14,823,087 56 Total amount of securities held De- cember 1, 1849... 0... esse eee + $11,916,806 39 Increase of securities from Dec. 1 1849, to Dec. 1, 1850 14,208,115 00 11,180,675 00 Total increase of circulation from Dec. 1, 1849, to Dee 1, 1850. + «$3,022,440 00 The following new securities were deposited during the year ending Dee. 1, 1850, viz. Bonds and mortgeges.. $821,341 11 New York State Stocks 1,188,009 47 United States...... 1}835,975 34 Ilinois States siock, interest bonds on stocks heretofore deposited. . ... 3,021 16 Cash in deposite for 6 matured, bonds and mortgages paid and for banks closing their business....... 62,773 55 $3,911,120 63 The following securities were withdrawn during the year ending Dec. 1, 1850, viz. Bonds and mortgages. $153,470 88 New York Siate stock: 618,986 58 United States stock: 174,100 00 Arkansas State stock 49,000 00 Michigan State stock 9,282 00 ? $1,004,839 46 The entire number of notes numbered, counter- signed and issued (including «exchanges fo~ muti- lated is) by the free —— department during the year ending December 1, 1850, was 1,754,812, amounting to the sum of $5,504,254. Twenty-three banking associations and indivi- dual bankers have commenced business under the General Banking law during the year, viz:— Banking Associations. Bank of Auburn. City Bank, Oswego. City Bank of Brooklyn. . Bank of Fishkill. Hollister Bank of Buffalo. Marine Bank of Buflalo. Mercantile Bank, New York. Ocean Bank, New York. Pacific Bank, New York. Syracuse City Bank. \k of Utica. Indi Banks. Adams’ Bank, Adams. Citizens’ Bank, Watertown. Engle Bank, Brighton. Farmers’ Bank, Hamilton county. Frontier Bank, Watertown. Freemens’ Bank, Washington county. Hemilton ror me 3 Bank, Hamilton H. T. Miner’s Bank, of Uuca. Phenix Bank, Bainbridge. Sullivan County Bank, Mon icello. Weetern Bank, Washingtoa county. Western Bank of Lockport. “ The associations have deposited the following securities, viz :— Ronds and mortgages. $148,120 00 New York State steck, 173,796 00 bi * = %* 64,000 60 bed * 6 317,716 00 United States stock, 5 « 117,500 00 — a .'* 817,576 30 F $1,134,008 30 Cixculation issued on the above..... $966,468 00 The individual bankers have deposited: Bonds and mortgages... 631 00 New York State stock, 159,799 50 o « 69/000 00 * “ 141,645 15 United States stock, 76.055 19 7 = 188,592 55. Circulation iseued on the abo Four individvel bankers bi their intention to close their b turned @ portion of their cire’ entry Keep’s Bank, Watertown. Mew = Bank, Randolph. Cortlend County Bank Commercial Bank, Lockpor' For @ particular statement of the recurities held by each bank, referener may be had \o the annexed statement, (merked K. 2) The Farmers’ and Mechanics’ Bank, ( ae burgh, having complied with the Sth and 9h sec- tions cf the act passed May 26, isi}, and the two years publication having expired, the funds held by the Comptrolier in trust for the redemption of the circulating notes of said bank, have been given up This act should be so amended as to require & satis- factory bond for the payment of any noves that may be presented after the expiration of the two years publication required by law. Unless some such security is required, 1 is apprehended that cases may arise exporing bill holders to injustice In pursuance of chapter 331, laws of 1850, pro- per steps have been taken towards making a fina! distribution of ihe funds held by the Comptroller, for the creditors of certain issolvent banks and bankers. On the let of Mey lest, @ notice was given (of which a copy is annexe narked L) to the holders of the circulating notes of 26 insolvent banks te present the same tor redemption, within six monthe, as provided by law. The nme allow: ed for this purpose having expired. the Comptrolier will proceed, without delay, to distribute the resi- due of these funds amongat the holders of certiti- cates given for balances due ca the aotes returned to this «fice. INSURANCE COMPANIES It will be seen from the annexed statement, (marked M,) 77 certificates #f authority have heen issued ry 1, 1850, by the Comp- troller, to the sgents hirty-nine insurance com- 8 of other States, doing businees with this under chapter 308, Inwes of It During the same period, 26 rance companies, (eleven stock companies and fifteen mutual com- have been organized wader said act within end have farnished the Comptrolier ite evidence of the compliance with the requ the law. The Comptrolier ia of opinion that the law per- mitung foreign com » insure lives in this State, should be so cha: as to require ali com- panies out ef the State, doing business here by agente, to invest ell pe premiums re- ceived