American telegraph. [volume] (Washington [D.C.]) 1851-1851, 1851-12-02
AMERICAN TELEGHeAPHH---Extr bee.



the American farmer has steadily declined, since
the short crops and consequent famine in portion
OF Europe have been happily replaced by full crops
and comparative abundance of food.
II will be seen, by recurring to the commercial
statistics for the past year, that the value OF our
domestic exports has been increased in the single
item Of raw cotton by $40000,00O over the value
OF that export for the year preceding This is not
due to any increased general demand for that ar
icle, but TO the short crop of the preceding year,
which created an increased demand and an aug
mented price for the crop of last year. Should the
cotton crop now going forward to market be only
equal in quantity TO that of the year preceding,
and be sold at the present prices, then there would
be falling of in the value of our exports for the
present fiscal year of at least 900 600, compared
with the amount exported for the year ending 3oth
June, 1851.
The production of gold in California for the
past year seems 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 re-
suits. These have been already partially disclosed
in the enhancement ofprces and rising spirit of
well at home as abroad. Unleas some salutary
check shall be given to these tendencies, is to be
feared that importations of foreign goods beyond a
healthy demand in this country will lead to 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 our foreign
debt during the past fiscal year have been
Ss24,263,979 over the amount of specie import
ed The exports of specie during the first
quarter of the present fiscal year have been
$l4,65l 1927. Should specie continue to BIO
ported at this rate for the remaining three quarters
of this year, it will drain from our metallic
rency during the year ending both June, 1852, the
enormous amount of $5S ,607, 30S.
In the present prosperous condition Of the no
tional finances, it will become the duty Of Congress
to consider the best mode Of paying off the public
debt If the present and anticipated surplus in the
Treasury should not be absorbed by appropriations
of extraordinary character, this surplus should
be employed in such way and under such restric-
tons, Congress may enact, in extinguiahing the
outstanding debt of the nation
BY reference to the act of Congress- approved
9th September, 1885, it will be seen that, in con-
sideration of certain concessions by the State of
Texas, it is provided that the "United States shall
pay to the State of Texas the sum often millions Of
dollars, in stock bearing five per cent. interest
and at the end OF fourteen years. the in
terest payable half yearly. at the Treasury of the
United States"
In the same section ofthe law it is further pro-
L. dr. ~
stock shall be Issued until the creditors of the
State holding bonds and other certificates of
stock OF Texas, for tohich duties imports
specially pledged, shall first file at the Treasury
of the United States releases Of all claims against
Urtou Statcs, tor or on account OF said bonds
or 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 1t 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 were required to
file their releases Tin the form thus prescribed) in
the Treasury Of the United States, before the
lst day of October, 1851. Although this publica.
ton has been continued from the 25h day Of
March, 1861, yet up to the lst of October last com
parativcly 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 a schedule Of the public debt Of that State
created prior to her admission into the Union, with
n 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 uncondition
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
authorties,of Texas, up to the present time, have
not authorized any to receive this stock, and
il 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 re-
naming five millions have not been Issued. This
last amount of the stock will be withheld from
Texas until the conditions upon which it is to be de-
vered shall be complied with by the crcdtorsofthai
State, unless Congress shall otherwise direot 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 a modification Of the
present tariff, by converting the ad valorem into
specific duty, wherever the article imported was Of
such a character as to permit it, and that such