The Democratic sentinel and Harrison County farmer. [volume] (Cadiz, Ohio) 1851-1852, 1851-12-03

years
The Aggregete valpes of rice exported
during the last fseaI year, as compared
with fhe preyious year. also exhibits 4 de-
crease amounting 70 S47o,91 which with
a decline in the values Of the exports Of
tobacco for the same period make an ag-
gregate decrease in these two articles OF
81. 1861 5l.
The policy which directed a low rate OF
duties on icreln merchandise, it was
thought by those who promoted and es'a-
blished it, would tend 10 benefit the farm
ing population Of this country, by increa-
sing the demand and raising the price of
agricultural products in foreign markets.
The foregoing facts, However, seems to
show incontestibly that no such result has
followed the adoption ofthis policy. On
the contrary, Notwithstanding the repealo OF
the restrictive corn laws in England, the
foreign demand for tie products Of the
American farmer has steadily declined,
since the short crops and consequent fam
ine in a portion of Europe have been hap
PLY replaced by full crops and compare
tive abundance of food.
VI will be seen, by .recurringto the COM
mercial statistics for the past year, that the
value of u domestic exports has been
increased in the single item of raw cotton
by $40, 0OO, 600 over the value of that
export for the year preceding. This is
not due to any increased geh5ral demand
for that article, but to the short crop OF
the preceding year, which createA an in
creased demand and augmented price for
the crop of last year. Should the cotton
crop now going forward to market be only
equal in quantity to that OF the year pre-
ceding, and be sold at the present prices,
then there would be a falling off in the
value of our exports for the present fiscal
yoar os at least $40, O00, 900, compared
with the amount exported for the year
ending 3OthJune, 1851.
The production of gold in California for
the past year seems to promise a large
supply of hat metal from that quarter for
some time to come. This increase of the
currency Of the world must be attended
with its usdal results. These have alrea-
dy been partially disclosed in the enhance
ment of prices and a rising spirit of spec
ulation and adventure, tending to overtra-
ding, as well 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 a
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 eonse-
quences to the business and capital Of the
American people;
The exports Of specie to liquidate our
foreign DEBT kuring the past fiscal year
have been 1924, 263, 979 over the amount
of specie imported. The exports of spe-
Gle during the first quarter of the present
fiscal year have been 1851, 927. Should
specie continue to be exported at this rate
for the remaing three quarters OF this year,
it will drain from our metallic currency du'
ring the year ending 30th June, 1852,
the enormous amount of $58, 1917. 418.
In the present prosperous condition o
the national finances, it will become the
duty of Congress to consider the best mode
of paying of the public debt, If the pre-
sent and anticipated surplus in the Treas
ury should not be absorbed by approprla
tons OF AIN extraordinary character, this
surplus should be Employed in snch way
and such restrictions, as Congress may en-
act, in extinguishing the out standing deb
of the nation. .
By reference to the act of Congress ap
proved 9rh of September 1859, it will b
seen that. iii consideration of certain con
c~essions by the State of Texas, it is pro
vided THAI tie Omitted States SHALL pa,
ito the State uf Texas the sum Of ten mi
: lions of dollars, in " stock bearing fly
per cent interest, and rcdeemable at tn
'end of fourteen years, the interest paya
'ble half yearly, at the Treasury Of til
Omitted States"
In the same section of the law it is ful
Their provided "that no more than ivcm mi
lions Of said stock shall be issued until I'll
creditors of the State holding honls an
l other certificates of stock of Teas, II
, 'whtch duties on imports 1rcre ~eTTpcciel
| pledged, shall first file at the Treasury
+ sthe United States releases ofali CLAIM
against the United States, for OF on a.
f count of said bonds or certificates, in su,
4 form as shall be prescribed by the Seer
D 'tary of the Treasury, and approved |
l. the President ofthe United States"
h The form Of the release thus provide
5 for has been prescribed by the Secreta
y of the Treasury and approved. It h
been published in all the leading newsp
j. pcrs in the commercial cities of The Unit
0 States, and all holding claims Of the XII
l. specified in the foregoing proviso were 7
quired to file their releases lin the foi
thus prescribed in the Treasury of
C United States, on or before the 1st day
t, October, 1851. Although this publicati
e has been continued from the 25th day
y March 1851, yet up to the list of Octob
l. last comparatively few releases had be
l. filed by the creditors Of Texas.
if The authorizes Of the State of Texas,
the request eff the Secretary of the Trt
e sutffy, have furnished a schedule ofthe pu
IS lie debt of that State created prior to herr
ct mission into the Union, With a copy Of
TT laws under which each class was contra
ed.
s. / have from the documents furnish
DO the State of Texas, determined the ella
Of es Of claims which in my judgement
at Within the provisions Of the act of Congr
st of the 9th of September, 1850.
> On being officially informed of the
ms ceptance by Texas Of the proposition c.
e. tanned in the act referred to, I caused
X stock to be prepared, and the five milf,
which are to be issued unconditional
bearing an interest of five per cent. fir
e. the 1st dav of January. 1851. have b.