Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1851-12-10

Tho agoreqate values of rice exported during
tho Iast fscal wear, as compared with the preVi-
ous vea,, also exhibited decrease amounting ~
$3.50 .9l7, which, with decline IN 'he values "
the exports of tobacco for the same PERIOD Inahe
AN aggregate decrease in these two articles VI
Sl,l56,75l. 1,,;os
The policy which dictated a low rate OF duties
on foreign merchandise, 1t was though! oy .nVso
who pronoted and established it, would tena 10
hene6t - tho farming population Of this country,by
Increasing the demand and raising the price oil
agricultural prod ucts in foreign markets.
eTbe foregoing facts, however, seem to snow
;ncontestibe that no such result has followed Inc
adop,ion of this policy. On the contrary not
withstandinp the repeal of the restrictive corn
Laws in ENGLAND, the foreign demand tor the pro-
dncts of the American farmer has steadily deciln-
ed since the short crops and consequent famine
in a portion of Europe have been happily replaced
by full crops and comparative abundance OF 1000.
It will 5e seen, by recurring to the commerclai
statistics for the past year, that The Vaue OF our
domestic exports has been increased IN 'he single
item of raw cotton by $40 00OO,o ,oO0 over the value
of that export for the year preceding. 1ns - o'
due to any increased general demand tor that af'l-
Gle, but to the short crop OF the pTeceedlng year,
wbicb he created an increased demand and an aug
mented price for the crop Of last year. Should Inc
cotton crop now going forward to market be only
equal in quality 10 that of the year preceedlng'
and be sold at the present prices then there would
he falling off iE the value Of our exports ior Inc
present fiscal year of al least 600 OoO ,comPar-
ed with .he amount exported for the year ending
30th June, 1851.
The production of, gold in California TOR The
past year seems to promise large supply OF mat
metal from that quarter for some time TO come
This larqo annual increase of the currency OF the
world must be attended with lis usual results
These have been already partially disclosed in the
enhancement of prices and rising spirit OF specu-
lation and adventure, tending TO overtrading, as
well al home as obroad. Unless some saiutaiy
check shall be given TO these tendencies, It is 10 De
feared that imporlations OF foreign goods beyond
healthy demand in this country Will lead 10 SUD
den drain Of the precious metals from u.s. bringing
with it. as it has done in former times, the most
disastrous consequences 10 the business anu cup'aA
of The American people.
The exports of specie 10 liquidate our foreign
debt during the past fiscal year have been S24,-
1863. .o79 over the amount Of specie imported
The exports Of specie during the first quarter OF
the present fiscal year have been Sl4 65l ,o2I.-
Should specie continue 10 be exported al this rale
for the remaining three quarters of this year, 1t
will drain from our metallic currency during the
wear ending 30th June, 1852, the enormous amount
of S5S ,607 ,30S.
| In the present prosperous condition OF the ma
tional nancies it will become the duty OF Congress
to consider the hest mode of paying off the public
debt If the present and anticipated surplus In the
Treasury should not be absorbed by appropriations
of an extraordinary character this surplus should
be employed in such way, and under such reslric-
tons, as Congress may enact, in exllngulshing Inc
outstanding de5t OF the nation.
By reference 10 the act Of Congress approved
9Th September, 1850, it will be seen that, IN con-
sideratun of certain concessions by the State OF
Texas, it is provided that the "United States shall
nav 10 the State of Texas the sum OF ten millions
of dollars, in a stock bearing five per cent Interest,
and redeemabe at the end Of fourteen years. the
interest payable half yeary,at The Treasury oil the
United States"
1 In the same section of the law il is further pro.
vided "hat no more than five millions OF said
stock shall be issued until the creditors OF the Slate
I holding bonds and other certificates of stock OF
Texas, for aclich duties on imports ,oere specially
pledued. shall first file at the Treasury OF the u
nled States releases Of all claims against the Uni
ted States for or on account Of said bonds or GER
tfcaes, in such form as shall Se prescribed BY the
Secretary of the Treasury, and approved by the
President Of the United States"
The form Of release thus provided for has been
! approved 1t has been published in all the leading
newspapers in the commercial cities of the United
States, and all persons holding claims of the kind
specified in the foregoing proviso were required 10
file their releases Gin the form thus prescrlbed) in
the Treasury of the United States, on before the
LIST day of October, 1851. Although this pubca.
, ton has been continued from the 25h day Of
, March, 1851, yet Up 10 the lst of October last
+ comparatively few releases had been filed by the
creditors of Texas.
The authorities Of the State of Texas, at the re-
quest Of the Secretary Of The Treasury, have fur
nished schedule of the public debt of that State
created prior to her admission into the Union, with
+ copy Of the laws under which each class was
, contracted.
have, from the documents furnished by the
State of Texas, determined the classes of claims
, which in my judgement fall within the provisions
. of the act Of Congress of the 9th Of September,
1850.
On being officially informed Of the acceptance
= bv Texas BY the propositions contained in the act
referred TO, caused lhe stock TO be prepared, and
g the five millions which are to be issued uncoDdi-
tonay, bearing an interest of five per cent from
the lst day of January, 1851, have been for some
f time ready to be delivered to the State of Texas.
e The authorities of Texas, up 10 the present time,
have not authorized any one 10 receive this stock,
and it remains in the Treasury Department, subject
S to the order Of Texas.
The releases, required by law to be deposited in
be Treasury, not having been filed there, the re-
e manning FIVE millions have not been issued. This
last amount of the stock will be withheld from
Texas until The conditions upon which it is TO be
delivered shall be complied with by the, creditors
of that State, unless Congress shall otherwise di-
: rect by modification Of The law.
In my last annual message, to which respect
fully refer, stated briefly the reasons which in
duced me to recommend modification Of the pres
ent tariff, by converting the ad vaorem into q
. specific duty, wherever the article imported was
Of such character as 10 permit it, and that such
Dissemination should be made, in favor of the in
dustrial pursuits of our country, as to encour-
+ age home production without excluding foreign
competition.
y The numerous frauds which continue to be prac
lised upon the revenue, by false invoices and un
a dervaluations, constitute an unanswerable reason
for adopting specific instead Of ad ,volorem duties
9 in all cases where the nature Of the commodity
does not forbid ii. A striking illustration of thest
r. frauds will be exhibited in the Report of the Sec
relary of the Treasury showing The custom house
v valuation Of articles imported under former law
n subject to specific duties, when there was no in
Il ducement TO undervauation, and the eustom-houst
;. valuation of the same articles, under the present
system Of ad valorem duties, so greatly reduced ai
Il to leave doubt of the existence of the most fla
i. grant abuses under the existing laws. This prac
II tica evasion Of The present law combined with h
n langushng condition of some of the great Interest,"