Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1847-01-07


perience, will require nearly as large
disbursement, during the first year Of the
war-it is no, likely that from five to
eight millions Of money will be required
to pay for our conquered prorinces, and
some three or four millions more for in
demnity to our citizens, whose claims up
on Mexico, so lar as they can be made
out TO be just or even honest, we, Of
course, shall assume ; Mexico, not hav-
ing been able to pay them before the
war began, not being likely to be able
to pay them after it is over. In consid-
GRAFTON of all these circumstances, il is
clear TINT the Treasury will not, from
now to the end Of ME fiscal year l8i8,
require less means in the event Of peace
than in the case ofcon,inuance Of war.
For the expenses OF that period, loans
in one form or other TO the amount OF
Fifty Millions of dollars. at least, will
probably be required and possibly to
an amount much larger.
In obtaining the loans necessary to
carry on Government, whether on the
scale of our estimate or OF his own, the
Secretary Of the Treasury will, we ap-
lprehend, find great difficulty; not though
The apiount required be large, or money
ed men unable TO lend it, but from the
want Of confidence in the Administration,
and dislrust Of its management Of pub
lie affairs This dstrust has been great.
.ly increased by the establishment Of the
Subtreasury system, which-after nav
ing just undertaken costly war, the seat
Of which is distant thousands Of miles
from the Capital Of the United States
was one Of the greatest blunders ever
made by an Administration or party
The war itself, rs u scheme Of populari-
ty-if such was its leading motve-was
a mistake, 10 be classed among those
which, according to the idea of Talley-
rand, are worse than crimes. 1t has
made the army popular il has proved
the ability Of our country, in an emer-
gency, TO call into existence a volunteer
military force to any required extent ;
aud it has proved the disposition Of the
people to sustain the Government, when
ever and however it finds itself at war !;
but it has given no popularity to the Ad-
ministration. Nor has the President
mended the matter by his last unhappy
mistake in denouncing as traitors those
who doubt The wisdom or the necessity OF
his war. lfin,ended to terrify the Whig
party into submission, this denunciation
has not only failed Of its effect, but has
had the ordinary effect Of all attempts at
persecution Of sects, TO unite that party
as Il band Of brothers. What effect it
may have upon the Members Of Con-
gress and other individuals of his own
party, time will disclose. The effect OF
the whole Message upon the country, re.
affirming the policy Of the War, the Sub
treasury, aud the New Tariff, is not ike
Iy TO be favorable to the public credit.
With regard to
THE PROSPECT OF LOANS.
Since this Administration has been in
office, United States six per cent. stocks
the very best in the world-have de-
clined in the market about twelve dol
lars in the hundred. Is this no admoni-
ton to the Executive Of the tendency Of
its policy /! The Secretary Of the Trea-
sury's last loan (the five milions) is be-
low par. Does he expect 10 be able to
effect another upon uny thing like the
same terms, if at all The amount OF
the late loan was paid in Treasury notes
and bank bills the amount of the next
must be called for in specie. This loan
was negotiated under solemn public as
surances Of the Government that no
more troops would be wanted for the
army. But, Immediately after the ne
gotiaiion Of it was concluded, nine ad-
diiionaI regiments for the war were called
for and, now, this additional force is
proposed to be more than doubled. We
do not object to the proposed increase OF
force, because we have no doubt it is
necessary to the successful maintenance e
of the war, which, though began by the
President, became that Of the Nation
after the act of indemnity passed by
Congress at the last session The ques-
iion, in reference to the operations of the
rreasury,is not as to the raising OF troops
hut ns to the effect Of this large increase
of force under pay upon the prospect fol
loans, which it cannot fail to darken.
We have no hesitation in saying al
once that no further loan can be obtain
ed to any important or necessary amount
without the surrender of bad prime pie
by
THE REPEAL OF THE SUBTREAsURY
After that indispensable requisite j,
complled with, 1t may be possible for the
! Government to obtain the loan to the
amount which the Executive consider:
Immediately necessary that is to say
Of eleven or twelve millions of dollars
| But, in order to obtain the amount whicl
will really be necessary TO be authorized
at This session Of CongresS-say twenty
or thirty millions of dollars--it will be
highly expcdent, if not absolutely neces
sary, TO lay
ADDITIONAL TAXES.
These taxes will be wanting, not mere
ly to exc out the revenue, or to suppl,
The deficiency from the customs in conse
quence Of the repeal of the Tariff o
l842, but TO provide specific fund out o
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