Hannibal journal and western union. (Hannibal, Mo.) 1851-1852, 1851-12-11
VOL. ONO IS


OF tobacco for the same period, make a
aggregate decrease in the two artic Ice a
81 1856 ,75l. The policy which dccl are
low rate OF duties on foreign nero han
dize, il was thought by those who pro
NOTED and established il, would tend I,
benefit the farming Population of thi.
country, by increasing the den.and, and
raising the price CT agricultural products
in foreign markets. s.--The foregoing fasts.
however, seem to show incontes,ably,
that no such result has followed sha a.
doption of this policy, On the contrary.
notwithstanding the repeal Of tho restric-
tive Corn-laws in England, the foreign
demand foT the products Of the American
Farmer haso steadily declined, since the
short crops and consequent famine in =
portion of Europe, have been happily re-
placed by full crops and comparative
aDlno'nce Of food.
IL WI be seen by referring - the
commerei's statistics Of the past year,
that me val1s of our domestic exy0rss
mas been increa,ed in the single item Of
raw cotton $400, 900 over the value of
tnat exported for the year preceding.
This is not Que to any increased general
demand for that article, but to the short
crop OF the preceding year, which Great
ed an increased demand and an aupment-
ed price for the cop Of last year. Should
the cotton crop nov going forward to
market, be only equl in quantity to that
Of the year preceding and be sold at the
present prices, then here would be
falling off in the value of our exports.
for the present fiscal yars, of least at
100000, compared with the amount
exported for the year ,nding 30th
June, 1851.
The production of gold in California
for the past year, seems TO promise a
large supply of this metal ffym that
quarter, for some time to come. This
large annual increase of the curreacy Of
the world must be attended with it's esual
results. These have been already partially
disclosed in the enhancement of pric,s,
and rising spirit of speculation am
adventure, tending to over-tradipg, as
well at home as abroad. Unless some
salutary check shall be given TO these
tendencies, it is to be feared that inn
portations of foreign goods, beyond q
healthy demand in this country, win
lead to sudden drain of the precious
metals from Is, and bring T;.h /. - !.
has done in former times, disastrous
consequences to the business and the
capital of the American people. The
exports Of specie, to liquidate cur for
eign debt, during the past fiscal year,
have been go, 1853 ,976 over the amount
of specie imported. The exports Of
specie, during the first quarter Of the
present fiscal year, have been $l4,65l,-
827. Should speice continue to be ex-
ported at this rate for the remaining
three-fourths of this year, it viii drain
our metallic currency, during the year
ending Both Janusry, 1852, the enor-
nous Hmount Of S58, ,607 ,30S.
In the Ipresent prosperous condition
of the national finances, it will become
the duty of Congress to consider the
best mode of paying of the public debt
If the present anticipated surplus in tho
treasury should not be absorbed by APP
preparations it should be employed in
such way and under such restrictions as
Congress may enact, in extinguishinS
the outstanding debt of the nation.
BY reference TO the act of Com
gress approved 9th September; 1850, il
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 stock bearing
five per cent. interest, and redeemabie
at the end Of fourteen years, 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 issued, until the creditors Of the
State, holding bonds and ether ee.ti6-
Gates Of stock Of Texas, for which du.
ties on imports were specially pledged,
shall first file Of the treasury Of the Uni
ted States, releases of all elnims a0ainat
the U. States, for, or on account Of, said
bonds OF certificates, in such form as
shall be prescribed by the Secretary of
Treasury and approved by tie President
of the United States. The form Of re-
lease thus provided for has been preseri-
bed by the Secretary, and approved. 1t
has been published in all the newspapers
in the commercial cities Of the Un;ted
States, and an persons holding claims OF
the kind specified in the foregoing pro-
yiso, were required toaile their release
in the form prescribed, ih the treasury Of
United States, on or before The frat day
of October, 1851. Although this publi-
cation has been continued from the 25th
Of March, 1851, yet up to the lstof De-
teber last comparatively few releases had
been fled by the creditors 81 Texas.--
The authorities of the State Of Texas, Al
the request Of the Secretary, have pub
lished schedule of the public debt q
that State created prior TO her admission
into the Union, with copy of the laws
under which each class was contracted.
have, from the documents furnished by
the State Of Texas, determined the class
es OF claims which in my Judgment fall
within the provisions Of The act Of Con-
grsss Of the 9ah Of September, 1850. On
n being officially infcgmed Of the aecep.
tance BY Texas, cf the proposition eon,
tanned IN the act Eefeited 20, caused
the stock 70 be prepared, and the fve
millions which are 70 be inaaled uncOnd'
ltionallV. beaSin0 an iRtasest az 6ve ne,