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The following statements prepared from official accounts, are taken from the "United States Almanac," edited by Freeman Hunt, Esq., from "Hunt's Merchants' Magazine;" and from the "Boston Americans' Statistical Almanac" for 1844 and 1845.

YEARS.

TABLE of the Progress of the Debts of the State of Pennsylvania.

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The payments during the year amounted to 3,336,359 dollars 51 cents; leaving a balance, December 1, 1842, of 554,181 dollars 13 cents. The chief items of expenditure were as

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In 1841, the assessed value of real estate, horses, cattle, &c., was 343,687,422 dollars; of personal property, 24,969,566 dollars. The state tax was assessed at 582,828 dollars 53 cents. From the Report of the Auditor-General, January 2, 1843.

The following exhibits the Debt of the State of Pennsylvania, as reported in the Governor's Message in January, 1843.

The whole amount of the present funded debt of the state, exclusive of the deposit of the surplus revenue, is 37,937,788 dollars 24 cents. This debt is reimbursable as follows:

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For canals and railways
Το pay interest on public debt.
For the use of the treasury
Turnpikes, state roads, &c....
Union canal ...................
Eastern penitentiary
Franklin railroad....

Total value of real estate ....

PERSONAL PROPERTY.

dollars. cts. 30,533,629 15

dollars. cts.

dollars.

4,410,135 03
1,571,689 00

Value of public buildings of all kinds, bridges,
gas, and water-works....................

930,000 00

29,746,327 1,400,000,000

.....

200,000 00

120,000 00

100,000 00

Pennsylvania and Ohio canal

50,000 00

22,335 06

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2,836,262 45
842,778 66
365,276 90
00

Money due on unpatented lands, estimated at 1,000,000

37,686,647 16 The foregoing does not include the amount due to domestic creditors; and a portion of the property included in the statement has since been disposed of at public auction.

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Value of 365,129 horses and mules, at 60 dols.
1,172,665 neat cattle, at 15 dollars...
1,767,620 sheep, at 2 dollars 50 cents.
1,503,964 swine, at 3 dollars 50 cents.
poultry...

furniture of 300,000 houses, includ-
ing plate, jewelry, watches, cloaks, and
wearing apparel...

Value of carriages, stages, waggons, farmers'
implements, mechanics' tools, books of all
kinds, ships, brigs, barges, schooners, canal
boats, railroad cars, stationery and loco-
motive steam-engines and steamboats.....
Value of goods, wares, merchandise, stocks,
money, and all other personal property, at
least
Value of personal property.

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In the same article the estimated value of the annual products is as follows:

Value of 113,395 tons of pig iron, at 30 dols..
additional, by various manufactures

dollars.

3,401,850

17,852,283

5,000,000

4,000,000

126,620,617

43,151,843

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bituminous coal mined................................

752,000,000
300,000,000

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agricultural products.

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manufactures, except iron........

248,000,000
70,253,673

Annual products of the state

FINANCES of the State in 1843; from the "American Almanac" for 1845.

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"The tax bill, which passed both houses of the legislature, in 1844, has received the signature of Governor Porter, and has consequently become a law. It levies a tax of three mills on every dollar of the valuation of real and personal property in the state, which it is estimated will exceed 600,000,000 dollars. The tax, of course, will amount to over 1,800,000 dollars. The revenue derived from other taxes will amount to 400,000 dollars, and the net income of the public works, is estimated, at the minimum, at 550,000 dollars, making an annual revenue, in all, of 2,750,000 dollars. The interest on the public debt of every description, is about 2,000,000 dollars, and the expenses of government, including appropriations to the public schools, less than 600,000 dollars. Ample provision is, therefore, made to enable the state hereafter to meet its engagements, and for the restoration of the public credit."

NAVIGATION AND TRADE OF PENNSYLVANIA.

The foreign trade of Pennsylvania was of no importance until after colonisation by William Penn, in 1682. The following account of the navigation and trade of Pennsylvania, is condensed from an interesting and able article, written for "Hunt's Merchants' Magazine.'

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"Prior to Penn's embarkation for America, he disposed of 20,000 acres of land to an association, entitled the Free Society of Traders of Pennsylvania, which was formed in England, and confirmed by patent, for the avowed purpose of promoting the interests, not only of the stockholders of the company, but of all concerned in the trade of the colony. This company attempted to establish various manufactures and other industrial pursuits in the province. In a letter from Penn to the committee of the society, residing in London, dated Philadelphia, 16th of 6th month, called August,' we find mention made of a tannery, a saw mill, and a glass house, a whalery, and a dock, as belonging to it; and also that Penn advised them to attempt the culture of the vine for wine, and the manufacture of linen. These attempts to introduce the culture of the vine, the manufacture of glass and linen, and the whale fishery, amongst the colonists, did not prove successful; of the further operations of the company we know little or nothing.

"In the first year of the establishment of the colony, twenty-six ships arrived with passengers and emigrants, and forty trading vessels great and small. These latter were, no doubt, laden with provisions, furniture, and stores of various kinds for the colonists, and took little if any export cargo. In the next two years, twenty-four more ships arrived with emigrants. For the first few years the attention of the settlers was, necessarily, very much engrossed by the clearing of land, and the culture of grain, for the consumption of the colony; but trade and commerce, in which the Quakers were known to excel,' soon claimed their notice. A trade was opened with the Indians, for furs and skins; and the culture of tobacco was carried on so extensively, that in one year, (1688-9,) there were exported fourteen cargoes of the weed. In this branch of agriculture, however, Virginia and Maryland were found two powerful rivals; and it was soon abandoned for the culture of wheat, barley, oats, rye, &c., and the grazing of cattle and cutting of timber; the exports of the province undergoing a corresponding change.

