Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1851-12-06


public debt the $3.50 343 195O8; and for the pun
poses connected directly indirectly with those Terrific
RES and in the fufment of the obligations of the Gov
ernmen contracted in Consequence of their acquisition
the of so, 549, I01. IL.
If theviews of the Secretary of the Treasury in refer
to the expenditures required for these Terrtore
shall be met by corresponding action the part of Con
gress and appropriations made accordance Herewith
there will be estimated unapproprated balance In thu
Treasury the Both june 1858, of $50 $3.50, 443 80
wherewth to meet that portion of the public debt dur
on the first July following amounting to Sc 237 93I 30
as wen any appropriations which may be made beyonc
the estimates. |
In thus referring the estimated expenditures ac
count of newly acquired Territories may express
the hope that Congress will with in the desire
that liberal course of policy may be pursued towards
them and that every obligation express implied,
tered into in consequence of their acquisition shall bs
fulfilled by the most liberal appropriations for that pur
pose. -. -------~ 80
The values of domestic exports for the last sca
year. compared with those of the previous year exhibit
increase Of 4S, 646 322 At first view this condition
of our trade with foreign nations would seem to present
the most atterng hopes of its future prosperity An
animation of the details Of exports, however, will
show that the increased value of exports for the last
fiscal year 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-half.
The value of exports of breadstu and provisions
which it supposed the incentive of low tariff and
large mporatons from abroad would have greatly aug
mented has fallen from 1858 70 921 in 1847 to 26 051
373 in 1850 and $21 ,948 653 in 1851 with strong
probability amounting almost to certainty, of still
further reduction in the current year.
The aggregate values Of rice exported during the
fiscal year. compared with the previous year. also ex-
hbit decrease amounting to $500 917; which, with
period make aggregate decrease in these two articles
I of ST, 156,751
The policy which dictated low rate of duties on for
egn merchandise, it thought by those who promoted
and established it, would tend to benefit the farming popu-
laion of this country by increasing the demand and
raising the price of agricultural products in foreign
markets
The foregoing facts however seem to show ncontesab
that such result has followed the adoption of this
policy On the contrary, notwithstanding the repeal Of
the restrictive laws in England the foreign demand
for the products of the American farmer has steadily de-
clned since the short crops and consequent famine in
portion of Europe have been happily replaced full crops
and comparative abundance of food.
1t will be by recurring to the commercial stas
tics for the past year. that the value of domestic
ports has been increased in the single item of cotton
by $40 900 the value of that export for the
preceding This is not due to any increased general de-
mand for that article but to the short crop of the proceed
ing year, which created increased demand and
mented price for the crop of last year. Should the cot
ton crop 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 off in the
value of exports for the present fiscal year of at least
$4,000 000 compared 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
of the currency of the world must be attended with its
usual results These have been already partially discos
ed in the enhancement of prices and rising spirit Of
speculation and adventure, tending oyertradng MS
well at home as abroad. Unless some sautary check
shall be given these tendencies, is to be feared that
importatons OF foreign goods beyond healthy demand
in this country will lead to sudden drain of the precious
metals from u.s. bringing with it, it has done in former
times the most disastrous consequences the business
and capital of the American people.
The exports of specie to qudate foreign debt dur
amount of specie imported The exports of specie dur
ing the first quarter Of the present fiscal year have been
S14 65l 1927 Should specie continue to be exported
this rate for the remaining three quarters of this year.
will drain from metallic currency during the year
ending 30th June, 1852, the amount of
$685. 6O7, 1903.
In the present prosperous condition of the national
finances 1T will become the duty of Congress to consider
the best mode Of paying off the public debt If the pre-
sent and anticipated surplus in the Treasury should
be absorbed by appropriations Of extraordinary cha
raetcr this surplus should be employed in such way and
under such restrictions Congress may enact in extn-
gushing the outstanding debt Of the nation.
BY reference to the act of Congress approved 9th Sep
tsmber 1885, it will be that in consideration of
tain concessions by the State Of Texas is provided that
the " United States shall pay the State of Texas the
of ten millions of dollars in stock bearingfve
per cent interest and redeemabe ut the end of fourteen
years the interest payable half yearly at the Treasury
8 of the United States.'
In the section Of the law it is further provided
that more than FIVE millions of said stock shall be
other certificates of stock of Texas, for hich duties
imports specially pledged shall first file at the Trea-
sury Of the United States releases of all claims against
the United States for account of said bonds
tcates in such form shall be prescribed by the Sc
creary of the Treasury and approved by the President
of the United States"
The form of release thus provided for has been pre-
scbed by the Secretary of the Treasury and approved
1t 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 pro-
vso required to file their releases lin the form thus
prescribed) in the Treasury of the United States
before the LIST day of October 1851 Although this pub
LEGATION has been continued from the 25th day Of March,
1851 yet the LIST of October last comparatively few
releases had been filed by the creditors of Texas.
The authorities of the State Of Texas at the request
of the Secretary of the Treasury have furnished sche
due Of the public debt of that State created prior to her
admission into the Unon with copy of the laws under
which each class contracted
have, from the documents furnished by the State of
Texas determined the classes of claims which in udg
nen fall within the provisions of the act Of Congress Of
9th of September, 1850.
On being officially informed of the acceptance by Texas
caused the stock be prepared and the five millions
which to be issued uncondtionay bearing inte-
rest of five per cent from the LIST day of January 1851
have been for time ready to be delivered to the State
OF Texas The authorities of Texas up to the present
time, have not authorized any receive this stock
ard it remains in the Treasury Department. subject to the
order of Texas
The releases required by law be deposited in the
Treasury not having been fled there the remaining five
million have not been issued. This last amount of the
stock will be withheld from Texas until the conditions