The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-12-05

placed in regard te compensation, on an equal foot
ing with ministers who represent this country a
| the courts Of Europe.
BY reference to the report of the S..v.,. ,s u,
Treasury, it will be seen that the .ge,sa,,. ,'
cepts for the last fiscal year amounted 10 $50 312
SIs 81 which, with the balance in the Treasury
on the lst July, 1850, gave as the available mes n,
ior ~ the year, the sum OF 45s,Sl7,524 SO.
s1s 6e se, sas for the same period
The total imports for the ending the 10Th of June, 1851
Of which thes. va: il .p,o. ssi5 a5 g;
The e.oos, for the zane period wers. an II ~
VI which there were of domestic pro. -
FS:si:n IS:si: iood' sas
Npss'e e.''...'..'......"............ 292S,.eO
Since The 1st December last the payment. In n
cash on account of the pubic debt, exclusive Of in.
terest, have amounted to s., ,50I, ,456 SO; which,
aowsve1' includes the sum Of 50 242 400 paid un.
oel tne lzth article of the treaty with Mexico and
the further sum of s2 591 ,213 As being the amoup
Oh to American citizens under the late treaty
with Mexico, for which the issue of stock was
T, aTuthori1ed, but which was paid in cash from the
The public debt on the 10th ultimo. exclu,ive n,
tne stock authorized to be issued to Texas by the
ACT Of 9Th September, 1850, was S62 $50 395 2s,
me receipts Tor the next fiscal year are es,i.
mated at Sol 10000 which, with the probabl.
eonnapProprlaed ons. balance in the Treasury, on the
ootn uhe next, will give the probable available
means iof that year. the sum Of $63 25s, TAB 90.
II mas been deemed proper, in view Of the large
expenditures consequent upon the ACQUISITION II
territory from Mexico, that the estimates for the
next fiscal year should be laid before Congress in
such manner as to distinguish the expenditures SO
required from the otherwise ordinary demancs
upon the Treasury.
are estimated at $42 692, 200 10, Of which there i.
required Tor the ordinary purposes of the Govern
ment' other than those consequent upon the aco nj.
siton oil our new territories, and deducting the
payments pay on account Of the public debt the sum of
soo,o4a l9s oe; and for the purposes connected
the fuihlment of the obligations of the Govern
ment, contracted in consequence of their acouisi.
ton, the sum of $9,549, ,101 IL. - -
IL the views OF the Secretary of the Treasury in
reference to the expenditure required for these Ter
r,tores shall be met by corresponding action on
ne pdl. o' congress, and appropriations made in
accordance Herewith, there will be an estimated
uhapPfoprlated balance in the Treasury on the 3Oh
June, 1853, of $40, 1865 443 80, wherewith to meet
that portion OF the public debt due on the LIST july
following amounting to $6,237 1891 35, as well as
any appropriations which may be made beyond the
ln thus referring to the estimated expendtures nm
account OF our newly acquired territories, may
express the hope that Congress will concur w,tk
me In the desire that liberal course of policy NAV
De pursued towards them, and that every obliga.
ton, expressed or implied entered into in conss
quenee Of their acquisition shall be fulfilled bv the
most liberal appropriations for that purpose.
Inc value OF our domestic exports for the last
hscal year. as compared with those of the ORE yous
year, exhibit an increase of $43, SAC, 1922 At first
view TINS condition OF our trade with foreign ma
uons, would seem to present the most Hateripp
hopes OF Its future prosperity. An examination Of
the details OF ouA exports however, will show that
Inc Increased value Of our 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
The value of our exports Of breadstufls and pro.
Visions, which 1t was supposed the incentive Of
low tariff and large nportatons from abroad would
nave greatly augmented, has fallen from s6S, ,7Ol.
~ ~ IN is4!. to s26O5l 1878 in 1850, and to $2i,
s,65l in 1851, with strong probability. amount
ing almost to certainty, of still further reduc
ton in the current year.
Ihe aggregate values of rice exported during the
last fiscal year, as compared with the previous wear
also exhibit decrease amounting to S46O. 1917.
wn,ch, WIN decline In the values Of the exports
OF tobacco Tor the same period make the aggregate
decrease In these two articles Of SiI56 Isl.
The policy which dictated low rate of duties
on foreign merchandise, it was thought. by those
who promoted and established it, would tend 10
dement, the farming population Of this country by
increasing the demand and raising the price of az
rlcultural products in foreign markets.
The foregoing facts, however, seem to show in
contestibly thai such result has followed the
adoption Of this policy. On the contrary, nolwilh.
sanulhg tne repeal OF The restrictive corn laws in
England, the foreign demand for the products OF
the American farmer has steadily declined, since
tne snort crops and consequent famine in portion
o. Europe have been happily replaced by full crops
and comparative abundance of food.
1t will be seen, by recurring to the commercial
statistics Tor the past year. that the value of our
domestic exports has been increased in the single
item OF raw cotton by $40, ZOO, 900 over the value
OF that export for the year preceding. This is not
due to any increased general demand for that art.
Gle, but to the short crop Of the preceding wear,
winch created an 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 prece.
ding, and be sold at the present prices then there
would be falling of in the value of our exports for
the present fiscal year Of at least $40 600 900 com.
pared with the amount exported for the year end.
ing 30th June, 1851.
The production Of gold in California for the pas,
year seems to promise a large supply Of that metal
from that quarter for some time to come. This
large and annual increase Of the currency of the
world must be attended with its usual results
Ihese have been already partially disclosed in the
enhancement of prices and rising spirit of spec
ulation and adventure, tending to overtrading, as
well at home abroad. Unless some salutary
check shall be given to these tendencies it is to
be feared that importations Of foreign goods be-
yond healthy demand in this country will lead to
a sudden drain OF the precious metals from u.s.
bringing with it, as it has done ip former times
the most disastrous consequences to the business
and capital Of the American people.
The exports Of specie to liquidate our foreign
debt, during the past fiscal year have been $24,-
1858 over the amount Of specie imported. The
exports OF specie during the first quarter Of the
present fiscal year have been $l4, ,65l 1927. Should
specie continue to be exported at this rate for the
remaining threequarters Of this year. it will drain
ing 3Oth June, 1852, the enormous amount of $751;
6O7, 1903.
In the present prosperous condition of the ma.
tional finances, il will become the duty of Con.
gress TO consider the best mode of paving off the
public debt. If the present and anticipated sur
plus in the Treasury should not be absorbed by ap.
preparations of extraordinary character, this
surplus should be employed in such way, and under
such restrictions as Congress may. enact, in exIn
gushing The outstanding debt of the nation.
BY reference to the act of Congress approved 9Th
September, 1850, il will be seen that, in cousldera
Lion OF certain concessions by the State of Texas
is provided that the United States shall pay TO
the State of Texas the of ten millions Of dol
lars, in stock bearing five per cent. interest," aud
at the end of fourteen years, the inter-
est payable half yearly, at the Treasury of The
United States"
In The same section OF the law it is further rro.
vided, that no more than five millions of id
stock shalt be issued until the creditors of the State
holding bonds and other certificates of srock of
Texas, for which duties on imports were speci, ly
pledged, shall first file at tie Treasury of the u
States releases Of all claims against the IJnit j
States, for on account of said bonds or cerlii.
Gates, in such form as shall be prescribed by tie
of the Treasury and ann,ovaJ bu hs