Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1846-12-18

hundred and ninctv-lour dollars and sixty cents OF
which the sum Of seventeen million seven hundred ahu
orhty.eipht thousand seven hundred and ninety-n'c
dollars and sixty-two cents was outstanding on inc
fourth OF March, 1915, leaving the amount incurred
since that time six million ionr hundred ana siNty-sc1
thousand six hundred ana ney-iour dtH"s anu
nlncty-cight cents. g, o.,
I'm order TO prosecute the wnr with Mexico with
vgor and energy the best mcans Of bringing 1t to
speedy and honorable erminaon,a iurlher loan VIII
be necessary meet the expenditures tor the present
and the next fiscal years. II the war should be- CONT
nued until the hrcih OF June, lSis--beng the end OF
the next fiscal ycurlt l. estimated tAa az 1dHto !nI
loan Of twcnty-thrcc millions o dollars viii rrGlr-
ed This estimate is made upon the assumption that
will be necessary retain constantly m the Ira7u-
ry four millions of dolla, 10 guard agnnt contingent
c"s II such surplus Wcr" not required 10 ne retained,
then a lpunul nineteen millions Of dollars would be
sufficient IT, however, Congress should at the pre-
sent session. impose n revenue duty on the principal
articles embraced in the free list, i u estimated
that AN additional annual revenue OF about two mil
lions and Il half amounting, il is estimated, on the
thirtcth OF June. loIS to tour millions OF dollars would
be- derived from that source and the loan required
would be reduced by that amount. II is estimated,
also, that should Congress graduate and reduce the
price OF such OF the public lands as have bccs long IN
the market the additional revenue derived from tiat
source would be- annually, or several years TO come.
between half a million and a million o dollars and
the loan required may be reduced by that amount
also. Should these measures be- adopted the loan re-
qurcd would not probably exceed c lhtrcn or nineteen
millions of Misunderstanding IN the treasury constant
surplus of four millions OF dollars The loan proposed,
is estimated will be sufficient to cover the necessary
expenditures both for the and for all other purpo-
Sos M to the thtieth OF June 1873 and amount Of
this loan. not exceeding half, may be required du
ring the present fiscal year and the greater part OF the
remainder during the first halt the fiscal year succeed
In order that timely notice may be given and proper
measures taken effect the loan, such portion oft
H- may be required il is important TINT the authority Of
Congress to make II be given at an early period OF your
present 1t is suggested that the loan should
be contracted for period OF twenty years, with authU-
rv to purchase the stock and pay off at an earlier
period, as its market value out OF any surplus which
may atany time be in the treasury app cablc to that
purpose. After the establishment u peace with McX-
co. 1t j, supposed that considerable surplus will exist.
and that the debt may he eMl igulshed Ill a much
shorter period than that tor which may be contract
ed lheprrud u twenty years. as that Tor which the
proposed loan may be contracted, in preference to
shorter period is suggested because all experience.
both at home and abroad, has shown that loans are eff
ircted upon much better terms upon long time, than
when they rcimbursablc at short dates
Necessary this measure is. to sustain tho honor
and the interests of the country engaged in foreign
war, 1T Is not doubted but that Congress viii promptly
, authorize it
The balance in the treasury on the first of July last
exceeded nine millions ot dollars Notwithstanding
considerable expenditures had been made tor the war
during the months OF May and June preceding But
Tor the war, the whole public debt could and would
have been cXtingused within short period and it
was part OF my settled policy, 10 do 50, and thus re-
cyc the people from lis burden, aud place the govern
lnrn III position which would enable II to reduce the
public expenditures to that economical standard which
Is most consistent with the general welfare and the
pure and wholesome progress OF our institutions.
Among our lrlst causes OF complaint against Mexico,
arising OF her refusal to treat for peace well be-
fore as since the war unusy commenced on her
part, are the extraordinary expenditures in which We
have been involved Justice to our own people will
make it proper that Mexico should be held responsible
Tor these expenditures.
Economy in the public expenditures is Mt all times
high duty which all public ;unctlonarcs OF the gov
eminent owe to the people. This duty becomes the
more imperative in Il period of war. when large and