The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-12-02

England, the foreign demand for the products Of
the American farmer has steadily declined. since
the short oropa and consequent famine in a portion
Of Europe have been happily replaced by full crops
and comparative abundance Of food.
IL 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 10 any increased general demand for that ar
hcie' but TO the short crop Of the preceding year,
which created increased demand and an aug
mented 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 preceding,
and be sold at the present prices then there would
be falling of in the value Of our exports for the
present scal year Of least 3 40 900 600. compared
with the amount exported for the year ending 30th
June 1851.
The production Of gold in California for the
past year SCENE to promise n large supply Of
that metal from that quarter for sons time to
come. This large annu i increase Of tho currency
of the world must be attended with its usual re-
suits. These have been already partially disclosed
in the enhancement of prices and rising spirit Of
speculation and adventure, tending to oyertrading,
as well at home abroad. Unless some salutary
cheek shall be given to these tendencies il ia to be
feared that importatons Of foreign goods beyond a
healthy demand in this country will lead to a sud-
den drain Of the precious metals from us. bringing
with it, as it has done in former times, the most
disastrous consequences to the business and capital
of the American people.
The exports of specie 10 liqudatc foreign
debt during the past fiscal year have been
$24, $685. 79 over the amount of specie import
ed The exports of specie during the first
quarter of the present fiscal year have been
$l4,65l S27 Should specie continue to be ex-
ported at this rate for The remaining three quarters
Of this year, it will drain from our metallic cur
rency during the year ending 30th June, 1861, the
enormous amount Of $5s, 607 ,30S.
In the present prosperous condition of the ma
onal finances, it will become the duty Of Congress
to consider the best mode of paying of the public
debt. 1.-THE present and anticipated surplus in the
Treasury should not be absorbed by appropriations
of extraordinary character. this surplus should
be employed in such way, and under such restrc-
tons, as Congress- may enact, in extingushing the
outstanding debt Of the nation.
BY reference to the act of Congress approved
9th September, 1850, it will be that, in con-
sideration of certain concessions by the State of
Texas, 1t is provided that the "Unied States shall
pay the State of Texas the often millions of
dollars in stock bearing five per cent interest,
and rcdeemabe at the end of fourteen years, the in
terest payable half yearly, at the Treasury of the
United States"
In the same section of the law it ia further pro-
vided 'fhat 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 tohich duties imports ,oere
specially pledged, shall first file at the Treasury
ofthe United States releases Of all claims against
the United States for on account of said bonds
certificates, in such form shall be prescribed
by the Secretary of the Treasury, and approved
by the President of the United States"
The form of release thus provided for has been
prescribed by the Secretary Of the Treasury, and
approved. II 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 lin the form thus prescrbed) in
the Treasury OF the United States, before the
let day of October, 1851. Although this publica
ton has been continued from the 25th day of
March, 1851, yet up to the lst Of October last COM
paratiyely few releases had been filed by the cred
itors Of Texas.
The authorities Of the State Of Texas, at the re-
quest Of the Secretary of the Treasury, have fur
nished a schedule of the public debt Of that State
created prior to her admission into the Union, with
a copy Of the laws under which each class was con-
tracted.
have, from the documents furnished by the State
Of Texas determined the classes Of claims which
in my judgment fall within the provisions Of tho
act Of c, ngress Of the 9th Of September, 1850.
On being officially informed Of the acceptance
by Texas Of the propositions contained in the act
referred to- caused the stock to be prepared, and
the five millions which arc to be Issued uncondtion
ally, bearing an interest Of five por cent. from the
LIST day q January, 1851, have been for some time
ready to be delivered to the State OF Texas. The
authorities Of Texas, up TO the present time have
not authorized any one TO receive this stock, and
Il remain, in the Treasury Department, subject TO
the order OF Texas.
The releases, required by law TO be deposited In
the Treasury, not having been filed there, the re-
naming FIVE millions have not been Issued THIS
last amount of the stock will be withheld from
Texas until the conultlonsu Pon NhiS"h 70 " y"
ycred shall be complied with by the creditorsof'hat
state, unless Congress shall otherwise direct by
modification Of the law.
In my last annual message, to which respect
fully refer, stated briefly the reasons which in
duccd me 70 recommend modification OF tho
present tariff by converting the ad yalorem into
specific duty wherever the article imported was Of
sunh A character as 70 permit il, and that such
discrimination should be made, in favor Of the in
dustriaI pursuits of own country, as to encour-
are home production without excluding foreign
competition. -.
The numerous frauds which continue W. ann
praotised upon the revenue, by false invoices ana
CONGRATULATIONS, constitute an unanswerablo rca-
son for adopting specific instead Of nd voiorem
duties in all cases where the nature OF the com.
modify does not forbid Il. striking Illustration
OF those frauds will be exhibited in the Report Of
- If tho Treaaury. ahowin9 the Gus