AIKEN'S INTEREST AND DISCOUNT TABLES.

A copy of a new work thus labelled, beautifully stereotyped and printed by George W. Wood, of Gold-street, New York, and just published, has been laid upon our table by the author.

The title-page is very elaborate, and is a pretty full exposition of the contents and character of the work, which, with an accompanying tablet, (to use the language of the author,) "enables the operator, without labor of thought or calculation, (and even without a knowledge of figures, further than to copy them,) immediately to write under any sam the true interest required, or the present worth, or the discount, at either rate per cent, with or without grace, with an ease, certainty, and celerity hitherto unprecedented; and on all round sums, with the same quickness that he can set down the principal itself from the note or bill before him."

We confess that a perusal of this title gave us, at first, an unfavorable impression of the modesty or candor of the author-not conceiving it possible that a work of only fiftyeight pages, and those printed in very large type, could contain such an astonishing amount of mathematical results, or that they could be so arranged as to be as readily available for practical purposes as there represented. It struck us rather in the light of a modern puff of a patent medicine, which, though composed of the most harmless materials, is unblushingly heralded to the public as being a sure specific for nearly all the diseases named in pathology.

But, on looking into these tables, and using them with the tablet which accompanies the work, we feel constrained and pleased to admit that the title-page is simply and literally true. This is, indeed, a high encomium; but we do not see that we can, in justice, say less.

The tablet is a beautiful porcelain slate about 4 by 24 inches in size, vertically lined to correspond with the lines of the tables, very pleasant to write upon with a black-lead pencil, and from which every trace of the pencil is most easily and perfectly obliterated at pleasure. For the manufacture of these tablets the author had to send to Europe; and an unexpected delay in their shipment has retarded the publication of the work, as we are informed, for nearly a year. But we commend the taste and perseverance of the author in his determination to accompany his work with so fine an article in lieu of the common slate, and do not doubt he will be well rewarded in the end.

Any sum, however large or small, being entered upon the tablet in its proper place, the interest or discount (whichever is desired) is then entered from the table in its true relative place, below the principal, on to the tablet, with all the ease and certainty which the author represents.

On the outer margin of each right-hand page of the work is entered, after the manner of an alphabet, the time embraced in the two opposite pages, so that by raising the lefthand cover, and placing the thumb of the right-hand upon the index of the desired table, the work is opened to that table with about the same facility as though it contained but a single folio, with the table upon it.

The division of time adopted by the author is that which is prescribed by the statutes of the State of New York, which, as he justly observes, is the only practical ground rule, independent of legislation.

The interest at both 6 and 7 per cent is given to the minutest fraction, and the discount upon the dollar to the ten-thousandth part of a mill. This might seem unnecessarily minute; but when the tables are applied to very large sums, its importance becomes obvious. It is a curious fact that by these tables the interest of any large sum, as of a million or ten millions of dollars or francs, and the interest of the most minute sum, expressed by the same digit or digits, as of a mill or the thousandth part of a mill, or of a French centime, is found not only in the same place, but (with the aid of the tablet) as readily, and with the same certainty, as the interest of a single dollar for the same period of time, whatever the sums or the period of time may be, and whether the currency be that of France or the United States.

The instructions and information, both legal and scientific, with which the author has accompanied this work, together with the tables given in the appendix for ascertaining the present worth of dower, annuities, and deferred payments, both certain and contingent, the time-table and almanac for the century, and two comprehensive tables rendering the work applicable to the sterling currency of England, are a very valuable appendage, and to those who have use for them, are well worth the price of the entire work. The tables are equally applicable to the French and American money of account.

We perceive, in a note published in the New York Recorder of the 16th of August, that the author (speaking of the tables of interest at 6 and 7 per cent) assures the public of the perfect accuracy of those tables-therein guarantying to any purchaser of a copy

of the work, who shall discover and first point out, either personally or by letter, post paid, addressed to him at Westport, Essex county, New York, any error in either of those tables, the sum of ten dollars, and a return of the purchase money in addition, even should it be one which gives an erroneous result of no more than the millionth part of a mill, on any sum of money from millions of dollars to a single mill, from any period of time from ten years to a single day-adopting the rule prescribed by the statute law of this State for computing time, and giving to the mathematical figure (plus) the effect designated in his remarks introductory to the tables. He further declares his unqualified belief that the tables of discount, and other tables contained in the work, are equally free from any essential error.

