The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-12-03

men contracted in consequence Of their acquisition the
sum OF 80 l0l H.
If The views OF the Secretary Of the Treasury in refer
ence to the expenditures required for these Territories shall
be met by corresponding action the part OF Congress-
and appropriations made in accordance herewith, there
will be estimated unappropaied balance in the
uy the 3Olh June, 1883 of S2o,366, ,4i3 90 where
with TO meet that portion of the public debt due the
first July following, amounting 10 $o,23793l 49, as well
as any appropriations which may be made beyond The es
| tInaies.
In thus referring to the estimated expenditures
count 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
he9 and ihat every ooligatIon express or mpled en-
tered into IN consequence OF their acquisition shall be
ulhlled by the most liberal appropriations or that pu
pose.
year, as compared with those OF the previous year ex
hib an increase Of $l3,6l6,322 Al first view this
ditlon OF our trade with foreign nations would seem 10
An examination OF the details Of exports, however
will show that the increased value of exports for the
last fiscal 10 to be found in the high price Of cotton
which prey1ii.d during The tsrhali oi that year. which
/ price has since declined about half.
The value OF exports OF breadsuiis and PROVISIONS
which il was supposed the incentive of low tariff and
large impoatiOns from abroad would have greatly aug
mented, has fallen from sos 7o 92l. in ls7 to $2o,o5l
373 in 1850, and TO s2l ,9is653 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 previous year, also ex
hbit decrease amounting 10 $i6o.9l7, which, with
decline in the values of The exports Of tobacco Tor the
same period. make an aggregate decrease in these two
The policy which dictated low rate of duties on for
eign merchandise thought by those who promoted
and established it, would tend TO benefit the farming pop
ualion of this country by increasing the demand and
raising the price of agricultural products in foreign
il The foregoing facts, however, seem to show ncon-
tesaby that such result has followed the adoption Of
this policy On the contrary, Notwithstanding the repeal
OF the restrictive laws England, the foreign de-
and for the products Of the American farmer has stead
NY declined since the short crops and consequent famine
in portion of Europe have been happily replaced by full
crops and comparative abundance oil food
Ii will be seen, by recurring TO the commercial sa'is
tics for the past year. that the value OF our domestic
ports has been increased, in the single item of raw cot
$40 900 900 over the value OF that export for the
year preceding This is not due 10 any increased general
demand for that article but to the short crop of the pre-
cedng year, which created increased demand and
augmented price fer the crop OF last year Should the
cotton crop going forward to market be only equal
the present prices, then there would be falling of in the
value Of our exports for the present fiscal year OF at least
$O,ooO0 600, compared with the amount exported Tor the
s year ending Both June. 1851.
The production OF gold in California for the pas, year
seems to promise large supply Of that metal from that
quarter for some time TO come This large annual in
crease OF the currency OF the world be attended
with its usual results. These have been already par
tally disclosed in the enhancement OF prices and rising
spirit OF speculation and adventure. tending 10 overtra
ding, well al home abroad Unless some sal u,ary
check shall be given these tendencies it to be feared
that impoatons OF torelgn goods beyond healthy de.
mand in this country will lead sudden drain of the
precious metals from bringing with IT, as has done
former times, the most disastrous consequences TO The
O business end capital OF the American people.
The exports Of specie TO hqudaie our foreign debt
during the past fiscal year have heen S2l 26a97o ove
the amount OF specie imported The exports OF specie
during the first quarter OF the present fiscal year have
been Si465 s27. Should specie continue TO be exported
this for the remaining three quarters of this year,
it will drain from metallic currency during the year
ending 3oh Juoe, 1852, the enormous amount OF $685.
eo7,3Os
finances, i, will become the duty of Congress 10
sider The best mode OF paying on The public debt II
present and anticipated surplus the treasury should
not be absorbed by appropriations OF an extraordinary
character this surplus should be employed in such way,
and under such restrictions as Congress may enact IN
eXiingushng the outstanding debt OF the nation,
By reference to the act OF Congress approved 9th Sep
ember. $780, it will be seen that in consideration OF
concessions by the State OF Texas it provided
that the "Uned States shall pay TO the State OF Texas
the of ten millions OF dollars, in stock bearing hive
per cent interest," and redeemabe athe end OF fourteen
years The interest payable hafyeary at the treasury oil
In the same section of the law further provided
"hat no more than five millions OF SAID stock shall DC
issued until The creditors OF the State holding bonds and
other certificates of stock OF Texas for w,oh duties on
imports specially pledged shall first file at the treas
ury Of the United States releases OF all claims against
the United States for account OF said bonds
6caies in such form shall be prescribed by the Sec
reary OF the Treasury, and approved by the President o
! The form of release thus provided for has been pre-
scrbed by the Secretary OF the Treasury, and approved
II has been published all the leading newspapers IN
The commercial cities OF the United States. and all per-
holding claims of the kind specified IN the foregoing
proviso required to file their releases tln the form
thus prescrbed the treasury Of the United States on
or before the first day Of October, 1851 Although Tins
r publication has been continued from the 23ih day oil
March, 1885, vet up the 1s OF October last compare
lively few releases had been filed by the creditors oi
,f Texas.
The authorities OF the State OF Texas, at the reques, o
The Secretary of the Treasury have furnished schedule
OF the public debt OF that Stale created prior to her ad
mission the Union, with copy OF the laws under
N which each class contracted.
y have, from the documents furnished by me oiae OF
Texas, determined the classes OF claims which, ~ my
Judgment fall within the provisions oil the act oi ooh-
st gress OF the oh OF September, 1880. r
,e On being officially informed o The acceptance py
,e of the propositions contained IN the ACT reefteu 20
caused the stock be prepared and the hve millions
which are be issued Internationally, bearing an inter-
est OF five per cent, from the Isl day OF January 1901
have been for time ready be delivered to he state
=, OF Texas The authorities OF Texas up TO me present
u Time have not authorized any one TO receive ns sock
~ and remains the Treasury Department. SUBJECT 10 tGe
order of Texas ,-..., Il.
The releases required by law to be deposited IN me
treasury not having been filed there The remaining hse
millions have not been issued THIS last amount OF The
- stock will be withheld from Texas until the conditions
~ upon which il is be delivered shall be complied wh
by The creditors OF thai State unless Congress shall ohef
Tc wise direct by modification OF the law. =
,c In nv last annual message to which respectfully re-
~ fer stated briefly the which induced me 70 rec
ommend modification OF the present arm. oy cohve,g
&c the ad vaorem specific duty, wherever he auce
imported was of such character as TO permit H. ana 'a
such discrimination should be made IN iavot OF lhe -
dns,rial pursuits of own country as 10 encourage
e home production without excluding foreign competition
The numerous frauds which continue to be prac'iscd