The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1846-07-07

succeeding Its adoption; but that II would
add one million of dollars per annum to
the permanent annual revenue from GUS
toms is not doubted.
1t is believed also that the reduction
and graduation of the price of the public
lands in favor Of settlers and cultivators,
as recommended i'll your message of De-
cember last, would make an annual addi-
ton of half million of dollars to the rev.
enue derivable from the proceeds Of the
public lands, by bringing into market ma
ny millions of acres of the public domain
which are wholly unsaleable at the pres
ent minimum price established by law
Deducting this sum of half million of
dollars from the deficit last above men
toned, would leave still unprovided for
the sum of $l2, 1885, ,406, which must be
met by loans, treasury notes, direct taxa
ton, or excises.
In addition to the strong objections
whieh have been urged against direct
taxes and excises, it would be difficult to
put in operation such system in all the
States and territories, SO as to realize the
required amount in cash, before the 30th
of June, ls47. A system of taxes and
excises, it is believed, would not meet the
sanction of the people, unless in the e.
mergency OF a war with some great mar
atime nation, exposing our commerce to
great hazard, and greatly reducing the rev.
enue from duties on imports.
The only remaining means for supply
ing this deficit within the required period,
is by loans or treasury notes; and would
accordingly recommend with view to
the most vigorous prosecution OF the ex-
isting war with Mexico, so as to bring it
to speedy and honorable termination.
that contingent authority should be vest
ed in this department, with your sanction,
to issue treasury notes, or effect a loan of
a sum in the aggregate not exceeding the
last above mentioned deficit of $l2,5S6,-
400.
| think it would be most advantageous
to the government, that a portion of this
money should be raised by treasury notes,
and the remainder by loans, limiting the
interest in both cases to rate not exceed
ing six per cent. per annum, and forbid
ding the negotiation in either case below
the par value. If the authority were linn
tied so as to cover this deficit, and the
power given to resort to loans or treasury
notes, or both, as the emergency might
require, the money might be raised TO a
much lower rate of interest than if the
| department were confined either to loans
alone, or to treasury notes. The expert
ence of the Government has demonstra-
ted that there are periods when loans are
most available, and that there are occasions
( when treasury notes are much better a.
dapted to meet the emergency; and the
power to select both or either, from time
to time, would render the negotiation more
certain, and probably save large amount
Of interest to the government. II the
war should be speedily terminated, it is
possible that resort to loans or treasury
notes might not be required, or ifso, fol
an mconsiderabIe amount. The same
power that Is now given by law to re-
deem the loan, even before its maturity
whenever the funds of the government
will permit, so as to liquidate any public
debt as speedily as possible, should be
continued, as also the authority for the
reissue of the treasury notes as hereto
fore provided by law, as well as, for theiI
receipt in revenue payments.
The additional duties designated ii
schedule A, are recommended as wal
measure, and to terminate with the resto
ration of peace, or as soon thereafter as
the state of the public finances will per-
init their discontinuance.
have the honor to be, sir, most res
peciively, your obedient servant,
R. WALKER.
Sec'y of the Treasury
| TO THE PRESIDENT