With this assurance of the accuracy of the work, and with our examination of its form and arrangement, we do not hesitate to recommend it to banks, brokers, merchants, and professional accountants and clerks, as well worthy of their notice and patronage. For, although these classes of the community may not stand in actual need of such an aid, if its use be not a material saving of time, (which we think it will be found to be even by them, on trial,) it will, at least, convert a mental labor into an agreeable exercise, and be a sure guaranty against those adventitious errors which the hurry and vexations of business will occasionally produce. And to the farmer, the mechanic, and to all persons to whom these subjects are not familiar, but who have occasionally to cast an interest or ascertain a discount, this work must be, in our judgment, a very desirable, if not an invaluable acquisition.

The work is bound in two forms--one embracing the interest both at 6 and 7 per cent -the other, at 6 per cent only, with the other tables, with rules for deducing other rates therefrom, and appropriate titles to each; so that either can be procured at prices corresponding with the contents.

BANKS, CURRENCY, AND FINANCE OF OHIO.

Referring to the doubt expressed in the New York papers, and by "political grumblers" in Ohio, who attempt to alarm the people either about their currency or their taxes, the Cincinnati Atlas publishes the following statement for the purpose of showing that "the finances of Ohio were never in so good a condition since the State commenced its public works as at present." The writer, moreover, challenges any of the Atlantic States to "produce a more consistent, steady, and prompt support of public credit through the worst as well as best times." The Atlas remarks:

In truth, the finances and currency of Ohio were never in so good a condition since the State commenced its public works as at present. Nor is this all. Any of the Atlantic States may be challenged to produce a more consistent, steady, and prompt support of public credit through the worst, as well as the best, of times.

In the first place, when, in 1824, Ohio determined to commence a system of State improvements, the entire property, credit, and faith of the State was pledged for the re-payment of the moneys borrowed. But much more than this was done. The State provided that a tax should be laid on all the property of the State, and that the amount of the tax should be fixed by the Auditors of State to meet the sum required. No legislation, then, was required to increase the State tax. It was made a simple arithmetical problem with the Auditor, and all he had to do was to make the calculation. This, we believe, was not done by another State in the Union. Hence, in New York, and other eastern cities, they were continually looking to the legislature, as they had to do in their own States. The truth is, Ohio had taken more prompt measures to pay her interest than any other State,

The legislature has, however, done one thing to make the collection of taxes easier and more just. It has provided that the property of the State be assessed at its real value, and that all sorts of property be brought on the tax list. This has done good in every way, although the assessment is not always just.

The next great point in our financial condition is the Banking System. This, too, is greatly misunderstood abroad. The facts are these:-There are three different kinds of banks in Ohio, namely, the old Chartered Banks, the State Bank and Branches, and the Independent Banke. Now the differences in the principle of these are--1st. That the Chartered Banks are simply incorporated shareholders on the old plan, giving no special Becurity to the State, but relying on commercial security only. 2d. The State Bank and Branches deposits with the Treasurer 10 per cent of the currency it issues as a safety

fund. This is a common fund, and the Branches are then deeply interested in each other's safety. 3d. The Independent Banks are formed on the principle of depositing with the Treasurer of the State absolute security for every dollar they issue. The security for their circulation appears to be perfect. There is both commercial security and State security. The actual condition of the banks are as follows:

In Cincinnati there are six banks, namely, two chartered, the Lafayette and the Ohio Life and Trust; two State Bank Branches, namely, the Franklin and the Mechanics and Traders; and two Independent, the Commercial and the City Banks.

The condition of the aggregate banks of the State on the first Monday of August was as follows:

The cash on hand is about one to three of the immediate liabilities, but more than half the circulation. The immediate means are to the immediate liabilities more than half. The total means exceed the liabilities by six millions of dollars. We believe that no banks in any State of the Union, taken in the aggregate, are as well conditioned to meet their demands as the banks of Ohio. It is entirely out of place for the bankers of the Atlantic to sneer at those of Ohio, for most of them are not in as good condition, and not one of those States has borne as large a proportion of public debt and burden with as much readiness and as little complaint.

THE STATE FINANCES OF PENNSYLVANIA.

