The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-11-26

Gas the saying ISL 1t does not require the whole of
Mexico, nor does it exclude adequate indemnity to
the United States WE'LL them it to be hoped that the
administration may strike the happy mean, demand
sufficient indemnity, and yet not incur the imputaon of
requiring greatly beyond the wishes of the nation.
The only difficulty fear will be, that we may want
some Louisville chancellor to trim the beam of Justice
and say precisely what ought to have, and what
decided majority Of the nation does require.
For the Union.
Treasury Notes-No. 3.
The receipts and expenditures Of the United States gov
ernment IN the two years preceding the Mexican war,
were as follows:
Receipts
1914 Ssis sso a assss Ts
1916, 2762slI2 2.OO7.O22 Ie3,s9s 29,7O6, 1888
Expenditures
1914 PP sa AY Nsy Mss . Ts
1915, l7s7.osl 9,53s,2O2 622s639 2,s3l,n5 2ss0Oi9
The excess OF the ordinary revenue OF government
above Its ordinary expenses is the of its ability
to pay interest, and consequently the measure of its
ability to borrow money Here we find that the actual
OF the United States government exceeded its
pendture by $s,54i54 in 1914, and by IS ,as9,os4 in
In round numbers the ordinary revenue of
may, when the country not disturbed by bank revu
sons, be set down at thirty millions and its ordinary
pendltures at twenty millions This leaves surplus
which will pay the interest two hundred millions OF
public debt al five per cent? hundred and SIX
| ty-slx millions at six per cent.
The constitutional treasury will greatly weaken, though
will not entirely destroy the effect of bank revulsons
Our revenue will not likely be diminished from this
cause as it was in some past years And the new tariff
combined with the change of affairs that is taking place in
| Europe, will conduce to increase it.
We say that the new tariff will conduce to increase the
revenue gross error to suppose that just IN pro-
be increased also Taxes for revenue, and taxes for
protection, falsely called0 are incompatible. Just
far tax is protective, Just so far is it prohib.
i've" of importatons and just far does it tend to
duce the revenue from customs. You cannot, by one
and the act put dollar into the pocket OF the man.
ufacturer and dollar into the public treasury, and yet
take but one dollar from the people.
This tendency of the tariff TO increase the revenue
may, admit, be councracted by other But If
should be, there other sources OF taxation as yet
untouched, towhch government can resort Among the
articles present imported free of duty, two alone
namely Tea and cofee-have, in one year, yielded reye
nue. of five millions of dollars
If convinced of its necessity support the public
vice. the people will readily submit to tax on any OF the
| at present untaxed articles
| The surplus revenue of the United States is we
have already shown sufficient to pay the interest be-
added the revenue will give government additional
power to borrow from sixteen to twenty millions Thus
we see that government readily increase its
as to be able to pay if necessary the interest debt
OF three hundred millions.
| Turn we next to the expenses of the war.
When the present administration came into power the
lars According to the latest official statements, it is
about forty-fve millions. Eighteen months of war have
added to it only twenty seven millions.
1t may surprise many that carried at SO great
distance and under such dsadvantageous circumsan-
cess should have added little to the public expenditure
One of this is that large portion OF our ordinary
expenses in time Of peace are but preparations for war
When actually comes, the burden is lighter then
than it otherwise would be-
In times of peace three ourths of ordinary expen
ses are for the support of the army and navy This army
have N he
not gone to Supporting them when engaged In &C
tua hoslties does not cost great deal more than sup
# Is not likely that the cost Of the war will be in
| creased We shall have more pitched bates and il
Mexico mil not make peace, she must be made to pay
the expense of bringing her domlnons INTO state OF
One popularity in this war is well worthy of observa-
ton 1t interrupts branch OF industry and no branch
Very different would have been the effect OF with
| England. That by cutting up our commerce, would
have off revenue and would have lnterered with
many of the pursuits OF domestic industry. It would
also, by diminishing emigration from Europe, have d.
minshed the demand for our public lands.
/ The war with Mexico has no such consequences. II
is, the great body of the people, as if it were not That
any necessity for it exists, deeply to be regretted but
the for this regret is not to be found in any error
misconduct our part or in ITS nteruptng the ordi-
nary pursuits of business imposing any bur
dens on our own people An additional tax of only one
dollar head per annum, imposed at the commencement
of the war; would have left us at its close without any
| public debt.
We have said that no government ever had sonndei
princples of finance than those which the United States
government has adopted And we may add, that nc
other government ever stood in time of foreign war in SC
envabe position Not one-third of the amount which
it has the ability 10 pay interest on, will 1t be under the
necessity Of borrowing
We do pretend to say that may not have hnan,
cia difficulties TO encounter. When the market rate oil
interest rises whoever wishes to borrow matter how
rich he may be, must expect to pay more for loans than
when the market rate OF interest low especially If he
wishes to borrow large Governmental securities
must like other commodities, vary in price, according to
the ratio which the supply bears to the demand. But lei
the United States government only adhere closely to the
principles which it has adopted. and OF the Difficult
lies will have to encounter will amount to embarrass
mens whatever may be the extent of monetary troubles
and yhaoxro thar