Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1851-12-11

last fiscal year, as compared nh those of the pre-
vous year, exhibit an increase of Si3,6i6332. At
first view this condition of our trade with foreign
nations would seem TO present the most fattcring
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 breadstuils and
provisions, which 1t was supposed the incentive
OF low tariff and large importations from abroad
would have greatly augmented, has fallen from
s,70Is2l, IN lSI7, to S26,Ojl,373 in 1850,
and to S2l ,Yls,G53 in ls5l, with a strong prob
ability, amounting almost TO a certainty of
still further reduction in the current year.
The aggregate values of rice exported during
the last fiscal year, as compared with the pre-
vous year, also exhibit decrease amounting to
S4dO9l7, which with decline in the value of
tobacco for the same period, make an aggregate
decrease in the two articles of lljG,75l dol
lars.
The policy which dictated a low rate Of du-
ties on foreign merchandise, it was thought by
those who promoted and established It, would
tend to benefit the farming portion of the coun-
try, by increasing the demand and raising the
price Of agricultural products in foreign mar
ket
The foregoing facts, however, seem to show
lncontcstibly that 10 such result has followed
the adoption Of this policy On the contrary,
Notwithstanding the repeal Of the restrictive corn
laws IN England the foreign demand for the
products Of the American farmer has steadily de-
cined, since the short crops md consequent
famine in p portion of Europe have been happily
replaced by full crops and comparative album
dance Of food
Il will be seen, by recurring 10 the CONNER
ca statistics for the past year. that the value of
our domestic exports has been increased in the
single tenn Hf raw cotton by Si0,O00OOO over
the value ofthe export for the year prece ling. -
This Is not due TO any increased general de-
mand for that article, but 10 the short crop Of tie
preceding year, which created AN Increased de-
mand nud am augmented price for the crop of
last wear
Slorld the cotton crop now going forward 10
market be equal in quantity 10 that of the year
preceding and be sold nj the present prices
then there would be a falling or m the value
OF onr exports for the present fiscal year of at
least Slp0o0OO0, compared with the amount ex-
ported the last year.
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.
! his large annual increase Of the currency Of
ibe world must be attended with its usual re-
suits These have been already partially disclos
ed in the enhancement of prices and rising
spirit of speculation and adventure, tending to
overriding, as we'll at home as abroad Unless
some salumry check shall be given to these ten
denotes It is 70 be feared mat importatons Of
foreign goods beyond a healthy demand in this
country viii lead to a sudden drain Of the pre-
cious metals fromus bringing with 1t, as it has
done in former times, the most disastrous conse-
quenccs 90 the business aud capital OF the Amer
can people
The exports of specie to liquidate the foreign
debt during the past fiscal year have been S2l,-
263979 over the amount OF specie imported -
The exports of specie during the first quarter OF
the present fiscal year have been SliG5l S27.
Should specie continue to be exported az this
rate for the remaining three quarters of tins year
u viii dram from our metallic currency during
the year ending 30ih June, 1852, the enormous
amount Of So 500 Dos.
IN the present prosperous condition of the ma
tionsl finances, it will be ;he duty Of Congress.
TO consider the best mode of paying off the pub
he debt If the prescott and anticipated surplu,
IA the Treasury should not be absorbed by APP
preparations OF an extraordinary character, thls
surplus should be employed m such way, and
under such restrictions, as Congress may enact
M cX'ingu.shiug the outstanding debt of the ul.
ton.
By reference to the act of Congress- approve,
@ n September $50, it will be- seen that IN con
liberation of certain concessions by the State %
o ieNas II Is provided that the United states
shall pay TO the State OF Texas the sum OF ten
millions Of dollars, IA a stock bearing five pc
cent. interest, and rcdeemablc at the end Of
fourteen years the interest payable half yearly
at the Treasury of the United States"
In the same section of the law it lis further pro
Vded " that no more than five millions OF sals
stock shall be issued until the creditors of tn
State holding bonds and other certificates o.
stock of reNas. for ichich duties on imports tcen
+, sDecialiy picdged, shall Tile at the Treasury o
, the United Suites releases of all claims ugains
the United States oror on account of said bond
'or certificates, in such form as shall be pre-
scrihed by the Secretary OF the Treasury, am
approved by the President Of the Unic'
States"
The form Of release thus provided for has beer
y prescribed by the Secretary of the Treasury, am
= approved. Il has been published IN all the lead
ing newspapers IN the commercial cities Of tn
, United States, and all persons holding claims O
\ the kind specified in the foregoing proyiso wcr
required 10 file their releases I'm the form thu
b prescribed in the Treasury of the United States
, on or before the LIST day Of October, 1881. al
= though this publication has been continued irou
the 25th day of March, 1881, yet up TO the frs
Of October last comparatively few releases hat
. been filed by the creditors Of / eXas
The authorities of the State Of TeXas, at tn
request of the Secretary of the Treasury, hav
furnished a schedule Of the public debt of tina
State, created prior to her admission INTO IN
Union, with copy of the laws under which cacl
class was contracted.
have, from the documents furnished by tia
: State of Texas, determined the classes o
= of claims which in my Judgment fall within tn
y provisions of the act Of Congress Of the 9th O
! September, 1850.
On being officially informed of the acceptance
!, by Texas OF the propositions contained IN The ac
referred to, caused the stock to be prepared, an'
1 the five millions which are TO be issued uncondl
4 tionally, bearing an interest of i've per cent
!, from the lst day of January, lc5l, have been 10
! some time ready to be delivered 10 the State o
Texas.
. The authorities Of Texas up 20 the presen
: time. have not authorized any one to receive TIN
\ stock and 1t remains IN the Treasury Depart
ment subject to the order of Texas.
The releases required by law TO be deposlte
!, in the Treasury, not having been filed there, IN
remaining five millions have not been issued
=. This last amount of stock will be withheld irol
> Texas until the conditions upon which II to b
!, delivered shall be complied with by the creditor
= of that State, unless Congress shall otherwise d
rect by a modification Of the law.
: In my last annual message, to which respect
r I II ~. which