American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1846-06-26

FINANCES OF GOVERNMENT. In a speech
delivered in the senate on Wednesday last, Mr..
Webster sad-"our expenses were very hea
w. He believed that the government had al
ready incurred debt of t,centy millions Of dol
lars since the Mexican war broke out. They
WERE as he had before stated, and as he now
re-stated, very nearly half million OF dollars
n day." If the war with Mexico is to be con-
tinued at this extravagant rate, it must be OBJ
vious that the country cannot long maintain
its credit without resorting to heavy direct
taxes. Even by making a large deduction
from the present war expenses, we must be in
debt at the expiration Of the year, should the
war continue so long, some forty or fifty mill
lions of dollars-a sum sufficiently large to in
duce the people to reflect seriously upon the
object and consequences ofthe war. And how
is this sum of money to be raised? Principal
ly by the issue Of treasury notes and by loans.
But it is very doubtful whether government
can borrow without making Il sacrifice, unless
direct taxes be levied to discharge the interest
punctually-nor is it certain, that twenty or
thirty millions of treasury notes can be main
tanned at par AS for the project of raising re-
venue BY diminishing the tariff, we have no
confidence in it; for, even if it produced larger
mportations for while, it would reduce the
ability of persons TO purchase, and consequent
ly the aggregate amount Of consumption-so
that in short time the market would be gut-
ted with foreign productions, and further i'm
portatons would not be required. In the
meantime the industry of the country would
be paralyzed -business would become stagnant,
and distress general.
The finances of the nation are in bad con-
dition for a vigorous aud prolonged prosec ution
of the war with Mexico; but we have strong
hopes that the contest will soon terminate; for
it is true, as stated by Mr.. Webster, that the
people begin to task the objects of a further
prosecution of this Mexican war, which had
caused, and was causing, this expenditure" Is
it intended TO convert what was originally
termed war of defence, into a war of con-
quest? Do we in reality seek to dismember
Mexico by force, and to annex the conquered
provinces to the United States? We cannot
believe that this is the design; nor do we believe
that the people of the United States would
sanction the attempt. We have heretofore
said that our government should act with mag
nanimity by offering the olive branch to Next
CO; and we are glad to see that Mr.. Webster
entertains the same opinion. Our position ell
abIes US to do this without the slightest sacri-
flee of dignity or national character, and with
no possibility of having our motives miscon-
strued. Mexico is weak-we are strong-and
in this will be found an ample justification
should we dispatch a messenger with the ten
der of peace upon Just and honorable terms 1t
will be time enough for us to indulge Venge-
ful feeling should our offer be rejected; sted
which we do not anticipate will be taken by
Mexico. We believe that it's in the power OF
our government TO restore peace tothe country
within short time and upon just terms; and
thus to prevent the accumulation of an immense
national debt-and, from what we have seen
published, we are under the impression that
the President sees the propriety of closing the
war as speedily as possible, and has put mea-
sures in train to produce that result.