The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1851-12-11
VOLUME .--HUhBER 8

III
| To IN consequence VI their acqusitl,n n shall le
fulfilled by tie most liberal appropriations for
! that purpose.
The values Of our domestic exports for the
last fiscal year, rs compared with those of the
/ previous year, exhibit increase Of ss43 GIG
! 81. At first view this condition of our trade
with foreign nations would seem to present the
! most tatJeriug hopes of its futuIe prosperitv
An eXaminOtIon OF the detail of cur exTsrts
however, Will show that the increased value o.
our exports for the last fiscal yearis to be found
III the nigh price OF cItton which prevailed liu-
lIng the first half OF that pear, which price has
since declined about one-haIf
HE value Cf our experts of breadstufEs and
provisions, which 1t was SUI pesed the incentive
OF low tafih and large appropriations from
abroad would have augmented, has fallen fron,
sos, 1Ol ,S2l, in 1871, TO SIG. .O5I 373 In 1870
and 10 81 SIS, 653 IN 1851, with a strong proh
AFFINITY, amounting almost TO certainty cr q
still further reduction IN the current wear.
The aggregate values OF rice exported durfp,-
| the last lscd year, as compared with the pre-
ylous year, also exhibit decrease amounting 10
S1GO,9l1 which, with decline IN the values of
tobacco fer the same period make an aggregate
decrease IN these two articles OF Sl;I56, 75l.
The policy which dictated q low rate of duties
on foreign merchandise, IL was thought by these
who promoted aud established it. would tend to
beneht the farming population Of this country.
by increasing the demand and raising the price.
OF agricultural products In foreign markets
lie foregoing facts, however, seem TO show
lncontesubly that such result has followed
the adoption OF tkis policy On the Contrary,
Notwithstanding the repeal of the Restrictive,
corn laws in England, the foreign demand fo.
/, the products OF the American farmer has stea-
oily declined, since the short crops and conse-
quent famine in portion of Europe have been
happily replaced by full crops anu comparative
abundance of food.
1t VIII be seen, by recurring to the CONNER
farT he TlSr rltaff
our domestic exports has been increased in the
single item Of raw cotton by $40, ,OU0 600 over
the value OF that export for the year preceding
This Is lot due to any Increased gent raj demand
tor that article, but to the short crop OF the
preceding year, which created an increased dc
mand ana an augmented price for the crop Of
last year Should the cotton crop now g,iney
forwar TO market be only equal III quantity to
that OF the year preceding, and be sold at the
present prices, then there would be falling otf
IN the value uf exports for the present fiscal
year OF III least , 10, ,UUO, GOO, compared with the
amount exported for the year ending 3Otl June,
1881.
The production OF gold in California for the
past year seems 10 promise large suppIy of
the metal from that quarter for some tlme To-
come. This large annual increase of the cur
rency Of the world must be attended witl its
usual results. These have been already par-
italy disclosed III the enhancement OF prices and
a rising spirit OF speculation and adventure
tending 10 oyerradIng, well at home as
abroad. Unless some salutarv check shall h.
given TO these tendencies it is 10 be feared that
lmportations Of foreign goods beyond a healthy
demand IN this country viii lead TO a sudden
drain OF the precious metals from US bringing
with 1t, rs II has done IN former times the most
disastrous consequences TO the business and
capital Of the American people.
The exports of specie to hquidate our foreigr,
debt during the past fiscal year have been
81, 2O3,S ,S1J over the amount OF specie imported
The exports OF specie during the first quarter 81
the present fiscal year have been SlIG5I. .Sy7-
Should specie continue 10 be exported at tins
rate Tor tie remaining three quarters of tbis
year, 1t VIII drain from our metallic currency
during the year ending 30ih June. 1852. the
enormous amount of SOC co.. .30S
IN the present prosperous condition Of the
national finances, it viii become the duty at
Congress TO consider the best mode Of paying oil
the public debt If the pres Mt and auticipYtej
surplus III the Treasury should not be absorbed
oy appropriations OF an extraordinary character.
this surplus should be employed in such a way,
ana under such Restrictions, as Congress NAV
enact, la extlnguishing the outstanding debt OF
the nation.
by reference to the act of Congress spprovcI
9TH September, 1880. il viii be seen that, ia
consideration OF certain concessions by the State
OF Texas, 1t is provided that the : United States
| shall pay to the State OF Texas the SUN of ten
millions of dollars, in stock bearing five per
cent interest, and redeemable ut the end of
fourteen years, the interest payable half yearly
: at the Treasury of the United States"
In the same section OF the law il is fuytber
provided that no more than five millions at
said stock shall be issued until the creditors of
| the State holding bonds and other certificates
Of stock OF Texas, for tcbJch duties oa fmports
lceTe specially pledged shall first file at the
Treasury of the United States releases on all
| claims against the United States. for or ON nc
count OF said bonds certificates in sucl, f,,r,,
! as shall be prescribed by the Secretary of The
Treasury, aud approved by the President Of
/ the United States"
The form Of release thus provided f,,. h,S h,s
prescribed by the Secretary of the Treasury ami
approved. 1t has been published in ali ,Lc
! leading newspapers ia the commercial cities of
the United States, and all persons holding Claims
/ OF the kind specified III the foregoing rr,,-;so
were required to file their releases I'm the form,
thus prescFibed) IN the Treasury OF the United
States, on or before the 1st day OF October. 1891
Although this publication has been continued
| from the 10Th day OF March, 1851 vet UP to the
/ 4st OF October last comparatively few releases
had been filed by the creditors of Texas
The authorities of the State of Texas AZ the
request OF the Secretary of the Treasury have
| furnished 4 schedule of the public debt of that
State created prior TO her admission into tLo
Union, with copy of the laws under which c,,I,
class was contracted.
have, from the documents furnished h.. a. .
State OF Texas, determined the classes Of i,;,o
which in my Judgment fall within the rrov;;,
OF the act OF Congress OF the Sth Of Septc,nber
1890 R'N'"OSl