Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1846-12-29

the debt may be extinguished in . mucR
shorter period than that for which it may
he contracted. The period of twenty yeaff
as that for which the proposed loan may
be contracted, in preference TO a shorter
period, is suggested, because all expert!
ence, both al home and abroad, has shows
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 sosJ-
tain the honor and the interests of the.
country, engaged in aoriegn war, ii 10
not doubted that Congress will promptly
authorize it
The balance in the treasury on the
first day of July last exceed nine mil.
lions of dollars, Notwithstanding consid.
cradle expenditures had been made for
The war during the months of May and
June proceeding. But for the war, tho
whole public debt could ard would have
been extinguished within a short period;
aud i, was part ofmy settled policy TO
do so, aud thus relieve the people from
its~burden, and place the government il
a position which would enable it to re-.
duce the public expenditures to that &C.
onomical standard which is most consist.
ent with the general welfare, and the pure
anG wholesome progress of our ins'itu.
tions.
Among our just causes of complaint
against Mexico, arising out other refusal
10 treat for peace, as well before as since
the war so unjustly commenced on her
part, are the extraordinary expenditures
in which we have been involved. Jus.
tice to our people will make it proper that
Mexico should be held responsible for
these expenditures. SO
Economy in the public expenditures IL
at all times high duty which all public
iunctionaries of the government owe to
the people. This duty becomes the more
imperative in the period of war, when
large aad extraordinary expenditures be-
come unavoidable. During the existence
of the war with Mexico all our resources
should be husnanded, and no appro-
prations made except such as are ab-o
suluicly necessary for its vigorous p-os-
ecuti0n and the due administration of tho
government.-Objects of appropriation
which in peace may be deemed useful or
proper, but which are not indispensable
to thc public service, may. when the cOun-
try is engaged in foreign war, be we'll
pnst Toned to 4 future period. BY the OBJ
servance OF this policy at your present
session, large amounts may he saved to
the treasury and be applied to objects of
Pressing and urgant necessity, and thus
the creation of corresponding amount
of public debt may be avoided. s
1t is not ment to Recommend that tho
ordinary and necessary appropriations
for the support ofgovernment should be
withheld, hut it is well known that II
every session of Congress appropriations
are proposed for numerous objects, which
may or may not be made, without ma
teria!Iy efIecting the public interests, and
these it is recommended should not BE-
granted.
The act passed at your last session
reducing the duties on imports" not hav-
ing gone into operation until the first of
the present month, there has not been
time for its practical effect upon the rev.
enue, and the business Of the country, to
be developed. 1t is not doubted, how.
ever. that the just policy which it adopts
will add largely to our foreign trade, and
promote the general prosperity. Although
it connot be certainly foreseen what am.
cunt of revenue it will yield, il is estimat-
ed that it will exceed that produced by
the act Of 1912, which it superseded.
The leading principles established by il
are, to levy the tax with view to raise
revenue, and to impose them upon the
articles imported according to their actual
value. .as
The act of 1912, by the excessive rates q
OF duty which it imposed on many artic.
cs, either totally excluded them from i'm
poHation, or greatly reduced the amount
imported, and thus diminished instead of
producing revenue. BY il the taxes were
imposed. not for the legitimate purpose
of raising revenue, but TO afford advan- G
tages to favored classes, at the expense
of a large majority of their fellow citizens. .
Those employed in agriculture, mechali- q
cal pursuits. commerce, and navigation, 2
Were compelled to contribute from
their substance toswe!l the profits and
overgrown wealth of the comparatively
few who had invested their capital in
manufactures, The taxes were not lev. &
led in ProPertionto the value of the ar
ticles upon which they were imposed; hut 5
widely departing fIom this just rule, the :
dghter taxes We're, in many cases. leried
upon articles of luxury and high price.
and the heavier taxes on those of neces-
sity and low price. consumed by the great
mass Of the people. II was system. !
the inevitable effect of which was to re-
Iieye favored class and the, wealthy few
| from contributing their Just proportion for
the support of government, and to lay the
burden on the labor of the many. engag,