The New York herald., 1851-12-03

The exports for the same period were s2l7,5l7,lSo
OF which there were OF do
mestic products. .$l7os6a0,o50
Foreign goods re-exported 9,7S,68
Specie. -. ..............s z,Z5l,ooU
Since the lst Of December last, the payments in
cash, on account of the public debt exclusive Of
however, includes the sum Of ,2i2 400 paid under
the twelfth article Of the treaty with Mexico and
the further sum of$2 59l 2l3 45, being the amount
of awards to American citizens under the late
treaty with Mexico for which the Of stock was
authorized, but which was paid in cash from the
treasury.
The public debt on the 10th ultimo, exclusive of
the stock authorized to be issued to Texas by the
act o. ytn SePtsm1sh 1so2 wss sstma %
ted at $51 800 900, which, with the probable unap.
propriated balance in the Treasury, on the Both Of
June next, will give, as the probable available
means for that year, the sum OF go, 2oe,7g o.
Ii has been deemed proper, In view OF the large
expenditures consequent upon the acquisition OF
territory from Mexico that the estim ates for tho
next fiscal year should be laid before Congress in
such a manner as to distinguish the expenditures
The total expenditures for the next fiscal year
are estimated at $42S92 299 l9, of which there is
required for the ordinary purposes Of the govern
ment, other than those consequent upon the acqui.
sition of our new territories, and deducting the
payments account of the public debt, the sum of
$33 1873 0S; and for the purposes connected di-
rectly or indirectly with those territories, and in
the fulflment Of the obligations Of the government
sum of $9, 9,549,l0l IL.
If the views Of the Secretary of the Treasury in
reference to the expenditures required for these
Territories shall be met by corresponding action
she part Of Congress, and appropriations made in
accordance Herewith, there will be an estimated
unappropHated balance in the Treasury on the
Both June, 1888, Of $40, ,s66 4is 80, wherewith to
meet that portion of the public debt due the FIRST
well as any appropriations which may be made
beyond the estimates.
In thus referring to the estimated expenditures
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 obliga-
ton, express orimped, entered into in consequence
Of 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 an increase Of 1922. At first
view this condition of our trade with foreign ma
tions would seem to present the most fattering
hopes OF its future prosperity An examination
Of the details of our exports, however, will show
that the increased value of 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-haf.
The value of our exports of breadstufs and pro-
visions, which it was supposed the incentive of Q
low tariff and large importations from abroad
would have greatly augmented, has fallen from
to s2l, ,ois, ,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
vious year, also exhibit a decrease amounting to
S46O,9l1, which, with decline in the values of
the exports of tobacco for the same period, make
an aggregate decrease in these two articles of
The policy which dictated low rate of duties on
foreign merchandise, 1t was thought by those who
promoted and established it, would tend to benefit
the farming population Of this country, by increas
ing the demand and raising the price Of agricultu-
raj 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, not
the repeal Of the restrictive corn laws
in England, the foreign demand for the products of
the short crops and consequent famine in portion
of Europe have been happily replaced by full crops
and comparative abundance offood.
Ii will be seen, by recurring 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
Que 10 any ,,eresea h genera oemano - hor .na'
which created an increased demand and al 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 falling of in the value Of our exports for the
present fiscal year Of at least st0 900 900, compared
With the amount exported for the year ending Both
June, 1851.
The production Of gold in California, for the past
year, seems TO promise large supply Of that metal
from that quarter, for some time to come. This
large annual increase OF the currency Of the world
must be attended with its usual results. These
vnr tfall al t. H.
hancement OF prices, and rising spirit Of specula-
tion and adventure, tending to overtrading as we'll
at home as abroad VI Mess some salutary check
shall be given to these tendencies 1t is to be feared
that impoitations Of dry goods beyond q healthy
demand in this country win lead to sudden drain
Of the precious metals from US, bringing with It, as
1t has done in former times, the most disastrous
consequences to the business and capital Of the
American people.
The exports Of specie to liquidate our foreign
debt during the past fiscal year have been
$2i, ,263, ,979 over the amount OF specie imported.
The exports OF specie during the first quarter Of
the present fiscal year, have been Sll, 1851 ,527.
Should specie continue to be exported at this rate
for the remaining three quarters of this year, IL
will drain from our metallic currency during the
year ending Both June, lS52, the enormous amount
In the present prosperous condition of the nation al
finances will become the duty Of Congress to consider
the beet mode OF paying OF the public debt. IL the
present and anticipated surplus Va the Treasury should
not be absorbed by appropriations Of extraordinary
character h. surplus should be employed in such way
and under such rictons Congress may enact In
extineuishing the outstanding debt Of the nation.
By reference 10 the act Of Congress approved 9th Sep
tember, 1850 will be seen that, in consideration OF
certain concessions BY the State OF Texas Il i prov
dsd that the United States shall pay 10 the State Of
Texas the of ten millions dollars in stock bear
ing Eve per cent interest and reeemab at the end
fourteen the interest payable yearly at the
Treasury Of the United States"
In the same section Of the law Il Ia further provided
that no more than Eve millions Of said stock shall be
ued until the creditors Of the state holding bonds aud
other certificates Of stock Of Texas for which dute. on
imports were specially piedgei shall first fe at the
Treasury Of the United States releases Of ali claims
sgainst the ned States for account Of said bond
or certhcates IN such form shall be prescribed by the
Secretary OF the Treasury and approved BY the President
CT the nted States -
The form Of release thus provided foe has bseu pre-
rcrbed by the Secretary OF the Treasury aud approved
IL has been published In all the leading newspapers In
the commercial cities Of the ned sates and all per-
holding claims q the kind specified In the foregoing
provso were required to Gle their releases n the form
thus prescribed 10 the Treasury Of the United States
on or before the st day Of October 1851 Although this
publication has been continued from the 2sth day OF
March 1851 Jet to the LIST q october last compare
lively few releases had been fled by the creditors