The Arkansas banner., 1846-12-23

cDnSuHN4i0H &tbVgS4S,lf4. ne value Gf fBe expuftS tor the pernd was Sil34SS,5i6; of which SiH& Sn3 consisted of domestic productions, and Si, 2i6.G23 of foreign articles.
 The receipts into the tressury for the ssms year were Sa9 2I1 O6 of which there was derived from customs S26g7I2,665 ST; from sales of public lands $26914S 4s; and from fundamental and R:;s. oAne- oas sources Sa2,ia6 Il. The expenditures for the same period Were S2s 03i lll 20; and the balance in the treasury on the lst July last was 80 l39 Os,
 The amount Cf the public debt incIudiug treasury ;osss on the arst of the present aonth was $2l25G, tRl Sn of which the sum of $i7 7Ss 799 e was out standing ibe llh March. ls4s eafing the an,0ant incurred since that time S6, ,467 ,69l 98.
 In ortier to prosecute the war with Mexico with v- gor and energy, the best means of bringing it to speedy and honorable termination, further loan will be necessary to meet the expenditures for the present and next fiscal year, and if the war should be eonsina cd un the sOth June, ls4a being ihe end of the next fiscal year, if Is estimated that an additional loan of S22 ,0g0 will be required. The estimate is made upon the assumption that if will be necessary to tain constantly in the treasury g4 900 0sg 10 guard against contingencies. If such surplus were not Ie. paired 10 be retained, then loan of l9 900 GOO would be sufficient If, however, Congress should, a the present session, impose reyenhe duty ihe nrinc pal articles embraced in te free list, Il Is estima ted that an additional annual revenue of about 3D. 800 .000 amounting fl is estimated on the 31h Juna. Isls, io 1000 oo0 would be derived from that source; the loan required would be reduced by that amount
 i is estimated, also. that should Congress graduate and reduce the price Of such of public lands have been long in the market the additional rerenge deri. ved from that source weald ke ahn1sy for years to come between half million and million of dollars; and the loan required may be reduced by that ainnunt also Should these measures be adopted the loan re- quiFed would not probably exceed IS or Sl9 000 a09 leaving inc treasury constant surplus of S4O00 900. The loan proposed, it is estimated, wi be suf- cent te ihe necessary expenditures, both for the war for all other purposes up 10 the 30th June lSIS and an amount of this loan not exceeding one haIf may be required during the present fiscal year, and the greater part of the remainder during the first half of the fiscal year succeeding.
 In order that timely notice may be given, tand pro. per measures taken 10 affect the loan, or such portion of as may be required, t ia important that inc a- thority of Congress to make ii be given at early period Of your present session. It Is suggested that the loan should be contracted for period of twenty years, with authority to purchase the stock afd pay it oil, at early period dt its market value out of any surplus which may at any time be in the ireasu- " applicable 10 that purpose. After the establish ment of peace with Mexico, fl Is supposed that con siderable surplus will exist and that the debt nay be cxtinguished in much shorter period than that for which t may be contracted. The period of twenty years, as that for which the proposed loan may be contracted n preference to shorter period. is sug- gcstcd. because all experience, both at hoae and abroad, has shown that forms affected upon much better terms nron long time than when they are re- imbursable at shorter dates,
 Necessary as this measure is to sustain the honor and the interest of the country engaged in foreign war; it is not doubted but that Congress will prompt. ly authorized it.
 The balance in the treasury the first of July last exceeded nine millions of dollars, notwithsanding considerable expenditures had been made for the war during the months of May and June preceding. But for the war, the whole public debt could and would have been extingushed within short period; and n part of my settled policy to do so, and thus
 eye the people from its burden and place the govern ment in position which would enable il to reduce the public expenditures to that economical standard which IS most consistent wi.h the general welfare and the pure and wholesome progress of our institn. tons
 Among our just canses of complaint against Mexi- co, arising out of her refusal 10 treat for peace ell before as since the war so unjustly commenced or her part, are the extraordinary expenditures in which we have been involved. Justice to own people will make if proper that Mexico should be held re- sponsble for these expenditures.
 Economy in the public expenditures is at all times high duty which all public uneIionaTes of the go vernment owe 10 the people, This duty becomes th, more imperative in period of war, when large ana extraordinary expenditures become unavoidable During the existence of the with Mexico all oui should be husbanded, aud appropriation made except such absolutely necessary for vigorous prosecution and the due administration o he government. Objects of appropriation. which iI peace may be deemed useful or proper but which are not indispensable for the public service, may, wher the country is engaged in foreign war, be well post
 
 policy at your present session, large amounts may bt saved to the treasury, and be applied to objects pressing a urgent necessity, and thus the creation of a corresponding amount of public debt may bt avoided.
 IL is not meant to recommend that the ordinary ant necessary appropriations for the support of govern ! ment should be withheld, but is well known that every session of Congress appropriations are proposed Tor numerous objects which may or may not be made without materially affecting the public interests: am it iS deda nofh ha tad
 The acts passed at your last session "reducing in, duties on imports " not having gone into operation until the first of the present month there has not beer time for its practical effect upon the revenue, and tn, business of the country to be developed. It is no doubted, however, that the just policy which it adopt will add largely to our ioreIgn trade, and promot, the general prosperity Although it cannot be cer tany iorescen what amount of revenue il will yield II IS estiipaie that it will exceed that produced by thu act Of 1872, which superseded. The leading prin cipies established by it are, 10 levy taxes with view to raise revenue, and 10 impose them upon th, articles imported according to their actual value.
 The act of lS42 by the excessive rates of duty whc imposed on many articles, either totally exclude. them from importation, or greatly reduced the amour imported, and thus diminished instead of producn, revenue. By II the taxes were imposed not for tin legitimate purpose of raising revenue but 10 aGor advantages to favored classes, at the expense of large majority of their fellow citizens. Those em poyed Tn agriculture mechanical pursuits comm cree and navigation were compelled to contribute iron their substance to swell the profits and oycrgrowl wealth of the comparatively few who had inves,e, their capital in manufactures.
 The taxes were not levied in proportion 10 the va Tue oi the article upon which they were imposed bat widely departing from this just rule, the lighter axe were, in many cases, levied upon articles of luxur, and high price, and the heavy taxes on those of neces sy and low price, consumed by te great mass of in people 1t was system, the inevitable effect of whic was to relieve favored classes and the wealthy few from contributing their just proportion for the snppor oi government, and 10 lay the burden on the labor the many engaged in other pursuits that lnanufac lures.
 system so unequal and unjust has been superse ded by ihe existing law, which imposes duties not lo ihe benefit injury of classes or pursuits but distri b1ses ahd as far as practicable equalizes the pub burdens among all classes and occupations. The ia sored classes, who under the unequal anal unist eye ten which has been repealed have heretofore