163 



THE FARMER'S MAGAZINE. 



The exports of domestic produce from the States, for 

 the present fiscal year, as far as they have been re- 

 ceiver!, indicate an increase fully equal, if not greater, 

 than that of preceding years : — "It is impossible 

 to anticipate the effects which this threatened 

 revulsion will produce upon the business of the 

 country. The absence of all the ordinary causes 

 for such a state of things leaves no data upon which to 

 make calculations — all the elements of prosperity are 

 in existence — abundant crops with remunerative prices, 

 money seeking safe investments — and, indeed, every- 

 thing to indicate more than the usual increase in trade 

 and business. The causes which have so suddenly 

 arrested this tide of prosperity must be looked for out- 

 side of the financial and commercial operations of the 

 country ; they are of a political character, and there- 

 fore so dependent for their ultimate effect upon future 

 developments, that it is impossible at present to say 

 what will be the extent of their influence. If, as some 

 suppose, they are merely temporary, and will soon 

 pass away, then there will be no necessity for any action 

 of Congress, except to provide for the embarrassments 

 already existing in consequence of tliem. If, on the 

 other hand, the effect should prove more permanent, 

 the fact will be made manifest during the present ses- 

 sion of Congress, and in time for such action as will 

 provide the necessary means to carry on the operations 

 of the Government, and preserve the public credit. 

 Already has the Treasury been seriously affected by 

 these causes; for the receipts from customs have 

 greatly fallen off." The extent and continuance of the 

 present financial crisis through which the country is 

 passing cannot well be determined, but it is to be hoped 

 it will be but of short duration. 



South Carolina has absolutely seceded from the 

 Union. The rest of the Southern States are 

 setting up a bold front for separation, and the 

 disunion-feeling seems to gain ground. The se- 

 cession movement is stated to have originated with, and 

 is impelled by the non-slaveholders, wlio are the most 

 violent agitators, becr,use, with the present high price 

 of slave-labour in those States, they have but little 

 chance of obtaining negroes and acquiring plantations, 

 unless they can legalize the African slave trade. In 

 the re-opening of this trade they recognize one of the 

 greatest sources of wealth and prosperity. With such 

 advantages and increased cotton supplies, they think 

 they can control the destinies of the world, and make 

 Europe and the Northern States bow in obedience to 

 their will. The continued agitation is doing great harm 

 in raising ill-blood between the North and South, 

 leading to the withdrawal of business orders, the 

 hoarding of specie, suspension of banks, and the de- 

 parture of free negroes and coloured people from the 

 South. 



Taking the entire area of all the slave States, they give 

 a surface surpassing in extent the territories of the five 

 great European Powers, with Spain and Turkey added, 

 and contain a population of about 8,500,000 whites 

 and 4,000,000 blacks. The value of the exports from 



the cotton States ports in 1859 was 171,619,000 dollars, 

 and from the border States ports 19,000,000 dollars. 

 The value of the imports was in the cotton States ports 

 29,000,000 dollars, and in the border .States ports 

 11,000,000 dollars. These States produced in 1850, be- 

 sides tobacco and cotton, 50,000,000 bushels of wheat 

 and 300,000,000 bushels of Indian corn, besides a fair 

 quantity of sugar, rice, and naval stores. Their phy- 

 sical, agricultural, and commercial statue ia therefore 

 highly important. 



President Buchanan in his message deals boldly with 

 he revolutionary crisis which has set in, and devotes 

 many columns of print to its discussion, in this his fare- 

 well address on leaving office. He still thinks that the 

 Union may be saved through an explanatory amendment 

 of the constitution, embracing the following concessions 

 to the South, viz. : 1. An express recognition of the 

 rights of property in slaves ; 2. The recognition of 

 this right in all the territories during their territorial 

 condition ; and, 3. Universal good faith in the restora- 

 tion ot fugitive slaves. We need not pursue the topic 

 further; but we are pleased to find it broadly stated 

 that since the date of the last Presidential message 

 not a single slave has been imported into the United 

 States in violation of the laws prohibiting the African 

 slave trade. He again recommends the acquisition of 

 Cuba by fair purchase, believing that it would contri- 

 bute to the wellbeing and prosperity of both countries, 

 " and prove the certain means of immediately abolish- 

 ing the African slave trade throughout the world." 



Passing to a consideration of the financial condition 

 of the Republic, we find that the permanent public 

 debt of the States on the 30th June last was £9,000,000, 

 and that there were treasury notes outstanding to about 

 £4,000,000. The average expenditure of the past 

 three years has been £16,700,000, in the fiscal year 

 ending June next it will be nearly £17,000,000, but 

 by prudent retrenchment the President considers that 

 the sum of £12,600,000 is amply sufficient to adminis- 

 ter the Government and to pay the interest on the 

 public debt, unless contingent events should hereafter 

 render extraordinary expenditure necessary. Besides 

 power sought to issue Treasury notes for 11,000,000 

 dollars, in the place of the balance to that amount 

 of stock of the last authorized loan which cannot 

 be placed. It is stated that the financial necessities 

 of the Government will require a modification of the 

 tariff, and the President recommends the imposition of 

 specific instead of ad^valorem duties on all imported 

 articles, to which these can be properly applied, both as 

 a protection to the revenue, and to secure incidental 

 encouragement to the home nn ufacturing interest. 

 Mr. Buchanan denies that specifi luties are necessarily 

 protective duties, and points to the fact that "Great 

 Britain glories in free trade, and yet her whole revenue 

 from imports is at the present moment collected under 

 a system of specific duties." It is proposed to ascer- 

 tain the average value of certain articles for a series of 

 years at the place of exportation, and to convert the 

 ad-valorem now levied into a specific duty. 



THE CINCINNATI PROVISION TRADE. 



The provision trade of Cincinnati ia the most extensive in 

 the United States, and is likely to remain so for some years 

 to come. Illinois, the garden State, as it is called, will ulti- 

 mately, and probably at no distant period, become the great 

 provision-producing State, and Chicago the great provision 

 shipping port ; but Illinois must first receive the addition 



of a few millions to its present population before its yield 

 reaches that of the long-settled and fine agricultural State of 

 Ohio, on the borders of which Cincinnati is situated. 

 Cincinnati is so situated that it may draw the produce of 

 Lake Erie and the upper lakes from the Ohio port of San- 

 dusky on Lake Erie, or by any of the numerous Western 



