Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1847-12-29


largest revenue; whereas the icanA nAnri1 81
was in the highest degree al,
prohibi'ory. No data, hoWe IS acees
slble, from whence to make d saaisfactuo
ry estimate; but the, proposal 10 obtain
>fas far as possible, supplies Amy Ii il
Me,xlco, from this source. and dlnaiisisl
the expenditures of the rati9sslE traasur,
In the prosecution of tl,e 8 ssses''
e It is we'll recommended tiiat IL contract:
ing public debt, provision should, at the
same time, be made for the prompt pay
ment OF the interest; and the gradual bu
certain extinguishment Of the principal.
Retrenchment has been effected in tbs
means of collecting the national revenue
to an amount of $500, 600 per annum, moi
by reducing compensation, but by dispens.
ing with every officer not absolutely ne
cessary for the survice.
lhe report advocates, in an energetic
tone, the reduction of the price of public
lands, to settlers and cultivators: and an.
tlcipotes, from such measure, the rapid
introduction to the Union, of two new
States, Minnesota and Itasca, in the grea,
valley Of the West.
Information is furnished in relation to
the exploration and survey of the mineral
lands on Lake SUPERIOR Wisconsin and
Northern Iowa.
The Legislation Of the last congress with
a view to the protection of our soldiers
ana volunteers, In securing their bounty
lands, is stated to be insufficient, and furtI-
er legislation required to carry out the be.
nevolcnt policy indicated.
The recommendation is renewed to es.
tablish ports Of entry in Oregon, extend
the revenue laws over that territory, gran,
donations OF farms to settlers, and school
sections to every quarter of q township.
Inc Importance OF the settlement of Ore.
gon in view Of our commerce with Asia.
aoaing weight to the recommendation -
An ample return to the government is an
tlclpated from just and liberal policy in
that quarter.
A number Of tables are submitted ex-
hIbItlng the state Of the public debt and va
rlous transactions ofthe department. From
one of these it appears, that the amount OF
public debt liquidated in principal and in
terests by yearly payments from l79l 10
ls47, is $4S3, ,sOO,493 10.
"ihis table," says the report, sis the re-
corded evidence of the will and the ability
of the American Union to discharge all its
obligations, the amount Of debt now due
being S45, 5,659,659 40-a sum less than
one tenth Of the amount of principal and
interest of the public debt which we have
already paid. These payments were
made with uniform punctuality, and com.
mencing with heavy amounts, at periods
when our population was vastly less than
one-tlith OF its present numbers, and when
It's ability to meet its engagements was even
IN a.smaller proportion.
''lt is impossible for any American citi-
zen to regard this evidence of the honor
and good faith OF his country, with any
other feelings than those OF pride and salts
faction. In war and in peace, our country
has maintained her honor unsullied. and re-
solved, through every sacrifice of blood and
reasure, that it must and shall be preserv-
sd.''
The report advances to the operation
md effects of the constitutional treasury,
Which being passage Of peculiar interest
We extract entire:
"Ihe constitutional treasury went into
effect on the lst of January last; and the
business OF the government under this act,
turing the last eleven months, has been
conducted tn specie; Of which, as appears
~ table U, there was received during the
asst eleven months, for loans, customs,
ands, and miscellaneous collections, the
sum Of $45, ,667 856 45 in specie, and the
sum Of S4e,226,5l6 81 during the same
eleven months disbursed in specie.
''ln New York (see table " during the
month of August last s3,340,7O6 IS in
specie, was received by the collector of
hat port, and in the last eleven months by
llm in specie $1e,6l5, ,422 %. During
he same month Of August, there was de-
ooslted (see table GG) the sum of $685.
'2o " with the assistant treasurer of that
,lty, and transferred frona or disbursed bv
nat ottlcer. The receipts and disburse-
nents OF the government in specie, during
he last eleven months, have amounted,
ogelher, TO the sum Of 500, ,594,4O2 40 :,
md not L dollar has been lost to the treas
Try, nor any injury inflicted upon any
branch of commerce or business. The
'Ii'SIioIiti1 IL Celoul fitlo DCGtl lTlou our
ng period of war, when it was necessa-
y to negotiate very large loans, when our
expenditures were being increased, and
when transfers unprecedented in amount
we're required to distant points for dis
'ursement During the last eleven months
he governments has received. transferred,
ind disbursed more specie than during the
Whole aggregate period of fifty-seven years
preceding, since he adoption of the consti-
ution. 10 render the system still more
afe, useful, and economically; to define
more clearly the powers ofthe department,
md especially to render moro secure "the
public money in the hands of disbursing
'gents,:' the amendments suggested in my
ast annual report, (includlng the estab-
ishment of a branch mint at New York, J
md which received the sanction of the
House Of Representatives, during the last
ession, are again recommended to the IA
'orable consideration Of Congress-
"During the year ending 3oth June, |
ls47, our imports Of specie were S24,-
1889, (see table T: most ofwhich, un.
'er former systems, must have gone into
he banks, to have been made the basis Of
ssues Of their paper to the additional al