The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-12-03
No. AS.

buts. lnese nave Deen already paTllalIy ul7"A"sSu
in the enhancement of prices and rising spirit of
speculation and adventure, tending to oyertrading,
as well at home as abroad. Unless some salutary
check shall be given to these tendencies it is to be
feared that importations Of foreign goods beyond
healthy demand in this country will lead to a sud
den 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 foreign
debt during the past fiscal year have been
S24,263,979 over the amount of specie import
ed The exports of specie during the first
quarter of the present fiscal year have been
$14,65l s27 Should specie continue to be
ported this rate for the remaining three quarters
of this year, it will drain from our metallic
rency during the year ending 3oth June, 1852, the
enormous amount of s 5S, GOT ,30S.
In the present prosperous condition of the na
onal finances it will become the duty Of Con gress
to consider the best mode of paying OFT the public
debt. If the present and anticipated surplus in the
Treasury should not be absorbed by appropriations
of an extraordinary character, this surplus should
be employed in such way, and under such restric-
tions, as Congress may enact in cxtinguishing the
outstanding debt of the nation.
By reference to the act of Congress approved
9th September, 1850, it will be seen that, in con-
sideration of certain concessions by the State Of
Texas, it is provided that the "Unted States shall
pay TO the State of Texas the sum often millions Of
dollars, in a stock bearing five per cent. interest,
and redeemable atthe end of fourteen years, the in
terest payable half yearly, at the Treasury of the
United States."
In the same section Of the law it is further pro-
vided "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 of Texas, for tphich duties imports
specially pledged, shall fret file at the Treasury
of the United States releases of all claims against
the United States, for account of said bonds
certificates, in such form shall be prescribed
by the Secretary of the Treasury, and approved
by the President Of the United States"
The form of release thus provided for has been
prescribed by the Secretary of the Treasury, and
approved. II has been published in all the leading
newspapers in the commercial cities Of the United
States, and all persons holding claims of the kind
specified in the foregoing proviso required to
file their releases Gin the form thus prcscribed) in
the Treasury of the United States, or before the
Let day of October, 1851. Although this publica-
ton has been continued from the 25th day of
March, 1851, yet up to the lst of October last com
parativey few releases had been filed by the cred
itors of Texas.
The authorities of the State of Texas, at the re-
quest of the Secretary of the Treasury, have fur
nished schedule of the public debt of that State
created prior to her admission into the Union with
copy of the laws under which each class con-
| tracted.
have, from the documents furnished by the State
of Texas, determined the classes of claims which
in my judgment fall within the provisions of the
act of Congress of the 9th of September, 1850
On being officially informed of the acceptance
by Texas of the propositions contained in the act
referred to, caused the stock to be prepared, and
the five millions which to be Issued uncondtion-
ally, bearing interest of five per cent from the
lst day Of January, 1851, have been for some time
ready TO be delivered TO the State of Texas. The
authorities of Texas, up to the present time, have
not authorized any to receive this stock, and
it remains in the Treasury Department, subject to
the order of Texas
The releases, required by law to be deposited in
the Treasury, not having been filed there, the
naming five millions have not been issued. This
last amount of the stock will be withheld from
Texas until the conditions upon which is to be de-
livercd shall be complied with by the creditors of that
State, unless Congress shall otherwise direct by
modification of the law.
In my last annual message, to which respect
fully refer stated briefly the reasons which in
duced me to recommend modification of the
present tariff, by converting the ad valorem into
specific duty, wherever the article imported was of
such character to permit it, and that such a
discrimination should be made, in favor of the in
dustrial pursuits of our country, to encour-
age home production without excluding foreign
competition.
The numerous frauds which continue to be
practised upon the revenue, by false invoices and
undervaluations, constitute an unanswcrabe rea-
son for adopting specific instead of ad volorem
duties in all cases where the nature of the COM
modify does not forbid it. striking illustration
of these frauds will be exhibited in the Report of
the Secretary of the Treasury, showing the Gus
tom. house valuation of articles imported under
former law subject to specific duties, when there
wns no inducement to undervauaton, and the
custom house valuations of the same articles, un-
der the present system OF ad vaorem duties, SO
greatly reduced rs to leave doubt of the exist
ence of the most fragrant abuses under the existing
laws. This practical evasion of the present law,
combined with the languishing condition of some
OF the great interests of the country, caused by
over importations and consequent depressed price,
and with the failure in obtaining foreign market
for our increasing surplus of brcadstuTs and provi-
sions, has induced me again to recommend mod
ifcation of the existing tariff
The report of the Secretary of the Interior, which
accompanies this communication, will present
a condensed statement Of the operations of that
important department of the Government.
1t will be that the cash sales of the public |
lands exceed those of the preceding year, and that
there is to anticipate still further increase
the large donations which have |
been made to many Of tho States, and the liberal |
grants to individuals as reward for military
vices This fact furnishes very gratifying evil
dance ol prowiuo wealth and propnc,;ty oT 49,