Southern standard. [volume] (Columbus, Miss.) 1851-1856, 1851-12-13
NUMBER 46.

includes the OF SO 242 400 pad under the 18th
srtice of the treaty with Mexico and the further
of 1851 2I3 49, being the amount of awards to
American citizens under the late treaty with Mexico,
for which the issue of stock authorised but which
was paid in cash from the Treasury
The public debt the goth ult., exclusive of the
stock authorised to be issued to Texas by the OF
9Th September, 1850, $62, ,560, 1895 26.
The receipts for the next fiscal year estimated
Ss51 600, which, with the probable unapproprafed
balance in the Treasury, the 30th June next, will
give, the probable available for that year the
/ sum of S63,25S,743 90.
1t thas been deemed proper, in view of the large ey-
Pendtures consequent upon the acquisition Of terrific
from Mexico, that the estimates for the xt fiscal
year should be laid before Congress in such
to distinguish the expenditures required Om the
otherwise ordinary demands upon the Treasury.
The total expenditures for the next fiscal year
estimated at S42 S92 299 49, of which there required
for the ordinary purposes of the Government, other
than those consequent upon the acquisition of
Territories and deductng the payments account Of
the public debt, the sum of 33, 3,312, 1873 oS and for
the purposes connected directly indirectly wik those
Territories, in the fulflment of the Obligations
/ of the Government, contracted in conscience Of
their acquisition, the sum Of S9,548,l0l IL.
/ If the views of the Secretary of the Treasury in
reference to the expenditures required for these Terri
tories shall be met by corresponding action on the part
of Congress, and appropriations made in accordance
herewith there will be an estimated unappropriated
balance in the Treasury the both June, 1853, of
$40, 66,443 80, wherewith to meet that portion Of
the public debt due the first July following,
ing to S623793l 35, as well as any appropriations
which may be made beyond the estimates.
In thus referring to the estimated expenditures
account of our newIy-acquired Territories, may
press the hope that Congress viii concur with me in
the desire that liberal course of policy may be par
sued towards them and that every obligation, express
or implied entered into in consequence of the acqgi
ston, shall be fulfilled by the most liberal appropria-
! tions for that purpose
The values of domestic exports for the last is-
cal year, compared with those of the previous year.
Z 81. 70. =
condition of our trade with foreign nations would
seem to present the most attering hopes of its future
prosperity. An examination of the details of cX-
ports, however, will show that the increased value OF
exports for the last fiscal year to be found in the
high price of cotton which prevailed during the first
half of that year, which price has since declined about
one-half
The value of our exports of breadstuffs and proy-
sions, which it was supposed the incentive of low
tariff and large importatons from abroad would have
greatly augmented have fallen from Sos ,70 ,92l, in
lS47, to 26,05 ,373 in 1850, and to 1,94S, ,653, in
1851, with strong probability, amounting almost 70
certainty of still further reduction in the current
year.
The aggregate value of rice exported during the last
fiscal year. compared with the previous year. also
exhibit decrease amounting to 460,9l7. which, with
decline in the values of the exports of tobacco fer
the period, make aggregate decrease in these
two articles of S1,I56,75I.
The policy which dictated low rate Of duties on
foreign merchandise, it thought by those who pro-
farming population of this country, by increasing the
demand and raising the price of agricultural products
4 in foreign markets
/ The foregoing fGcts however, seem to show incon-
testiby that such result has followed the adoption
of this policy On the contrary, notwithstanding the
repeal of the restrictive laws in England, he
foreign demand for the products of the American far
has steadily declined, since the short crops and
consequent famine in portion of Europe have been
happily replaced by full crops and comparative abund
of food.
1t will be seen hy recurring to the commercial sta
tstcs for the past year. that the value of domes
tic exports has been ncreasedn in the single item of
raw cotton by $40,00oO00 the value of that
port for the year preceding This is not due to any
increased general demand for that article, but to the
short crop of the preceding year, which created an in
creased demand and an augmented price for the crop
of last year. Should the cotton cropHo goiug for
ward to market be only equal in quantity to that of TIE
preceding year, and be sold at the present prices, then
there would be falling off in the value of our ex
ports for the present fiscal year, of at least S400o0000
compared with the amount exported for the year end
ing 3th June 1851.
The production of gold in California for the past
year to promise large supply OF that metal
from that quarter for some time to come. This large
annual increase of the currency of the world must be
attended with its usual results. These have been
already partially disclosed in the enhancement OF pr
and rising spirit of speculation and adventure,
tending to overtrading, as well home abroad
Unless some salutary check shall be given to these
tendencies is to be feared that importatons OF for
eign goods beyond healthy demand IN TINS country
viii lead sudden drain of the precious metals from
US, bringing with it it has done in former times,
the most disastrous consequences to the business and
capital of the American people.
The exports of specie to hqudate our foreign debt
during the past fiscal year. have been S242639l9 over
the amount Of specie imported. The exports OF sFc-
Gle during the first quarter of the present fiscal year
have been $1465l S27. Should specie continue to be
exported this for the remaining three quarters
of this year, it will drain from our metallic currency
during the year ending 30th june 1902, the enormous
amount of $5S,6O7,3 ,3oS.
In the present prosperous condition OF the national
finances it will become the duty of Congress to con-
slider the best mode of paying off the public debt. Ii
the present and anticipated surplus in the Treasury
should not be employed in such way, and under sucl
restrictions Congress may enact, in exnguishing
the outstanding debt of the nation.
By reference to the Act of Congress, approved 9th
September, 1850, twill be that in consideration
OF certain concessions by the State OF Texas it is
provided that the United States shall pay the State
of Texas the of millions of dollars, in stock
bearing five per cent interest and redeemabie at the
end of fourteen years, the interest payable halt year
ly, at the Treasury of the United States"
In the section of the law Is further proVaed
that no more than FIVE millions OF SAID stock shall
be issued until the creditors of the State hodg bonds
and other certificates of the stock of Peyas uhc
duties on imports spccsdy pledged SHAH hrst ME
at the Treasury of the United States releases of all
claims against the United States for or on account o
.a;d bonds or certificates in such form shall be pre-
scribed bv the Secretary of the Treasury, and APP
proved by the President Of the United States
The form of release thus provided for has been pre-
scribed by the Secretary of he Treasury, and ap-