within the Stat ting are ble and fixed allowance for profite and expenses,) ia the hands of trustees resident in this State, and to be approved by the Comptroller, to ferm a trost fund Tor the payment of the losses which may ae- erne on policies ieened by such companies to our citizens. A system which encourages men to vide for the future support and comfort of their femilies, by an annual deposit frem current ia- come, in the form of premium on life insurance, | year, was $24,723 01. The or the year | Were $12,C01 85; the expe 345. It is Catimated that ea epprooration ot 100 will be required for the current yeer. The ageot has on } hand en cecumulation of iron ore te 1,600 deserves the fostering care and attention’ of the uch guarantees should be exacted as will ef- fectually protect the rights and fulfil the intentions of the ividual who devotesa portion of his earnings to purchase a pecuniary competency for his children after his death. The moueys collected for premiums ought to be held as a trust fund, ac- evmulating from year to year, and to be kept sa- ered for the ultimate performance of the obligation which must sooner or later arise on every con- tract of life insurance An intelligent citzeo, who has given much at- tention to the subject, estimates that the amount paid by the people of this State to foreign corpora- tions, in premiums for imsurance on lives, within the preeent year, will exceed $500,000. ‘When It is considered that the policies are a eontinning contract, on which further bee aes are to be made omen rene duriog the life ot the party 1n- sured, at the same time estimating the rapid in- crease in this branch of insurance, the Legislature can hardly fail to perceive the importance of adopting such safeguards as will atlord to our citizens the security they seek, and for which they pay such ample equivaleats. Ia making these sug- gestions, the Comptroller would not be understood 43 questioning the integrity of the corporations in other States which have eetablished agencies here. That many of them are in the hands of honest and responsible managers, and are administered with the most upright intentions, he is well assured. But to aseume that no exceptions will occur, would be to disregard all it experience. la some of the States charter: ve been granted with great facility ; the nature of the capital and investments are fat below?the standard required from’ similar corporations im our own State ; and wemyst not forget that, with the best intentions, there is a strong temptation tu divide, or sppropriate, pre- miums received on setieniteg polciee, as profits actually earned. In case of default, or contro- versy, Whether arising from an improper diversion of the funds, or from unavoidabie misfortunes, our own laws are inoperative, and it is not difficult to foresee cases in which the remedy of widows and orphans againet a remote corporation, beyond our jurisdiction, would be difficult and expensive, if not wholly unavailing. It seems just and politie, therefore, that compani: broad, desiring to ex- ercise the privilege of life insurance in this State, should be required to furnieh such pledges, and comply with such regulations, as will ensure the prompt performance of the obligations they may assume. By the Revised Statutes, (part 1, title 21,) as amended by an act of 1847, the agents of all fire aad marine insurance companies in other States, doing business in this State, were required to pay into the State treasury a tax of two per cent upon the amount of premiums received. The law re- quired every such agent to execute a bond to the State, conditioned that he should render an an- nual account of premiums to the Comptroller, and pay the tax thereon. The act of 1849, (chapter 178,) relinquishes the nent of the State treasury to the tax on premiums for the fire insurance, and re- quires that the same be paid to the fire department of the city or village where the agent resides; leaving the former law unchanged, so far as it re- lates to the tax on marine msurance. A circular was issved to the several agents of foreign com- psnies in February last, requiring the payment of this tax. This call was promptly responded to by meny of the agi in the interior of the State, but mestot the larger agencies in the city of New York refused to pay the tax,on the ground that the Jaw imposing it 18 unconstitutional. {t appears that the payments have been withheld for years by some of the principal agents, and the treasury has been deprived cf from $10,000 to $15,000 per annum, in consequence of this refusal. The opin- ions of eminent legal counsel have been presented to the Comptroller, denying