Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1851-12-04

piled, entered. into in consequence Of their acqusi-
ton, shall be fulfilled by the liberal appropriations
for that purpose The value OF our domestic exports
Tor the last year. compared with those oil the prevl
Gus year. exhibit increase Of S43 646 322 AT FIRST
view this condition Of trade with foreign nations
would seem to present the most etterng hopes Tor onT
future prosperity.
An examination Of the details of our exports however
will show that the increased value of exports Tor the
last fiscal year is be found in the high price Of cotton
which prevailed during the first half OF this year, which
price has since declined about onehalf The value oil
our exports in hreadsiuhs, and provisions, which 1t was
supposed, the incentive Of low tarI and large impor
tatonS from abroad would have greatly augmented, has
fallen from S6S 90l e2I in ls47 $40 05l 373 IN 1850
to ST sos 653 1851 with strong probability amount
ing almost 10 certainty further reduction in the
current year. The aggregate value OF rice exported
during tho last fiscal year compared to the previous
year, also exhibits decrease amounting 10 S46O,y9
which with the decline in the value OF exports IN tobacco
in the period make the aggregate decrease In these
two articles OF Sll5675I. The policy which dictated
the lower of duties foreign merchandise, it
thought by those who prompted and established it, would
tend benefit the farming population oil the country by
increasing the demands and raising the price of agricul
tura products in foreign markets. The foregoing facts
however to show incontestbv that no such result
has followed the adoption of this policy On the contra
w. Notwithstanding the result of the restrictive corn
laws Of England the foreign demand for the products OF
The American farmer has steadily declined since the
short crops, and consequent famine portion Of Eu-
rope have been happily replaced by full crops and ap
parent abundance OF food.
tics for the past year. that the value Of orr domestic
ports has been increased in the single item Of
raw cotton by $40 100000 the value of that
ported the year preceding This is not due to any
creased general demahd for that article but the short
crop of the preceding year. which created increased
demand and augmented price for the crop Of last
year Should the cotton crop now going forward TO
ket be equal III quantity that of the year preced
ng and be sold ut the present prices then there Will be
falling off of the value of exports for the present
fiscal year Of at least 0000 GOO compared with the
~f.1f sI,o
The production of gold in California for the past year
promise large supply at that metal from that
quarter for time to This large annual in
crease of the currency Of the world must be attended
disclosed in the enhancement Of prices and rising sp
nit o. speculation and adventure tending TO overtra
ding, we'll at home abroad. Unless some salutary
check shall be given TO these tendencies is to he fear
cd that mportnons Of foreign goods beyond healthy
demand in this country, will lead TO sudden drain of
the precious metals of the United States bringing with
it, it has done in former times, the most disastrous
Guences the business interests and capital Of the
American people. The exports Of specie, to liqudate
foreign debts, during the past fiscal year. have been
S2i 1853 979. the amount Of specie imported The
exports Of specie during thu first quarter of the present
fiscal year have been S14 69l S27. Should specie
tinuc to be exported this for the remaining three
quarters Of this year, it will drain from metallic
currency for the ending goth June, 1852 the
nous amount of SIS GOT .30S.
In the present prosperous condition Of The National
Finances it will become TIC duty Of Congress consider
tue nest NODE al PAYING pubic debi IL tue pres
cnt and anticipated surplus in the Treasury should
be absorbed by appropriations Of extraordinary char
acfer the surplus should be employed in such way ard
nnder such restrictions Congress may enact in exn
gushing the outstanding debts of the Nation By refer
20 the Of Congress, approved Sept 9, 1850,
viii tie that IN consideration of certain concessions
by the State Of Texas it is provided shat the United
States shall paw the State of Texas the of So,
GOO eco. in stock hearing per interest and
decmable the cnd Of fourteen years the interest pay
able half yearly at the Treasury Of the United States
In Tie section Of the law it is proposed that no
than S. Gee 0C0 Of said stock shall bc issued until
the creditors Of the said State holding bonds and other
certificates OF stock Of Texas. for which duties m
ports were specially pledged, shall first file at the
Treasury Of The United States release Of all claims
against the United States for account Of said bonds
certificates. in such form shall he prescribed by the
Secretary &C the Treasury and approved Ivy the Pres
dent Of the United States.
The fp.m Of release thus provided for has been pre-
scribed by the Secretary Of the Trcasuy and approved
Il has been Published in all the leading newspapers in
tLc commercial cities Of the United States, and all per-
nroyiso were required file their releases in TIC form
thus prescribed in the Treasury Of the United States
before the first day of October, 1851 Although
this publication has been Continued tfom TIM 20 day oil
March 1851 vet up 20 the first Of October last CON-
paratively releases have been filed by the creditors
Of Texas. The authorities OF tho State of Texas, at
the request Of the Secretary have furnished schedule
of the public debt of that State, created prior her
admission into the Union with copy of the laws I'M
der which each claim contracted. have from the
documents, furnished y the State ri Texas determined
the classes of claims which, in my judgment, fall within
the provisions Of the act Of Congress Of the 9th OF Sep
temher, 1880
On being officially informed of the acceptance by
Texas OF the propositions contained in the act referred
to- canscd the stock he prepared and the SIS 900 600
which be issued additionally bearing interest OF
per from the LIST day of June, 1851 have been
for time ready 10 be delivered to the State Of
Texas. The authorities of Texas mp to the present
time have authorized any this stock
and it remains in the Treasury Department subject 10
the order of Texas The release required by law to he
deposited in the Treasury, not having been filed there
the remaining So eco COO have been issued. The last
amount Of the stock will be held from Texas until the
conditions upon which IL is to be delivered shall be
piled with by the creditors Of that State, unless Con-
grcss shall otherwise direct by modification of the law
In my last annual message 10 which | respectfully D
REFER stated briefly the which induced me to
modification of the presentTarn, by
vcrii1 the ad valOrum specific duty, wherever the
article imported Of such character TO admit and
that such discrimination should be made in favor Of the
industrial products of country to homo
production without excluding competition. The nu.
frauds which continue he practised upon the
by false invoices and undcrvaluaons constitute
an unavoidable for adopting specific instead oil
ad valorum duties in all where the OF the
does not forbid. A striking illustration of
these frauds will be exhibited in the report of the Secre-
ary OF the Treasury showing the Custom house vaua
lions all articles imported under a former law, SUBJ
ect 10 specific duties, when there inducements
or undervaluations; and the Customhouse valuations
)f articles which under the system OF dd
duties, have been greatly reduced leave
ioubt of the existence Of fragrant abuses under existing
This practical evasion OF the present law combined
With the langushng condition of some of the great in
erests OF the country caused bv overmportatons and
depressed prices, and with the failure in OBJ
aiming foreign market for increasing surplus Of
eadstus and provisions has Induced agar to 7
Commend modification Of the existing tariff !
The report of the Secretary of the Interior which