Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1846-12-11

cient. II, however, Congress should. at tn.
present session, impose revenue duty on thu
principal articles now embraced insthe free
list, II is estimated that an additional annua
revenue of about two millions and half. a.
mounting, it is estimated, on the thirtieth o
June, T848, to four millions Of dollars. would
he derived from that source and the loan re-
CURED would be reduced by that amount. 1
Is estimated, also. that, should Congress gra
duate and reduce the price Of such of the pub
lie lands as have been long in the market, ths
additional revenue derived from that sourct
would be annually, for several years to come
between half million and million of dol
lars; and the Joan required may be reduced
by that amount also. Should these measure:
be adopted, the loan required would not pro
badly exceed eighteen or nineteen millions o
dollars; leaving in the treasury a constant
surplus Of four millions of dollars. The Toar
proposed, it is estimated, will be sufficient Il
cover the necessary expenditures, both for tn.
war and for all other purposes, up to the ihir
tleth of June, l848; and an amount of thi:
loan, not exceeding one half. may be reqaree
during the present fiscal year, and the create
part of the remainder during the first half o
the fiscal year succeeding.
In order that timely notice may be given
and proper measures taken 20 effect the loan
or such portion of it as may be required, it i;
important that the authority of Congress Il
make it be given at an early period OF you
present session. 1t is suggested that the loar
should be contracted for period of twenty
years, with authority 10 purchase the stock
and pay it off, at an earlier period, at its mar.
ket value, out of any surplus which may al
any time be in the treasury applicable to tina,
purpose. After the establishment Of peace
with Mexico, i: is supposed that considera-
bic surplus will exist, and that the debt may
be extinguished in much shorter period than
that for which it may be contracted. The pc.
Rod OF twenty years, as that for which the
proposed loan may be contracted, in prefer.
ference to shorter period, is suggested, be.
cause all experience, both at home and abroad
has shown that loans are effected upon much
better terms upon long time, than when they
are rembursable at short dates.
Necessary as this measure is, to sustain
the honor and the interests of the country, en-.
gagged in foreign war, it is not doubted but
that Congress will promptly authorize it.
The balance in the treasury On the first OF
July last exceeded niHe millions of dollars,
notwithstanding considerable expenditures
had been made for the war during the months
of May and June preceding. Bnt for the war,
the whole public debt could and would have
been extinguished within short period and
it was part of my settled policy 10 do so,
and thus relieve the people from its burden,
and place the government in position which
would enable it TO reduce the public expeudi-
lures to that economical standard which is
most consistent with the general welfare, and
the pure and wholesome progress of our instl-
tutIons.
Among our just causes of complainst
gainst Mexico, arising out Of her refusal to
treat for peace, as we'll before as since tire
war so unjustly commenced on her part, are
the extraordinary expenditures in which we
have been involved. Justice to our own peo-
pie will make it proper that Mexico should
be held responsible for these expenditures.
Economy in the public expenditures is al
all times high duty which all public func-
tionarles Of the government owe to the people.
This duty becomes more imperative in Pc
Rod of war, when large and extraordinary eX.
penditures become unavoidable. During the
existence of the war with Mexico all our re.
sources should be husbanded, and no appro
priations made except such as absolutely ne.
cessary for its vigorous prosecution and the
due administration of the government, OBJ
jects of appropriation which in peace may be
deemed useful or proper, hu: which are not
indispensable for the public service, may
when the country is engaged in a foreign war
be we'll postponed to future period. by the
observance Of this policy at your present ses.
larro no saved n IA
sury. and be applied to objects of pressing &
urgent necessity, and thus the creation Of a
corresponding amount Of public debt may be
avoided.
1t is not meant to recommend that the or.
binary and necessary appropriations for the
support of government should be withheld
but it is we'll known that at every session O
Congress appropriations are proposed for nu
made, without materially effecting the public
interests; and these it is recommended should
not be granted.
The &C: passed at your last session redu
cling the duties on imports not having gone
into operation until the first of the presen
month, there has not been time for its practi
cal effect upon the revenue, and the business
Of the country, to be developed. 1t is no
doubted, however, that the just policy which
it adopts will add largely to our foreign trade
and promote the general prosperity. Altho'
it cannot be certainly foreseen what amount
of revenue it will yield, it is estimated that i,
will exceed that produced by the act of 1912
which it superseded. The leading principle:
established by it are, to levy the taxes with
a view to raise revenue, and to impose then
upon the articles imported according to thei
actual value.
The act of 1912, by the excessive rates 0
duty which it imposed on many articles
either totally excluded them from importation
or greatly reduced the amount imported, ant
thus diminished instead Of producing reve
nue.. By it the taxes were imposed not TO
the legitimate purpose of raising revenue
but 20 afford advantages to favor classes, a
the expense of large majority of their fellow
citizens. Those employed in agriculture
mechanical pursuits, commerce, an8 ndvlga
ton, were compelled to contribute from thei
substance to swell the profits and overgrowl
wealth of the comparatively few who hat
invested their capital in manufactures. TIL
taxes were not levied in proportion to the val
ue of the articles upon which they were i'm
posed; but widely departing from this jus
rule, the lighter taxes were, in many cases
levied upon articles of luxury and high price
and the heavier taxes on those of necessit
and low price, consumed by the great mas
Of the people. 1t was system the inevita
bile effect Of which was to relieve favore
classes and the wealthy few from contrlbhtin
their just proportion for the support of gov
eminent. and TO lay the burden on the labc
of the many engaged in other pursuits tina
manufactures.
A system SO unequal and unjust has bee