ious year, also exhibit a decrease, amounting to
$460,917, which, with a decline in the values of the exports of tobacco
for the same period, make an aggregate decrease in these two articles of
$1,156,751.

The policy which dictated a low rate of duties on foreign merchandise,
it was thought by those who promoted and established it, would tend to
benefit the farming population of this country by increasing the demand
and raising the price of agricultural products in foreign markets.

The foregoing facts, however, seem to show incontestably that no such
result has followed 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 a portion
of Europe have been happily replaced by full crops and comparative
abundance of food.

It 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 $40,000,000 over the value of that export
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 increased demand and an augmented 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 a falling off in the value of our exports
for the present fiscal year of at least $40,000,000 compared with the
amount exported for the year ending 30th June, 1851.

The production of gold in California for the past year seems to promise
a 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 prices and a rising spirit of speculation and
adventure, 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 a healthy demand in
this country will lead to a 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