North Carolina standard. [volume] (Raleigh, N.C.) 1850-1852, 1851-12-06

Bv reference to the Report of the Secretary o.
the Treasury it will be seen that the aggregaae, go 70
cepts for the last fiscal year amounted 70 On
979 81; which, with the balance IN me treasu f.,
the lst July, 1850, gave, as the avaiaole "ieo"' w.
the year, the sum of $5s,9l7,624 50. -;od were
The total expenditures for the same Periou WIZ
$4S, OO5, 1878 SO. H.; aoth June,
1851, were SSi 2'e62'9OI
OF which were in specie Se17,5I7, 1870
The exports of the same PERIOD "ei0
OF which there were of erss
domestic products $lIo,oDao' coz
Foreign goods re-exPorted ~ aSI Coo
Specie - q or KY an
Soe ate st of December last the payments I'd cash
Bnt of the public debt, exclusive of interest,
on 'sU6ouned to $75O1 ass Sc; which. however,
;oadsJs the sum of $S.242,4O paid under the 18th
tcIeS of the treaty with Mexico, and the further
s., 59l ,2l3 As, being the amount of awards
10 American citizens under the late treaty with Mex
ico for which the issue OF stock was authorized but
which was paid in cash from the Treasury.
The public debt the Goth ultimo, exclusive OF
the stock authorized be issued Texas by the act
of 9th September, 1850. was $62, 56O,395 Is.
The receipts for the next fiscal year estimated
at S5I 800, 600, which, with the probable unappro-
prated balance in the Treasury, on the 3Oth June
next will give, the probable available means for
that year, the sum of $50, 25s,743 %.
has been deemed proper, in view of the large ex-
pendures consequent upon the acquisition OF terrific
nv from Mexico, that the estimates for the next fiscal
year should be laid before Congress in such manner
as to distinguish the expenditures required from
the otherwise ordinary demands upon the Treasury
The total expenditures for the next fiscal year are
estimated $42 992 299 10, of which there IS re-
qured for the ordinary purposes of the Government
or other than those consequent upon the acquisition
of our new Territories, and deduciing the payments
on account of the public debt, the sum OF $3S,343,-
1913 OS and for the purposes connected directly or
indirectly with those Territories, and in the fulhlment
of the obligations of the Government, contracted In
consequence of their acquisition, the sum OF $685.
10I III.
If the views of the Secretary of the Treasury in
reference the expenditures required for these Ter
rtories shall be met By corresponding action on the
part of Congress, and approPrat Ions made In accor
dance Herewith there will Be an estimated unaPPro-
priated balance in the Treasury on the 3Oth June'
1853, of 500, 1866 ,443 80, wherewith to meet that
portion of the public debt due on the hrst July follow
ing, amounting to Sc 237,93l IS, as we'll as any APP
propriations which may be made beyond the estl'
mates
In thus referring to the estimated expenditures on
account of our newly acqured Territories. may ex-
press the hope that Congress will concur with me In
the desire that liberal course of policy may be pur-
sued towards them, and that every Obligation express
or implied entered into in consequence of their
QUESTION, shall be fulfilled by the most liberal aPPro-
priations for that purpose.
The value of domestic exports tor the last hs-
cal year, compared with those OF the previous year,
exhibit an increase of $43, SAC, 1922. AT first view
this condition of trade with foreig nations would
present the faiterng hopes of It's future
prosperity. An examination OF the details OF our eX-
ports, however, will show that the increased value of
exports for 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-haif.
The value of our exports of breadstuffs and pro-
visions, which it supposed the incentive OF low
tariff and large imporlations from abroad would
have greatly augmented, has fallen from SOS, 7OI,-
92l, in ls47, 1926 ,O5l, 1873 in 1850, and to $2l,
949,653 in 1851, with strong probability, amount
ing almost certainty, of still further reduction
in the current year.
The aggregate value.of rice exported during the
last fiscal year, compared with the previous year,
also exhibits decrease amounting to S46O,9l7 (which
with decline in the values of the exports of tobacco
for the period, make an aggregate decrease In
these articles of 81, l56,75l.
Phe policy which dictated a low rate of duties on
foreign merchandise, it 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 agricultural products
In foreign markets.
The foregoing facts, however, seem TO show incon-
tesubIy that such result has followed the adoption
of this policy. On the contrary, notwithstanding the
repeal of the restrictive laws in Eng land the
foreign demand for the products of the American far
has steadily declined, since the short crops and
consequent famine in portion of Europe have been
happily replaced by the full crops and comparative
abundance OF food.
twill be SEEM by recurring to the commercial sta
tiscs for the past year, that the value of doues-
tic exports has been increased in the single item of
cotton by $4O,OOO,OOO over the value of that ex-
increased general demand for that article, but the
short crop OF the preceding year, which created an
increased demand and augmented price for the
crop of last year. Should the cotton crop now GO
ing forward market be only equal in quantIry 10
that of the year preceding and be sold the present
prices, then there would be falling off in the value
of exports for the present fiscal year of SAC, 1000
600. Compared with the exported tor the year
ending Both June, 1851.
The production of Gold in California for the past
year 10 promise large supply of that metal.
from that quarter for time to This large
annual increase of the currency OF the world must
be attended with its usual results These have been |
already partially disclosed in the enhancement of
prices and rising spirit of speculation and adven-
lure tending overtrsding we'll at home abroad.
Unless some sautary check shall be given 10 these
tendencies, it is to be feared that mportaons of for
eIgn goods beyond healthy demand in this country
from US, bringing with it, it has done in former
times, the disastrous consequences the bust
ness and capital of the American people.
The exports of specie to iquidate foreign debt
during the past fiscal year have been $24,263 1919
over the amount of specie imported The exports of
specie during the first quarter of the present fiscal
year have been $l4.65l,927. Should specie con-
tinue to be exported this rate for the remaining
lhree quarters of this year, it will drain from
, saH currency during the year ending Both June,
1907 Inc enormous sum of $5S, 607 1903. |,
IN Inc present prosperous condition of the nation
unances' 1t will become the duty of Congress
10 consider the best mode of paving off the pub
=; ue1,' IL me present and anticipated surplus
~ 'e treasury should not be absorbed by appropri-
LnTy oI On extraordinary character, this surplus
ncuiu De employed IN such way, and under such re-
.u'icnohs' as Congress may enact in extnguishing
Inc outstanding debt of the pation,'
H.