Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1846-12-18

not npprehend serious danger from these priya-
J Ieers. Our navy will be constantly on the alert
; to protect our commerce. Besides, in cases pri-
J zes should be made Of American vessels, the Ut
I most vigilance will be exened by our blockading
squadron 10 prevent the eaptors from taking them
into Mexican ports, and il is not appreheBded
that any nation will violate It's neutrality By suf
fering such prizes TO be condemned and sold
within its jurisdiction.
i | recommend that Congress should immediate
ly provide by law for granting letters Of marque
and reprisals against vessels under the Mexican
flag. Il is true that there are but few, if any,
commercial vessels Of Mexico upon the high seas
and it is therefore not probable that many Ameri-
can privaIeers would be fitted out, in case a law
should pass authorizing this mode Of warfare
II is, notwithstanding, certain that such pryateers
may render good service TO the commercial inter-
ests Of the country by recapIuring our merchant
ships, should any be taken by armed vessels un-
der the Mexican flag, as well as by capturing
these vessels themselves. Every means within
our power should be rendered available for the
projection Of our commerce.
4 The annual report Of the Secretary OF the rea.
sury will exhibit detailed statement Of the con-
dltlon of the finances. The imports for the fiscal
year, ending on the 18th Of June last were Of the
value Of Sl2l, l,69l, 1877; Of which the amount ex-
Iported was 1886 ,6s3; leaving the amount re-
tained in the country for domestic consumption
SllO, ,345,l74. The value of the exports for the
same period was Sll3, ,488 SIG; Of which SIO2,-
l4l,893, consisted Of domestic productions, and
Sll ,346,623 of foreign articles.
The receipts into the treasury for the same
year S29.499,247 06, Of which there was deri-
we'd from customs, sec, ,712 ,667 81, from sales of
public lands sc ,695,452 40, and from incidental
and miscellaneous sources S92, ,l26 II. The
expenditures for the same period were S28,O3I,-
ia 90, and the balance in the treasury on the
lst day of July last, was S9, ,Iq6, ,438 O8.
The amount of epubc debt, including trea.
sury notes, on the first of the present month was
S24 ,256,494 GO, of which the sum Of SI8 1884,
799 62; was outstanding on the 4th Of March,
l845, leaving the amount incurred since that time
$6,467 ,694 SO.
In order to prosecute the war with Mexico with
vigor and energy, as the best means Of bringingit
TO speedy and honorable termination, further
loan will be necessary, TO meet the present and
next fiscal year-itis estimated that an additional
loan of $23,000,000 will be required. This es-
innate is made upon the assumption that it will be
necessary to retain constantly in the treasury
S4,OOO,OOO, TO guard against contingencies. If
such surplus were not required TO be retained,
then loan Of $4,000, 900 would be sufficient.
II, however, Congress should at the present ses-
sion, impose revenue duty on the principal ar
tcles now embraced in the free list, it is estma-
ted that an additional annual revenue of about
two millions and half, amounting it is estimated,
on the 30th Of June, 848 10 four millions of dol
lars, would be derived from that source; and the
loan required would be reduced by that amount.
1t is estimated also, that should Congress gradu-
ate and reduce the price Of such OF the public
lands as have been long in the market, the addi-
ronal revenue derived from that source, would
be annually, for several years 10 come, between
half million and q million Of dollars, and the
loan required may be reduced by that amount al
So Should these measures be adopted, the loan
required would not probably exceed eighteen or
nineteen million Of dollars-leaving in the treas
ury constant surplus of $400O,OOO. The loan
proposed it is estimated, will be sufficient to cov-
erthe necessary expenditures, both for the war
and all other purposes, up TO the 30th Of June,
l848, and an amount Of this loan not exceeding
one half may be required on the present fiscal
year, and the greater part Of the remainder dur
ing the first half of the fiscal year succeeding.
In older that timely notice may be given and
proper measures taken to effect the loan, or such
portion Of it as may be required, it is important
that the authority of Congress to make it be given
at an early period of your present session. 1t is
suggested that the loan should be contracted for
a period OF twenty years, with authority to pur-
chase the stock and pay it of, at an earlier period
at It's market value, outof any surplus which may
al any time be in the treasury applicable TO that
purpose. After the establishment of peace with
Mexico, 1t is supposed that a considerable surplus
Will exist and that the debt may be extinguished
IN much shorter period than that for which it
may be contracted. The period of twenty years,
as that lor which the proposed loan may be con-
tracted, in preference to a shorter period, is sug-
gested, because all experience, both at home and
abroad, has shown that loans are effected upon
much better terms upon long time, than when
they are reimbursabe at short dates
Necessary as this measure is, TO sustain the
honor and the interests of the country, engaged
In foreign war, it is not doubted but that Con.
gress will promptly authorize it.
The balance in the treasury on the Ist Of july
last exceeded $4,000, 900, Notwithstanding cons.
derable expenditures had been made for The war
during the months of May and June preceding
But Tor the war, the whole public debt could and
would have been extinguished within short pc.
rcd; and it was part of my settled policy to do
so' and thus relieve the people from its burden,
and place the government in position which
would enable ii to reduce the public expenditures
to that economical standard which is most con.
slstent with the general welfare and the pure and
wholesome progress of our institutions.
Among our just causes of complaint against
Mexico, arising out of her refusal to treat for
peace, as we'll before as since the war so uniustly
commenced on her part, are theexlraordnary ex.
pendtures in which we have been involved. JUS.
uce to our people will make itproper that Mexico
should be held responsible for these expenditures.
Economy to the public expenditures is at all
times high duty, which all public functionaries