The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-12-10

ton -four trade with foreign nations would
seem to present the most fattering hopes
OF its future prosperity. An examination
of the details OF our exports. however, will
show that the increased value Of our ex.
ports Tor the last fiscal year is to be found.
in the high price Of cotton which prevailed
during the first half Of that year, which
price has since declined about one half.
The value of our exports Of breadstuffs
and provisions, which it was supposed the
incentive OF Il low tariff and large importa.
tons from abroad would have greatly aug
mented, has fallen from S68.7O1 gel, in
l847. $26,05l.373. in 1850. aud to $2l.-
948.633, in 1851, with a strong probability.
amounting almost to a certainty. OF a still
further reduction in the current year.
The aggregate values of rice exported
during the last fiscal year, as compared
with the previous year. also exhibits a de-
crease amounting to $460, 9t7. which. with
a decline in the values Of the exports Of to-
bacco for the same period. make an ag-
grcgate decrease in these two articles Of
$I.l56.75i.
The policy which dictated a low rate Of
lutirs Oh foreign merchandise, it was
thought by those who promoted and estab-
lislcd it. would lead TO benefit the farming
population OF this country. by increasing
the demand aud raising the price Of agri-
cultural products in foreign markets,
The foregoing facts. however. seem TO
show inconIeslIblv that no such result has
followed the adoption of the policy. On
the contrary, Notwithstanding the repeal
OF the restrictive corn laws in England.
the foreign demand Tor the products OF the
American farmer has steadily declined,
since the short crops and consequent fam
inc in a portion of Europe, have been
happily replaced by full crops and COM
para,ive abundance Of food.
1t will be seen. by recurring 10 the com.
mercial statistics for the past year, that the
value Of our domestic exports have been
increased in the single item OF raw cotton
by $40, O0O. 200 over the value Of that ex-
port tor the year preceding. This is not
due to any increased general demand for
that article. but to the short crop Of the
preceding year. which created an increas.
ed demand and an augmented price for
the crop of last year. Should the cotton
crop now going forward 10 market be only
equal in quantity TO that of the year prece-
ding and to be sold al the present prices,
then there would be a falling off in the val.
ne Of our exports for the present fiscal year
of at least $40. 900 900. compared with the
amount exported Tor the year ending 30th
June, 1851.
The production of gold in California for
the pas, year seems to promise a large
supply Of that metal from that quarter for
some time to come. This large annual
increase of the currency of the world mus,
be attended with its usual results. These
have been already partially disclosed in
the enhancement OF prices and a rising
spirit Of speculation and adventure. tend.
ing to overtrading, as well at home as
abroad. Unless some ~salutary check shall
be given to these tendencies. ii is to be
feared that imporlatiors 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
consequences TO the business and capital
OF the America people.
The exports o! specie to liquidate our
foreign debt during the past fiscal year.
have been 1924 1858 $40 over the amount
ofspccie imported. The exports o fspecie
during the first quarter Of the present fiscal
year have been $14 Col 1927. Should
specie continue to be exported at this rate
for the remaining three quarters OF this
year, it will drain from our metallic curren-
cy during the year ending 30th June 1852,
the enormous amount Of $58, 6O7 306.
In the present prosperous condition OF
the national finances. it will become the
I duty ofCongresS to consider the best mode
of paving off the public debt. If the pres
ent and anticipated surplus in the Treas
ury should not be absorbed by a%ppropria-
lions Of an extraordinary character. this
surplus should b.. employed in such way
and under such restrictions. as Congress
may enact. in extinguishing the outstand-
ing debt of the nation.
Bv reference to the act Of Congress ap-
proved 9th September. 1850. it will be
seen that. in consideration OF certain con-
cessions by the State Of Texas. it is provi-
ded that the "Uni,ed States shall pay to
the State Of Texas the sun Of ten millions
of dollars. in stock bearing five per cent.
interest. and rcdrrmable at the end Of
fourteen years. tn" interest payable hall
yearly. {. the Treasury Of the United
StaicS.'
I'm the same section Of the law, it is fur
thor provided that no more than five mil
lions of said stock shall be issued until the
creditors Of the State holding bonds and
other certificates OF stock Of Texas. for
mhich duties on imports ,wPre specially
pledged. shall first file at the Treasury OF
the United States releases Of all claims
against the United States. for or on &C.
count OF said bonds or certificates. in such
farm as shall be prescribed BY the Secre-