Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1851-12-11

uiSuDguISn lne eK KPenGItureS so required rem
the otherwise ordinary demands upon the
Treasury
The total expenditures for The next fiscal
year are estimated at S42 e92 300 I9. of which
there is required for the ordinary purposes 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 $33, ,l95 OS /;
and for the purposes connected directly or
indirectly with those Territories, and IN the
fulflment Of the obligations of the Govern
ment, contracted in consequence of their ac-
QUESTION, the sum Of SO, ,549, ,I0l IL
If the views of the Secretary of the Treas
ury IN reference TO the expenditures required
for these Territories shall be met by cores
Pondlng action oa the part of Congress, and
appropriations made in accordance therewilh,
there will be an estimated unapprOpgiated
balance in the Treasury on the 30th June,
1852, of S20,366, 4l3 90, wherewith to meet
that portion of the public debt due on the Ist
of July following, amounting to S6,237,93I
So, as well as any appropriations which may
be made beyond the estimates.
In thus referring to the estimated expenIn-
ureS on account Of our newly az quired Ter
ritories, may express the hope that Con-
gross will concur with me in the desire that
liberal course Of policy may be pursued to-
wards them, and that every obligation, ex-
pressed or implied, entered into in conse-
quence Of their acquisition, shall be fulfilled
by the most liberal appropriations for that
purpose.
The values Of our domestic exports for the
last fiscal year, as compared with those Of
the previous year, exhibit an increase Of
$i3,646, ,322 AT first view this condition OF
our trade with foreign nations would seem to
present the most flauering hopes of IFS future
prosperity. An examination Of the details
Of our expots however, will show that the
increased value OF our exports for the last
fiscal year is to be found 10 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 bTeadStuffs
and provisions, which 1t was supposed the
incentive Of low tariff and large impoTta-
tions from abroad would have greatly aug
mented, has fallen from Sos, ,7Ol ,92I, in lS47,
to $26,05I 1878 in 1850, and TO $2I,94S .653
in 1851, with strong probability, amounting
almost to certainty, of still further reduc-
tiUn in the current year.
The aggregate value Of rice exported dur
ing the last fiscal year, as compared with
ltlS plGNIOuS SCdis dlSO SAiiiUil Il tCNlEdNC q
mounting 10 $46O.9I7, which, with decline
in the values OF the exports Of tobacco for the
same period, make an aggregate decrease Ia
these two articles of $I,l56,75l.
The policy which dictated ? low rate of
duties on foreign merchandise. it wss thonght
by those who promoted and established it,
would tend to benefit the farming population
of this country, by increasing the demand and
TGa aurft-.t'r.t--t n
foreign markets.
The foregoing facts, however, seem to
show incontestibly that no such result has fol-
lowed the adoption of this policy. On the
contrary, Notwithstanding the repeal of the
restrictive corn laws in England, the foreign
demand for the products Of 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.
|. will be seen, by recurring to the CONNER
cial statistics for the past year, that the value
of our domestic exports has been increased IN
the single item of raw cotton by $40, 1000, 600
over the value Of that export for the year pre-
ceding. This is not due To any Increased
general demand for that article, but To the
short crop of the preceding year, which Gre
ated an increased demand and an augment
ed 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
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
al least $40, 100000 compared wththe amount
exported for the year ending 30lh 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 ofthe cur
rency of the world must be attended with It's
usual results. These have been already par
tally disclosed in the enhancement Of prices
and a rising spirit of speculation and adyen-
ture, tending to overtrading, 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
sudden 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 for
eign debt during the past fiscal year have
been $24, ,263, $40 over the amount of specie
imported. The exports of specie during the
first quarter OF the present nScal year nave
been Sl4,65l, ,S27. Should specie continue
TO be exported at this rate for the remaining
three quarters of this year, it will drain from
our metallic currency during the year ending
3Oth June, 1852, the enormous amount Of
S5S, ,607, 1903.
In the present prosperous condition OF the
national finances, it will become the duty OF
Congress to consider the best mode OF paying
off the public debt. If the present and anti
cipated surplus in the Treasury should notie
absorbed by appropriations OF an extraordinary
character. this surplus should be employed in
such a way, and under such restrictions, as
Congress may enact, in extingulshing The
outstanding debt of the nation.
Bv reference to the act of Congress apProv-
ed 9th of September, 1850, it viii be seen
thai il consideration OF certain concessions
bv the State OF Texas, ii Is provided The " u
q. zLrl nav tn Sfa 10 of'