The Davenport gazette. [volume] (Davenport, Scott Co., Iowa) 1841-185?, 1851-12-11

those Territories, and in the fuliilment
tho obligations OF the Government, con
tractcdin consequence Of their acquisition
! the sum Of $o.549,l0l IL.
10 lf the views Of the Secretary inreierenc'
I TO the expenditures required for these Tor
| ri,ories should be met BY corresponding &C
tion on the part Of Congress-, aud approprl
atoms made ia accordance Herewith, Their
will DO an estimated unappropriated bal
/, lance 10 the Treasury on the 30th of June
1852, Of $40, 366, 443 30, wherewi,h |,
meet that portion Of the public debt due o.
the LIST ofJuly following, amounting 70 So
237 1871 SIS, as well as any appropriation
which may be made beyond the estimated
Expenditures on accoua, Of our newly &C
lquired Territories, lmay express The hops
that Congress will concur with me IN tht
desire that liberal course Of policy may y
pursued towards them, and that every CD
,|liga,ion expressed or implied, entered int
lin consequence Of their acquisition, shall
be fulfilled by the most liberia! appropra
,inus for that purpose.
/ The values .! our domestic Exports fol
The last fiscal year. as compared with ihs
previous year, exhibits an increase Of S43,
546,322. CO. AT FIRST view, this condition
OF our trade with loreign nations, wouio
seem 10 present tho most catering hopes
Of its future prosperity. An examination
oil the details Of our Exports, however, vii
show that the increased value Of our ES-
ports for the las, fiscal year, is TO be found
in the high price o! Cotton. whichpreyai'ed
during the first half Of iha, year, which
price has since declined about one half.
The value Of our Exports Of Bread s'niis
and Provisions, which j, was supposed the
incentive Of low Tariff and large impor-
talions from abroad, would have grestly
has fallen from SOS, 702.92l,
90 in 1917, to SIS, 05l,3 72 in 1850, and
to SCI. 94S,653, in 1851, with strong
probability, amounting almost 10 Ger
,aintv, Of still further reduction in the
cusreu, year. The aggregate values Of
Rice, exported during the last fiscal year.
as COMPARED with the previous year, also
exhibits decrease amounting TO $780,
oil 600, which. with decline in the value
of,ho exports Of Tobacco, in the same pc
Rod, make on aggregate decrease in these
two articles Of Sl,l56,75l 90. The pol
lev which dictated low rate Of duties on
foreign merchandise, j, was thought BY
these who promoted and established i'll
would tend to beneii, the farming popula
ton Of this country, by increasing the de-
mand, and raising the price Of agricultural
products in foreign markets.
The foregoing facts, however, seem iol
show inconlesiibIy, 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 declined,
since the short crops and consequent fam
inc in portion Of Europe, have been par
italy replaced By full crops and compare
tive abundance Of food.
1t will be seen BY referring TO the com
mercial statistics for the pas, year that the
value Of our domestic exports has been IN
creased on the single article Of raw cp,'on
By 40 millions of dollars, over the value o.
that report for the year preceding. This
is not done BY any increased general de-
mand for that article, but 10 the.short crops
ofthe 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 10 market, be onl.
lequal 10 quality TO tina, of the year pre-
csding, and be sold at the present prices,
then there would be falling of in The val
ne Of our exports for the present fiscal year.
If at least forty million Of dollars compar-
ed with the amount exported for the year
ending the 3Sth ofJune, 1851. The pro-
auctions Of gold 10 California for the pres
ent year, seemed to promise large suppl.
of that metal from that quarter, for some
lime to come. This large annual increase
Of the currency Of the world must be al
tended TO with its usual results. These
have been already partially disclosed 10
the enhancement Of prices, and a rising
spirit Of speculation and adventure, tend
ing to overriding, Us we'll at home az
abroad. Unless some salatary check shall
be given to these tendencies, i, is to be fear
ed that importations''of foreign goods beyond
a healthy demand in this country, viii lead
TO sudden drain Of the precious metals
from Us, bringing with it,, as it has done inI
former times tile most disastrous conse-
qnences to the business and capital Of the
American people. The exports Of specie
to liquidaie our foreign debt during the past
fiscal year, have been S2f.e63,979, over
the amount ofspcce imported The ex
ports Of specie during the first quarter Of
4 Q presen, fiscal year have been Sl4,G5i,-
s27. Should specie continue 10 be export
ed a, this rate for the remaining three
quarters Of this year it will drain from our
meialic currency, during the ye1r ending
the Bob of June. 1852, the enormous
amount Of s,707 ,30s.
In the presen, prosperous condition Of
the national finances, il will become the
duty Of Congress TO consider The best mode
Of paying off the public debt II the pres
ent md anticipated surplus in the Treas.
nry should no. be absorbed by appropria-
tons Of an extraordinary character, thi.
surplus should be employed in such way
and under such restrictions as Congress
may enact, 10 es,inguishing the ous,and
ling debt Of the Nation.
By reference TO the act OF Congress, ap
proved the 9th Of Sept, 1850, il will b.
seen that in consideration Of certain con
cessjons by the Siate Of Texas. $4,000.