Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-12-16

y quired, it is important that the authority q
Congress to make it be given at an earl
period of your present session. 1t is sug
gested that the loan should be contracts
Tor period of twenty years, with authorit,
to purchase the stock and pay it off, at al
earlier period, at its market value, out o
any surplus which may at any time be il
the treasury applicable to that purpose
| Alter the establishment of peace with Mex
leo, it is supposed that considerable sur
4 plus will exist, and that the debt may bt
extinguished in much shorter period thar
that for which it may be contracted. Phe
period Of twenty years, as that for which
the proposed loan may be contracted, in
preference to shorter period, is suggested,
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, it is not doubted
but that Congress will promptly authorize it.
The balance in the treasury on the frs,
ofJuly last exceeded nine millions of dollars,
notwithstanding considerable expenditures
had been made for the war during the
months of May and June preceding. But
for the war, the whole public debt could
and would have been extinguished within a
short period; and it was part of my SET
tied policy to do so, and thus relieve the
people from its burden, and place the gov-
ernment in position which would enable
it to reduce the public expenditures to that
economical standard which is most consist
ent with the general welfare, and the pure
and wholesome progress Of our institutions.
Among our just causes Of complaint a.
gainst Mexico, arising out of her refusal to
treat for peace, as we'll before as since the
war so unjustly commenced on her partare
the extraordinary expenditures in which
we have been involved. Justice to our
own people will make it proper that Mexi.
co should be held responsible for these ex.
penditures.
Economy in the public expenditures is
at all times high duty which all public
functionares of the government owe to the
people. This duty becomes the moro i'm
perative in period ofwar, when large and
extraordinary expenditures becme unavoid
able. During the existenceo of the war with
Mexico all our resources should be husband
ed, d,&no appropriations made except such as
are absolutelynecessary for its vigorous pros
ecution and the due administration of the
government. Objects appropriation which
in peace may be deemed useful or proper
but which are not indispensable for the pub
lie service, may, when the country is en-
gagged in foreign war, be we'll postpone,
to future period. By the observance o
this policy at your present session, larg'
amounts may be saved to the treasury, ant
be applied to objects of pressing and urgen
necessity, and thus the creation ofa cores
ponding amount of public debt may be a.
voided.
1t is not meant to recommend that the
ordinary and necessary appropriations fo1
the support of government should be with.
held, but it is we'll known that at every ses
sion of Congress appropriations are pro.
posed for numerous objects which may OF
may not be made, without materially af
fecting the public interests; and these it is
recommended should not be granted.
The act passed at your last session Gre
ducing the duties on imports" not having
tgoue into operation until the first of the
present month, there has not been time fol
its practical effect upon the revenue, an(
the business of the country, to be developed
1t is not doubted, however, that the jus
policy which it adopts will add largely tc
our foreign trade, and promote the genera
prosperity. Although it cannot be Ger
tainly forseen what amount of revenue i
, will yield, it is estimated that it will exceed
that produced by the act of 1912, which
: superseded. The leading principles estab
lished by it are, to levy the taxes with I
!, view to raise revenue, and to impose then
upon the articles imported according to thei
: actual value. .......
The act Of 1912, by the excessive rate
, Of duty which it imposed on many articles
either totally excluded them from importe
ton, or greatly reduced the amount import
ed, and thus diminished instead of producin
: revenue. By it the taxes were impose
not for the legitimate purpose of raisin
revenue, but to afford advantages to favore
classes, at the expense Of large majorit
of their fellow-citizens. Those employe
) in agriculture, mechanical pursuits, com
t merce, and navigation, were compelled t
v contribute from their substance to swell tn
E profits and overgrown wealth of the com
! paratively few who had invested their car
a ital in manufactures. The taxes were nc
J, levied in proportion to the value of the art
u cles upon which they were imposed; bu
widely departing from this just rule, tn
/. lighter taxes were, in many cases, levie
articles of luxury and high price, ar
o 1.-THE heavier taxes on those Of necessity ar
Q lox.. .,,,;oo conc,,poad h1y tho 0rnaf mass