Southern sentinel. [volume] (Plaquemine, Parish of Iberville [La.]) 1848-1858, 1851-12-27

ting to 846O, 9l7, Wnlcn, win q 0echno III C"s
values of the exports Of tobacco for the same
period, make the aggregate decrease in those
two articles of $I,l56,76l.
The policy which dictated a low rate ofdu-
ties on foreign merchandise, i was thought BY
ahose who promoted and established i, would
tend to benefit the farming population Of this
country by increasing the demand and raising
the price of agricultural products in foreign
markets.
The foregoing facts, however, seem to show
incontestibiy that no such result has followed
the adoption of this policy. On the contrary
Notwithstanding the repeal Of the restrictive
corn laws in England, the foreign demand for
the products of the American farmer has stead
ilv declined, since the short crops and conse-
ouent famine in D portion Of Europe have been
happily replaced BY full crops and comparative
abundance Of food.
1t will be seen, by Recurring to the CONNER
cial 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 pre-
cceding. This is not due to any increased gen.
eral demand for that article, but to the short
crop of the preceding year, which created an
increased demand and an augmented 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 preceding, and be
sold at the present prices, then there would be
q falling off in the value of our exports for the
present fiscal year of at least $4,000 800 CON-
pared with the amount exported for the year
ending 30th June, 1851.
The production Of gold in California for the
past 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. These have been already par
italy disclosed in the enhancement of prices
and a rising spirit of speculation and adventure,
tending to overtradipg, as well at home as
abroad. Unless some ssalutary check shall be
given to these tendencies, it is to be feared that
importations o fforeign goods beyond a healthy
demand in this country will lead to a sudden
drain Of the precious metals from US, bringing
with it, as it has done in former times, the most
disastrous consequences to the business and
capital Of the American people.
The exports of specie to liquldate our for
eign debt, during the past fiscal year have been
$24,263, 979 over the amount Of specie impor-
ted. The exports of specie during the first
quarter of the present fiscal year have been
$l4,65l ,872. Should specie continue to be
exported at this rate for the remaining three
quarters of this year, it will drain from our me-
tallic currencyduring the year ending 3oth June,
1854, the enormous amount Of $3.50 ,30l.
, In the present prosperous condition of the
national finances, it will become the duty of
Congress to consider the best mode of paying
off the public debt. If the present and antici-
pated surplus in the Treasury should not be alb
sorbed by appropriations Of IN extraordinary
character, this surplus should be employed in
such way, and under such restrictions as Con-
gress may enact, in extinguishing the outstand-
ing debt of the nation.
By reference to the act Of Congress approx
ed 9th September, 1850, it will be seer that, 10
consideration of certain concessions by the
State of Texas, it is provided that the "United
States shall pay to the State Of Texas the sum
of ten millions of dollars, in a stock bearing
five per cent. interest, and redeemable at the
end Of fourteen years, the interest payable half
yearly, at the Treasury Of the United States.
In the same section Of the law it is further
provided, "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 which duties on imports
especially pledged, shall first file ut the
Treasury of the u. States releases of all claims
against the Uaited States, for OF on account of
said bonds or certificates, in such form as shall
be prescribed BY the Secretary ofthe Treasury,
md approved BY the President Of the United
The form Of release thus provided for has
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