Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1852-12-23
&c D N B DR. %, 1852.

t three hundred and eighty-slK dollar
: and the expenditures for the sam
S period, likewise exclus sive of trus
r funds, we're forty-six millions seye
thousand eight hundreh q and ninety
0 six dollars, OF which nine million
( four hundred and fifty thousand eigh
E hundred and fifteen dollars was ol
e account of the principal and interes
: of the public debt, including the las
instalment of the indemnity to Mex
, leo, under the treaty Of Gaudalupt
f Hidalgo, leaving a balance of S14,
632,l36 in the Treasury On the Isl
day of July last Since the latter
period, further purchases of the pub.
4 lie debt have been made to the ex.
tent 3fS2,456,547 49, and the sur.
plus in the treasury sill continue to
be applied to that object, whenever
the stock k can be procured within the
limi IS, as to price, authorized by law.
The value Of foreign merchandise
imported during the last fiscal year
was S207, ,240,1 and the value Of
domestic productions exported was
$149,S6l,9l besides $f7, ,2O4,026
of foreign mere handise exported;
making the aggregate of the entire
exports Sl67, ,065.937 exclusive of
the above there was exported S42,-
5O7,2S4 in specie, and imported
/ from foreign ports S5,26R,643.
In my first annual message to
Congress called your attention to
what seemed to me some defects in
the present tariff, and recommended
such notifications as in my judgment
were best adapted to remedy its evils
and promote the prosperity of the
country. Nothing has since occur
red to change my views ON this i'm
portant question.
Without repeating the arguments
contained in my former message, in
favor of discriminating, protective
duties, | deem it my duty to call
your attention to one or two other
considerations affecting this subject.
The first is, the effect of lbrge inn
portations of foreign goods upon our
currency. Most of the gold of Cali
fornia, as fast as it is coined, finds its
way direc tly to Europe in payment
for goods purchased. In the second
place, as our manufacturing estab-
lishments are broken down by COM
petition v with foreigners, the capital
invested in them is lbst, thousands
of honest and industrious citizens
are thrown out Of employment, and |
the farmer TO that ext fntIis deprived /
of home market for the sale Of his
surplus produce
4 In the third place, the destruc-
tion Of our manufactures leaves for
eigners without competition in our
market, and consequently raises the
prices of the article sent here for
shle, asis nov seen in the increased
6 pst of iron. imported from England.
,lhe prosperity and wealt b of every I
nation must ldepend upon IFS produc- :.
tiye industry. The farmer is stimu-
lated to exertion by finding a ready
market for his surplus pr rodncts, and j
benefited by being able to exchange
them, without loss of time or ex-
pehseof transportation, for the man
nlactures which his comfort or conye-
nienee requires. This is always
done to the best advantage where a
portion Of the community in which
be lives is engaged in other pursuits.
But most manufacturers require an
amount of capital and practical ]
skill which cannot be commanded,
unless they be protected for a time
rom rdinous competition fro m
lbroad.
Hence the necessity Of laying those
luties on imported goods which the j
authorizes for revenue, {
n such manner as to protect and {
encourage the labor Of our citizens. |
Duties, however, should not be fixed s
1t a rate 50 high as to exclude the {
ofeign article, but should be so !
graduated as to enable domestic man
ifacturers fairly to compete with the /;
oreigner in our markets, and by
his competition to reduce the price j
If the manufactured article to the
owest rate at which it can be pro-
luced. This policy would place the
Mechanic by the side of the farmer, !,
'reate mutual interchange Of their I
commodities, and thus
stimulate the industry of the whole
country, and render us independent