The southern press. [volume] (Washington City [i.e. Washington, D.C.]) 1850-1852, 1851-12-03
lcont,a,,d fro,n fO,lyih onga.)

ted at S5l 500 900, which, with the probable
unappropriated balance in the treasury, on the
Goth June next, will give as the probable avail
able means for that year, The sum OF sos,
TAB 90.
Ii 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 Congress In
such manner as to distinguish the expenditures
so required from the otherwise ordinary demands
upon the treasury.
The total expenditures for the next fiscal year
are estimated at $40 49,, 299 10, Of which there is
required for the ordinary purposes Of the govern
ment, other than those consequent upon the ac-
QUESTION of our new territories, and deductlng the
payments on account OF the public debt, the sum
Of S33, 343 1875 o. and for the purposes connected
directly or indirectly with those territories, and in
the fuhment of the obligations Of the government,
contracted in consequence OF their acquisition, the
sum OF S9,549, l0l IL.
If the views of the Secretary oil the Treasuryin
reference 10 the expenditures required for these
territories shall be met by corresponding action on
the part Of Congress, and appropriations made in
accordance herewith, there will be an estimated
unappropriated balance in the treasury on the
Goth June, 1853, of $40 1896, 443 80, wherewth to
meet that portion of the public debt due on the first
July following, amounting to S6,237, 1891 80, as
well as any appropriations which may be made
beyond the estimates. .. .... ~ '....
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 or implied, entered into IN con-
sequence cf their acquisition, shall be fulfilled by
the most liberal appropriations for that purpose.
The values Of our domestic exports for the last
fiscal year, as compared with those of the previous
year, exhibit increase Of S43 646, 322. At first
view this condition of our trade with foreign ma
tons would seem to present the most fatterng
hopes of its future prosperity. An examination
of the details of our exports, however, will show
that the increased value of our exports for the last
fiscal year is to be found in the high price OF
cotton which prevailed during the first half Of
that year, which price has since declined about
one-half. ...... ..>..'.
The value of our exports of hreadstuffs and pro-
Visions which 1t was supposed the incentive of a
low TARIFF and large lmportatlons from abroad
would have greatly augmented, has fallen from
S68, 701 1921, in 1547, to s26, 05l 1873 in 1885, and
to S2l ,s4S, 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, compared with the previous
year. also exhibit decrease amounting to $780,
9l7, which. with decline in the values of the
exports Of tobacco for the same PERIOD make IN
aggregate decrease in these two articles of Il 1855,
The policy which dictated low rate of duties
on foreign merchandise, 1t was thought by those
who promoted and established it, would tend &c
benefit the farming population of this country, by
increasing tie demand and raising the price Of
agricultural 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 IL
England, the foreign demand for the products o.
the American farmer has steadily declined, since
the short crops and consequent famine in por,
ton Of Europe have been happily replaced by ful
crops and comparative abundance Of food.
1t will be seen, by rec airing TO the commercial
statistics for the past year, that the value Of
domestic exports has been increased in the single
item of raw cotton by $4,000, 900 over the value
of that export for the year preceding This is not
due TO any increased general demand for that ar
tcle, but TO the short crop of the preceding year
which created an increased demand and an aug
mented price for the crop of last year Should the
cotton crop now going forward TO market be only
equal in quantity 10 that Of the year preceding
and be sold AT the present prices then there would
be a falling off IN the value of our exports FOR
the present fiscal year of at least $40 900 900,
compared with the amount exported for the year
ending 30Ih 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 10 come
This large annual increase Of the currency Of the
world must be attended with its usual results,
These have been already partially disclosed IN the
enhancement of prices and rising spirit Of specu-
latou and adventure, tending 20 oTertrading, as
well al home as abroad. Unless some sa.ura-
ny check shall be given 70 these tendencies, It is
20 be feared that ImportatlOns OF foreign goods
beyond healthy demand IA this country, will
lead TO sudden drain Of the precious metals from
US, bringing with a., as It has done IN former
times, the most disastrous consequen noes to the
and 81 If he Anne
The exports Of specie 70 liquIdale our foreign
debt during the past fiscal year have been H.
263.979 over the amount OF BpecIe imported. The
exports Of specie during the first quarter Of the
present fiscal year have been 81 1851 81. Should
specie continue to be exported this rate for the
remaining three quarters Of this year. II will drain
from our metallic currency during the year end
ing 30th June, 1852, the enormous amount OF
SIS, 6O7 ,3OS.
IN the present prosperous condition Of the ma
tional finances, Il will become the duty OF Con-
gress 70 consider the best mode Of paying of the
public debt. II the pieEent and anticipated sur
plus in the treasury should not be absorbed by
appropriations ofan extraordinary character this
surplus shosd be employed IN such way, and
under such restrictions, as Congress may enact,
IN eKtinguIshing the outstanding dsst Of the ma
ton.
BY reference TO the act Of Congress approved
9th September 1850, It will be teen THAT, IN con-
sideration Of certain concessions by the State OF
Texas, it is provided that the United States
shall pay to the State Of Texas he sum Of ten
millions Of dollaV in a stock bearing FIVE per
cent. interest, " Ieemable at the end Of four
teen years, crest payable half yearly, al
the treasu2 ae United States"
In the section of the law Il is further pro-
vided 90 more than FIVE millions Of said
stock be issued until the creditors Of the
State holding bonds and other certificates OF stock
Of Texas, for rhieh duties imports Us,t specially
pledged, shall first file at the Treasury Of the Uni
ted States releases Of al claims against the United
States, for or on account Of said bonds or certih-
Gates, in such form shall be prescribe by the
Secretary Of the Treasury, and approved by the
President Of the United States"
The form of release thus provided for has been
prescribed by the Secretary Of the Treasury, aud
approved. IL has been published in ali the leading
newspapers NJ the commercial cities Of the United
States, and all persons holding claims Of the kind
specified in the foregoing progIso were required
TO file their releases ln the form thus prescribed
in the Treasury Of the United States on or before
the LIST day Of October, 1851 Although this pub
llestion has been continued from the 25th day Of
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