Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1851-12-10

ports, however, viii shew that the in
creased value ofour exports for the last
fiscal year is to be found in the high price
of cotton which prevailed during the first
.halfof that year, which price has since
declined about one-half.
The value of our exports Of breadstutis
and provisions, which it was supposed the
incentive of low tariff and large lmpor-
tations from abroad would have greatly
augmented, has fallen from $68, To-, 921,
in is47, to S96, o51, 1873 in 1850, and to
sci, 948, 653 in 1851, with strong prob
ability, amounting almost to certainty,
of a still farther reduction in the current
year. -
The aggregate values of rice exported
during the last fiscal year, as compared
with the previous year, also exhibit de-
crease amounting to S46O,917, which,
with a decline in the values of the exports
of tobacco for the same period, make an
aggregate decrease in these two articles OF
81 1855, ISL. sat.2
The policy which dictated a low rate of
duties on foreign merchandise, it was
thought by those who promoted and es-
tablished it, would tend to benefit the far
ming population of this country, by in
creasing the demand and raising the
price of agricultural products in foreign
markets.
The foregoing facts, however, seem to
show incontestibly that no 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 declln-
ed, since the short crops and consequent
famine in portion of Europe have been
happily replaced by full crops and COM
parative abundance of food,
1t will be seen by recurring to the
commercial statistics for the past year, that
the value of our domestic exports has been
increased in the single item of raw cotton
by $40, 200, 900 over the value of that
export for the year preceding. This is
not due to any increased general demand
for that article, but to the short crops of
the preceding year, which created an in
creased demand and an augmented price
for the crop of last year. Should the cot
ton crop now going forward to market be
only equal in quantity to that of the year
preceding. and be sold at the present pri-
ces, then there would be falling off in
the value Of our exports for the present
fiscal year of at least $40, 100000 com
pared with the amount exported for the
year ending 3Oth June, 1851.
The production of gold in California for
the past year seems to promise large
supply ofthat 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
have been already partially disclosed in
the enchantment of prices and rising
spirit of speculation and adventure, tend
ing to overtrading as we'll at home as
abroad. Unless some salutary check shall
be given to these tendencies, tits to be
feared that importations 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 business and capital
of the American people.
The exports of specie to liquidate our
foreign debt during the past fiscal year
have been $24, 363,979 over the amount
of specie imported. The exports of spe-
Gle during the first quarter of the present
fiscal year have been $14,G5l, 827.-
Should specie continue to be exported at
this rate for the remaining three quarters
Uf tlIis year, it will drain from our metal
tic currency during the year ending 3Oth
June, 1859, the enormous amount of $780,
COZ, 1903.
In the present prosperous condition of
the national finances, it will become the
duty Of Congress to consider the hes:
mode of paying off the public debt. If
the present and anticipated surplus in the
Treasury should not be absorbed by
appropriations of an extraordinary char
acter, this surplus should be employed in
such way, and under such restrictions,
as Congress may enact, in distinguishing
the outstanding debt of the nation.
BY reference to the act of Congress APP
proved 9th September, 1850, it will be
seen that, in consideration of certain con-
cessions by the State of Texas, it is pro-
vided that the United States shall pay
to the State of Texas the sum of ten mil
lions of dollars in stock bearing five
per cent. interest and redecmablc at the
end of fourteen years, the interest paya-
BILE half yearly, at the Treasury of the
United States.
In the same section of law it is further
provided "that no more than five mil
lions Of said stock shall be issued until
the creditors of the State holding bonds
and other certificates of stock of Texas,
for trhich duties on imports Uere specially
pledged. shall first file at the Treasury of
the United States releases of all claims
against the United States, for or on &C
count of said bonds or certificates, in such
form as shall be prescribed by the Sec
rotary of the Treasury, aud approved by
the President of the United States
The form of release thus provided for
has been prescribed by the Secretary Of