The southern press. [volume] (Washington [D.C.]) 1850-1852, 1851-12-03

nv check shall be given TO these tendencies, IL is
TO be feared that importations of foreign goods
beyond healthy demand In this country, will
lead TO a sudden drain Of the precious metals from
u.s. bringing with IL, II has done IN former
times, the most disastrous consequences TO the
business and capital of the American people.
The exports Of specie to liquldaie our foreign
debt during the past fiscal year have been a.
263 .979 over the amount Of specie imported. The
exports OF specie during the first quarter or the
present fiscal year have been sl4,6 1927. Should
specie continue TO be exported at this rate for the
remaining three quarters of this year, 1t viii drain
from our metallic currency during the year end
ING 30lh june 1852, the enormous amount OF
p59, 6O7 1908.
In the present prosperous condition of the ma
tional finances, it will become the duty of Con-
gress TO consider the best mode of paying of the
public debt. III the present and anticipated sur
plus in the treasury should not be absorbed by
appropriations ola extraordinary character this
surplus 'shosd be employed in such way, and
under such RESTRICTIONS as Congress may enact,
in extinguishing the outstanding debt of the
ton.
By reference to the act of Congress approved
9th September, $780, it will be seen that, in con
sideration of certain concessions by the State OF
Texas, it is provided that the 90 United States
shall pay to the State of Texas he sum of ten
millions Of dollars, in stock bearing five per
cent interest, and redeemabe at the end of four
teen ytdTS, the interest payable nan yearly, at
the treasury of the United States"
La the same section Of the law it is further pro-
vlded " that no more Than five millions of said
stock shall be issued until the creditors Of the
State holding bonds and other certificates OF stock
of Texas for ohich duties imports ioere specially
pledged, shall first file at the Treasury of the Uni
ted States Vkleases OF all claims against the United
States, for Or on account OF said bonds or cert,6-
Gates, in such form shall be prescribed by the
Secretary of the Treasury, and approved by the
President ofthe United States"
The form of release thus provided for has been
prescribed 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 clsims of the kind
specified in the foregoing proviso were required
to file their releases In the form thus prescrbed)
in the Treasury of the United States, on or before
the LIST day of October, 1851. Although this pub
lieation has been continued from the 25th day Of
March, 1851, yet up to the LIST Of October last
comparatively few releases had been fled by the
creditors of Texas
The author ties of the State Of Texas, at the re-
quest Of the Secretary of the Treasury, have furn
shed a schedule Of the public debt of that State
created prior to her admission into the Union,
with a 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 my judgment, fall within the provisions
of the act of Congress of the 9th of September,
1850,
On being officially informed of the acceptance
by Texas of the propositions contained in the act
referred to, caused the stock to be prepared and
the five millions which are TO be issued uncondi-
tionally, bearing an interest OF five per cent. from
the lst day of January, 1851, have been for some
time ready to be delivered to the State of Texas.
The authorities Of Texas, up to the present time,
have not authorized any one to receive this stock,
and it remains in the Treasury Department, sub
ject to the order of Texas
The releases, required by law to be deposited
in the treasury not having been filed there, the
remaining five millions have not been issued.
This last amount of the stock will be withheld
from Texas until the conditions upon which it is
to be delivered shall be complied with by the
creditors of the State, unless Congress shall other
wise direct by modification Of the law
In my last annual message, to which respect
fully refer, stated briefly the reasons which in
duced me to recommend modification of the
present tariff by converting the ad valorem into
specific duty, wherever the article imported was
of such character as to permit it, and that such
a discrimination should be made, in favor of the
industrial pursuits of own country, as to
encoura,e home production without excluding
foreign competition.
The numerous frauds which continue to be
practised upon the revenue by false invoices ard
undervaluatlons, constitute AN unansWerabe rea-
son or adopting specific instead of ad valorem
duties IN all cases where the nature D the commo-
dity does not forbid it. A striking illustration of
these frauds will be exhibited in the Report of the
Secretary of the Treasury, showing the custom
house valuation of articles imported under form
er law sub Jet 10 specific duties, when there was
no inducement to differentiation, and the custom
house valuations of the same articles, under the
present system of ad valorem duties, so greatly
reduced as to leave no doubt of the existence of
the most fragrant abuses under the existing laws
This practical evasion OF the present law, COM
bined with the languishing condition of some of
the great interests of the country, caused by over
importatons and consequent depressed prices
and with the failure in obtaining foreign market
for our increasing surplus of breadstufs and pro-
visions, has induced again to recommend a
modification of the existing tariff.
The report of the Secretary of the Interior,
which accompanies this communication, will pre-
sent a condensed statement of the operations of
that important department of the government
IL will be seen that the cash sales of the public
lands exceed those of the preceding year, and
that there is TO anticipate still further in
crease, Notwithstanding the large donations which
have been made to many of the States, and the
liberal grants to individuals as a reward for mill
tary services. This fact furnishes very crafty
ing evidence of the growing wealth and prosperity
of our country
Suitable measures have been adopted for com
mrncing the survey Oft the public ands in CaliRor
MIA and Oregon. Surveying parties have been or
gained, and some progress has been made in es
tablishng the principal base and meridian lines
But further legislation and additional appropra-
tons will be necessary before the proper subdvi-
sons can be made, and the general land system
extended over those remote parts of our territory
On the Sd of March last act was passed pro-
viding for the appointment of three commission
ers to settle private land claims in California
Three persons were Immediately appointed, all Of
whom, however, declined accepting the office, in
consequence of the inadequa,y of the compensa-
ton. Others were promptly selected who, for the
same reason, also declined and it was not until
late in the that the services Of suitable per-
sons could be secured. A majority of the COM
missioners convened, in this city, on the 10th of
September last, when detained instructions were
given to them in regard to their duties. Their
first meeting for the transaction of business will
be held in San Francisco on the 9Th day of the
present month
have thought it proper to refer to these facts,
not only to explain the causes Of the delay in fill
ing the commission, but to call your attention
to the propriety of increasing the compensation
Of the commissioners. The Office is one of
great labor and responsibility, and the compen-
saton should be such as to command men Of n