the power of the State to impose a tax on the agents of insurance com- panies created by other States. The Comptroller ot concur in this view of the subject; and he has deemed it his duty to place one of the largest claims in the hands of the Attorney General. The question involved will soon be decided by the courts. It ie respectiully Seagented that the act be go amended as to withhold certificates of authority from the agents of foreign insurance companies, unlees proof sha!l be furnished that the agents of the company applying have paid the tax as required by law. AUCTION DUTIES. The annexed statement (marked N) presents an account in detail of the sums received for auction duties during the year. The grossamount received was $84,909 69, showing a diminution, as compared with the preceding year, of $7,115 77. Vigilant eflorts have been made to prevent frauds upon this branch of the revenue. Competent agents have been employed under the act of 1549, to in- vestigate the accounts and proceedings of the auc- ticneera, end the results have been usefal. Several suctioncers in the city of New York have taken the ground that State laws, imposing auction duties, ore waconstitutional. Opinions have been obtained from several distinguished lawyers to that effect. For the last two years, a number of auctioneers have paid the duties under protest, or with formal notices to the Comptroller aad Treasurer, that they will be held personally liable to refund the money, if they place it in the Treas- ury, or allow it to be used by the State. Notwish- amount due surer to the r, and the ther i et &c., are found to Comptrollei eon (so far as the returns, be ) is advanced to the counties State Treasury, as heretofore. After making the necessary examination of the returns, lista of the lots admitted by the Comptroller, showing the amount of tax on each, are prepared at this office, and forwarded to the respective County Treasu- reis. Owners are permitted to pay the tax at th County or State Treasury, at their own opti: The sums reecived aoe Ceunty Treasurers remitted to the State Treasury quarterly. All sales of lands for taxes retu after the ofthe act are to be made by the Coun ty in the county where the land is situated. The taxes of 1849 come under the operation of this law. ‘The first sale will be made in the counties on the first Tuesduy of December, 1852, and a@ similar sale is tobe held on the same day in each year thereafter. The Comptroller has prepared and furnished the County Treasurers full and ela- borate instructions, forms, &¢, calculated, as he believes, to ensure accuracy und uniformity io the execution of the law. He is also of the opinioa that the new system will prove conducive to the public convenience and advantageous to the iater- ests of the treasury, without produciag the irregu- Jarities or any of the evila which were apprehended by many, as the result of a departure from the for- mer plan. Under the old system, it was found im- practicable to prepare for and hold the sales for taxes, more frequently than once in four or five rears: The apna sabea pritriged for by the new w willsecure earlier and more regu returns of the advances made from the State re from the | city charter. relation to foreiga and domestic insurance compa” sometime ago, are not are probably very near port. The ship was boarded in Ri ptain of a vessel which arrived here on odneoday, who endorses the demotselles amo! the most beautiful of the French metro~ salle ti communtated sin and yy G _ We under- stend that the building for their reception, which has been for some time in course of eree~ tion, is now nearly ready. There will be one houge full of frailty ! The Washington Monument. | From the Alta California, Nov. 29.) A movement is on foot in this city, to raise a eub- | scription to aid in the construction of the national Washington Monument. This is a capital idea, and the suggestor is entitled to much praise for starting the subject. We can almost ensure for it universal ay tion, for we believe there is not a man in California who would not, if an opportunity was afforded him, contribute a portion of his *‘pile’” towards the completion of this long delayed na~ tional work. California is already represented by a block of quartz rock, but now her inhabitaats will have an opportunity, individually, to add @ pile of rocks from their full pockets, which will materially add to its height and grandeur. We ex- ct to see a heap of “ dust’ in a very short ume, jury. Another sale, under the provisions of the _pre- spite of the rainy season. A meeting is to be held, vious law, must be held by the Comptroller, ofnon- | W¢ believe, with reference te the subject, on Tues— resident lands returned and still remaining in this | 48Y evening next, at the District Court room. office for the taxes of 1845, 1846, 1847 and 1848. In preparing the necessary lists and computations for this sale, some edditional clerical force will be needed, and a moderate appropriation is Tenommamea dod for such extra service as may be re- quire RELIEF TO PURCHASERS OF LANDS IN ONEIDA RESER- VATION. The act passed April 6, 1860, “for the relief of certain pur ra of lands in the Oneida reserva- tion in 1840 and 1841,” mede it the duty of the commissioners of the Land Office to cause an in- quiry into ie Pecmniary condition and responsibili- ty of the purchasers, and a re-appraisal to be made of the value ofthe severel lots, “at the present value of the same, exclusive of the improvements mace thereon since the sale.” This duty was dis- charged by the appointment of William J. Corn- well, Orville L. Holley and Alber: D. Freeman, to appraise the lands and report thereon. A new ap- praisement was made by those gentlemen, and subsequently confirmed by the commissioners of the Land Office. It appears that the lands were sold at extravagant prices, and most of the pur- chasers are unable to Pey the onginal purchase money and interest. The law makes it the duty of the Comptroller to cancel the original obligations and to receive new bonds, according to the new valuation. This operation is now going forward, and will resultin a loss to the State of about 25,000. As the bonds are held for the school fund, and | form part of its capital, the deficiency (when as- certained) must be restored, by transferring to that fund an equal amount from the revenues of the general fund. For this purpose an appropriation will be required. PROCERDS OF HALF MILL TAX. The annexed statement (marked W_) shows that the net proceeds of the half mill tax, on the valua- these two streams. Those Diseoveries of Gold and Quartz. (From the Ban Francisco Picayune. | There has bee. laid on our table, this morning, a nch specimen of gold- bearing quartz, taken from Burns’ diggings, or Quarizburg, about sevent miles from Stockton, on the Merced nver. [tio from a vein known as White and Sherman’s Quartz mountain. Within the spice of ten miles equare from the location above described, we are told that fourteen veins of similar character have recently been discovered or opened. Toll’s Dry Diggti [From the Se.ramento Lransoript.) These diggings are situated sixteen miles north- east of Bidweli’s Bar, between the Feather and Yuba rivers,among the highlands that divide A friend who left there in the early part of the week informs vs that some four or five hundred people are preparing to winter in that vicinity. Large numbers of log cabins are already erected, of a superior kind, and the winter can be passed in them much more comfortably than most people live in this city or San Francia co. A great portion of the people have been there some time, and have thrown up large quantities of earth, which will be washed during the coming winter. The gold is very coarse in these diggings. and the miners have found lamps while throwing up the earth, to do much towards paying their ex- nses. Some smail veins of g bearing quar ave been discovered in this vicinity, but as yet they have attracted but little attention. New Diggings. Eighty miles above Bidweil’s Bar, on the North Fork of the Feather River, a new bar has latel been discovered, which is commonly called “Rie Bar.” We have heard of two Germans who took out thirty-five pounds of gold in a single day. tion of real and personal estate for the year 1849, | Englishman found « lump valued at over $300. including the returns of taxes on non-resident lands was $324,352 59. | much excited by The miners on Long’s Bar and Bidwell’s Bar were the above and similar reporte, STATE TAX AND VALUATION OF REAI, AND PERSONAL | and many were leaving daily to see for themselves. ESTATE. | The tabuler statement hereto annexed (marked Y), shows the assessed valuation ot veal and per- | ther on, it sonal estate, and the amounts levied for State, | county and town taxes. The counties marked * | having failed to forward their returas time for this statement, the amounts returned from those | counties for the year 1819, are adopted. It appears that the total valuation of real estate is $571,690,807 00 The total vatu tate, including capital of banks and other corporations, is 158,183,486 00 €721,8714,293 00 re And the amount of corrected n; gate valuations is State i nd county tax Town taxes .. 