The report of the State Treasurer upon the finances of Pennsylvania, made during the month of January last, exhibits the prominent facts connected with the condition of the Treasury at that period. It appears that the receipts into the Treasury during the last fiscal year amounted to $3,977,025 89. At the commencement of the year, the sum of $384,678 70 constituted the balance in the Treasury; the whole amount, comprised of the receipts and balance, constituting the total revenue, being $4,361,704 59. During that time, the payments that were made amounted to $3,680,813 74. On the 30th of November, 1847, there remained a balance in the Treasury of $680,890 85. A considerable proportion of this revenue has been derived from the public works which have been constructed throughout the State, and which have long constituted a prominent feature of its local enterprise. It is estimated, from authentic data, that the condition of the Treasury during the present year will be as follows:

Receipts from all sources...

Balance in the Treasury on the 1st of December, 1847, exclusive of the unavailable deposit in the United States Bank..

Total amount.........

Estimated expenditures.............

$3,921,900 00

680,890 85

Estimated balance in the Treasury on the 1st of December, 1848.......

$1,026,400 85

During the year there was paid into the Treasury, of taxes upon real and personal estate, $492,696 28, comprised of taxes of previous years, and $888,084 91 in taxes for the year 1847, the total amount being $1,380,781 19.

The public debt of Pennsylvania, which has long been a subject of considerable embarrassment, and which was contracted in the construction of its public works, still exists to an undiminished extent. We subjoin the following exhibit, showing its amount during the first of January, 1848, and also the public property belonging to the State :

According to the statement of the Treasurer, the circulation of what are denominated "relief notes" has been found somewhat embarrassing to the operations of the Treasury, and prejudicial to the interests of the mercantile community. It may perhaps be well here to examine their distinctive character. By a law of the State a loan was authorized to be

effected, and those banks which acceded to the terms were allowed to issue those notes to the amount of their subscriptions to the loan, and to pay them into the State Treasury. When the holder of notes on any one bank to the amount of a hundred dollars presented them at the counter of the bank that issued them, he was entitled to an order upon the Auditor General for an equal amount of the stock created by law for the redemption of the notes which were thus issued. The banks were entitled to an interest of 1 per cent upon the notes thus issued until they were funded. Those notes were made receivable for all debts due to the Commonwealth; they were to be received by the bank that issued them for all debts due to the State; they were to be received by the bank that issued them in payment of debts due to it and on deposit, payable in like currency. The State Treas urer and all the banks were bound to re-issue them from time to time, and the faith of the State was pledged for the payment of the loan. But by an act of April 22d, 1846, there was an alteration made in the law regulating those notes. The clause requiring the banks to receive the notes issued by them respectively in payment of debts due it was repealed. There was no provision made for the redemption of the notes in State stock to a less amount than one hundred dollars. They were, in fact, nothing more than notes issued upon the credit of the State during an exigency, to pay the loan ordered by it to be negotiated.

When the Treasurer of the State entered upon the duties of his office, on the 10th of February, there was a balance of two hundred thousand dollars of the interest which had fallen due, and a deficit to that amount. By an act bearing date the 16th of February, 1847, the Treasurer of the State was bound to borrow that sum of money at six per cent interest, reimbursable within ninety days. That loan was accordingly negotiated with the following banks, and reimbursed with the interest according to the terms in ninety days.

This brief view of the financial condition of the State of Pennsylvania exhibits the prominent facts connected with the state of the Treasury. The improvements which have been there prosecuted have absorbed a large amount of capital, but the vast resources which exist in its wide and fertile territory, and its mineral wealth, will be more than sufficient to disencumber it from the liabilities which now in some degree press upon its revenue. It is supposed by the Treasurer that the various loans of the State might be consolidated, with great advantage both to the holders and to the State itself.

SALES OF THE PUBLIC LANDS OF THE UNITED STATES.

It appears, from a statement of the monthly receipts from the sales of public lands for the fiscal year commencing July 1, 1847, and ending 30th of June, 1848, as reported to the Secretary of the Treasury, that the sales for that year amounted to three million foar hundred and nineteen thousand three hundred and twenty-four dollars and forty-four cents. The estimate of the Secretary of the Treasury for the fiscal year, including Choctaw eertificates, was $3,500,000. We should be glad to know what proportion of this amount has been received from speculators, and how much from actual settlers. We earnestly hope that Congress will, without delay, adopt measures to secure the national domain in limited quantities to the latter class. The settlement of these lands by a hardy race of freemen, is of vastly more importance than the paltry sum annually paid into the United States Treasury.