The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1851-12-11

due to any increased general demand for
that article, but to the short crop OF the
proceeding year which created an increas-
ed demand and an augmented price for
the crop of last year. Should the cotton
crop now going forward to market be only
equal in quantity to that of the year pre-
ceeding, and be sold ut the present prices
then there would be a falling off in tho
valueof our exports for the present fiscal
year of at least $40, 900 900, compared
with the amount exported for the year en-
ding 30th June, 1851.
The production of gold in California
for the past year seems to promise largo
supply of that metal from that quarter for
some time to come. This largo annual In
crease Of the currency of the world must
be attended with its usual results. hess
have been already pa;tially disclosed in
the enhancement of prices and rising
spirit of speculation and adventure, tend
ing to overtrading, as well at home as
abroad. Un'ess SO nc salutary check shall
be given to these tendencies, it is to be
feared that impnrtations of foreign goods
beyond healthy demand in this country
will lead to sudden drain of the precious
metals from US, briuing with it, as it has
done in former times, the most disastrous
consequences to the business and capital
of the American people.
The exports of specie TO liqu'dAte our
foreign debt during the past fiscal ear have
been $24,26a,079, over the amount of
specie imported, The exports of specie
during the first quarter of the present fs-
cal year have been sl4,65L,S27. Should
pece continue to be exported at this rate
f,r the remaining three quarters OF this
W ar, il will drain from our metallic cur
rency during the year ending 30th June
| 1862, the enorm us amount Of S5S,G07,-
30s.
In the prosperous condition Of The na-
tional finances, it will become the duty of
Congress to consider the best mode ofPay-
ing off the public debt. leshe presen, and
anticipated surplus il the Treasury should
not be absorbed by appria'ions of an ex-
traordinary character, 'hs surplus sh' uld
be employed in such way and under such
restrictions, as Congress may enact, In
extinguishing the out standing debt OF the
nation.
By reference to the act of Congress approved
9th September, ls50, 1t will be seen that, in
| consideration OF certain e"nc ssions BY Inc state
| of Texas, it is provided that the "united states
sshall pay to the s ate ot Texas the SUN OF ten
millions of dollars, in stock bearing n's =
scent, interest, and redeemable at the END OF
fourteen years, the Interest payable hait yearly
| sat the Treasury oil the United Stat 4"
| In the same section OF the law II Is turther
tprovided .that no more than I'VE miiions OF sala
IT, ok shall be issued until the creditors OF the
L 4 url nth
st, ok of Texas, for tohich dufas on imports
Ueis specially pledged, shall first file at the
Tr, asury Of the United Safes, for or on account
of said nds or certificates, in such form as snail
be prescribed by the Secretary Of the Treasury;
and approved By the President of the oni'ea
States"
The form of release thus provided for has
been prescribed by the Secretary OF the lteasu-
ry, and approved 1t has been published IN all
the leading newspapers in the commercia. cues
of the United States, and al persons hoiding
| claims OF the kind specified in the foregoing pro-
viso were required to hle their releases tln .se
! form thus prescribed) in the Treasury ol the
United S ates- on or before the first day oil octo-
Der, 1881 Although this publication has been
continued frum the 25lh day Uf March, 1901, yet
up TO II st of October last comparatively few
releases I'd Le.n filed By the creditors u Lex
as. .u
The authorities of the Stale of Texas, al ehs'
reaues, OF the Secretary OF the Treasury, nave
furnished a schedule ot the public debt ot mat
State created priot to her admission INTO tne on-
ion, with copy of the laws under which each
class was contracted.
| have, from the documents iurnishea pY the
| S ate of Texis determined the classes oil ciaimh
which in my judgement fall within the provls-
ions of the act vf Congress Of the 9th OF Septemt
Der, 1859.
On being officially informed oil the acceptance
by Texas ol the propositions contained IN lhe
act referred to, caused the stock 10 DC pre-
| pared, and the five millions which are 10 be ls-
su ID Internationally, vi bearing an interest oil hve
per cent from ihe LIST day oil January, 1881, have
been for some time ready to be delivered TO the
S ate OF Texas. The authorities OF Texas, up to
the prl sent time, have not authorized any one
to receive this stock ,and it remains in the Treas
ury Departme subject to the order OF Iexas.
The releases, required by law to be deposit
ted IN the Treasury, Eot having been filed there,
the rema lining FIVE millions have net been issued
This last amount OF the stock will be wlthhelo
from Texas until the conditions upon which IL
is to be delivered shall be complied with by the
creditors of that State, unless Congress shall
otherwise direct by a modification If the law
In my last annual message, TO which
I respectfully refer, stated briefly the
reasons which induced me TO recommend
a modification of the present tariff, by
converting the ad valorem into specific
duty, wherever the article imported was
of such character as TO permit 1t, and
that such discrimination should be made
in favor of the industrial pursuits of our
own country. as 10 encourage home pro-
duc,ion without excluding foreign compe-
| tition.
The numerous frauds which continue
TO be prac.ised upon the revenue, by false
invoices and undervaluations, constitute an
unanswerable reason for adopting specific
instead of adj valorem duties in all cases
where the nature ofthe commodity does
not forbid it. A striking illustration OF
these frauds will be exhibited in The Report
of the Secretary of The Treasury, showing
the cusiom-house valuation, and The custom
house valuations of the same articles, under
the present system of ad valorem duties
so greatly reduced as to leave no doubt of
the existence If the most fagrant abus'
under the existing laws. This practic'
evasion of The present law, combined wi
the languishing condition ofsome of IL
great interests Of the country, caused |
Iover-importatious and enuseoilent depres