The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-12-11


with the government, the receipts from
customs during the year. will exceed
the estimate presented at The las, ses-
sion and with the other means of the
Treasury will prove fully adequate no,
only TO meet the increased expenditure
resulting from the large sppi opriationS
made by Congress. but u provide for
tho payment OF all the pr ..oont isb, " aich
Is III present rsuseg 49, y r.ow
estimated that the customs will yield to
the Treasury during the present year.
upwards OF tweDty-eight millions Of dol
lars. The public lands, however.have
proved less productive than was antlci-
pated, and according to present inior-
nation, will not much exceed two mil
lions. The expenditures for all objects
other than the public debt, are estima-
ted to amount during the year to about
sixteen millions and.a half. while n still
larger sum, viz : eighteen millions Of
dollars. will have been applied to the
principal & interest of the public debt.
1t is expected, however, that in con-
sequence of the reduced rates Of duty
which will take effect after the Sd of
March next, there will be considera-
bic falling of IN the revenue from GUS
toms in the year 1888. twill, never
theless, be amply sufficient to provide
for all the wants Of the public service,
estimated even upon liberal scale and
for the redemption and purchase OF the
remainder OF the public debt. On the
first of January next, the entire public
debt of the United States, funded and
untunded. will be reduced TO within
fraction Of seven millions Of dollars OF
which S2,227 1868 are not Of right re-
deemable until the Let of January, | 834,
and S4,735, ,296 not until the I'd OF Janu-
airy 1885. The commissioners Of the
sinking fund, however, beiog invested
with full authority to purchase the debt
at the market pIice, and the means of
the Treasury being ample, il may be
hoped that the whole will be extinguish
ed within the year 1888.
cannot too cordially congratulate
congress and my fellow citizens on the
near approach Of that memorable and
happy event, the extinction OF the pub
Tic debt Of this great and free nation.
Faithful TO the wise and patriotic policy
marked out by the Legislation of the
country, for this object, the present
administration has devoted to it all the
means which flourIshIng commerce has
supplied, and prudent economy pre-
served for The publIct casury. Within
the four years for which the people
have contided the executive power to
my charge, fity.eight millions of dollars
will have been applied to the payment
Of the public debt That this has been
accomplished without stntng the ex-
pendtures for all other proper objects
will be seen by referring TO the liberal
provision made during the same period
for the support aud increase OF our
means Of maritime and military defence,
for internal improvements Of national
character, for the removal and preser-
walton OF the Indians, and lastly for the
gallant veterans Of the revolution.
The final removal ofthis great bur-
den from our resources affords the
means OF further provision for all the
objects of general welfare and public
ses, and presents the occasion for such
further reduction in the revenue as may
not be required for them. From the
report Of the Secretary ofthe Treasury,
it will be seen that after the present
year such reduction may be made to
considerable extent, and the subject is
earnestly recommended to the consider
alton of Congress, in The hope that the
combined wisdom oflhe Representatives
Of the people will devise such means Of
effecting that salutary object. as shall
remove those burdens which shall be
found to fall unequally upon any, and as
may promote all the great interests OF
the community.
Long and patient REELECTION has
strengthened the opinions ! have here.
tofore expressed TO Congress on this
subject aud deem il my duty on the
present occasion, again to urge them
upon the attention Of the Legislature.
The soundest maxims OF public policy
and the principles upon which our re-
publican institutions are founded, re.
commend proper adaptation OF the
revenue to the expenditure, and they |
also require that the expenditure shaIl
be limited 10 what. by an economical
administration. shall be consistent with
the simplicity OF the Government, and
necessary to an efficient public service.
10 eHectIng this adjustment, IT is due in
justice TO the interests Of the different
States, and even to the preservation OF
the Union itself, that the protection af.
iorded by existing laws to any branches
OF the national industry, should not ex.