New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-12-03

| products N foreign markets
The foregoing facts, however, seem 20 $40 y ln-
co8ts siihly thai such result has follower me
adoption Of this poiEy. On the contrary, h1lN'9,
standing tie repeal OF the restrciiVe corn Ia rs OF
England. the foreign demand for The D-otGcts o. the
American farmer has steadily declined. siace
The short crops and consequent famine IN portion
OF Europe have been happily replaced by full crops
and compaTltIve abundance Of food.
IL will he seen, BY recurring to the commercial
statistics for he past year thai the value OF our DO
nestle exports has been increased m the single Item
OF raw co-.oE by 500 10000 over the value OF that
exrort for the year preceding This IS not cue 20 any
increased general demand for that article, but TO the
short crop OF the preceding year Should the cotton crop
uoE gong forward % market DC only equal n guam
ti.v to that Of the year preceding and be sold al me
present prices then there would be a ialhng OF IN
The value OF our exports for the present scay OF
al least si0600 600 compared win the amount ex-
ported for the year ending 3Oth June, 1901.
The production of gold IN California Tor the past
wear seems 10 promise a large supply o! tnas metal
from that quarter for time TO come FMS large
annual increase of the currency OF the world must
be attended with lis usual results. These have oeen
already partially disclosed IN the enhancement OF
prices and rising spirit Of speculation ard aiTen-
! ture. tending 10 OTertradlHg as well az nome as
abroad. Unless some sala,aTy check shall be gwen
to these tendencies II Is 10 be feared that lmpo,a'
| uons OF foreign goods beyond he 2lthy demand III
/ this country will lead 10 a sudden dram OF the
precious metals from US bringing with II, as IL mas
| done in former times, the most disastrous conse-
quences to the business and capital of the American
The exports of specie to liqudaie our foreign debt
during the past fiscal year have been si yssover
the amount of specie imported. The exports OF sp-
Gle curing the first quarter OF the present fiscal year
have been $l465lS21. Should specie continue 70 De
exported at this rate for the remaining three quar-
tiers OF this year, will dram from our metallic cur
| rency during the year ending 3ch June, leo2, lhe
enormous amount of SIS 6O1,3Oe.
In the present prosperous condition of the national
finances, II Will become the duty OF congress TO con-
sder the best mode 81 paying on the pubic deot. II
the present and antcp a,ed surplus IN the treasury
should not be absorbed by aPProprato1s oil an extra
ordinary character this surplus should oe empower
| In such way and under such resulcuonS' as tOh-
gress may enact. in extingushing the outstanding
| debt OF the nation -
By reference 20 the act of Congress approved 9th
September 1850, 1t Will be seen that, III consldera-
ton OF certain concessions by the State OF Texas, It
is provided that the United States shall pay to the
Slate OF Texas the sum of ten millions of dollars,
IN q stock bearing I'VE per cent interest, and re-
dc enable at the end OF fourteen years the interest
payable half yearly, at the Treasury Of the United
States"
vided "that no than five millions OF said stock
shall be issued until the creditors OF the State hold
ing bonds and other certificates OF stock o, Texas
for which duties imports were specially pledged,
shall first file the Treasury OF the United states
releases Of all claims against the United States Tor
account of said bonds or certificates, IN such
form as shall be prescribed by the Secretary of the
Treasury, and approved by the President OF the
| United States
The form ofrelease thus provided for has been pre-
scrlbed by the Secretary Of the Treasury and ap-
proved Ii has been published IN all the leading news
papers the commercial cities OF the United States
and all persons holding claims ofthe Kind speclhed IN
the foregoing proylso were required to e their re-
leases lin the form thus prescrlbed) In the Treasury
of the United States, or before the LIST day of De-
tober, 1851 Although this publication has been con-
tnued from the 25th day Of March 1851 yetup tot
lst of October last comparatively fe" releases nau
been filed ty the creditors 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, VITA
| copy of the laws under which eacn class was con-
| have from the documents furnished By the state
Of Texas determined the classes of claims which IN
my Judgment fall within the provisions OF the act OF
| Congress OF the 9th of September, 1850.
On being officially informed OF the acceptance oy
| Texas of the propositions contained IN the acl refer
red TO, caused the stock TO be prepared, ana the
five millions which are TO be issued uncondltionaiy,
bearing an interest OF five per cent from the Isl DAY
Of January. 1851 have been for some time ready 10
be delivered TO the State of Texas. The authorities
of Texas up TO the pres ent time have not authorized
any one to receive this stock and It remains IN the
Treasury Department, subject to the order OF Texas
The releases, required by law to De deposited IN
| the Treasury not having been filed there, the re-
! manning FIVE millions have not been issued rms
last amount OF the stock Viii be Sth n be- rS e
lyered shall be complied with by the creditors OF
that state unless Congress shall otherwise direct by
| modification OF the law.
In my last annual message, to which respectful
| ly refer stated briefly the reasons which induced
to recommend modification OF the present tarli,
! by converting the al valorem into speclhc duty,
wherever the article imported was OF such charac.
! ter as to permit 1t, and that such discrimination
should be made, in favor ofhe industrial pursuits of
our own country, as to encourage nome production
| without excluding foreign competition.
The numerous frauds which continue TO be prac-
ticed upon the revenue. by false invoices ana ui-
deryaluations, constitute an unansweraoie rea-
| son for adopting specific instead OF ad yaiorem
| duties in ali cases where the nature OF the COM
modify does not forbid 1t. A striking ILLUSTRATION
of these frauds viii be exhibited IN the kepoft OF
~ If the
! tom-house valuation OF articles imported unIer
! former law subject to SPECIFIC duties when there
was no inducement to undervaluaton, ana the
| custom-house valuations of the same articles, un-
| der the present system OF al Valorem duties, 50
greatly reduced as TO leave no doubt OF the exist
ence' OF the most fagrant abuses under the existing
laws This practical evasion OF the present law, COM
bned with the langulshlDg condition OF some OF Ine
great interests Of the country, caused by over I'M
! uortatlols and CONSEQUENT depressed prices, ana
with the failure in obtaining foreign market Tor
our increasing surplus Of breadStufs and provisions
| has Induced me again to recommend modification
The renort Of the Secretary Of the Interior which
accompanies this communication. will present a
condensed statement of the operations oil That I'M
| portant department Of the Government
| II viii be seen that the cash sales OF the puohc
lands exceed those Of the preceding year, and that
there is reason 10 anticipate sil iuTlher increase
| Notwithstanding the large donations which nave
been made to many OF the states, ana the H0eral
grants 10 individuals as a reward for military ser
wees This fact furnishes very gratifying evidence
Of the growing wealth and prosperity oi ouy country
! Suitable measures have been adopted for commence
ing the survey OF the public lands IN California and
Oregon surveying parties have been organized, and
! some progress has been made IN establishing the
prncloal base and meridian lines But further legis
| aiion and additional appropriations VIII be neces-
sary before the proper can De made and
the general land system extended over those remote
| parts Of our territory.
On the Cd OF March last an act gas passed pro-
Jiting for the appointment OF three commissioners TO
settle private land claims Ia California Three per-
SOILS were Immediately appointed, all of whom, how
ever. declined accepting the Office, IN consequence
! Of the iIadequaey of the compensation. Others
| we're promptly selected, who, for the same reason,
also declined and not until late IN the season
that the OF suitable persons could be secured
A majority of the commissioners convened, In this