The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-12-03

IL. i
the consideration of this subject to Congress. Our
commerce with China is highly important, and is
becoming and more go, in consequence OF
the increasing intercourse between ports
on the Pacific coast and Eastern Asia. China
ia understood to be country in which living is
very expensive, and know of no reason why the
American Commissioner sent tEither should not be
placed, in regard to compensation, on equal
footing with ministers who represent this country
at the courts Of Europe.
BY reference to the Report of the Secretary of the
Treasury, it will be seen that the aggregate re-
ceipts for the last fiscal year amounted to $52,3l2,
979 81; which, with the balance in the Treasury on
the ls July, 1850 gave, as the available for
the year, the sum of $5S,9l7 ,524 SO.
The total expenditures for the same period were
$4S 005,s7S IS.
The total imports for the year ending 30th June,
1851, were. .....-.......-..-....... $2l5,725,995
OF which there in specie...... 1867 ,90I
The exports for the same period were $2l7,5l7,l30
OF which there were of
domestic products.,.... SITS, ,546,555
Foreign goods re-exported 9,738,695
Specie. Observation-Disclosures. 29,23l,SS0
Since the lst of December last the payments in
cash account of the public debt, exclusive in
terest, have amounted to $7,50I ,456 So; which,
however, includes the sum of 400 paid un-
der the 18th article of the treaty with Mexico and
the further sum of 1851 ,2l3 As, being the
amount of awards to American citizens under the
late treaty with Mexico, for which the issue of
stock was authorized, but which was paid in cash
from the Treasury.
The public debt on the Goth pltimo, exclusive of
the stock authorized to be issued TO Texas by the
act of 9th September, 1850, was $62, 1895 &c.
The receipts for the next fiscal year estimated
at S 81 500, 900, which, with the probable unappro
priated balance in the Treasury, on the 3Oth June
next, will give, the probable available means
for that year, the sum of 500, ,25S,743 90.
1t has been deemed proper, in view of the large
expenditures consequent upon the acquisition Of
territory from Mexico, that the estimates for
the next fiscal year should be laid before Con-
gress in such manner as to distinguish the expen-
diturcs so required from the otherwise ordinary
demands upon the Treasury.
The total expenditures for the next fiscal year
are estimated at S42 S92 299 10, of which there is
REQUIRED for the ordinary purposes of the Govern
ment, other than those consequent upon the acqui-
aiton of our new Territories, and deducting the
payments on account of the public debt, the sum of
49,, ,343, ,I9S 0S; and for the purposes connected
directly or indirectly with those Territories, and
in the fulhlment of the obligations of the Govern
ment, contracted in consequence of their acquiai
ton, the sum of S9,549,l0l IL.
lfthe views Of the Secretary of the Treasury in
4 tn 4ha for
Territories ehall be met by corresponding action on
the part of Congress, and appropriations made in
| accordance herewith, there will be an estimated
| unapproprated balance in the Treasury the
| 30th June, 1853, of $50 366443 80, wherewith to
meet that portion of the public debt due the first
| July following, amounting to $6,237, ,93l 35, as
well as any appropriations which may be made
beyond the estimates.
In thus referring to the estimated expenditures
on account of our newly acquired Territories, /
may express the hope that Congress will concur
with me in the desire that liberal course of policy
may be pursued towards them, and that every OBJ
legation, express implied, entered into in conse-
quence of their acquisition, shal be fulfilled by the
most liberal appropriations for that purpose.
The values of our domestic exports for the last
year, exhibit an increase of $43,646,3 1922 At frat
view this condition of our trade with foreign ma
tions would seem to present the most hatterng
hopes of its future prosperity. An examination
of the details of exports, however, will show
that the increased value of our exports for the
last fiscal year is to be found in the high price
ofcotton which prevailed during the first half Of
that year, which price has since declined about
one half
The value of four exports of breadstufTs and pro-
visions, which it was supposed the incentive OF a
low tariff and large imporations from abroad
would have greatly augmented, has fallen from
S6s, ,70, ,92, in 1917, to $26,05l, 1873 in $780, and
$2l GAS, ,653 in 1851, with strong probability,
amounting almost to certainty, of still further
reduction in the current year.
The aggregate values of rice exported during
the last fiscal year, as compared with the pre-
vious year, also exhibit decrease amounting to
$460,91 which, with decline in the values of
the exports of tobacco for the same period, make
an aggregate decrease in these two articles of
$1,l56,75l.
The policy which dictated low rate of duties on
foreign merchandise it was thought by those who
promoted ana CStaDllsneu WOulu Ienu 10 DcnCnI
the farming population of this country by incrcas-
ing the demand and raising the price of agricutu-
raj products in foreign markets.
The foregoing facts, however, seem to show in
contestibly that no such result has followed the
adoption of this policy. On the contrary, notwith
standing the repeal Of the restrictive laws in
England, the foreign demand for the products of
the American farmer has steadily declined, since
the short crops and consequent famine in portion
of Europe have been happily replaced by full crops
and comparative abundance of food.
1t will be seen, by recurring to the commercial
statistics for the past year, that the value of our
domestic exports has been increased in the single
item of raw cotton by S4O.OOO,OOO over the value
of that export for the year preceding. This is not
due to any increased general demand for that ar
cle, but to the short crop Of the preceding year,
which created an increased demand and an aug
monted price for the crop Of last year Should the
cotton crop now going forward TO market be only