The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1848-08-16

IS 10 be found 10 the bosom of society. II
is composed Of free ci,zens, who are ever
ready TO take W arms 10 the service OF
Their country, when an emergency requires
Il. Our experience in the war jus, closed,
'ulIy confirms the opinion, that such an
army may be raised upon few weeks no.
tee, and that our citizen. soldiers are taual
to any troops ia the world. No reason.
therefore, is perceived, ~hy we should en-.
large our land forces, and thereby sol .ct
the treasury 10 an annual increased change.
Sound policy roui,es that we shou
avoid the creation OF II large standing army
IN period Of peace. No public esicency
requires 1t. Such armies are not Gully *.
pensiss and unnt cessay, but may become
dangerous 10 Liberty.
Besides making the necessary legisla
tive provisions for the execution OF the
treaty, and the establishment Of territorial
governments 10 the ceded couatIy,se have,
upon the restoration Of peace, other lmpor.
lsni du'le, 10 perform. Among ,hese, re.
gard none as more important than the a
dop,ion Of proper measures for The speedy
eslinsuishmenl Of the national debt. I, is
aga'ns, sound policy and the genius OF our
institutions, that public deb, should be
permitted 10 exist day longer than The
means OF The treasury will enable The gov.
eminent 10 pay j. off.
We should adhere 10 the wise policy
lard down by Pfes!den, Washington, of
" avoiding the accumulation of debt, not
only BY stunning occasions Of expense, bu,
~ vigorous exet,ions 10 time Of peace to
discharge the dulles which unayodably
wars have occasIoned, no. ungsnerously
throwing upon pos,eEl'y the burden we
oufsei'e. ought TO bear"
Al the COMMENCEMENT OF the preseu, ad
mlG's'fa'ion, The public debt amounted
TO l7,7sS,,99.62. In consequence Ct the
war With Mexico, !, has been necessarily in.
creased, and amounts to sG5, 17s, 450, "A IN.
GLIDING the stock and treasury notes which
may vet be ISSUE under the act of January
70, lsi1, and the sixteen million loan re.
Gently negotiated under the act Of March
81, lsis.
10 addition to the amour. Of the debt,
the treaty stipulates that twelve millions Of
dollars shall be paid to Mexico in four
equal annual ins,alnen,s OF three millions
each !; The frs. OF which will fall due on
the 30.h Of May, ls49. The treaty also
st'P"issss that :he United States shall Gas
sumo and pay TO our own citizens the
claims already llquidated aud decided a.
gsInst the Mexican government, to an a.
mount no. exceeding three and one quarter
millions Of dollars" The "lquidated
claims of ci,1ans ~r Il C.'.eu osa,vs
agaips. Mexico, rs decided by the joint
n6atd Ct commissioners Under the conyen
ton between the United States and Neyl.
CO. of the ll,h of April. 1889, amounted
s., 026. l39,Gs. This sum was payable 10
twenty equal annual insIalments. Three
Of them have been paid TO the claimants
by the Mexican government. and two by
the United States; leaving TO be paid oil
The principal of The iqudaied amount as
sumed by the United States the sum Of
81 $40, 60i,76, together with the interest
thereon. These several amounts Of "lqll.
lated and uLliquidaled claims assumed
By The United Stetes, il is believed, may be
,lid, as they fell due out of the accruing
revenue, withou, the issue Of stock OF the
creation Of any additional public debt.
| canno, too strongly recommend to Con
press the importance Of outstanding all our
resources, oflimiling the public ex
,eudtures to necessary objects, and Of ap {
,tying all the surplus at any time in the
reasufy TO the redemption OF the debt.
ecomneud that authority be vested IN the
Executive BY law to anticipate the period
# Reimbursement, of such portion Of the
st!t a. may no, be now redeemablo, and
yhch it may command in the matket,e"
III cases in which that authority has not .
already been granted. A premium has
,een obtained by The government on much (
he larger portion Of the loans; and II, when
he government becomes purchaser OF It's
,wn stock, i, shall command premium IN
he market, il will be sound policy 10 pay
/, rather than to pay the semi annual inter.
$, upon il. The interest upon the debt, Il
he outstanding treasury notes shall be
unded, from the end OF the las. ti.ca year
mil II shall fall due and be redeemabe,
vii oe very nearly equal TO the principal
, bich mus. itself be ultimately paid.
Wnhou, changing or modifying the pre-.
.or, tariff Of duties, SO great has been the
Increase OF our commerce under lis benign
,.eral,on, that the revenue derived IRON
hat source and from the sales OF the pub
&c lands, will, il is confidently believed,
Enable the government to discharge annu.
,l,v several millions Of the debt, and at the
sane time possess the means of meeting
appropriations for all other pro-
ser objects. Uuless Congress shall nu'
horizs largely increased expenditures, for
objects not Of absolute necessity, the whole
public deb. existing before the Mexican
war, and tina, created during its con.'nu.
,nce, may be paid of, wilhou. any increase
If taxation OF the people, long before It
will tall due. -,
Upon the restoration Of peace we should
pdopt policy suited TO a state OF peace.
In doing this, the earliest practicable pay
men, Of the public debt should be card''
nal princple Of action. Prohting by the