Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1846-06-25

vor Of seulers and cuitivators, rs recommended
in your message Of December last. wouN
make an annual addition of half million a
dollars to the revenue derivahle from the upn-
ceeds Of the sales Of the public lands by bring
ing into market many millions OF acres Of The
public domain which are wholly unsuitable a,
the present minimum price established By law
Deductng this sum Of halfa million of dollaE
from the deficit last above mentioned. would
leave stil unprovided for the sum OF 1925
400, which must be met by loans, treasury
notes, direct taxation, or excuses.
In addition TO the strong objections which
have beer urged against direct taxes and exc.
SEES. it would be Difficult, TO put in operation
such a system in all the States and Terri,urips
so as to realize the required amount in cash
| before the 30th Of June, 1917, A system Of
/ direct taxes and excuses. it is believed, would
not meet the sanction of the people, unless IN
the emergency Of a war with some great mar.
thine nation, exposing our commerce to crea,
hazard. and greatly reducing the revenue from
duties on imports.
| The only remaining means for SUPPLYING
this deficit within the required period, IS by
loans or treasury notes; and accordingly 10.
commend, with view to the most vigorous
prosecuting OF the existing war with Mexico.
so as TO bring il 10 a speedy and honorable Ter.
mination, that contingent authority should be
vested in this department, with your sanction.
| to issue treasury notes or effect loan of n
sum in the aggregate not exceeding the last
above mentioned deficit OF Sl25s6. 400.
! think it would be most advantageous to
the government, that a portion Of this money
should be raised by treasury notes, and the re.
mainder by loans, limiting the interest in both
cases to rate not exceeding six per cent per
annum, and iorbidding the negotiation in eth.
er case below the par value. If the authority
were limited so as TO cover this deficit, and the
power given TO resort TO loans or treasury
notes, or both, as the emergency might require
the money might BE raised at much lower
rate Of interest than if the department wen
confined to loans alone, OF to treasury notes.
The experience Of the government has dem.
onstrated that there are periods when leans
are most available, and that there are occa-
sions when treasury notes are much better
adapted TO meet the emergency; and the pow
er to select both, or either, from time to time,
would render the negotiation more certain, and
probably save very large amount of interest
10 the government II the war should be
speedily terminated, it is possible that resort
10 loans or treasury notes might not be requH
ed, or if so, for an inconsiderable amount
The same power that is now given by law 10
redeem the loan, even before its maturity,
whenever the funds of the government viii
permit. so as to iquidate any public debt as
speedily as possible. should be continued, as
also the authority for the resistance of the trea.
sury notes as heretofore provided by law. as
well as for their receipt in revenue paymenG
The additional duties designated in schedule
A are recommended as war measure, and 10
terminate with the restoration of peace, orS
soon thereafter as the state of the public fnau.
ces will permit their discontinuance.
have the honor to be, sir, most respectful
w, your obedient servant,
r. J. WALKER,
Secretary Of the Treasury.
To the PRESIDENT.