The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-12-10

Mexican flag, as vel asby capturing these vess.,
themselves Every means within our NV.
should be rendered available Tor the pro,ection
our commerce.
the annual reppr, of the Secretary Of IT.. i
Treasury will exhibit detailed statement of ,L'
c"ndi'ion of the finances, The Imports G,i n.
fiscal wear ending the thirieth of June Ia,
were al II. valne of one bnndred and twenty a.
million six bundled and ninety one thousand 60"
en- hundred and ninety seven dollars; Of wkoh
the amnun, exported was eleven million ,b,s.
hundred and furry six Thousand six hundred al
twenty three dollars; leaving the amonnt retain.i
IN the country for domestic consumption one bns'
bred and ten million three hundred and forty f..
/ Thousand one hnndred and seventy four doll,,
The valne Uf the exports fur the same period Wa.
''ne hundred and thirteen million four hund,sS
md ''yhiy eight thousand five hundred aud civ
teen dollars; % which one hundred and two mi
lion que hundred and forty one thousand eivh,
hundred and ninety three dollars consisted of d.
nestle productions. aud eleven million three bn,
dred and f,rty six thousand six hundred ana
twenty three dollars of foreign articles.
The receipts into The treasury for the same YEA,
were twenty nine million four hundred and nino
| ,y- nine Thousand two hundred and forty SIEVE,
dollars and six cents; of which there was derived
I from customs twenty six million seven hund,sa
aud twelve Thousand six hundred and sixty seven
dollars and eighty seven cents, from sales of pph
| lie lands two million six hundred and ninety f,,
| Thousand four hundred and fifiy-two dollars and
foriy eight cents, and from incidental and miscel
| lanenus sources ninety two thousand one hund,sd
| and twenty six dollars and seventy -one cents -
| The expenses for the same period were twenty.
| eight million thirty one thousand one hund,sd
| and fourteen dollars and twenty cents; and Tho
balance in the treasury on the first day of Julv
| last was nine million one hundred and twenty siy
thousand four hundred and thirty nine dollars and
eigb, cents.
The amount of the public debt. including ra,.
| snry notes. on the first Of the present month v,s
twenty four million two hundred and fifty siy
thousand four hundred and ninety four dollars and
sixty cents. of which the sum of seventeen NIL
lion seven hundred and eighty eight thousand 60.
ven hundred and ninety nine dollars and six,v.
| two cents was outstanding on The fonrih of March
! 1913. leaving the amount incurred since that
time six million four hundred and sixty. seven
ihonsand six hundred and ninety four dollars and
ninet eight cents.
In order Ia prosecute the war with Mexico
with vigor and energy, the hes, means Of
| bringing il to speedy and honorable Termination
a further loan will be necessary to meet the e..
pendirures for the present and the next fiscal
| years. IL the war should be continued until the
,hiriieh of June lS4S-being the end Of tina
| next fiscal year-i is estimated that an addition
| al loan uf twenty three millions of dollars III he
| required; This estimate is made upon the AZ.
sumption that it will be necessary to retain con.
| SANITY in the treasury four millions of dollars IL
guard against contingencies. Ii such surplus
were not required to be retained then loan of
nineteen millions of dollars would be sufficient.
u. however, Congress should, at the present ses
sion, impose revenue duty on the principal ar,i
Giles now embraced in the free list, il is estimated
that an additional revenue of about twu millions
and half. amounting, il is estimated, on the
thirtieth Of June, l84S, To four millions of dol
lars, would be derived from that source; and the
loan required would be reduced by that amount
IL is estimated. also, that should Cong ress grad
nate and reduce the price of such of the public
lands as have been long in the market the add.
tlonal revenue derived from that source would be
annually, for several years TO come, between half
million and million If dollars; and the loan
required may be reduced by that amount ALSO
Should these measures he adopted, the loan re.
qnired would not probably exceed eighteen or
nineteen millions of dollars leaving in the rea-
snry constant surplus Of four millions of dollars
The loan proposed. it is estimated, will be sufi-
cienf to cover the necessary expenditures, both
Tor the war and for all other purposes, up to the
| thrtieth of June. 1913; aud an amount of this
loan, not exceeding half, may be required d.
ring The present fiscal year, and the greater part
of the remainder during the first half Of the fs.
cal year succeeding.
4 In order that timely notice may be given. and
proper measures taken TO effect the loan, or such
portion of it as may he required, it is important
that the authority of Congress to make il be given
at an early period of your present session. 1t is
suggested that The loan should be contracted for q
period of twenty years. with authority to purchase
the stock and pay il Of. at an earlier period at
lie market valne, ont Of any surplus which may
at any lime no in the treasury applicable to that
purpose. After The establishment 0f peace with
Mexico, il is supposed that a considerable surplus
will exist, and that the debt NAV be extinguished
IN much shorter period than that for which il
may he contracted The period Of twenty years,
as that for which the proposed loan may be con-
tracted in preference TO shorter period. is sug-
eesied, because all experience, both at home and
abroad. has shown that loans are effected upon
mnch better terms npun long time, than when
they are reimbursabie at short dates.
Necessary as this measure Ia to sustain The
honor and the interests of The country, engaged in
foreign war, il is moi doubted but that Congress
VIII promptly authorize it.
TIE balance in the treasury on the first of July
+ last exceeded nine millions of dollars, notwih-
standing considerable expenditures had been made
fur The var during the months of May and June
preceding. Bot for the war, the whole public
debt could and would have been extingnished
within short period and il was a part of my
settled pulley to do 50. and thus relieve the people
from its burden, and place The government in a
position which would enable it to reduce the pub
Tic expenditures 10 that economical standard which
IS most consistent with the general welfare, ami
the pure and wholesome progress Of our insIu'
lions.
Among our just causes of complaint against
Mexico, arising out Of her refusal To treat tor
peace, as well before as since the war so unjnsIy
commenced "n her part, are the extraordinary ex-
pendltufes in which have been involved
Justice IN our own people will make it proper that
Mexco should be held responsible for these eS'
pendilures