Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1846-12-17

| to a speedy and honorable termination, a further
loan will be necessary, 10 meet the expenditures
for the present and next fiscal years. III the war
should be continued until the thrtieth Of June,
IS4S-being the end of the next fiscal year-it is
estimated that an additional loan of S23, 100000
will be required.
This estimate is made upon the assumption that
it will be necessary to retain constantly in the
treasury S4,0OO,O00, to guard against contlngen-
cies. IL such surplus were not required to be re-
tained then loan of SIS, ,000, 900 would be suffi-
cient If, however, Congress should, at the pres
ent session, impose revenue duty on the prlnc-
pal articles now embraced in the free llst II is es
timated that an additional annual revenue of about
50 500 600 amounting, il is estimated on the 30th
/ of June l84S, 10 S4,00O,00O, would be derived
| from that source and the loan required would be
reduced by that amount. 1t Is estimated, also,
that should Congress graduate and reduce the
price of such Of the public lands as have been
long in the market, the additional revenue derived
! from that source would be annually, for several
wears TO come, between half million ana mil
lion of dollars: and the loan required may be re-
duced by that amount also Should these meas
ureS be adopted, the loan required would not prob
ably exceed eighteen or nineteen millions OF dol
lars-leavng in the treasury a constant surplus OF
$4.000,000 The loan proposed. 1t is estimated,
will be sufficient TO cover the necessary eXpend-
lures both for the war and for all other purpo-
ses up 10 the 30th of June, 1913; and an amount
of this loan, not exceeding One-half, may be re-
qured during the present fiscal year, and the great
er part of the remainder during the first halt OF the
fiscal year succeeding
In order that timely notice may be given, and
proper measures taken TO effect the loan, or such
portion of it as may be required, it is important
that the authority Of Congress to make 1t be gwen
rly pf
suggested that the loan should be contracted for
period of twenty wears, with authority 10 pur-
chase the stock and pay it off, at an earlier period
at it's market value, out Of any surplus which may
at any time be in the treasury applicable to that
purpose. After the establishment of peace with
Mexico, it is supposed that considerable surplus
will exist, and that the debt may be extnguished
in a much shorter period than that for which 1t
may be contracted The period of twenty years,
as that for which the proposed loan may be con-
tracted, in preference to shorter period, Is sug-
gested, because all experience, both at home and
abroad, has shown 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 sustain the
honor and the interests of the country engaged in
a foreign war, i: is lot doubted but that Congress
will promptly authorize it.
The balance in the treasury on the lst of July last
exceeded $9,000,000, Notwithstanding consider
able expenditures had been made for the war dur
ing The months of May and June preceding. But
for the war, the whole public debl could and would
have been extinguished within short period; and
It was part of my settled policy to do so, and
thus relieve the people from its burden, and place
the government in position which would enable
it to reduce the public expenditures to that eco
nomcal standard which is most consistent with
the general welfare. and the pure and wholesome
progress of our institutions.
Among our just causes of complaint against Mex
ico arising out OF her refusal to treat for peace
well before as since the war, so unjustly COM
menced on her part, are the extraordinary expen-
ditures in which we bave been involved. Justice
TO our own people will make it proper that Mexi-
co should be held responsible for these expend-
itures.
Economy in the public expenditures is at all
times high duty which all public functonareS
Of the government owe to the people This duty
becomes the more imperative in period of war.
when large and extraordinary expenditures oe-
come unavoidable During the existence of the
war with Mexico all our resources should be hus-
banded, and no appropriations made except such as
are absolutely necessary for its vigorous prosecu
tion and the due administration of the government
Objects of appropriation, which in peace may be
deemed useful or proper, but which are not lndls-
pensable for the public service may, when the
country is engaged in foreign war, be well post
poned to a future period By the observance of
this policy at your present session. large amounts
NAV be saved to the treasury, and be applied to
objects of pressing and urgent necessity and thus
the creation of corresponding amount Of public
debt may be avoided.
1t is not meant to recommend that the ordinary
and necessary appropriations for the support OF
the government should be withheld, but II is well
known that at every session of Congress appro-
priations are proposed for numerous objects which
NAV or may not be made, without materially af-
ecting the public interests and these it is recon-
mended should not be granted
The act passed at your last session reducing
the duties on imports" not having gone into oper-
alton until the first of the present month, there has
not been time for its practical effect upon the rev.
enus, and the business of the country, 10 be de-
veloped. 1t is not doubted, however, that the just
policy which it adopts will add largely to for
eigh trade, and promote the general prosperity =
Although it cannot be certainly foreseen what
amount Of revenue it will yield, it is estimated that
it will exceed that produced by the act of 1912,
which i, superseded. The leading principles es-
tablished by it are, to levy the taxes with view
to raise revenue, and to impose them the articles
imported according TO their actual value
The act Of l842, by the excessive rates Of duty
which it imposed on many articles, either totally
excluded them from importation, or greatly re-
duced the amount imported, and thus diminished
instead Of producing revenue. By it the taxes
were imposed not for the legitimate purpose Of
RAISING revenue. but to afford advantages favor
ed classes, at the expense Of large majority OF
their fellow citizers. Those employed in agri-