Mobile register and journal., 1846-12-16


 tneencss. If such surplus were nol required io De retained then loan of nineteen millions oi aoiia
 would be sufficient If however, Congress siouio
 al the present session, impose revenue ou's on the
 principal articles now embraced in the Tree list It ia
 estin,aed thar an additional annual revenue of about
 two uiliions and half amounting IS esllmated on tue thrtieth of Jnne, lsls to tonr millions ol dolarsi would be derived from that sourcei and 'he joan re aured would be redsred by thai amount II IS es- tmated also that should Congress graduate and re- duce he price of such of the public lands have been long in the market the additional revenue de. rived from that source would be annually for several years come. .tween nall lnlllon aud lnhiloh oi dollars: and the loan reqnI ed may be reduced by that amount also should these measures be a- dorled the loan required wonld not probably ex
 ceed eighteen hineteen millions ct dolars-ieav.
 ing in the treasury constant surplus o ut millions uf dollars, The loan proposed II is estimated will be sutf ,ient the necessary expenditures both
 for the and for all other pun poses, up to the thir teth ofJune. s4s and amount o this loan, not ex ceeding one half may be required during the present
 fiscal year and the greater part ot the remainder du ring the sthalf ofthe fiscal year succeeding
 In order that timely notice may he given, ard prop CT means taken to effect the loan, such portion or lt asnay he required, it Is important That me au tn hirity of Congress make il be gwen at an carry period of your present session Ii Is suggested mat the loan should be contracted for period of twenty years. with authority 10 purchase the stock ana pay il of, eatlier period, at lis market value out of any surplus whiGh may at any iDe be in the treasury applicable 10 thal purpose. f'ei "1 eS'"o
 shm-nt of peace with Mexico it IS supposed thaia considerable surplus will exist and that the debt may be extinguished ii a much shorter perot than that for which it may be contracted. The period ol twen y years. as that for which the proposed loan my De contracted in preference to shorter pefIod IS sug gested, because al expert ence, bolh al home and abroad has shown that loans effected upon much better terms upon long tune, than when they are re inIbnrsable at short dates.
 Necessary this measure K. to sustain the no nor uUaAl,a ipte stn nf inc ennaQed fOfe
 The balance In the treasury on he hrst oi July last exceeded nine millions of dollars, notwithstanding considerable expenditures had been made for the during the months of May and June preceding. But for the war, the whole public debt conld and would have been exlinguished within short period; and il part of my settled policy to do so, and thus relieve the people from it's burden, and place the government in position which would enable il q reduce the public expenditure to that economical standard which is most consistent with the general welfare. end the pure and wholesome pr gress Of our institutions.
 Among our just causes of complaint against Mexi co, arising out of her refusal treat for peace, well before since the war so ltnjusily commence ed her parr the extraordinary expenditures in which we have been involved Justice to own people will make il proper that Mexlco should be he responsible for these expenditures.
 Economy in tn, public expenditures is high duty which all public funclionaries of the to the people This duty becomes the more imper- atve in period q war when large and extraordi nary expenditures D9cDme unaNOluaOlt DurlnH the existence of war with Mexico all our resources should be husbanded. and no appropriations made cept such absolutely necessary Tor it's vigorous prosecution and tue due administration of the govern ment. Objects of appropriation which in peace may be deemed useful or proper bnt which not indis p1nsable for the public service may, when the try is engaged in foreign war, be well postponed
 future period. By the observance of this policy at your pre- session, large amounts may be saved the treasury and be Applied to objects of pressing andu andf a of a cor responding amount of public debt may be avoided.
 It is not meant to recommend that the ordinary and necessary appropriations for the support of govern ment shsud be withheld, but it is well known that at every session of Congress appropriations are propros ed for numerous objects which may or may not be made without materially affecting public interests and these il is recommended should not be granted.
