Mississippi palladium. [volume] (Holly Springs, Miss.) 1851-1852, 1851-12-12
NUMBER 81

ring ihe lfSt part OF that year, which
price has since declined.
About one half OF the value Of our
exports of breadstufls and provisions.
which it was suppo ed the incentive OF
a low tariff and large importations from
abroad would have greatly augmented,
has fallen from s6S, S,7oI ,92I in 1917, to
S26, ,053,373 in 1850, and to S2I .9IS,-
653 in 1851, with a strong probability,
amounting almost to a certainty, of a
still further reduction in the current
year.
The aggregate values of lice ex9or-
ted during the last fiscal year, as COM
pared with the previous year, also ex-
hibit decrease amounting to S469, ,9l7,
which, with a decline in the value OF
the exports of tobacco for the same pc
Rod, make an aggregate decrease in
the two articles of 81 I,i56.15l. The
policy which declared a low rate OF
duties on foreign merchandise it was
thought by those who promoted and
established it, would tend to benefit
the farming population of this country,
by increasing the demand and raising
the price OF agricultural products in
foreign markets. The foregoing facts,
however, seem to show incontestably,
that no such result has followed the a
doption OF this policy. On the contra
ry, notwithstanding the repeal of the
restrictive Corn laws of England, the
foreign demand for the product OF the
American farmer has steadily declined,
since the short crops, and consequent
famine in a portion of Europe, have
been replaced by full crops and compa-
rative abundance of food.
1t will be seen by referring to the
commercial statistics of the past year,
that the value of our domestic exports
has been increased in the single item of
raw cotton 100000 over the value of
that exported for the year preceding.
This is not due to any increased gener-
al demand for that article, but to the
short crop of the preceding year, which
created an increased demand and an
augmented price for the crop of the
last year. Should the cotton crop now
going forward to market, be only
equal in quantity to that of the year
preceding, and be sold at the present
prices, then there will be falling off
in the value of our exports, for the pre-
sent fiscal year, of at least 100000,
compared with the amount exported
for the year ending June Both, 1851.
The production of gold in Califor-
MIA for the past year, seems to promise
a large supply of this 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 al
ready partially disclosed in the en-
hancement of prices, and rising spi-
rit Of speculation and adventure, ten
ding to trading, as well at home
as abroad. Unless some salutary check
shall be given to these tendencies, it is
to be feared that importations of for
eign goods, beyond a healthy demand
in this country, will lead to sudden
drain of the precious metals from us,
and bring with it, as it has doLe in for
mer times, disastrous consequences to
business and the capital of the Ameri-
can people. The exports of specie, to
llquidate our foreign debt, during the
past fiscal year, have been S24, ,2G3, ,976
over the amount of specie imported.
The exports of specie, during the first
quarter of the present fiscal year, have
been Si4,65I ,S27. Should specie con-
tinue to be exported at this rate for the
remaining three-fourths of this year, it
will drain from our metallic currency,
during the year ending Both January,
1852, the enormous amount of S5S,-
6O7 1903.
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.
If the present anticipated surplus in
the treasury should not be absorbed by
appropriations of an extraordinary cha
racter, this surplus should be employed
in such way. and under such restric-
tions as Congress may enact, in extin-
gushing the outstanding debt of the
nation.
By reference to the act of Congress
approved 9th September, 1850, it will
be seen that, in consideration of GER
tain concessions by the State of Texas,
it is provided, that the United States
shall pay to the state of Texas the
sum of ten millions of dollars, in a
stock bearing five per cent. interest,
and redeemable at the end of fourteen
wears, the interest payable half yearly
at the Treasury of the United States.
In the same section Of the law, it is
further provided, that no more than
five millions of said stock shall be is
sued. until the creditors of the State,
holding bonds and other certificates of
stock of Texas, for which duties on
imports were specially pledged, shall
first file at the treasury of the United
States, releases of all claims against
the United States, for, or on account
of, said bonds or certificates, in such
form as shall be prescribed by the Sec
retary of the Treasury and approved
by the President of the United States.
The form of release thus provided for
has been prescribed by the Secretary,