The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-01-21

Making total Of. .......... $2,42S, 7O3 13
The public debt on the lst January, 1853, was
$65l3l ,6s2 IL, las per statement.1 exclusive of
the remaining $4,000 900 deliverable to Texas un
der the act of 9th September, 1850, when the pro-
visions of that law are fully complied with
Since the above date additional amount of
the public debt has been redeemed to the extent of
about $3.50, 900 ,-.-
The Department possesses no authority to Dur
chase at a rate above par value any portion of the
b per cent loan OF 547, and which is only redeem
able in 1867, except to the extent of what balance
may remainiin the treasury from the receipts from
the sale OF public lands. after the interest on that
loan has first been paid from such receipts. As
the amount of that stock forms large portion of
the public debt it would be desirable that Congress
should remove that restriction by, authorizing its
purchase at the current market value. By thus
giving more extended scope to the application
of any surplus funds in the treasury for the pur
chase Of the public debt, it would probably enable
the Department to procure it on more favorable
terms ;eg7 ~ esf HI 80 etzsega= sss,~ es-.,..
Some doubts have existed as to the direct and
positive authority of the Department to purchase
some OF the other stocks at rates above their
par value, and in order TO remove all uncertainty
on the subject, l would recommend that express
authority should be vested in the Department to
purchase at its discretion, at the current market
value, any portion of the existing public debt to
the extent OF any surplus means on hand, provided
the available balance in the treasury should never
be reduced below five millions of dollars &
~ 6 WAYS AND MEANS. $500
The receipts from duties OH foreign merchandise
for the last fiscal year exhibit decrease as com
pared with the preceding year of S ,67S,24l 80.
This is deemed but temporary decline of the re-
ceipts from that source, whilst it shows how unsta-
BILE is the reliance placed upon the large amounts
winch IN times OF high prosperity are expected from
The slightest disturbing causes felt in the chan
nes of trade at once unfayorabiy affect the Trea-
sury; 80 any favorable impetus given to commerce
from often accidental tends for the time to
a sudden psiOn Of ifs s.
servable to some extent in the receipts from duties
on foreign goods for the periods above mentioned
The acquisition OF our new Territ. ries on the Pa
CHIC, followed by the development of their immense
mineral resources, gave corresponding extended
b,s1s tor commercial operations. The sudden drain
OF foreign merchandise from the Atlantic ports to
the PACING left vacuum to be filled by fresh and
larger imfortations of foreign durable goods
which of course was followed by corresponding
| increase of receipts into the national Treasury.
The repeated and disastrous conflag ra,ions at
the principal port of the Pacific destroying mil
lions of property in foreign goods tende to still
further increase of foreign importations. The
channels of trade, however, having unce more
accommodated themselves to these now crcum-
stances, we ind gradual d.ninution in the year
of nearly 50 600 000 new discovery of mineral
wealth, though not within the boundaries of our
own country yet within the reach of its enterprise
is followed by increased buoyancy in trade, and
corresponding increase in the revenues arising
from ii. By referring to my former annual reports
the views of this Departmental may be ound somewhat
in detail of the results which in my opinion, may be
expected to flow sooner or later from legislation
which tends 30 njuriously to affect, if great
extent to destroy, some Of the prominent manufac-
turing interests of the country, by giving to the
foreign producer the control of the supplies Of our
home market. The iron interest was cited, to chow
the effect OF permitting the surplus foreign pro-
ductions in all their various stages of manufacture
to be thrown upon our markets ut almost nominal
prices. and consequently upon the payment of
comparatively nominal duties. Importations of
bar, pig. and other iron for the year ending 3Oth
amounting to 81 1874 784; and for the year ending
30th June, 1852. the imports were 435.l49 tons,
producing duties amounting to $3,272,8l2. Thus