The New York Herald

The Legislature of the State of Georgia convened on the 5th November inst., and on that day Governor Towns delivered his message to that body.

We gather from it that the entire public debt of the State is $1,828,472 22, redeemable in twenty years.

During the year 1848, State bonds, to the amount of $225,000, were issued, for the relief ofthe Central Bank, and to the amount of $237,000 during the present year, for the same purpose. The bonded debt of the bank amounts to $447,000, which is drawing interest at seven percent.

An ad valorem system of taxation, instead of the specific, is recommended for the adoption of the Legislature.

The Western Atlantic Railroad will be completed very soon. The receipts this year are 14 per cent over those of last year, and 47 per cent over those of 1847.

The profits of the penitentiary, for the fiscal year; amount to $21,353 59.

The Governor suggests that the mode of voting, throughout Georgia, should be changed from the ballot to viva voce.

The slavery question occupies a considerable portion of the message. The Wilmot proviso, Northern fanaticism, and the free-soil party, are freely denounced in it. Further aggression, the Governor says, ought not to be endured; and if it be attempted by the federal government, it must be repelled by all the moral and physical power of the State; all amicable means, however, being first exhausted. Governor Towns considers it his duty to ask for the passage of an act investing him with the power to convoke a convention of the people of the State, to take into consideration measures for their safety and preservation, in the event of the passage of the Wilmot proviso, or any kindred measure. He also recommends the passage of an act making slave stealing a capital offence.

The message is very deficient in information concerning the educational and banking interests of Georgia.