727,494,583 00 4,892,051 5k 1 . Total taxation The aggrega: vious year, (1519,) $61,613, A circular letter (of which a copy is hereto an- nexed, marked X ,) was issued from this office to $6,312, that of the pre- the town assessors, explanatory of the manner of | of Klamath Lake. ertimating the capital of bankiag associations and individual bankers, and inculeating the duty of eppraising real and personal property at its fall val- ue, according to the requirements ot the siatate. in some localities, the assessors have performed this duty with commendable firmnest and vi lence. Inthe city and county of intelligent Board of Tax Commissioners have made Vigorous and successful efforts to reach all forms of personal capital, legally subject to taxation; and stording these warnings of intended litigation, the Comptroller hes ceriatied the payments to the Treasurer, and the moneys have be carried to the General Fund. ‘The Comptroller entertaias no doubt of the con- stitutional validity of the law imposing auction du- ties ; end if his disregard of the vanous protesta served wpon him, forbidding the payment of the Mmovey into the treasury, should involve him in persenal actions, he will confide ia the justice of the State to indemnify him from pecuniary harm. STATE PRISONS. The receipts and expenditures of the State prisons aaa in three statements (marked (0. The earnings of he Sing Sing Prison during the last fis ear were $55,479 39. The amouat drawn from the treasury during the same period wes 41,587 59. The gross amount of expendi- tures was $95,528 65, of which amouat about $40,- 000 applied to the erection of new buildings. increase of expenditure was made aeces- sary by the destructive fire which consumed a valuable portion of the prison buildings The controversy between the State ayd Chaun- cey Smith, late agent, has been terminated by the decirion of the relerees, to whom it was aupmitted. An appropriation of $25,000 will be required for the support of this prison for the coming year, inelud- ing the payment of old indebtedaess, consisting chiefly of the bal«nce found by the above referees. The Auburn prison continues to present more | favorable resuits. The earnings tor the year were $68,737 Bl; the expenditnies $71,166 07; and the eccounts exhibit a belance on hand at the close of the year from the surplue at its commencement, | $8,409 04 The amount advanced from the treasury for the sppport of the Clinton prison during the last fiscal tens, ich is nnavetlable at present. IMPROVEMENT OF THE UPPER WATERS OF THE HD+ SON RIVER By chepter 406, la 1819, $10,000 was ap- propriated for improving the upper waters of the Hudson river. = Of this amount there has been drawn from the trepeury the sum of $8,000, and the Commissioners hove expended $6,432 82, leaving $3.567 15 of the | appropriation unexpended, of whieh $2,000 remains in the treasury, and $1,567 78 in the hands of the | Commiesioners. | The reports of Daniel Stewart and Jacob Par- | © menter, two ot the Commissioners, are Aereto annexed (merked K. 8S) it will be peresived thatonly a smali sum was expended the last ceeaoo. The high state of the river was uefavorable to the progress of the work Much good has been accomplished by the expen- diture already made. The navigation, formerly so | perilous, has been rnade comparatively eary, by re- | moving the mort formidable rocks from the chsa nel. «It is represented that a few thousand dollars more, properly eppl would enable rafts and floats to dereend the upper waters of the Hudson in eafety APPROPRIATION FOR THER IMPROVEMENT OF RACKET RIVER By chaper 247, laws of 1860, $10,000 was appro- priated for improving Racket river end the tribata- ties thereof Of this emount $5,000 has been drawn from the tree and $41,888 64 has been expended, leaving a balance SIL 36 in the hands of the Comm nore. The attention of the Le- gielature js invited to the interesting report of the Commissioners hereto onnexed (marked T.) Itis believed that this appropriation from the treasury, forthe benefit of a sequestered section of the State, which had hitherfore enjoyed 90 par- eipotion in the liberal expeaditures anthorized by the Legislatare for purposes of internal improve- ment, will confer importent advantages upoa the country adjacent to Nacket river. [t will contri~ | bute te Glope the resources of a wild and hith~ | etto io ssible region. The increased value gi- ven to the State lands in that vicinity will faily ia- | ceompify the treesur The Comproller hee not exercised the power comfetred by the act aforesaid to sellat public sale in assessing the real estate they have appraised it at its velue, in compliance with the statate. But in many of the counties, the prevalent custom