The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-24


The Governor of Michigan sent to the Legislature,
last week, very sensible message. from which we
extract few Of the leading points, The following.
with the laws on the bart Of legislators generally in
practical point of view Is wholesome advice -
The general laws of the State require but slight
amendment. The fewer changes made, unless i'm
peratiyey demanded the better II is less injurious,
and far less vexatious to accommodate ourselves to
small imperfections in the laws, when discovered,
than TO be constantly involved in that legal uncer-
tainty which has heretofore tantalzed the people.
Not much complaint is made against our statutes
litigation is diminishing; the laws more thorough
ly understood and there is not so much doubt to
their true meaning and effect as formerly We have
had too much unwse and improyident legislation II
il time to check its evils.
The Governor says the financial condition of the
State was never more healthy and encouraging. No
State, he maintains, pays the interest on its indebt-
edness, and all bona fide claims upon the treasury,
with greater punctuality. With economy and judi
cious legislation, few years will enable the govern
ment to liquidate the public debt, and relieve the
people entirely from State taxation .,r ..o ~
The amount ia the Treasury Nov go 1851 S35 $50 q
Receipts during the fiscal year. 4l43so ~
The expenditures for the period 607 %
Balance in Treasury Nov 80 1851 ....... ss1 2s q
Receipts during the last fiscal year. 451 0S2 "
Available mean. .s54s, ase 20
Balance in Treasury Nov go 1852 SIT 4o7 "a
The receipts and expenditures embrace all the
funds of the State, and show all its financial transac
tons for the two last fiscal years.
The funded and fundabe debt Of the State was, Nov.
~ ieSi ;c: oes IoS 10 10
The specific taxes for 1861, were ....... 277l7 80
6! /" " 1852, ........... S5854 II
s274ooo of bonds, including ali the outstanding
internal improvement warrant bonds, have been ad-
vertised for, and the interest thereon stopped.
$500 of them have been paid and cancelled leav-
ing $9S 500 yet to be presented and quidated. The
surplus in the Treasury is abundantly sufficient for
this. In addition to this surplus, the specific taxes
soon payable BY the railroad companies will probably
exceed $3.50 900.
The annual expenses of the State government for
the year 1851 were $50 1898 35 for 1852 $5s 2o7 2s
The estimated 1853 $65 0O0 for 1854
$4,000 The amount to be raised by direct taxa
ton for the ensuing year, will be about $4,000, or
less than mill on the dollar Of the present vaua.
ton Of taxable property and only one third OF mill
on the dollar of the real valuation.
In relation to banks, the GOvelHorrecommends the
passage of general banking law, and gives the fol
lowing pertinent reasons
Past experience has made our people exceedingly
jealous of all such institutions but it may be proper
for you to inquire whether it is not better to have in
our midst banks upon q sound and healthy basis,
which control, than to suffer our State to be
flooded with the paper currency from abroad most Of
which is not, in reality, worth the paper on which
the notes are engraved.
At present we are giving character to the issues of
banks about which we actually know nothing-in
whose management we have no participation
are thus literally paying large tribute for what
generally. in the end, proves to be great curse If
the other States will permit the issue and circulation
OF worthless irredeemable currency, it should be
object to lessen if we cannot entirely destroy the
evil
Experienced bankers estimate the amount Of
foreign bank notes in circulation in this State at
So 900 900; domestic, 5000; gold and silver coin
in actual circulation; $500, 000-making in the
will hn at at
per cent very reasonable estimate we are annually
paying the bankers Of other States $3.50 900. Much
Of this currency is the production Of unsound banks
and fraudulent bankers. Some of the banks are
placed at points almost inaccessible to the bill hold
ers Large amounts are issued BY Eastern banks,
had a larger number Of sound and solvent banks
within our own borders, the inferior might take the
place Of the superior currency 1t is difficult mat
ter to manage and regulate; but of one thing we
could be certain, that upon all the capital employed
for such purpose in the State, we could levy tax,
chses enjoyed.