Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-12-13

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corn laws in England, the foreign demand for
the products Of the American farmer has stead
lily declined, since the short crops and eonse-
quent famine ia Europe have been happily re-
placed by fun crops and comparative sband
aace Of food.
II will be seen, by recurring to the COM
mercial statistics Of the past yesr=that the
value ofour domestic exports has been increas-
ed il the single item Of raw cotton by $4o,-
100000 over the value Of that export for the
year proceeding This is net due to any in
creased general demand for that article, but
TO the short crop, of the proceeding year,
which created and increased dsmaHd and an
augmented price for the crop of last year
Should Tie cotton crop now going forward to
market be only equal in quantity to that of
the year preceding and be sold at the pres
ent prices then there would be falling of in
the value Of our exports for the present fiscal
year Of al least $40. 100000, compared with
lhe amount exported for the year ending Soth
June. 1881.
The production Of gold in California for the
past year seeEs to opromise large supply of
that metal from thatquartsr for some time to
come. This largs annual increase of the cur
Tency Of the world must be attended with It's
usual results. These have been already par
italy disclosed in the enhancement of prices
and rising spirit Of speculation and adven-
tpre. tending to overtrading. as well at home
as abroad. Unless some salutary check shall
be given 10 these tendencies, it is to be fear
ed thai impovlations of foreign goods beyond
healthy demand in this country will lead to
sudden drain Of the precious metals from Us,
bringing with it. as it has done in former times,
the most disastrous consequences to the busi-
ness and capital Of the American people.
The experts Of specie TO hquidate ourfor-
eign debt during the past fiscal year have
been $24. .263r799 over the amonnt Of specie
imported. The exports of specie during the
irst quarter Of the present fiscal year have
been $14 4,65I, ,S27 Should specie cont;nue
10 be exported at this rate for the remaining
three quarters of this year. it will drain from
our metallic currency during the year ending
30th June 1852, the enormous amount o.
S5s.eo7. sos. O
Inthe present prosperous condition ofthe
national finances, it will become the duty oi
Congress to consider the best mode Of paying
of the public debt If the present and antic,
ipated 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 restrictions, a:
Congress may enact in extinguishing the ont
standing debt of the ration
By reference to the act of Congress approx
ed 9th September, 1850, it will be seen that
ia 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 stock bear
ing Eve per cent interest, and redeemable al
The end Of fourteen years. the interest paya-
'ble half-yeariy, at the Treasury of the United
States.
In the same section Of the law it is further
provided athat no more than five millions o.
.said stock shall be issued until the creditors
'ofthe State holding bonds and other certi6-
Gates of stock Of Texas, for wkich duties on
Imports mere specially pledged. shall first file
AT the Treasury of the United States releases
of ali claims against the United States, for OF
on account Of said bonds or certificates, in such
form as shall be prescribed by the Secretary
'ofthe Treasury, and approved by the Presi-
dent Of the United States''
The form Of release thus provided for has
been prescribed by the Secretary of the Treas
ury, andapproved. It has been published in
all the leading newspapers in the commercial
cities cs the United States, and all persons
holding claims Of the kind specified in the fore
going proviso were required to file their re-
leases lin the form thus preseribed) in the
Treasury Of the United States, on or before the
lss day Of October, 1851. Although this
publication has been continued from the 25th
day Of March. 1881. yet up TO the lst of Oc-
tober last. comparatively few releases had been
fled by the creditors Of Texas
The authorities of the State Of Texas, al
the request of the Secretary of the Treasury,
have furnished a aschedule Of the public debt
Of that State created prior to her admission
iato 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 d
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 accept
ance By Texas of the propositions contained
in the act referred 10, / caused the stock to be
prepared, and the Eve millions which are to
be Issued Internationally. bearing an interest
"a I'VE per cent from the 1 81 Gay OF January,
1851. have been for some time ready to be
delivered to the State of Texas. The author
tiles Of Texas. up 10 the present time, have
not authorized any one to receive this stock,
and il remains in the Treasury Department,
subject to the order Of Texas
The releases. required by law to be depos-
tied IN the Treasury not having been iled
there, the remaining FIVE millions have not
been issued This last amount of the stock
will be withheld from Texas until the eondi-
tons upon which it is to be delivered shall be
complied with BY the creditors of that State,
unless Congress shall otherwise direct By a
modification Of the law.
IN my last annual message to which | res
pectfuliy refer. stated briefly the reasons
which induced me to recommend modifca-
ton of the present tariff By converting tie ad
yalorem into specific duty. wherever the ar
ticie imported was of such character as to
permit Il, and that such discrimination should
be made. in favor of the industrial pursuits of
our own country. as to encourage home pro-
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