Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1851-12-16

expenditures on account of our new
ly-acqnired Territories, l may ex-
press the hope that Congress will
concur with me in the desire that a
liberal course Of policy may be pur r
sued towards them, and that every
obligation, express or implied, en-
tered into in consequence Of their
acquisition, shah be fulfilled by the
plost liberal appropriations for thai
purpose.
The values Of our domestic ex-
ports for the last fiscal year, as com
pared with those OF the previous
lyear, exhibit an increase of S43,-
I64G,322. At first view this condi-
ton of our trade with foreign nations
would seem TO present the most fiat
iIterlng hopes Of its future prosperity
An examination Of the details oil ouI
experts, however, will show that the
Increased value Of our exports fol
1.-THE last fiscal year is to be found il
THE high price Of cotton which pre-.
vailed during the first halt OF thai
year, which price has since declined
about one-half \
i he value ofour exports Of bread.
stuifs and provisions, which it was
supposed the incentive oil u low tarif
and large importations from abroaC
would have greatly augmented, ha.
fallen from sos ,92l, IN 1047, t.
S26, ,$73 il 1850, and to 81,
948,653 in 1851, with a strong
probability, amounting almost to I
Ger ainty, of a still further reduction
in the current year.
4 TIE aggregate values Of rice Elk
ported during the hast fiscal year, a.
compared with the previous year, ais,
exhibit a decrease amounting t
S460,9l7, which, with a decline il
the values OF the e Nports of tobacco
for the sal ne period, make an aggre
gate decrease in tn se two articles 0
SI,156,751. 1
i The policy which dictated a log
rate Of duties on foreign mcrchan
disc, it was thought by those vii,
promoted and established it, woult
tend to benefit the farming popula
ton Of this country, by increasing
the demand, and raising the price !
agricultural products i'll foreign mar
kets. II
| The foregoing facts, however seq n
to show incontest abiy that no su u
result has followed the adoption D
this policy. On the contrary, not
swithstanding the repeal Of the fe
.strictive corn laws in England, th'
foreign demand for the products .
the American farmer has steadil,
ideclined, since the short crops a4'
CONSEQUENT famine in q portion .
Europe have been happily replace
By fall crops and comparative abun
, dance of food.
! 1t will be seen, by recurring to til,
commercial statistics for tie pas
year, that the value Of our GQmesti
exports has been increased in til,
single item Of raw cotton by $40,
000,O00 over the value of that ex
port for the year preceding. Til.
is not due to any increased genera
DEMAND for that article, but to TIL
short crop Of the preceding year
which created an ancreased deman(
and an augmented price for the croI
OF last year. Should the cotton croI
now going forward to market be only
equal IN Quantity to that OF the yeal
preceding, and be sold at the present
prices, then there would be a falling
oft in the value of our exports fol
the present fiscal year OF at least
S40,O00,0D0, compared with the
amount exported fer the year ending
e30ih June, 1891.
The production Of gold in Califor-
MA for the past year seems to prom
ise large supply Of that metal from
that quarter for some time to come
This large annual increase of the
currency Of the world must be at
tended With its usual results These
have been already partially disclosed
in the enhancement Of prices. and a
rising spirit of speculation and adj
venture, tending to 6vertrading, as
well at home ais abroad. Unless
some saiutary check shall be given
10 these tendencies, ii IS to be, feared
that importafions of foreign goods
beyond a healthy demand in this
country viii lead TO a sudden drain
of the precious metrls from us, bring
ing with it, as it has done in former
times the most disastrous consequent
oac T., An, b,,S:DnSS and -nop;tal oi' tho