Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1851-12-11

ever seem TO show inconsistestibly that no
such result has followed the adoption of this
policy; on the contrary, notwithstanding the
repeal of the restrictive corn laws in Eng
land, the foreign demand for the products Of
the American farmer has steadily declined
since the short crops and consequent iamine
in Europe have been happily replaced by
full crops and comparative abundance OF
food.
1t will be seen by referring TO the com
mcrcial statistics Of the past year that the
value of our domestic exports has been in
creased in the single item of raw cotton
$4,000 900 over the value of that reported
for the proceeding year, which created an
increaded demand and an augmented price
Cor the crop of last year. Should the cot
ton crop now going forward 10 market be
only equal in quantity to that Of the year
proceeding and be sold at the present prices,
then there would be falling off in the VAL
lie Of our exports for the present fiscal year
of at least 100000 compared with the
amount exported for the year ending 3Oth
June, 1851.
Tie production of God in California from
the past year seems to promise large sup
ply Of this metal from that quarter for some
time to come. This large increase of the
currency of the world must be attended
with It's usual results. These have been
already partially disclosed in the enhanc-
ment of prices and a rising spirit Of specu-
lation and adventure tending 10 overriding
as well at home as abroad, unless some sal
utary check shall be given TO these tenden-
cies. 1t is to be feared that importations Of
foreign goods beyond healthy demand in
this country will lead to sudden drain
ofthe precious metals from us, and bring
with it, as it has done i'll former times, dis
astrous consequences.
The exports of specie TO liquidate our for
eign debt during the past fiscal year have
been S,24, 263 ,976 over the amount of specie
imported. The exports of specie during
the firStquarter Of the present fiscal year have
been $l4, 65l ,S27. Should specie continue
to be exported at this rate for the remaining
three-fourths of the year it will drain from
our metallic currency during the year end
ing 30th January, 1852, the enormous
amount of SOS, GOT ,30S.
In the present prosperous condition of The
nation, finances it will become the duty Of
]
off the public debt if the present anticipated
surplus in the Treasury should not be ab.
sorbed by appropriations OF an extraordinary
character; this surplus should be employed
i'll such a way and under such restrictions as
Congress may enact i'll extipguishing III,
outstanding debt of the nation.
BY reference tothe act of Congress ap
proved 9th September, 1850, ii will be seer
that in consideration OF certain concessions
by the State Of Texas, il is provided that the
United States shall pay 10 the State Of Tex
as the sum OF ten millions of dollars, in ;
stock bearing five per cent interest, and re-
deemable at the end of fourteen years, the
interest payable half yearly from the Treas
ury ofthcU. States. In the same section o
the law it further provides that no more thar
five millions Of said stock shall be ISSUED
until the the creditors of the State holdinf
bonds and other certificates Of stock OF Tex
as, for which duties on imports were spe
ciaIly pledged, shall first file at the Treasua,
Of the L. States releases of all claims agaius
the United States for or on account OF sale
bonds or certificates, in such form as shal
he prescribed by the Secretary ofthe Treas
ury and approved by the President of tn
U. States. The form of release thus provi
ded for, has been prescribed by the Sec
rotary, and approved, and it has beer
published in all the leading news
papers in the commercial cities CT the L
States, and all persons holding claims of Ii,
kind specified in the foregoing proviso
were required to file their releases in Ill,
form thus prescribed by the Treasurer o
the l. States on or before the LIST day o
October, 1901. Although this publication
has been continued from the 25lh day O
March, 1851, yet 10 the first day of DC
tober last, comparatively few releases ha
been filed by the creditors of Texas.
4 The authorities OF the State of Texas q
the request OF the Secretary have furnishe,
a schedule of the public debt of that State
created prior to their admission into th
Union, with a copy of the laws under whicl
each class was contracted. ! have iron
the documents furnished by the State o
Texas determined the classes of claims
which in my judgment, fall within the pro
visions Of the act of Congress of the 81
Sept, 1850. On being officially informed
of the acceptance by Texas Of the propo
sition contained in the act referred to,
caused the stock to be prepared and the five
millions which are 10 be issued uncondition
ally bearing an interest Of five per cent, from
the first day Of January, 1851, have beer
for some time ready TO be delivered 10 thu
State Of Texas. The authorities of Texa.
up TO the present time have not authorized
any one 10 receive this stock, and il remain,
in the Treasury Department, subject to thu
order OF Texas. The releases required b,
law to be deposited in the Treasury not hay,
ing been filed there, the remaining five mil
lions have been issued. The last amount o
the stock will be Withheld from Texas unit
the conditions upon which it is 10 be deliver
ed shall be complied with by the creditor,
Of that State, unless Congress shall other.
wise direct by modification of the law.
In my last annual message, to which / re,
! SDCc. liulV refer | stated hricf,, tho Ransom,