Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-07-04
STATE OF THE FINANCES.


President Of the United States to the Senate
WAsHNeToN, June 16, 1846.
To The Senate of the United STATES:
In answer 10 a resolution Of the Senate
Of the Sd instant, ] communicate herewith
estimates prepared by the War and Navy
departments of the probable expenses OF
conducting the existing war with Mexico
during the remainder OF the present ann
the whole of the next fiscal year. com,
municate also a report Of the Secretary o.
the Treasury, based upon these estimates
containing recommendation Of measures
for raising the additional means required.
1t is probable that the annual expenses n.
Cured during the period specified may fall
considerably below the estimates submitted,
which are for larger number Of troops than
have yet been called 10 the field. As pre-.
cautionary measure, however, against any
possible deficiency, the estimates have been
made at the largest amount which any state
Of the service may require.
1t will be perceived from the report oil
the Secretary of the Treasury that con-
siderable portion of the additional amount
required may be raised by a modification oil
the rates Of duty imposed by the existing
tariff laws. The high duties at present lev.
led on many articles totally exclude them
from importation, whilst The quantity and
amount Of others which are imported are
greatly diminished. By reducing these du
ties to revenue standard, it Is not doubted
that larger amount Of the articles on which
they are imposed would be imported, and a
corresponding amount Of revenue be receiv-
ed at the Treasury from this source. BY
/ ,p,p dnttoc artiClAa
now permitted to be imported free OF duty,
and by regulating the duties within the rev
enue standard upon others, a large addition
al revenue will be collected. Independent.
y OF the high considerations which induced
me in my annual message to recommend
modification and reduction Of the rates oil
duty imposed by the act Of 1912, as being
not only proper in reference TO the contin
uance of peace, but just to all the great IN
terests Of the country, the necessity OF such
modification and reduction as war meas
ure must now be manifest. The country
requires additional revenue for the prosecu
ton OF the war. 1t may be obtained to 9
great extent by reducing the prohibitions
and highly protective duties imposed by the
existing laws 10 revenue rates, BY imposing
revenue duties on the free list, and by mod
flying the rates OF duties on other articles.
The notifications recommended by the
Secretary Of the Treasury in his annual re-
port in December last we're adapted to
state OF peace, and the additional duties now
suggested by him are with view strictly to
raise revenue as a war measure. AT the
conclusion Of the war these duties may and
should be abolished and reduced to lower
rates.
| II is not apprehended that the existing
war with Mexico will materially affect our
trade and commerce with the rest Of the
world. On the contrary, the reductions
proposed would increase that trade and aug
ment the revenue derived from it.
~ When the country is in state OF war,
no contingency should be permitted 10 &C
cur in which there would be deficiency in
the treasury for the vigorous prosecution Of
The war; and to guard against such an event,
it is recommended that contingent authority
be given to issue treasury notes, or to con.
tract loan for a limited amount, reimburs
able at an early day. Should no occasion
arise to exercise the power, still it may be
important that the authority should exist,
should there be necessity for it.
t is not deemed necessary to resort TO di
rect taxes or excuses, the measures recon.
mended being deemed preferable as means
OF increasing the revenue. II is hoped that
the war with Mexico, if vigorously prose
cuted as is contemplated, may be Of short
duration. shall be at all times ready to
conclude an honorable peace whenever the
Mexican government shall manifest like
disposition. The existing war has been rem
dered necessary by the acts Of Mexico, and
whenever that power shall be ready to do
US justice, we shall be prepared to sheath
the sword and tender to her the olive branch
Of peace. JAMES X. POLK.
The following is the report Of the secre
tary Of the treasury, referred 10 in the pre-
cediIg message:
TREASURY DEPARTMENT, June IS, 1916.
Sir: have duly considered the resolu.
ton Of the Senate OF the Sd Of June, 1916,
together with the estimates Of the secretary
Of the Navy, of the 9th instant, and OF the
Secretary Of war, Of the 18th instant, sub.
mitted by you to this department, and re.
spectiully report to you as follows:
1t appears that the aggregate estimated
expenditures Of the war and navy depart.
ments for The fiscal years terminating on
the 30th Of June, 1916, and the 30th of June
ls47, amount TO Se3,952,9o4 over and
above the estimates made by these depart.
menu in December last, and then submitted
in my annual report to Congress. 10 that
report it was supposed by this department
that, upon the expenditures then estimated
Tor state OF peace, there would remain, on