The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1846-12-22

important that the authority orConrress IN .
make IT be given at an early period Of your
present session. 1t is suggested that the
loan should be contracted for n period OF
twenty years; with the authority TO pur-
chase The stock and pay il off at an earlier
period, at IFS market value, out of anv sur
plus which may at any time be in the treas
ury applicable 10 that purpose. After the
establishment OF peace with Mexico, it is sun
posed that a considerable surplus will exist.
and that the debt may be extinguished in a
much shorter period than that Tor which il
may be contracted.
The period of twenty years, as that for
which the proposed loan may he contracted,
in preference 10 shorter period. is cpes-
ted, because all experience, both a: ONE
and abroad, has shown that loans are ,fTec-
ted upon much better terms upon long time,
than when they are reimbursable at shorter
daIes.
| Necessary as this measure is. 10 sustain
the honor and the interests Of the country.
engaged in foreign war, il is MT dot bted
but that Congress will promptly authorize
it.
The balance in the treasury on the first of
July last exceeded nine millions of dollars,
Notwithstanding considerable expenditures
had been made for the war during the
months Of May ard June preceding. But
Tor the war, the whole public debt could and
would have been ertinguished hin short
period; and II was part ofmy settled poll
cy to do so; and thus relieve the people from
lis burden, and place the government IN a
position which would enable il to redure the
public expenditures to that economical
standard which is the most consistent with
the general welfare. and The pure and whole
some progress Oi our Institutions.
Among our Just causes of complaint n
gainst Mexico, arising out Of her sal to
treat for peace rs well before rs since the
war so unjgstly commenced on her part, are
the extraordinary expenditures in Win We
have been involved. Justice TO our own
peopIsBill 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 iunc-
:lonarles oil The government owe TO the pco-
pie. This duty becomes the more impera-
live in period ofwar, when large and or
rraordnary expenditures become unavoida-
BILE. During the existence OF the war with
Mexico all our resources should be hus5an-
ded, and no appropriations made except
such as are absolutely necessary for its Wig
orous prosecution ard the due adn,nistrl-
ton OF the government. Objects of appro-
priation which in peace may be deemed use
lul or proper, hut which are not indispens;,-
BILE Tor the public service, may, when The
country is engaged in foreign war, be well
postponed 10 a future period.
By the observance of this policy nj your
present session. large amounts may he saved
10 the treasury and be applied 20 objects
Of pressing and urgent Necessity, and thus
the creation ola corresponding amour, Of
public deb! may be avoided
| II is not meant 10 recommend that the or
binary and necessary appropriations for The
support Of government should be Wnhhell.
but II is well known that at every session of
Congress appropriations are proposed Tor
numerous objects which may or may not be
made, without materially affecting tho pub
tic interests and these il is recommended
should not lie granted.
The aci passed at your last session redu-
cling the duties on imports not having gone
into operation until the first Of the present
month there has not been time for liz pracii-
cal effect upon the revenue. and the business
Of the country TO be developed. II is not
doubted however, that the Just policy whIch
it adopts will add largely 10 our foreign trade
aud promote the general prosperity. Al
though il cannot be certainly loreseen what
amount Of revenue il will yield. il is estimated
that it will exceed that produced by the act
If 1912, which il superseded. The lead
ing principles established by il are, 10 levy
the taxes with Il view 10 raise revenue, and
TO impose them uron the articles imported
accoi ding TO their actual value.
The act Of 1912, by he excessive rates of
duty which il imposed on many articles,
either totally excluded them from imporia-
ion, or greatly reduced the amount impor-
led and thus diminished instead OF producing
revenue. BY it the taxee were imposed not
for the legitimate purpose Of raising rcven-
ne, but 10 afford advantages TO favored
classes at the expense Of large majority Of
their fellow citizens. Those employed in
agriculture, mechanical pursuits. commerce.
and navigation, were compelled 10 contrib
utk from their substance 10 swell The profits
and overgrown wealth Of the comparatively
few who had invested their capital in manu-
| features.
The iares were not levied in proportion
% the value Of the article upon which they
were imposed; but, widely departing from
this Just rule, the lighter taxes were, in many
cases, levied upon articles o(luxuIy and high
price, and the heavier taxes on those Of ne
cessiiy and low price, consumed Icy the
great mass of the people. 1t was system
The inevitable effect Of Which was 10 relieve
favored classes and the wealthy few from
contributing theii just proportion for the sup
pori OF government, and 10 lay the burden on
the labor ofihe many engaged in the other
pursuits than manufactures.
A system so unequal and unjust has been
superseded by the existing law. which impo-
ses duties not for the benefit or injury Of
classes or pursuits, but distributes, and, as
tar as practicable, equalizes the public bur
den among all classes and operations. The
favored classes, who. under the unequal and
unjust system which has been repeated.
have heretofore realized large profits, and
many ofthem amassed large fortunes. at The
erpense OF the many who have been made
tributary othem, will have no reason fo
complaint they shall be required to hear
their just proportion ofthe taxes necessary
for the support Of government. So lar from
it, it will be perceived, By an examination OF
the eristing law, that Determinations in the
rates of duty imposed within The revenue