"The war between England and France, commencing in 1688 and terminating in 1697, operated injuriously on the interests of the colony. About the latter end of this period, we find allusion made to the poverty of the province, and to the impediments to its commerce, consequent upon the war; and it is stated, that in Philadelphia even, pieces of tin and lead were current for small change.'

"The course of trade, from this early period until the separation of the province from the British empire, appears to have undergone but little change, although extended in its range. The exports, consisting of grain, salt provisions, pipe staves, &c., and at a later date, including flour, bread, flaxseed, iron, &c., were not wanted in England, at that time a great grain-exporting country; but found a market in the neighbouring provinces and the West Indies; and subsequently also in Portugal, Spain, several European and African ports in the Mediterranean, and the various groups of islands in the North Atlantic adjacent to Africa. The returns from these various branches of foreign trade, excepting a small portion required for the consumption of the province and its trade with the Indians, were all carried to England; or the produce received was sold in other foreign countries, and the proceeds remitted to England, where all the available funds of the province were required to pay for the manufactures imported thence, which, from

* As the British North American colonies were entirely independent of each other, until after the severance of their connexion with the mother country, the trade of Pennsylvania with the others, prior to 1776, is properly included in the foreign trade.

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the restrictions imposed by parliament on manufacturing in the colonies, were to a very great amount, embracing almost every article of clothing, and household utensils, even of the most simple and common kinds.

"The following table exhibits the vast excess of imports over exports, in the trade of the province with Great Britain, from 1697 to the commencement of the war of independence, and also shows the effect of war and other operative causes, on the amount of importations.

"During the war between Great Britain on the one part, and France and Spain on the other, which continued from 1702 to 1713, the commerce of the province was exposed to repeated depredations by privateers. In 1707-8, the capture of vessels off the capes of the Delaware were so frequent, as almost wholly to interrupt the trade, which had in addition, about this period, to bear the exaction of dues for the privilege of navigating the Delaware, levied by order of Governor Evans, at a fort erected at New Castle.

"The war between Great Britain and Spain, in 1717 and 1718, does not appear to have materially affected the colony.

"The year 1722, was one of great commercial embarrassment in the province. The importations appear to have been too great, the country was drained of specie for remittance to England, and there was consequently a deficiency in the circulating medium. The payment of debts was procrastinated, lawsuits multiplied, produce was made a legal tender in payment of debts, executions for debt were stayed, the rate of interest was reduced from eight to six per cent, and the value of coin was raised twenty-five per cent. These measures naturally tended to destroy confidence in the results of all trading operations; but did not, as was intended, prevent the exportation of specie.

TRADE of Pennsylvania with Great Britain, from 1697 to 1776, inclusive.

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* Peace established this year between England and France.

+ First issue of government bills of credit in the province, to supply deficiency of currency occasioned by too large importations.

Non-importation agreements were adopted in this year at most of the ports in the British North American

colonies.

"To remedy the evil, in the latter part of this year, a scheme for a paper currency was first laid before the assembly of Pennsylvania; and in March following, after much controversy, a law was enacted for the issue of 15,000l. currency, in bills of credit of from 1s. to 17. in value, to be loaned in sums of from 12. to 100%., at an interest of five per cent per annum, on pledge of real estate, ground rents, or plate, of double the value of the advance; said bills to be a legal tender. In the latter part of the same year, a further issue of 30,000l. was authorised. By this timely relief, and doubtless still more by the increase of industry and economy, induced by the recent hard times, the commerce of the province was soon revived.

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The effect produced may be observed, by reference to the amounts of imports and exports, as well as by the examination of the annexed statement of the commerce of the province, and tonnage built during these years.

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"At various subsequent periods, in 1729, 1739, 1745, and 1746, acts were passed for creating or re-emitting bills of credit. In 1748, when the amount outstanding was 85,000/. currency, or 53,3331. sterling, a bill to increase the issues was brought before the assembly; but was postponed on account of an attempt, at that time being made in parliament, to restrain all the American colonies from issuing bills of credit as a circulating medium. In the bill which passed parliament in 1751, prohibiting the northern colonies from creating or reissuing bills of credit, except on extraordinary occasions, Pennsylvania was not included; her bills having remained at par, or nearly so, while those of Massachusetts, owing to excessive issues, had depreciated to less than one-seventh their original value. Encouraged by this favour shown them, the assembly, in 1752, prepared a bill for a fresh issue of 40,000l. Franklin, who was chairman of the committee to which the matter was referred, stated, in a very forcible and lucid manner, the advantages which had accrued to the province, and which might still be anticipated, from a moderate issue of paper currency; the measure, however, being in opposition to the wishes of the proprietaries, did not meet with the approval of the governor, but led to long and angry discussions between him and the assembly. No further issues were made until the war with the French on the western frontiers, in 1755, rendered them absolutely necessary. In 1730, the imports were to a very large amount, and, probably, to assist in liquidating claims on account of a portion of these, an insolvent law was passed. The exportation of the staples of the province, about this period, was as follows :

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"In this latter year, the population of Philadelphia was estimated at 12,000. The commerce of the province annually employed about 6000 tons of shipping; and about 2000 tons were annually sold in foreign ports, principally West Indian.

"The commerce of the province, from March 25, 1735, to March 25, 1736, was as follows:

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Madeira..

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Virginia.....

5

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North Carolina..

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16

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124

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