Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1851-12-03

! Since the LIST of December last the payments in
cash Of the public debt, exclusive OF IN
| terest, have amounted to $7,50l ,456 SO; which,
however, includes the the sum OF PAP 400 paid I'M
der the 18th article Of the treaty with Mexico, and
| the further of 81 ,2l3 10, being the amount
of awards to American citizens under the late treaty
with Mexico, for which the issued OF stock was
| authorized, but which paid in cash from the
| Treasury.
- The public debt on the 10Th utimo, exclusive of
The stock authorized 10 be issued Texas by the,
act of 9th Of September, 1880, S62 $50 ,S95 70
The receipts ioi the next fiscal year are estimated
at SS5l 500 600, which, with the probable unappro-
praled balance in the Treasury, on the 3Olh June
next, will give, he probable available means for
that year, the sum Of So, 25S, 743 o.
The total expenditures Tor the next fiscal year are
estimated at Ss42 S92 299 10, of which there is re-
CURED for the ordinary purposes OF the Government,
other than those consequent upon the acquisition oil
cur new Territories, and deducting the payments on
account of the public debt, the SUN of 33, 343, 1873
Us; and for the purposes connected directly or IN
directly with those Territories, and the lulflment
of The obligations of the Government, contracted
IN consequence OF their acquisition, the sum OF w.
$40 10l H.
Ii the views Of the Secretary of the Treasury in
reference 10 the expenditures, required for these Ter
rtorles shall be met by corresponding action on the
part OF Congress, and appropriations made III accord
ance Herewith, there will be an estimated unappro-
prlated balance in the Treasury the 3Glh June,
1858, of $40, SGT, 443 80, wherewith to meet that
portion of the public debt due the first Jny fol-
lowing, amounting to $6,237 ,93l 80, as well any
appropriations which may be made beyond the esti-
mates.
The value of our domestic exports for the last ifs
Cal year, compared with those of the previous
year, exhibit increase al S43 CAT, 1922. At first
view this condition of our trade with foreign nations
would seem to present the most haterng hopes Of
its future prosperity An examination OF the details
of exports, however, will show that the increas-
ed value OF exports for the last fiscal year is TO
be found in the high price of which prevailed
during the first halt Of that year, which price has
since declined about one halt.
The value OF our exports OF breadstufs and pro-
visions, which it was supposed the incentive OF low
tariff and large importations from abroad would have
greatly augmented, has fallen from S6S, 70l Cpl, in
1S47, 26,05l 1873, in 1850, and 10 II 94S653 in
1851, with strong probability, amounting almost
certainty, OF still farther reduction in the current
year.
The aggregate values of rice exported the last GS-
cal year, compared with the previous year, also
exhibit a decrease amounting TO $460 9l7, which,
with decline in the values of the exports of tobac-
co for the period, make an aggregate decrease
in these two articles of 81 1856, ISL,
The policy which dictated a low rate of duties on
foreign merchandise, it was 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 pro-
| ducts in foreign markets.
! ( The foregoing facts, however, seem to show in-
II cOnestbly that no such result has followed the
adoption of this policy. On the contrary, nowith
II standing the repeal oil the restrictive corn laws in
/ England the foreign demand for the products of the
4 American farmer has steadily declined, since the
short crops, and consequent 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 commercial
statistics for the past year, that the value OF
domestic exports has been increased in the single
item OF raw cotton by S40,000,000 over the value
of that export for the year proceeding. This is not
due to any increased general demand for that
tcle, but to the short crop OF the preceding year,
which created an increased demand and an aug
mened price for the crop of last year. Should the
cotton crop now going forward to market be only
eg f in quantity to that OF the year preceding,
be falling off in the value Of our exports for he
present fiscal year Of at least $40 600 000 compar-
ed with the amount exported for the year ending
30th 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 annual increase Of the currency of the world
must be attended with its usual results. These
have been already partially disclosed in the inhanc,
ment of prices and rising spirit Of speculation
and adventure, tending TO overrading, well at
INhume as abroad Unless some salutarv check
Shall be given these tendencies it is to be fear
ed that importations of foreign goods beyond
healthy demand in this country will lead to a sud
den drain of the precious metals from u.s. bringing
with 1T, as it has done in former times, the most
disastrous consequences to the business and CAPT.
tai of the American people.
The exports Of specie TO quidate our foreign
debt during the past fiscal year have been S24 1868
919 over the amount of specie imported The
exports of specie during the first quarter of the
present fiscal year have been &I465l 1871 Should
sDecip to he ad n rate 70 tba
remaining three quarters of this year, it will from
our metallic currency during the year ending 30th
= June, 1852 the enormous amount of S58 607 303
In the present prosperous condition of the ma
tonal finances. it will become the duty Of Con
gress no consider the best mode of paying off The
public debt
The President here informs that the ten mil
lions of Texas stock provided for by the Act OIL
Sept 9, 1851 has none of it been issued the credi
tors having failed to file the necessary releases
and Texas not having called for the five millions
Internationally provided for
In my last annual message, stated briefly the
reasons which induced me to recommend mod
ifcalon of the present tariff by converting the ad
Valofem into specific duty, wherever the article
imported was of suclf character as to permit it.
and that such discrimination should be made in
favor OF the industrial pursuits of our country
as to encourage home production without excud
ing foreign competition.
The numerous frauds which continue to be
practised upon the revenue, by false invoices and
undervaluatIons, constitute an unaDswerable rea =
for adopting specific instead of ad vaorem
duties in all cases where the nature of the com
modify does not forbid il. striking illustration
of these frauds will be exhibited 10 The Report of
the Secretary of the Treasury, showing the GUS
tom-house valuation OF articles imported under a
former law subject to specific duties, when there
was no inducement to differentiation, and the Gus.
tom-house valuations of the same articles under
the present SYSTEM Of ad valorem duties, so great
y reduced as 10 leave doubt of the existence
OF the most fragrant abuses under the existing
laws. This practical evasion of the present law,
combined with the languishing condition Of some
OF the great interests Of the country, caused by
over importations and consequent depressed prices