The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1851-12-06

prices aud . rising spirit OF speculation AMI
adventure, tending ~ oyer-tradihgi ~ we'll
at home a. abroad unless some saiutary |
check shall be given 70 these tendencies IL 10 |
10 be feared that importations offoregn goods 4
beyond a healthy demand IN this country will /
lead 81 a sudden drain ~ the prerIons metals 7
from us, bringing with Il, as u has ia former |
times, the most disastrous consequences % |
tho business and capital u the American Peo' |
pie. |
The exports a. specie IN Iiguidaie our. for-
eian debt during the past fiscal year have I
been s2l,2Ga,eT9 over the amount 81 specio /
imported. The oEp0rts o. specie during the
6rsi quarter of the present GsdA year have
been sil,G6l ,H27, Should specie continue 70
be exported ~ this rate for the remaining
three-quarier Of His year, ID will drain from
our metallic currency during the year ending
| aOth jane, 1862, the enormous amount Of
s5s,G07aOs ....
] IN the present prosperous condition Of the
national finances, u will become The duty Of
| Congress 10 consider the best mode Of paying
OF the public debt. III the present and anio-
ipated surplus IN the Treasury should moi be-
absorbed BY appropriations Of an tXtra6fliin
AIRY character, this surplus should be employ
ed 10 such way, and under such rosirlctions,
~ Congress may enact, Wv extiHguishipR the
outstanding debt of the nation.
By reference 10 the act o. Congress APP
proved Qth September, $50, it will bo seen
that IN consideration Of certain concessions
by the State OF Texas. Il i provided that the
tIftfattad stutr- pa, q, tho State of Texas tho
sum of ten millions ofdnllars, IN a stock bear
Ing fvo per cent interest, and rodeemablo'at
the end al fourteen years, the interest paya-
bic half yearly, at the Treasury Of tho United
States"
In the same section ofthe law Il il further
provided, THAT no more than Eve millions Of
said stock shall be issued until the creditors
OF the State holding bonds and other eerti-
Gates Of stock of rcxHs for which duties on
Imports were specially pledged shall first Gle
nc the Treasury Of the United States, rclcAs-
es Of al claims ngninrt the United States for
or on account Of said bonds or certificates, IN
such form as shall be prescribed by the Scr-
rotary of the Treasury, and approved by the
President Of the United States"
The form ~ RELEASED thus provided for has
been prescribed hy the Secretary OF the
; Treasury, md approved, Il haS boon pub
lshcd ~ all the LEADING newspapers ia the
commercial ctics Of the United States and
; III persons holding claims Of the kind spoci-
fed in the foregoing proviso were required
to Gle their releases lin the farm thus pre-
} srrihcd) IN the Treasury ofthc United States
ON or before the dny of October, 1871
Although hi. publication has been continued
= from tho 2ath day of March. 1889. vet up to
the 1T of October last comparatively f,'S re-
leases had been fled by the creditors ol Tex
as
The authorities ofthc State Of Texas, Al
the request of the Secretary of the Treasury,
J have furnished a shcdulc OF the public debt
Of that State created prior 10 her admission
inio tho Union. with a copy OF the laws under
; which each class was contracted.
have, from the documents furnished by
the State Of Texas, determined the classes Of
claims which IN rny Judgment iall within the
provisions Of the act Of Congress Of the oh of
SeniemLer. 1850
On being officially informed q the accept
Rncc by Texas OF the propositions contained
in the act referred 10, | caused the stock 10 be
prepared, aud the five millions which are To
be issued Internationally, bearing an interest
of5 per cont. from the ist day of January,
1851. have been for some time ready 10 bc
delivered 20 tho State Of Texas. The author
tiles Of Tcxas.-'ip To the present time, have
uut autiarrrisl 4sasg ann- "a rnceixe this siock
and IL remains in the Treasury Department,
subject TO the order OF Texas.
The releases, required by law 20 bc dcpos-
itcp in the Treasury, not having been filed
there, The remainiug fivr Tttti0Ks t1vc nor
been Issued. This last amount OF the stock
will be withheld from Texas until the condi-
tons upon which IL is 20 he delivered shall
be complied with 10y the creditors of that
State. unless Congress shall otherwise direct
by a modification OF the law.
Il In my last animal meSWpo, TO which ! re.
spcctfully refer, stated briefly the rcasons
which induced me 10 recommend mod6ra.
ton of the present tariff, by converting the
ad valorcm into a specific duty, wherever the
article imported was Of such n character as 10
permit it, and that such Discrimination
should be uIadc in favor of tho industrial
pursuits of our own country, as to encourage
bone production without excluding foreign
competition.
The numerous frauds which continue TO be
practiccd upon the revenue, by false invoices
aud undcrvaluatons, constitute an uhanswcr-
able reason for adopting specific instead Of AL
valorem duties in all cases where the nature
ofthe commodity does not forbid Il. a strik-
ing illustration Of these frauds will be exhib-
tied in the report of the Secretary Of the
Treasury, showing the Custom House valua-
ton ofarticles. under the present system of
ad valorem duties, so greatly reduced as TO
leave no doubt of the existence of the most
fragrant abuses under the existing laws. This
practical evasion Of the present law, combined
with the languishing condition OF some OF the
great interests Of the country, caused by over
Eimportations and consequent depressed prices
aud with the failure in obtaining a foreign
market for our increasing surplus of bread
stufis aud provisions, has induced me again
to recommend q modification u tho existing
tariff.
l. The report of the Secretary Of the Interior,
4 which accompanies this communication, will
present a condensed statement of the opera.
iions of that important department of the
Government.
Y 1t will be seen that the cash sales Of the
public lands cxcscd those of the preceding
year, and that there is reason TO anticipate
still further increase, notwithstanding 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 evidence
of the growing wealth and prosperity of our
country.
commencing the survey of the public lands in
California and Oregon. Surveying parties
have been organized, and some progress has
hren made in establishing the PRINCIPAL base