Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1851-12-06

Wnlcn lnere is required f0r the ordinary puI- |
poses of the Government, other than those |
consequent upon the acquisition of our new |
Territories, and deducting The payments on |
account of the public debt, the sum OF $780, |
3i3, 1913 0S and for the purposes connected
directly or indirectly with those Territories, |
and in the futlment OF the obligations of the |
| Government, contracted in consequence oil
their acquisition, the sum of SO, 54s, 101 IL
| II the views of The Secretary Of the Trea
sury in reference 10 the expenditures rcquir-
ed for these Territories shall be met by cor.
! responding action on the part of Congress,
| aud appropriations made in accordance there
with, there viii he an estimated unapptopri-
nied balance in the Treasury on the 3Oth
! June, 1853, OF $40 366,4l3 90, whcrewiih to
meet that portion of the public debt due on
ihr Isl July following, amounting 10 6.237,-
o3l 35, as well as any appropriations which
may be made beyond the estimates.
In thus releiring TO the estimated eXpendi.
! lures on account Of our newly-acquired Ter.
! ritorles, | may express the hope that Con-
gress will concur with me in the desire that
liberal course OF policy may be pursued to-
wards .hem, and that every obligation, en-
press or impled entered into in consequence
of their acquisition, shall be fulfilled by the
most liberal appropriations for that purpose
The values oi our domestic export for the
last fiscal year, as compared with those OF
the previous year, exhibit an increase of
Si3; GIG. .322. AT first view this condition of
our trade with foreign nations would seem 10
present the most ilaitering hopes of lis future
| prosperity An examination Of the details
of uur exports, however, Will show that the
increased value OF our exports for the last
fiscal year is to be touud in the high price of
Cotton which prevailed during The hsl half
Of that year. which price has since declined
5 about omrhall.
The value OF or exports Of breadslufs and
provisions, which it was supposed the incen-
live of "a low tariff and large impnrlulions
from abroad would have greatly augmented
has fallen from sos 70I ,92l, in lSi7, TO S26,-
O5l.373 in 1850, AMI 10 S2l ,9lS ,653 in 1851
: with strong probability. amounting almost
: To certainty, OF Il s'iil further reduction in
? the current year.
D The aggregate vaIuc Of rice exported du-
ring the last fiscal year, a> compared with
the previous wear, also exhibit IL decrease
> amounting TO SI60,917. which, with de-
D cline in the values of the exports of tobacco
s for the same period, make an aggregate de-
t crease in these Two articlrs of 5 !. l56. ISL.
D The policy which dictated low rate of
4 duties on foreign merchandise, it was thong ht
. by those who promoted and established it,
would tend to benefit the farming population
ot This conmtry, by increasing the demand
u and ai>iu9 the price Of agricultural products
/ III iulei4n markets.
e The foregoing facts, however, seem to
! show ncourslbly that 10 such result has
s followed the adoption OF this policy. On the
contrary, notwithstanding the repeal of the
restrictive corn laws in England, the foreign
I demand GO the products Of the American
: farmer has steadily declined, since the short
o crops and subsequent famine IN a portion OF
y Europe have been happily replaced by full
. crops aud comparative abundance Of food
1t will be seen, by recurring TO the com
: merclal Statistics Tor the past year, that the
8 value Of our domestic exports has been in-
y creased in the single Item OF raw cotton by
IT $4,000, 900 over he value Of that export for
l. the year preceding. This is not due to any
n increased general demand for that article
Il but TO the short crop of The preceding year
q which created an Increased demand and al
! augmented price for the crop of last year
Should the cotton crop now going forward tc
market be only equal in quantity 10 thai o
RI the year preceding, and he sold al the pre-
l. scui prices, then there would be falling of
e in the value OF our exports for the preseu
J. fiscal year o! at least $40, 900 600 compare,
with the amount exported for the year end
img 3oih June, 1851.
The production OF gold in California fo
> the past year seems TO promise Il large sup
"a ply OF that metal from that quarter for som,
Ic time 10 come. This large animal increase
e OF tie currency of The world must be attend
at cd with lis usual results. These have beel
a already partially disclosed in the enhance
-. ment Of prices and rising spirit of spccula
tlun AM adventure, lending 10 ovcrlrading
u as we'll al home as abroad. Unless som,
saulary check shall be given 10 these ten
lie deHcies II is to be feared that importation
il. OF foreign goods beyond Il healthy demand il
le lhis country will lead TO a suddrn dram o
p the precious metals from us, bringing with il
:, as il has done in former times, the most dis
- aslrOus consequences to The business az,
Z capital OF Ihe American people.
The exports OF specie TO liqui'a our for
e. eign debt during the pas! fiscal year hay
N been 52i, 2G3 97o over the amount OF spaci
10 imported The exports of specie dutiug lh
II first quarter ot the present fiscal year hav
le been Sli,65l.s27. Should specie comlHu
y 10 be exported at this Iale for The remaining
or three quarters ui this year, il will drain iron
H. our metallic currency daring the year cndn
" 3Oh June, 1882, The enormous amount {
y, $jS.G07, ,3OS.
IL In the present prosperous condition OF III
e ualio'. al finances, 1t " i'll become the duty {
I'd Cougr,ss to consider The best mode of pay
a lag oil The pubic debt. Ii the present an
e, auticp ted Surplus ia the Treasury shoul
nh H'' D' "thpIDeu DN appropriations OF an cA
a. traoriinary character, this surplus should /
al employed in such ii way and under such re
lis sriclons as Congress may enact, in eNiil
gushing The outstanding debt Of The nallor
ry By reference 10 the acl Of Congress apprc
g we'd 9.h September, 1850, i, viii be see
at that, IN consideration OF certain concession
IN by the Stale Of Texas, il is provided that th
y, "Cnned States shall pay to the Safe Of TeN
ne us HE sum oil ten millions of dollars, III
stock bearing five per ceut Interest, and II
Oh deemabIe al the end oi fourteen years, TIA
~, lntrrrs payable half yearly; AT The Treasur
IN OF the United Slales.N
70 In the same section Of the law il is iurhc
VI provided Hhdl no more than five millions
said stock shall be- issued until the creditor
oo OF lhs State hoidag bonds ANA other ceril
Gales of stock of Texas for lchjeh duties 0
imports wfre specially pledged, shall FIRST I'll
al the Treasury of the United States releas,
OF all claims against the United States, (,
or Oh account of said bonds of certificates,
-. such Iurm shall he prescribed by The See
'o rethry OF The Treasury, and approved by III
~ President Of the United Slales.'