Litchfield enquirer., 1846-12-17

ninety four dollars and ninety weight cents
 4n order to prosecute the war with Mexi- co with vigor and energy, as the best means ot bringing it to a speedy and honorable termination, a farther loan will be neceSSa- ry, t0 meet the expenditure for ;he present and the next fiscal years. 1.-the war should be continued until the S0lh of June lS4S, being the end of the next fiscal year. it is estimated that an additional loan of twenty. three millions of dollars will be required.- This estimate is made upon the asSumplion that 1t will be necessary to retain constant. ly in the treasury four millions of dollars. to guard against contingencies If such surplus were not required to be retained, then a loan of nineteen millions, Of dollars would be sufficient II, however, Congress should. at the present session, impose revenue du. ly on tn: principal articles now embraced in the free list, it is estimated that an addi- tional annual revenue Of about two millions and half, amounting, it is estimated, on the 3Oth of June, lS4S, to four millions of dollars, would he derived from that source {; and the loan required would be reduced by that amount. It is estimated, also, that should Congress graduate and reduce the price of such of the public lands as have been long in tie market, tEe additional reve- nue derived from that source would be annu- ally, for several years to come, between half million and . million of dollars; and the loan required may be reduced by that a. mount also. Should these measures be adopted, the loan required would no, proba- ply exceed nineteen millions Of dollars, leaving in the Treasury a constant surplus of four millions of dollars. The loan pro- posed, it is estimated, will be sufficient to cover the necessary expenditures, both for the war aud for all other purposes, up to the SOlh of June lS4S; and an amount of this loan, not exceeding one.half, may be requi. red during the present fiscal year, and the greater part of the remainder during the first half of the fiscal year succeeding.
 la order that timely notice may he given, and proper measures taken to effect the loan, or such portion of it as may be re. Quired. it is important that the authority of Congress to make it be given at all early period Of your present session. It is sug- gested that the loan should be contracted for period of twenty years, with authority, to purchase the stock & pay it of, a, aM earlier period, at it's market value, out of any sur. plus which may at any time be in the Treas ury applicable to that purpose. After the establishment. of Peace with Mexico, it is supposed that considerable surplus will exist, and that the debt may be cxtinguished in . much shorter period than that for which it may be contracted. The period of twenty years as that for which the pro- posed loan may be contracted, in preference to A shorter period, is suggested, because all experience, both at home and abroad, has shown that loans are effected upon much better terms npon long time, than when they are reim5nrsable at short dates.
 Necessary as this measure iS, 10 sustain the honor ard the interests of the country, engaged in . foreign war, it is not doubted but that Congress will promptly authorize it.
 The balance in the Treasury on the frs, of July last exceeded nine millions cf dol. lars, notwithstanding considerable expendi. lures had been made for the war during the months of May aud June preceding. Blu, for the war, the whole public debt could and would have been ex,inguished within a much shorter period and it was a part of my settled policy to do 50, and thus relieve the people from its burden, and place lhc Government in a position which would er- able it to reduce the public expenditures to that economical standard which is most consistent with the general welfare, and the pure and wholesome progress of our inSsiIu- tions.
 Among our just causes of complaint a. gainst Mexico, arising out Of her refusal to treat for peace. as well before as since the war SO unjus,ly com mmenced on her part, are the extraordi ary expenditures in which we have been involved. Justice to our own people will make it proper that Mexico should be held responsible for these expen. ditures.
 Economy in the public expenditures is at all times a high duty which all public func- t,onaries of the Government owe to the people. This duty ieco'nss the more i'm. pera,ive in period Of war, when large and extraordinary expenditures become unavoid- able. During the existence ol the var, with Mexico all our resources should be husband ed, and no appropriations made except such as are absolutely necessary for its vigorous prosecution and the due administration of inc Government. Objects of appropriation which in peace may be deemed useful or proper, but which are not indispensable for the public service, may, when the country is engaged in a foreign war, be well post poned to future period. By the observ- ance of this policy at your present session, large amounts may be saved to the Treasu- ry, and be applied to objects of pressing and urgen. necessity, and the creation of cor responding amount of public debt may be avoided.
 1t is not meant to recommend that the ordinary and necessary appropriations for the support of Government should be with held, bu. it is well known that at every session of Congress, appropriations are pro posed for numerous objects which may or may not be made, without materially affec- ting the public interests; and these, 1t is recommended, should not be granted.
 The act passed at our last session. re- ducing the duties on imports. not having gone into operation untll the first of the present month, there has moi been time tor it's practical effect upon the revenue, and the business Of the country, tO bc de- veloped. I: is not io be doubted. howev- c,. that the jus, policy which it adopts will add largely to our f0reign trade. and promote the general prosperity. Al'ho