of under valuation is too generally continued. The Comptrotler would again repeat iction that this evil cen be remedied, and st equality at- tained, as between individual tax payers, towns and counties, only by an essential modification of the laws prescribing the duty of assessors. Some further provisions of law are required to regulate the manner of assessing the capital of ina- dividuel bankers, ond to prescribe tbe mode of pro- ceediog to enforce the collection of the tax, in cares where its payment is evaded or refused. ‘The act of December 4, 1847, (section 4, chapter 419,) is vague and indetinite in this respect, and has given tise to much perplexity, injustice and litiga- tion. The genera! provisions of law regulatiag the recovery of taxes #gainst corporations, should be extended to the capital of individual bankers by ex- press statule ; and all other remedies failing to se- cure the payment of a tax, legally imposed, it should be made the duty of the Comptroiler to pay | it from the eccruing interest on che securities de- | posited with him wader the general banking law. The whole subject of assessment and taxation is earnesily commended lature, in the hope that ¢ ill remedy the irregal justly complained of. All which is respectfully exbmitted. Wasnrsaron Ment, Comptroller. ADDITIONAL CALIFORNIA INTELLIGENCE, revisions may be made ties 60 Universally and ie w York, the # We meke up the following bird's eye view of California from our exchanges received by the | Crescent City:— Finances of Francisco. Prapeiveo Mrreit, Deo 1) y ptroller, Mr. Berry, his, preparatory to his official report, published a table, sh owing the amount of serip that hoe, at verious times, been wened for city expenses Up to the 27th inst there had been six issues of scrip, and the whole amount 7 | other | he North Fork is a very sinall,stream where this bar has been discovered, and a short distance fur- has its source in the mountai old found there is coarse, resembling tn ry diggin, The Trinidad Digging [From the Sacramento Transcript, Nov. 26 } There is not a dissatisfied man amongst the miners. This is certainly of a most cheering char- acter, and is decidedly new, as we have frequently met those in the mines who were making an ounce per day, sae premtued because they did not make two. To find a perfectly contented man is a rarity in this world of tribulation. It appears that the Shasta, after being located farther north by Salmon creek, has again been moved farther nerth, and that tributary, then called Shasta, has been named Beaver creek, being about fifteen miles north of Salmon creek. All these streams and their nu- merous branches carry gold—rich diggings; but it is too late in the season to prospect, hunt trails, end carry up provisions for the winter. At Unioa- town, a party started, a few — ago, secretly, for a newly discovered river, eslled Scott's river, which, the writer infers, must be a feeding stream The correspondent deems thie es the pomt where the golden belt crosses over rom the Sierra Nevada, and spreads to an immense extent What mineral wealth is concealed here it is impossible to say, a8 yet; but spring will poa- sbly tell tales uarivalled before in California. More Discoveries of Gold tn Place. (From the San Francisco Picayune, | We have been invited to look at some mag- nificent specimens of gold-bearing quartz, in the possession of Prof. Nooney, at Naglee’s buildings, taken from a mountain of the same description of uertz, near Cazson’s creek, on the Stanislaus. The vein from which these specimens were taken is repreeented to be of indefinite extent. At the bese of the hill through which the vein rons have been found, in. the ‘ebris of the hill, the largest masses of pure goid yet «dlscovered in Cali- fornia. Judging frem the fragments of pure gold thrown out in blasting the rock, it is presumable that, in the prosecution of the excavations already in progress, there may be discovered as rich de- posits in the original matrix as any that have beea detached by natural precesses. Quarts Discoveries. Every day brings forth new discoveries of quartz veins. A mountain of it has just heen discovered, about seventy miles above Stockton, on the Mer- ced river. ‘The vein is said to be rich. Political Power of the Northern Mives (From the Sacramento Transcript, Nov. 21) The late State election is opening the eyes of the country to the political power concentrated in the northern mines ef California. Plereiofore, the im- pression has prevailed to some extent abroad, that the attention of the Legia- | the San Joaquin valley was arival of the Sacra- mento couniry, and stood an equal or superior