Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-12-17

twenty-pne millions four hundred and nne heusand
dollars ami six of which
there was derived from customs iweny-sx million
hundred and twelve thousand six hundred and sixy-seFen
dollars and eghseven cents from sales OF public lands t@o
million hundred and ninety thousand four hundei
and ytwo dollars and foyeht cents, aud from ineden-
tai and miscellaneous sources s92, l26 H. The ex-
thryOne thousand hundred and fourteen dollars aud
twenty cents and the balance Of the treasury on the rt
day Of July last nine million hundred and twenty
six thousand four hundred and thy-nne dollars and eight
cents.
The of the public debt including notes,
on the hI Of the present month was wentyiouT million
hundred aud yx thousand four hundred and ninety
four dollars and sixty cents of which the sum oil seventeen
million hundred aud lightweight thousand seven hun
dTed and dollars and sixtywo cents out
standing the 4h Of March, S45 leaving the amount IN
cured since that time six million four hundred aud sixty
thousand six hundred and dollars and nine
ty-eight cents.
In order prosecute the with Mexico with vgor and
energy, the best Of bringing TO speedy aud hon.
orable termination further will be 10 meet
the expenditures for the and the next hca year III
the war should be continued year longer, loan 70 the
amount Of twentythee millions of dollars will be required
This estimate is made upon the assumption that IT will be
necessary retain constantly the treasury four millions
Of dollars guard against contingencies. II such surplus
required be retained then loan OF nineteen
millions Of dollars would be sufficient II, however Con-
gess should the present session. impose revenue duty on
the principal articles embraced in the free list II Is es
tmaed that an additional annual revenue oil about Two mi
lions and half amounting ii Is estimated on the thlrteh OF
June lSiS four millions of dollars would be derived from
the required would be reduced that
is estimated also that should Congress graduate
and reduce the price OF such OF the public lands as have
been long the nakei the additional revenue derived from
that would be annually for several come be-
tween half million and million of dollars and the loan
required may be reduced by that also Should these
be adopted the loan required would not ably
exceed eighteen nineteen millions Of dolais-leaying
the treasury constant surplus OF four millions Of dollars
The loan proposed il is estimated will be sufficient 10 cover
the necessary expenditures both for the and all ether
purposes the eh Of June, lS4S; and amount
Of this loan exceeding one-hu may be required during
the present fiscal year. and the greater part of the remainder
I drFlu Tho first half a tho
In oder thai timely notice may be gvea and proper
taken to effect the loan such portion Of
be required important that the authority Of Congress to
make it, be given early period Of your present session.
1t suggested that the loan should be contracted for peri
cd Of twenty years. with authority the stock and
pay il off, al earlier PERIOD al IFS market value, out oil
surplus which be in the treasury appi
cable to that purpose After the establishment of peace
with Mexico il is supposed that considerable surplus will
exist and that may exnguished u much shor
period than that for which be contracted The
period Of twenty years that for which the proposed loan
may be contracted 10 preference to shorter PERIOD sug
gested because all both at nome and Abroad has
shown that loans effected upon much better upon
long time, than whenthey reiGbusabe at short dates
Necessary this Is sustain the honor and the
interests of the country. engaged in foreign ii is not
doubted but that Congress will promptly authorize it.
The balance in the treasury the first Of July last
ceeded nine millions of dollars notwithstanding
expenditures had been made for the during the months
Of May and June preceding. But for the war; the whole
public debt could aud would have been extinguhed within
short period and it paIt of my settled policy TO do
So aud thus relieve the people from its burden aud place the
which 10 reduce
the public expenditures that economical standard which
consistent with the general welfare, and the pure and
wholesome progress Of our institutions
Among Of complaint against Mexico aTis
ing out of her refusal TO for peace well befoIe
since the upusty commenced her part the
traodnary expenses in which we have been involved JUS
tice people will make it proper that Mexico
should be held responsible for these expenditures.
Economy in the public expenditures is at all times high
duty which all public functionares Of the government
the people. This duty becomes The imperative in
period of when large and extraordinary expenditures
become unavoidable. During the existence Of the with
Mexico all should be husbanded aud appo
prstOn made except such absolutely necessary for
its vigorous prosecution and the due administration of the
government Objects Of appropriation, which in time of
peace may deemed useful proper which not in
dispensabe for the public service may when the country
engaged foreign he well postponed to future period
BY the observance Of this policy at your present session.
large amounts may be saved to the treasury, and be applied
objects of pressing and urgent necessity and thus the
alton of corresponding amount of public debt may be
avoided.
II is meant recommend that the ordinary and neces
say appropriations for the support of the government should
be withheld, but is well known that at every session Of
Congress appropriations proposed for numerous objects
which may not be made, without materially af-
ecting the public interests and these il is recommended
should not be granted.
The passed your last reducing the duties
on imports not having gone into operation until the first
of the present month"; there has been time for its prac-
teal effect uopn the and the business of the
try to he developed 1t is not doubted however that the
just policy which IL adopts will add largely TO foreign
cannot be certainly oreseea what of it will
yield. il is estimated that it will exceed that produced by
the act of 1872 which superseded The leading prnc
Piles established by it to levy the taxes with view
raise and impose them upon the articles mpor
ted according TO their actual value.
The Of 1872 by The of duty which imposed
articles either totally excluded them from importation great
H reduced the amount imported and thus diminished instead
dug revenue By the xe imposed not for the legitimate
at the expense OF large majority Of their fellow citizens Those
poyed agriculture mechanical commerce, and navigation
and wealth OF the comparatively VITO had invested
ton 10 The value Of the articles upon which they were imposed but
widely departing from this just rule he lighter taxes in
those Of necessity and low price, consumed by the
of the people II SYSTEM the inevitable effect Of which
wealthy contributing their Just
proportion for the OF and lay the burden the
unequal and unjust has been superseded the existing
w %he h duties sss not the or INJURY Of ss
burdens all classes and occupations The favored classes who,
heretofore realized large profits and many of them auassed large for
s % lave o 90 s s s p BE- ed ia Ssp
their JUS proportion Of the taxes necessary the support Of
existing law thai discrimination The rates q duty imposed %nh
dsn" aid s ossn competition which a thew @ en r Rs
Them an aasaage which no Shs5 pursuits posses eu. o. tins none
duties including eghs and charges which the importer
must before he IN competition with the home manuc
ter markets, nearly all leading branches of
manufacture Than third Of the Of the Imported
vaniages doubted that domestic manufacturers will
tinue to Pspe realizing IN well conducted establishments
Indeed far from requiring incidental duties
uactrers several leading branches are extending he business
giving great ingenuity skH ability
compete n prospect o. Success o Inc open market o. he
lars, whch canno find market home annually exported
existing law the system will probably be peranent and capt5lisS
who have made shall hereafter make THEN
lures will know what rely The country will be satisfied
these because the advantages which the manufacturers still enjoy
High protective duties unjust operation upon
ne mass Of the people fail to give rise to extensive dasac
rendering all investments In manufactures uncertain and precaous