Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-12-08

yond healthy demand in this country will
lead to sudden drain of the precious metals
from US. bpinsing with it, as it hasdone in for
mer tirnea, the most disastrous consequences
10 the business und' capital Of iii American
people.
TIE exp rts ofspeefe TO liquidate our for
oign debt during the past fiscal year havebeen
1921 263;979 over the amount of specie impor-
ted Tlfe experts S specie during the first
quarter of the present fscal year have leen
S14,65l 627. ShouLl specie continue to be
exported attlsis rate for tho remaining three
quarters Of tbs year, it will drain from our
metalic currency during the year ending June
80; 1852, the enormous amount Of $50, 6ozy-
3g3.
In tho present prosperous condit, Of the
national finances, it will become the daty of
Congress TO consider the best mode of paying
off the puchc debt. If the present and aniic-
ipa'ed surplus in the treasury should rot be
ubeerbed by appropriations of an extraordina-
character, this surplus should be employed in
such way, and under such restrictions as Con-
gress may enact, IN ex'ingu shing the out
standing debt of the nation,
BY reference TO the act of Congress appro-
we'd 9th September, 1850. it will be seen that,
in consideration Of eel tain concessions by the
State Of Texas, il is provided that the g Uni
ted States shah pay to the Sr,te of Texas the
sum of ten millions ofdolars, in stock bear
ing FIVE per cent interest, and redeemable at
the end Of fourteen years, the interest paya-
bic half yearly, at the Treasury oftho United
Statee.'
In the same section Of the law it is further
provided :. that no more than five millions Of
said stock shall be issued until The creditors of
the State holding bonds and other certificates
of stock at Texas, for sch:ch dates on imports
icere specially pledged, shall first file at the
Treasury of the United States releases of all
claims against The United States, f:r, or on
account of said bonds or certificates, in such
form as shall be prescl ibed by the Secretary
cfthe Treasury, and approved by the Presi-
dent If the United States.'
The form of release thus provided for has
been prescribed by the Secretary of the
.Treasary, and approved. 1t has been pub
lished in all the leading newspapers in the
commercial cities Of the U. States. and al
persons holding claims of the Kind specified in
the foregoing rroviso were requ to file
their releases (iu the form prescribed in the
Treasury Of The United States, on or before
the 1st day of October, 1851. Although this
publication has been continued from the 25th
day of March, 1851, yet up TO the first of Oc-
tober last, comparatively few releases had
been fled by lie creditors of Texas.
The numerous frauds which continue to be
prac:iced upon the revenue, by false invoices
and underyaIuations, constitute an unanswer-
able reason for adopting specific instf al of ad
valorem duties in all cases where the nature
of The commodity docs not fol bid it. A stri-
king illus raton Of these frauds will be .exhib-
tied in the report Of the Secretary of the
Treasury, showing the custom-house va!ua-
tion of articles imported under former law
subject to specific duties, when there was ro
indueement to under valuation, and tie Gus
tom-house valuations of the same art;cles,un-
der the present system Of ad valorem duties,
so greatly reduced as to leave no doubt of The
existence Of the most fagrapt abuses under
the existing laws. This practical evasion of
the present law, combined with the langiush-
ing condition Of some of the great interests of
the country, caused by over importatlons and
consequent depressed prices, and with the
failure in obtainng foreign market for our
increasing surplus Of bread-stuff, and prov s.
ions, has induced me again to recommend
modification of the existing tariff.
The report of the Secretary Of the Interior
which accompanies this conn unication, will
present q conden;ed statement Of the opera
tons of hat important department of the gov
ernment.
1t will be seen that the cash sales Of the
public lands exceed those of the preceding
year,and that there is reason to anticipate a
still further increase, notwithstanding the
large donations which have heen made to
many .f the States, and the liberal grants to
Individuals as a reward fur military services.
This fact furnishes very gratifying eyide nee
of the growing wealth and prosperity of our
country.
Suitable measures have been adopted for
commencing the survey of the rubic lands in
California and Oregon. Surveying parties
have been organized, and some progress has
been made in tab'ishing the principal base
and meridian lines. But further legislation
and additional appropriations will be neeessa-
~ before the proper subdivisions can be
made, and the general land system extended
over those remote parts Of our territory.
On the of March last an a. t was passed
providing for the appointment CT three Com
missoners t, settle priva' C land claims in CAL
ifornia. Three persons were Immediately
appointed, all of whom, however, declined ac-
cepting the office. in consequence of the in
adequacy of the compensation. Others were
prompty selected, who, for the same reasc n