Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1851-12-10

ply Of that metal from that quarter for
some time to come. This large annual
increase of the currency of the world must
be attended with its usual results. These
have been already partially disclosed in
the enhancement of prices and rising
spirit Of speculation and adventure, tend
ing to overtrading, as we'll at home as
abroad. Unless some salutary check
shall be given to these tendencies, it is to
be feared that importations of foreign
goods beyond healthy demand in this
country will lead to sudden drain of the
precious metals from US, bringing with it,
as it has done in former times, the most
disastrous consequences to the business
and capital of the American people.
The expectation of specie to liquidate
foreign debts during the past fiscal year
have been s24,263,979 over the amount
of specie imported. The exports Of specie
during the first quarter of the present
fiscal year have been sl4,65l,s27. Should
specie continue to be exported at this rate
for the remaining three quarters Of this
year,it will drain from our metallic currency
during the year ending 30th June, 1852,
the enormous amount of s5S, ,606,308.
In the present prosperous condition Of
the national finances, it will become the
duty of Congress to consider the best mode
of paying off the public debt
In my last annual message, to which I
respectfully refer, stated briefly the rea-
sons which induced me to recommend a
modification of the present tariff, by con-
verting toe ad valorem into q specific duty,
wherever the article imported was of such
character as to permit it, and that such
discrimination should be made in favor
Of the industrial pursuits of our own
country, as to encourage home production
without excluding foreign competition.
The numerous frauds which continue to
be practised upon the revenue, by false
invoices and undervaluations, constitute
an unanswerable reason for adopting spe-
ci6c instead of ad valorem duties in all
cases, where the nature of the commodity
does not forbid it. A striking illustration
of these frauds will be exhibited in the
Report of the Secretary Of the Treasury,
showing the custom-house valuation of
articles imported under former law sub
ject to specific duties, when there was no
inducement to undervaluatior, and the
custom-house valuations Of the same
articles, under the present system of ad
valorem duties, SO greatly reduced as to
leave no doubt of the existence of the
most fagrant abuses under the existing
laws.
This practical evasion of the present
law, combined with the languishing con-
dition of some of the great interests Of
the country, caused by over-importations
and consequent depressed prices, and with
the failure in obtaining foreign market
for our increasing surplus of bread-stufs
and provisions, has induced me again to
recommend modification of the existing
tariff.
1t will be seen that the cash sales of
the public lands exceed those of the pre.
vious year, and that there is reason to
anticipate still further increase, notwith.
standing the large donations which have
been made to many of the States, and the
liberal grants to individuals as a reward
for military services. This fact furnishes
very gratifying evidences Of the growing
wealth and prosperity Of the country.
Suitable measures have been adopted
for commencing the survey Of the public
lands in California and Oregon.
The proper disposal Of the mineral lands
Of California is subject surrounded by
great difficulties. In my last annual
message l recommended the survey and
sale of them in small parcels, under such
restrictions as would effectually guard
against monopoly and speculation. But
upon further information, and in Difference
to the opinions of persons familiar with
the subject, am inclined to change that
recommendation, and advise that they be
permitted to remain, as at present, com.
mon field, open to the enterprise and
industry Of all our citizens until further
shall have developed the best
policy to be ultimately adopted in regard
to them. It is safer to suffer the incon-
venienees that now exist, for q short
period, than BY premature Legislation, to
fasteu on the country system founded in
error, which may place the whole subject
beyond the future control of Congress.
The agricultural lands should, however,
be surveyed and brought into market
with as little delay as possible, that the
titles may become settled, and the inhabi,
tants stimulated to make permanent i'm
and enter on the ordinary