chance in competing with the latter, Statements of this kind abound in the papers fromt Statee; and sometimes we even eee articles ia San Francisco papers, endeavoring to make it appear that the San Joeqnin country has advantages supe rior to those of the great northera valley. A sure test to determine this question, is (o find out where the people are The late election decides thie point, and the result has net the people of rts of the State. Ve hare here: given the figures, to show the astonishing fact that about one half of the people now in California re- side in the mines adjacent to the Sacramento river. By adding up the votes polled in the o of the Sacremento disiiet, commencing Sacra- | mento and El Dorado counties, and going north, we find the following result :— Seeramento . : Bil given out was $993,737 The items are as | Yub 4,168 follow: | Sutte 1.388 Birests.. $159490 at | Yolo. jor Wharves vi | R Courte 104.158 83 | a > Police 5 Rents 2ix5 09 | Shaste be Survey iv | -— aaasee | 12,629 epartment and Commirtion Contingent Sereet Commior Water ‘Treasurer's cflice.. Comptroller's fice. City Marshal's office Mayor eos Arse. Ap Jon to rearch recor: Appropriation for Procerston K. A. Rgerton. 5,000; Board of Health, 6 000. Under the head of contingent exprases is in- cluded the expense of conducting eleciions, the ex- penee of the “llounds” trials, the arrest of Reuben Withers, ($5,000,) wnd $22,200 recovered from the city as dameges for tearing down butidings to etop conileg rations Atwount of indebtedness August 31, 1860. ..$515 208 24 Ameunt of expenditures fr ey to November 27, 1660. 6 666s 474 543-58 $798.061 77 Amount of scrip redermed from feptember | to November 27, sees wee $210 48 ‘ 29,213 46 ———— 245,661 80 Amount of indebtedness Nov 27, 1850. . the lands belonging to the State, situated upon or near the rive 1, believing the public interest would be best coveulted by withholding them from mar- _ A ag the improvement thall have been con eted. : RAL we LANDS POR TAXES. \o important change ia the manner of a taxes on non-resident lands, and of selling suc! lands for errenre of tax made by the act of April 10, 1860 (chapter ) To the firet instance, the wnpaid tixe Anon icsident bends ere returned by the County Trea- Amount of rerip outstanding Nov. 27, 1860. $014 356 26 ‘The oid ‘Ayuntamiento Fett vis in debt about $200, 000, and contracts to complere to the amount of $250,(00, moet of which hes been paid in scrip, About"$80,000 are due in taxes, and a balance of $10,000 on water a9 The licenses amount to 000 month. about $8, per of the The Assessors estimated the val veyed lands belonging to the city at is reckoned that the piers and un amount to neerly half @ adlion. ar and it surveyed lauds tt may be wm | county + The votes at Calaveras and Meriposa we do not | (and this estimate doubtless exceeds the actual Now for the San Joa in country: San Joaquia polled 1,150; " Feastanwes county, 1,700. know; bur if we set them dowa at 2.000 api vote.) we have « total vote in the lower valley of 6,500—but little rising one half the vote of the | Sacramento valley, and nearly doubie the voteo San Francisco, which was 3,450. The Caittornia Regiment, Governor Burnett has forwarded commissions for the following officers, under command of Major Rodgers. From the 0th section of acts on the subject, seys the Transcript, it appears that the force in the field is not large enough for a full staft | of field officers, hence the necessity of a Major in- stead of a Colonel being in command Wim. Rodgers, a» Major of the Battalion Califor- nia Volunteers B F Stewart, Company A, Captain T need do. Ist Lieutenant. Robert C. heed, do. do. J. Austin, do. 3d do. John Miller, Company B, Captain. Kemund Ove, do. Ist Lieutenant. D. D. Melivoy, do. 24 do. John Rabson, do. 34d do. LB. Munson, Compeny C, Captain. J.M. Diehman, do. J. KR. Dunn, do. 24 Melancholy Acotdent. [Prom the Alta California, Noy, 18.) Mr. Wingard, (hue! of Mrs. Kirby, the ta:ented ectress,) met his death on Saturday even- ing, under the following circumstances: Mr. Wingard was riding ae Stockton street, aad when opposite the new Presbyterian church, he Tode againet a rope leeding from a derrick to the sidewalk. The rope struck his head, knockiag him from his horre, and in his fall he received in- juries which he survived but a few hours. There is no excuse for the individual who rigged the derrick in such a manner 10 peril life. He ie clertly guilty cf manslaughter, and the grand jury should f k to him. MP. Wingard wee cae “of rs_of the Jenny Lind theatre. The W. will account for the closing of evening. It will remain closed everal days. a