Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-12-03


If cotton which prevailed during the first half of
hat year, which price has since declined about
me half
The value of our exports of breadstufs and
provisions, which it was supposed the incentives
of low tariff and large importations from abroad
wonld have greatly augmented, has fallen from
500, 701 1921 in l847, to $26,05l 1878 in 1850
and TO $2l ,94S,653 in 1851. with strong pro-
liability, amounting almost to a certainty, of still
further reduction in the current year.
The aggregate values of rice exported during
the last fiscal year, as compared with the preyl-
Gus year, also exhibit decrease amounting TO
$460,9l7, which, with decline in the values oil
the exports of tobacco for the same period, make
an aggregate decrease in these two articles OF
Sl,l56,75l.
The policy which dictated 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
agrcullur products in foreign markets.
The foregoing facts, however, seem TO show
incontestbly that no such result has followed the
adoption of this policy. On the contrary, not
outstanding the repeal of the restrictive corn
laws in England, the foreign demand for the pro-
ducts of the American farmer has steadily decli'
ned, since the short crops and consequent famine
in portion of Europe have been happily replaced
by full crops and comparative abundance of food.
1t will be seen by recurring to the commercial
statistics for the past year, that the value OF our
domestic exports has been increased in the single
item of raw cotton by $40. 100000 over the value
of that export for the year preceding. This is not
due to any increased general demand for that ar
ticle but to the short crop of the preceding wear,
which created an increased demand and an aug
mened 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 preced
ing, and be sold at the present prices, then there
would be falling off in tine value of our exports
for the present fiscal year of $40 100000, COM
pared with the amount exported for the year end
ing 30th June, 1851.
The production of gold in California for the past
year seems to promise large supply of that
metal from that$uarer for some time to come
This large annual increase of the Currency OF
the word must be attended with its usual re-
suits. These have been already partially dis
closed in the enhancement of prices and rising
spirit Of speculation and adventure, tending to
oyertradng, as well at home as abroad. Unless
some salutary check shalt be given to these ten
dencies il is to be fearad that importations of TO-
reign goods beyond healthy demand in this
country will lead to a sudden drain of the preciou:
metals from us, bringing with ii, as it has done
in former times, the most disastrous consequen
ces to the business and capital OF the American
people.
The exports of specie to liquidate our foreign
debt daring the past fiscal year have been 1914.
263. 979 over the amount oil specie imported
The exports of specie during the first quarter o
the present fiscal year have been sl465l ,827.-
Should specie continue to be exported at this rate
for the remaining three quarters of this year, it will
drain from our metallic currency during the year
ending 30th June, 1852, the enormous amount o.
$58, 6O7,306.
In the present prosperous condition of the ma.
tonal finances, it will become the duty of Con-
gress to consider the best mode of paying off the
public debt. If the present and anticipated sur.
plus in the Treasury should not be absorbed by
appropriations Of all extraordinary character
this surplus should be employed in such way
ard under such restrictions, as Congress may en-
act, in extinguishing the outstanding debt Of the
nation.
By reference 20 the act of Congress approved
9th September, 1850, it will te seen that, in con.
sideration of certain concessions by the State OF
Texas it is provided that tho Omitted States shall
pay to the State OF Texas the sum oft millions
of dollars, in stock bearing five per cen Interest
and redeemable at the end of fourteen years, the
interest payable half yearly at the Treasury of the
United States"
In the same section ofthe law it is further PROF
vided 'sthat no more than five millions of said stock
shall be issued until the creditors of she State
holding bonds and other certificates of stock o!
Texas for aohich dulles on imports aoere Specialll
pledged shall first fl at the Treasury of the Unis
ted States releases all claims against the United
States for or On account of said bonds or certifit
Gates, in such form as shall be prescribed by the
Secretary of the Treasury, and approved by the
President ofthe United States"
The form of release thus provided for has been
prescribed by the Secretary of the Treasury, and
approved. 1t has been published in all the leading
newspapers in the commercial cities of the United
States and all persons holding claims OF the kind
specified in the foregoing proviso were required
to file their releases Gin the form thus prescrbed)
in the Treasury of the United States, on or before
the LIST day OF October. 1851. Although this
publication has been continued from the 25th day
OF March, 1851 yet up the LIST of October last COM
paratveiy few releases had been filed by the cre-
ditors Of Texas.
The authorities of the State of Texas at the request
of the Secretary of the Treasury. have furnished
schedule of the public debt OF that Stats 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 classes ofclans which ia my
Judgment fall within the provisions OF the act of Con-
uless of the 9Th OF September, 1880
On being officially informed of the acceptance by
Texas of the propositions contained in the act refer
ed to- Icaused the stock to be prepared, and the five
Millions which to be issued Internationally, bear
ng an interest five per cent, from the LIST day OF
January 1851 have been for time ready TO be de-
iyered to the State OF Texas. The authorizes OF Tex
IS up to the present time, have not authorized any
o receive this stock, and it remains in the Treasury
Department subject to the order of Texas.
The releases, required by lswto BE- deposited 10 the
Treasury, not having been flied there, the remaining
i've millions have not been issued. This last amount
If the stock will be Withheld from Texas until the
conditions upon which it is to be delivered shall be
complied with by The creditors of that State, un less
Congress shall otherwise direct by modification Of the
aw
In my last annual message, to which | respectfully
efer stated briefly the reasons which induced me to
modfic of the prs tariff, by con-
ering The ad valorem into specific duty, wherever
he article imported OF such character 10 per-
nit it, and that such discrimination should be made,
favor of the industrial pursu is OF our own county,