Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1851-12-08
[PROPRIETORS.

raj appropriations for tlla; purpose.
The values al onr domestic exports for the last
fiscal yenr ss co,,sred viii those of The previous
year. exhibit an increase of 3,6S6.3e2. AT first
view this condition Of our trade with foreign nations
would seem TO present the most faitcring hopes of
its future prosperity. An examination Of tho de-
tails Of our exports however wall sho that ,he in
creased value of our exports for the last fiscal year
is to be found in the higher price of cotton which
prcvuacd d.rihg the first half Of that year, which
price has since declined about one halt.
The value Of our export. u brradstutls and pso-
vision. which il US supposed tlc INCENTIVE ~ low
tariff aud large importations from abroad woad have
greatly augmented. has fallen from $6S.70l .9o1 in
lsd7 to&o6 O5I 373 in 1850. and to $9i 9fS 653 in
1851. with strong probility amounting almost To
certaintv of still further reduction in the current
year
The .egseease yal4ss ar gicc exported during the
last fiscal ycaf as compared wir ahs previou. year
also exhibit decrease amounting to siGo.9I7.
which, with decline in the vnlucs Of the exports Of
tobacco for tho same period. make an aggregate do
crease IN these tso sttlcles Of 3l,l5675i.
The policy which tEcsatea 10y lsis ~ 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 incrcns-
ing the demand and raising the price Of agricutu-
ral products in foreign markets
The foregoing facts however. seem TO show in-
contestibly that no such result has followed the
doptiqn uf s policy. On the contrary .notwthstnnd
ing the repeal of tho restrictive laws in En-
land, the fnrcgn demand for the wollcts Of the A
mcrican farmer has steadily declined, since the
shost crops and consequent famine in portion OF
Europe huvc been bnppily replaced by full crops
and comparative abundance of food.
1t Yill he seen By recurring to the commercial
statistics or he past gear that the value of do
mesie exports hasbeen Increased in tbc single item
of raw cotton by si0 Q0000v the value of that
export for the year preceding This is not due to
any ased general demand for thnt article but
to the short crop ofthe preeoaingsea-, which cyea-
ted an increased demand and an augmented price
for the crop Of last year. Should the cotton crop
now going forward TO market be only equal in qnnn-
tity that Of the year preceding and be sold ut the
present pricc.. then there would be falling oil in
the value Of our exports for the present fiscal yen
ofat least $40 900, 900. compared with the amount
exported for the ycar ending a0t.. juno, 1851.
The production Of gold in California for the past
ycar .ctt.as 10 promise large supply OF that meta
from tbat a,nrt,1 J,s some time to come. Til.
large annual increase Of lie ca rene. af The world
must be attended with its usual results. Thcs,
have been already partially disclosed in the On
bancemcnt of prices and rising spirit ef spccula
ton and adventure. tcn,ins to ovcrtra,ling as wei
at hone as abroad. Unless some salntary chccl
shall be given 10 these tcndeneics il is 10 he fcarc,
that importations Of for, ign goods beyond health,
demand in this country will lead 10 n sudden drai,
Of the precious metal. from u. bringing with IT, as
has done il ~ n,er times he most disastrous
qucnces To the business and cn .ial Of the mcricai
people.
The cxpmts Of spccic To h1ui,lntc our forcisi
debt during the past fiscal year have been $si eG3
379 over the amount of specie imported. The cx
ports Of specie during the first quarter Of hc prrsr
fscnl vcnr have been $llG5l. .S2y .shi{,Id .ie,it
contrne 10 he exported al This rate for the rn,ain
ing ibrce quarters Of tIis year. il will drain from
our mctarFt clirrdncy dGring the year ending aOtl
June 1852 The enortao ons uni,,Int 6T ya5 GU1 .3Q3
In the present prosperous condition oC the nution
al finances. Il will become the duty Of Congres. I,
consider the best mode of pn wing oil ihr pubic debt
the present and anticipated surpu. in the Trcasu
~ should not be absorbed by appropriations of Ut
cxtrnnrJ,n,ry cbnracer IN. ..rrl,. should be- en-,
ployed in such way. md under such restrictions n.
Congress NAV enact. in c1tingui.linc tho out.,ap
ding ,l,bt al III, nation. -"
Bv ,retern;a,,. NJ the act of lyougre.s upprovcd
9th Scptcmbcr, 1850. IL will be seen tbnti ii CON
,;dcraiion of certain concessions by tho Stute Of
Trxns il /. provided that the "Unitc. States .hal
pnv to the Stnte Of Tcxa. the sum II ten miIlion. m
dollars In stock five pcr cent interest md
reacemtlc n me cnJ of E;urtccn ycar. ric
est PAYABLE hnlfvcnrly al the Trea .ury ofthe United
S,aies"
In the snmc sccton of the law /, /. further provi
Jcd chat no more than five milli,ns of said stock
,ba be is.ucd until IN, creditors of th, Stnt, bol
JnI bonJ. nd o,lr certificate, ~ stock of Texn.
fr oL,eh d,i.,, III inpbi. oe,e sbee,..lv oledeed
sbail frs, 6lc N, ttbe ~ f Tie Tinted Sta,c
release. Of iii claims against Ia, United States f
or oh accounht ~ iIholds dt oariacu,ts in s,cl
frnI,, IL II alh be pr,.-e ,bed by Tie Secretary Of ,b
Treasury md npproyed by m, Prc.idcpt of the q
States"
The f,rra of r,.oass ti,,,. proyidcJ for ba. bee,
pre.,r be,i by the Secre,ary rf,hc Treasury. nm,
| n,pnrov.l film. been pubii.bcJin ,il III, l,nd;p,
nes,,,er. in Tho commercial ,;tica ,f the Iy,;,.,
Stntcs. and an rcrssii. Kidding cinfm. Or tic Kin,
fled in the foregoing proy.o We're rcouircd Il
file their releases lin the form thus pre.criBcd) /,
the Ions Of the United States on or belrr III,
1st day Of dct;iItr, "Isii. Although hi. pubcn
ton has been continued from the 25th day Of March
i25f vet UP to the Ist of last Oh, pafstivtl,
few rcleascs had been filed by the creditors of Tex
as.
The authorities Of the State of Texos, ut the re-
quest Of the Secretary Of the Treasury, have fur
nishcd schedule Of the public deLt of that State
created psior 10 her admission ia(b The Unibn win
n COPY ofthe laws undar Which cnch ciass sascon
trncted
/ havc from the document. furnished by the stnt,
ofTexns determined the cas.es Of claims which IL
NV Judgment fall within the prnyi.ion, or the hrt o
Congress of the OH Of September, 1850.
On being officially informed Of the acceptance b,
Texas ofthc propos ,tions contained in the act re-
fcrrcd TO- caused the stock to be prepared, ana
the five millions which are To be issued uncondiiion
ally bearing an interest Of FIVE per cent from III.
Ist day Of j. nunry 1851 have been for some tim,
yfo be delivered To the State Of Texas. Tn,
authorities of Texas up 10 the prcsent time hay,
not authorized any one to receive th. stock, and
remains in the Treasury DdpAitmebt subject to III,