 The a-t passed your last sessicn reducing the duties onimpors" not having gone iuo operation un- I the first of the present month. there has not been
 time for it's practical effect upen the revenue, and the business of the country, to be developed. It IS not doubted, however that the just policy which 1t adopts will add largely our foreign trade and promote the general prosperity Although it cannot be certainly oreseen what of revenu will yield, it is tmated that it will exceed that produced by the of ls4e. whichit superseded heleading principles established by are, levy the taxes with view raise revenue, and to impose them upon the article imported according to their actual value
 The act of l5i2, Vy the excessive rates of duty which it imposed many articles, either totally oluded them from importation, greatly reduced the amount imported, and thus di~inished instead of pro ducing arveue. By it the taxes were imposed noi for the legitimate purpose of raising but afford the advantages to favord classes. at the expense large majority of their fellow citizens. Those poyed in agriculture, mechanical pursuits commerce and navigation compelled to contribute from their substance swell the profits and overgrown wealth of the comparatively few wh had invested their capital in manufactures. The taxes were not le vied in proportion to the value of the artces upon which they are imposed; but, widely departing from this just rule the lighter taxes were in many cases, levied upon articles of luxury and and high price, and the heavier on those o necessity and low price, consumed by the great mass of the people, It was system, the inevitable effect of which was to relieve favored classes and the wealthy few from contribute ing their just proportion for the support government, and to lay the burden the labor of the many engag ed in other pursuits than manufactures.
 system so unequal and unjust has been supersed ed by the existing law which imposes duties not for tributes, and. far practicable equazes the public burdens among All classes and occupations The favored classes wbo the unequal and unjust system which has repealed have heretofore realised large profits and many them amassed large fortunes at the expense of the many who have been made tributary to them, will have no reason to complain if they shal be required bear their proportion of the taxes necessary for inc support government So far from it, will be percev ed by an examination of the existing law that discrmi- natun in the of duty imposed within the revenue principle have been retained in their favor The inci dental aid against foreign competition which they still enioy give them an advantage which other pursuits possess but of this none others will complaint because the levied necessary for revenue These reve nue duties including freR hts and charges, which the i'm porter pay, before he come in competition with tue home manufacturer in our markets amount on near ly all leading branches ofnanuacure. o more than
 ne- third of the value of the imported Hrtice and in
 me cases almost one-halfis value. With such ad- vsntages it is not doubted that our domestic manufaciu Ters will continue prosper, realizing in well conducted osab shments profits than can be derived from any other regular business Indeed so far from quiring the protection ofsven incidental revenue duties, m A several leading branches tending their business giving evidence O great ingenuity and skill and ofther ability to compete With increased prospect of for the open market Of the world Domestic manufactures, te the value of several millions of dollars which cannot inda market a home are annu- ally exported foreign countries. With such rates of duties as those established by the existing law. the tenn will probably he permanent and capitalists who have made or shall hereafter make their Tn man, factures will know upon what torely The country will be satisfied with these rates, because ihe advantages which the manufacturers still enjoy result necessarily
 from the collection ofrevenue for the support of govern High protective duties from their unjust operation upon the of the people cannot fall to give rise to extensive dissatisfaction and complaint and to constant efforts to change repeal them rendering all investments in manufactures uncertain and precarl0us Lower and
 permanent rates duty at the same time that they wiIl yield the manufacturer 'ar and remunerating profts will him against tho danger of frequent changes In the system which cannot tail to rulnousy af feet hls interests.
 Simultaneously with the relaxation of the restrictive policy by the United States, Great Britain from whose example we derived the system, has relaxed hers She has modified her corn laws, and reduced many other du ties moderate rates Aer ages Of experience, the statesmen of that country have been constrained by necessity. and by public opinion having its deep foundaonl h the suffering and want Of impoverished millions abandoG system the effect cf which was to build immense irtunes In the hands Of the few, and reduce the ubong millions 10 paupesn and misery Nearly n the ratio that labor depressed capi al increased and concentrated by the British pro tectIve policy.
 The evils ofthe system in Great Britain was at length rendered into erabe, and n has been abaDdoned but not without struggle the part of the favored clas retain the unjust advantages which they have so long enjoyed It was to be expected thata similar sug.