Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1846-12-16

not exceeding one half,may be required thepres-
ent year, and the greater part of the remainder
during the first half of the fiscal year succeed
Ing.
In order 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 i'm
portant that the authority of congress to make
it,be given at anearly period at our present ses-
sion. 1t is suggested that the loan should be
contracted for at period OF twenty years, with
authority to purchase the stock and pay it of,
| at an early period, at its market value, out of
any surplus which may at any time be in the
treasury, applicable to that purpose.
After the establishment of peace with Mexico
| it is supposed that 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 20 years, as
that for which the proposed loan may be con-
tracted, in presence to 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 reimbursable at short dates.
Necessary as this measure is, to sustain the
honor and interests of the country, engaged in
former war, it is no doubt but that congress-
will promptly authorize it.
The balances in the treasury on the first Of
July last exceeded S9,00o,O00 notwithstanding
considerable expenditures had been made for the
war during the months of May and June pre-
ceeding. But for the war, the whole public,
debt could have been extinguished within asboy4
period: 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 it to reduce the public ex-
penditures to that economical standard which is
most consistent with the general welfare, and
the pure and wholesome progress of our instr
tutions.
Among our Just causes of complaint against
Mexico, arising out of her refusal to treat for
peace. as well before as since the war so uni ust-
ly commenced on our Part, are the extrao rdina-
nv expenditures in which we have been nvol-
we'd. Justice TO our own people viii make it
proper that Mexico should be held responsible
for these expenditures.
Economy in the public expenditures is at alb
times high duty which all pablo funetionales
Of the government owe to the people, The du-
ty becomes the more imperative i'll a Eeriod of
war, when large and extraordinary expenditure
become unavoidable. During the existence of
the war with Mexico, all our resources must be
and no appro Pliations made except
such as are absolutely necessary for its vigor-
Gus prosecution and the due administration of
Tie ODleCIS Ol dppIOpfidtoi,
which in peace may be deemed useful or pcppcF
bit which are not indispensable for the public
service, may, when the country is engaged in
q foreign war, be well postponed to future pc
Rod. BY the observance of this policy atyour
present session, arge amounts may be saved TO
the treasury, and applied to objects of pressing
urgent necessitv,, and thus the creation of a
amount of public debt may be D.
voided.
1t is meant to recommend that the ordinary
and necessary appropriation s for the support of
government should be withheld, but it is wels
krown that every session of congress appropri
atoms are proposed fer numerous objects which,
may or may not be not be made, without mate
rally affecting the pubic interests; and these il
is recommended should not be granted.
The acts passed at our last session, reducing
the duties ON imports not having gone into
operation until the first of the present month,
there has not been time for effects upon the rev.
enue, and the business of the country, to be de-.
veloped. 1t is not doubted however, that the
just policy which il adopts will add largely to-
our foreign trade, and promote the general pros
rerity. Although it cannot be certainly fore
seen what amount of revenue it will yield, it is
that it will exceed that produced by
the act of 1912, which it is superseded. The
leading principles established by it are, to levy
taxes with view to raise revenue, and to i'm
pose them upon the articles imported according
10 their actual value.
An act of 1912, by the excessive rates of du-
" which 1t imposed en- many ar -icles, either
actually excluded them from importation, OF
greatly reduced the amount imported, and thus
instead of producing revenue. BY
t the taxes were imposed not for the legitimate
purpose of raising revenue, but to afford advan-
ages to favored classes, at the expense of
arge morjority Of their fellow citizens. Those
Employed in agriculture, mechanical pursuits,
and navigation, were compelled to
contribute from their substance to swell to prof
is and overgrown wealth of the comparatively
ew who have invested their capital in manufac-
urcs.
The taxes were not levied in proportion to
he values of the articles upon which they were
imposed; but. widely separating from this just
ule, the lighter taxes were in many cases, lev
ed upon articles of luxury and high price, and
he heavy taxes on those of necessity and low
rice, consumed by the great mass of the peo-
lie. 1t was a system, the inevitable effect Of
which was to relieve favored classes and the
Wealthy few from contributing their just pro-
'ortIon for the support of government, and to
ay the burden on the labor of many, engaged
n other pursuits than manufactures
A system so unequal and unjust has been SUI
'erseded by the existing law, which imposes
uties not for the benefit injury of classes,
II pursuits, but distributes, as far as practical
lie, equalizes the public burdens among all elias
es and occupations. The favored classes, who
nder the unequal and unjust system which has
lst been repealed, have hitherto realized large
roits; and many of them amassed large for
lnes at the expense of the many, who have
cen made tributary to them, will have no rea-
on to complain ifthey shall be required to bear
heir just proportion of the taxes necessary for
ne support of government. So far from it, it
'ill be perceived, by an examination of the ex-
sting law, that determinations in the rates of
uty imposed, within the revenue principle, have
cen retained in their favor.
The incidental aid against foreign eempetf-