The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-12-05

| Treasury on the 30th June 1858, Of S2U,5oo,-
443 80, whefewilh to meet Tint portion Of she
public debt due on the FIRST July following
amounting TO s 6,237, ,93i IS, as well as any
appropriations which may be made beyond the
estimates
In thus referring to the estimated expendltu-
res ON account of our newly-acquired Terrific,
ries, may express the hope that Congress Will
concur with me in the desire that a liberal
course Of policy may be pursued towards them'
and that every obligation, express or lmpiied'
entered into in consequence oil their acquisition
shall be fulfilled by the most liberal approprid-
tons for that purpose.
| The values Of our domestic exports ior the
last fiscal year, as compared with those ol y me
1previous year, exhibit an increase Of 4o,o4o,
322, At first view this condition OF our iiade
with foreign nations would seem to present .he
most flaiiering hopes of its future prosperity.
An examination Of the details oil our expohs,
however, will show that the inercasd value o.
our exports for the last fiscal year IL 70 DC iouhu
in the high price Of cotton which prevailed dur
in, the first half Of that year, which price mas
since declined about one.hali'
The value Of our exports OF oreadstuns %hu
provisions, which il was supposed the incentive
Of low tariff and large imrortatlons from
abroad would have greatly augmented, mas IA iai
len from 5 68,70l ,92l, i'll l647, TO 2o,Ooi,Sio
in 1850. and 10 5 81 ,946, 653 in 1871, with a
strong probability, amounting almost to Ger
tainity, of still further reduction In the cur
rent year.
The aggregate values Of rice exported during
the last fiscal year, as compared with the pre-
vious year, also exhibit decrease amounting
TO 460, ,9l7, which, with decline In the values
Of the exports Of tobacco for the same period,
make an aggregate decrease in these two artl
cles OFFS l,l56,75l.
The policy which dictated low rate Of d.
ties on foreign merchandise, il was thought by
those who promoted and established it, would
tend to benefit the farming population oil this
country, by increasing the demand an raising
the price of agricultural products in for eign
| markets.
The foregoing facts, however, seem to show
incontestibly that no such result has followed
the adoption of this policy. On the contrary,
notwithstanding the repeal Of the restrictive
corn laws in England, the foreign demand Tor
the products of the American iarmer has stea'
dy decli ned, since the short crops and conse-
quent 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 com.
mercial 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 de-
mand for that article, but to the short crop
of the preceding year, which created an
increased demand and an augmented price
for the crop of last year. Should the
cotton crop now going forward to mar
ket be only equal in quantity to that OF
the year preceding, and be sold at the
present prices, then there would be fall
ling off in the value of our exports for
the present fiscal year of at least $40,-
100000, compared with the amount ex-
ported for the year ending 3Oth June,
1851.
The production of gold in California
for the past year seems to promise large
supply of that metal from that quarter
for some time to come. This large an
nual increase of the currency of the world
must be attended with its usual results.
These have been already partially dis
closed in the enhancement of prices and
rising spirit Of speculation and adven.
ture, tending to oyertrading, as well
at home as abroad. Unless some salu.
tary check shall be given to these tenden'
cies, it is to be feared that importaions o.
foreign goods beyond healthy demand
in this country will lead to sudden drain
of the precious metals from us, bringing
with it, as it has done in former times, the
most disastrous consequences to the bust
ness and capital of the American people.
The exports of specie to liquidate our
foreign debt during the past fiscal year
have been 1884,, SO, ,979 over the amount
of specie imported. The exports ofspe.
Gle during the first quarter of the present
fiscal year have been $14,65l, ,827.-
Should specie continue to be expolted al
this rate for the remaining three quarters
of this year, it will drain from our metal
lie currency during the year ending 30th
June, 1859 the enormous amount of $685.
6O7, 1903.
In the present prosperous condition ol
the national finances, it will become the
duty of Congress to consider the best
mode of paying off the public debt. II
the present and anticipated surplus in the
Treasury should not be absorbed by ap-
preparations of an extraordinary charac-
ter, this surplus should be employed in
such way, and under such restrictions, as
Congress may enact, in extinguishing the
outstanding debt Of the nation.
By reference to the act Of Congress ap-
proved 9th September, 1850, it will be
seen that, in consideration of certain con-
cessions by the State Of Texas, is pro-
vided that the "United States shall pay
to the State of Texas the sum of ten mil
lions of dollars, in stock bearing FIVE per
cent. 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 of the law it is fur
ther provided "that no more than FIVE
millions of said stock shall be issued until
the creditors Of the State holding bonds
and other certificates of stock Of Texas,
for Uhich duties on imports acere special
Ia pledged, shall first file at the Treasury
Of the United States releases of all claims