Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-12-26

agement OF puOHc aHalrs. MS ulsuust mas Deen
greatly increased by the establishment of the Sub
treasury system, which-after having just under
taken a costly war, the seat Of which is distant
thousands Of miles from the Capital of the United
Staes-was one of the greatest plumbers ever made
by an Administration or party. The war itself,
scheme of popnlarity--if such was its leading
moiive-was a mistake, to be classed among those
which, according to the idea of Talleyrand, are
worse than crimes. 1t has made the army popu-
lar; it has proved the ability Of our country, in an
emergency, to call into existence volunteer mill
lary force to any required extent; and it has proved
the disposition Of the people to sustain the Govern
ment, whenever and however finds itself at war
but it has given no popularity to the Administra-
ton. Nor has the President mended the matter by
his last unhappy mistake in denouncing as traitors
those who doubt the wisdom or the necessity o
his war. If intended to terrfy the Wing party into
submission, this denunciation has not only failed
of its effect but has had the ordinary effect of all
attempts at persecution Of secs, to unite that party
as band of brothers. What effect it may have
upon the Members of Congress and other ndivid-
uals of his own party, time will disclose. The ei-
feet of the whole Message upon the country, re-
affirming the policy Of the War, the Subtreasury,
and the New Tariff, is not likely to be favorable to
the public credit.
With regard to
THE PROSPECT OF LOANS.
Since this Administration has been in Office, Uni.
ted States six per cent. stocks-he very best in the
world-have declined in the market about twelve
dollars in the hundred. Is this no admoniton to
the Executive of the tendency of its policy The
Secretary of the Treasury's last loan the five mil
ons) is below par. Does he expect to be able to eff
feet another upon any thing like the terms, if al
all The amount of the late loan was paid in in
Treasury notes and bank bills !; the amount of the
next must be called for in specie. This loan was
negotiated under SOLEMN public assurances of the
Government that no more troops would be wanted
for the army. But, Immediately after the negotia.
ton of it was concluded, nine additional regiments
for the war were called for and, now, this addi-
tional force is proposed to be more than doubled.
We do not object to the proposed increase Of force
because we have no doubtit is necessary to the
cessful maintenance Of the war, which, though be-
gan by the President became that of the Nation
after the act of indemnity passed by Congress at
the last session. The question, in reference to the
operations of the Treasury, is not as to the raising
of troops but as TO the effect of this large increase
of force under upon the prospect for loans which
it cannot fail to darken.
We have no hesitation in saying at once that nc
further loan can be obtained to any important oil
necessary amount, without the surrender of baC
principle by
THE REPEAL OF THE SUBTREASURY.
After that indispensable requisite is complied
with, it may be possible for the Government to OBJ
tain the loan TO the amount which the Executive
considers Immediately necessary that is to say,
eleven or twelve millions Of dollars. But, in order
to obtain the which will really be necessary
to be authorized at this session of Congress-say
twenty or thirty millions of dollars-it will be high
ly expedient, if not absolutely necessary, to lay
ADDITIONAL TAXES.
These taxes will be wanting, not merely TO exc
out the revenue, or TO supply the deficiency from
the customs in consequence of the repeal of the Ia
riff of s42, but to provide a specific fund out OF
which to pay the interest and redeem the principal
of the debt proposed to be created. The two mil
lions and half of dollars proposed by the President
and the Secretary TO be raised by means Of duties
on the importation of Tea and Coffee will suffice
for that purpose for the present, inasmuch il will
to pay the annual interest the debt created
and to be created within the year. But next year,
when that debt must be doubled in amount, (if war
continue, these additional taxes must be doubled ;
and, if this be further protracted, direct taxes
and excuses must be inevitably resored to.
Will Congress lay the taxes now required We
cannot certainly predict what Congress will or will
not do. II can hardly be expected Of the Wings
after their adversares have, in the mere wantonness
of power, in pulling down the Tariff of 1912, taken
off the duties upon imported lurries, to assist them
to lay taxes, instead, upon the neceSSaries of ife
such as the articles of Tea and Coffee undoubtedly
are. But, the Administration having had strength
enough in both branches of Congress at the last ses-
sion to break down Tariff under which the Trea-
sury well all the great interests of the country
had thriven and prospered, it is certainly in their
power at this session. if they disposed, TO pro-
vide the Ways and Means, in the mode recommend
ed by the Executive, TO enable it TO carry on the
Government.
We now take leave Of the Presidents Message !;
not that could not find much more to say of it,
but because we would not task too far the ndul-
gence Of our readers and because, besides, the
leading topics Of the Message are already under
discussion in Congress, and need no further eluci-