Washington telegraph., 1851-12-24
(Concluded from first page.)

with a decline in the value of ex-
ports of tobacco for the same period,
make an aggregate decrease in the two
articles of $I,156'751. The policy which
declared a low rate Of duties on foreign
it was thought by those
who promoted and established it, 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 Tore
going facts, however, seem to show IN
contestibly, that no such result has fol-
lowed 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 steadily declined,
since the short crops, aud consequent
famine ir portion of Europe, have been
happily replaced by full crops and COM
parative abundance of food.
1t will be seen by referring 10 the COM
mercial statistics of the past year, that
the value of our domestic exports has
has been increased in the single item OF
raw cotton 100000 over the value of
that exported for the year preceding
This is not due to amy increased general
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 i'll quantity 10 that
Of the year preceding and be sold at the
ha q
falling off in the value of our exports,
for the present fiscal year, Of at least
100000, compared with the amount ex-
ported for the year ending Both june,
1851.
The production Of gold in California
for the past year, seems to promise large
supply Of this metal from that quarter,
for some time to come. This large annu-
al increase of the currency of the world
must be attended with its usual results
These have been already partially dis
closed in the enchaneenent of prices, aud
a rising spirit of speculation aud adven-
ture, tending TO over-trading, as well at
home as abroad. Unless some salutary
check shall be given to these tendencies
il is to be feared that lmportatlons oil
foreign goods, beyond healthy demand
in this country, will lead to sudden
drain of the precious metals from Us, and
bring with it, as it has done in former
times, disastrous consequences 10 the bu-
siHess and the capital of the American
people. The exports Of specie, 10 liquid.
ate our foreign debt, during the past iis'
cal year, have been S24,263 97j over
the amount of specie imported. The
exports of specie, during the first quarter
of the present fiscal year, have been Sll,-
65l S27 Should specie continue TO be
exported at this rate for the remaining
-fourths of this year; it will drain
from our metallic currency, during the
year ending 30th January, 1882, the
enormous amount Of S56 GOT 1903.
In the present prosperous condition o
| the national finances, It will become the
! duty of Congress to consider the bes
mode of paying off the public debt l
the anticipated surplus in the treasury
should not be absorbed 10y appropriation
of an extraordinary character, tins sur
plus should be employed ia such way
and under such restrictions as Congress
ing debt OF the nation.
BY reference to the act of Congres:
approved 9th September, 1850, II VIII
| be seen that, in consideration of CERTAIN
| concessions by the State OF Texas. it i:
provided, that the United States shall
paw to the State of Texas the sum OF tel
millions Of dollars, In a stock bearing five
per cent. interest, and reaeemable at the
end Of fourteen years, the interest paya
| bic half yearly at the Treasury ot Lht
| Uuited states. In the same section 0
the law, it is further provided, that M
more than FIVE millions of said stock shal
be issued, until the creditors of the Stale
holding bonds and other certificates o
stock Of Texas, for which duties on i'm
ports were specially pledged, shall frs
file at the treasury of the United States
releases of all claims against the United
| States, for, or on account of, said bond.
or certificates, in such form as shall be
prescribed by the Secretary Of the Treas
ury and approved by the President of the
United States The form of release thu,
provided ior has been prescribed by The
Secretary, and approved. Il has beel
published in all the leading newspaper:
in the commercial cities of the United
States, and all persons holding claims
of the kind specified in the foregoing
proviso, We're required to file their releases
in the form thus prescribed. III the treasw
ry Of the United States, on or before the
list day of October 1851. Although this
publication has been continued from the
25th day of March, 1851, yet up TO The
lst Of October last comparatively few re-
leases had been filed by the creditors o
Texas. The authorizes of the State o
Texas. a; the request of the Secretary
haua fnrnishad sc o. nla of The mn hl Il