Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1848-03-01

If a treaty of peace were now made. and
our armies disbanded soon as it will be
possible to disband them. the actual cos,
of the war to the country would largely
exceed one hundred millions of dollars. |
But, Mr. Speaker. desire TO look for
moment al the prospective condition ofthe
country when the war shall be brought to
a close. if we shah ever be so fortunate
as to reach that period. If We shall
reach the end Of the war by the close Of
the next fiscal year. We shall then. as
think have clearly shown. have public
debt of over one hundred millions of dol
lars. With an annual interest of over six
millions. would again ask, how are we
TO meet thisl
The gentleman from North Carolina.
Mr.. MckAY.) whose services for several
years as Chairman of the Committee Of
Ways and Means may give to his opinions
additional weight. stated to the House a
few days ago. that after the war shall be
ended the revenues of the Government
Will be sufficient to pay its expenses. and
the interest upon the public debt. without
additional taxation. Is that opinion cor
rect! Let US look at a few facts. calcGla-
ted to throw light upon this subject. The
entire receipts of the Government for the
year ending 3O,h June. 1346-being the
last year before the war-werc S29. 499.-
2I7.O6. That amount was raised thus:
from customs. SEQ .667.87; from pub
! lie lands. So. G9445 48: and miscellane-
Gus, S92, 126.71. The expenditures for
the same wear. were S28 .O3l. ia 90
This was the amount Of the expenditures
! for peace establishment. for although the
war was commenced few weeks before
/ the close of that fiscal year, the war eX-
penses are brought into the accounts fthe
next YEAR, and when this Democratic Adj
ministraton was carrying out its profess
sions of reform and retrcnchment. And
vet the entire receipts Of the Government
exceeded its expenditures only by the sum
ofS1. 4l8.1 SO. If the receipts exceed
ed the expenditures then by only that small
sum. how can we expect them. after the
war shall be closed, to meet the expenses
Of the Government, and pay in addition
six millions of interest! Does the gen.
tleman from North Carolina suppose that
the expenditures of the Government will
be less after the war than they were before
He surely has too much sa9acity to enter
tain such an opinion. The gentleman
surely must know that our expenses will
be much greater after the war than they
were before. Can any one tell how long
it will require to get rid of our large army.
or to reduce it to the numbers it filled be-
fore the war! Sir, no member of this
House will live to see it reduced to the
standard it occupied before the war com
menced. Let this war end when and how
it may. we are doomed to have large
military force fastened upon the country
The expenses Of the Government must be
greatly increased. But let US see how the
account stands for the next year. The
entire revenues for the year ending 3Oth
June, 1847, were S26. 346, 79O.37. The
expenditures for the same period. were
$50, Ash ,177.65. OF this amount there
is charged in the Secretary's report to
"Mexican Hostilities,' 518,365, 5I3.O3;
for pay to volunteers and militia. s $685.
$40; fer the redemption of loan and
f treasury notes, 2, 4O2, 8l7.65 dollars; which
leaves for the other expenses, 81 .3i4,123.-
81. dollars being an excess over the rev.
enue of lO.967 333 20. dollars.
/ [Mr. Mckay inquired from what source
the gentleman from Indiana obtained his
statistics.
i Mr. SMITH replied that he took them as
he found them in the report Of the Score
tarv of the Treasury.
/ Here, then, said Mr.. SMITH. is an excess
of expenditure in one year. over the reven
ties, of nearly eleven millions of dollars
Upon what ground, then. can any gentle
man believe that, after the war shall end
we can meet the expenses of the Govern
!. ment, and pay over six millions ofinterest
without additional taxation! 1t will be
impossible, after the shall be termi
mated, to reduce the expenses of the Gov
/ eminent below thrty-five millions Of dol
. lars. Add to this. six millions for interes
on the public debt. and we have fOrfv-one
millions of dollars to be provided for
How is it to be metz Can we expect &c
realize this amount from duties on foreign
goods! Deprived. as we shall be OF
any considerable revenue from the public
lands for many years. do not believe thai
we shall be able to realize. from all source s
of revenue, without additional taxation. a,
the utmost over thirty millions of dollars
leaving eleven millions unprovided for
Can we expect the credit or character Of
the Government to be sustained under
such system Of tinanciering as this!-
The Treasury notes and bonds of the Gov.
eminent are at this time selling at prices
below par in our commercial cities. The
quotations have been constantly below par
since the commencement of the prescn,
session of Congress.
: But. Mr.. Speaker. will not trouble the
House with any further display Of figures
/ Those which | have already presented.
think. are sufficient to show that our Fl.
nancial condition is in an eminent degree
, embarrassing from the operations and ef
fects of the Mexican war TIE rapid in.
crease of our public debt is well calcula.
ted to excite serious alarm. The subject
demands our most serious attention.
!, We NAV we'll take warning from the ex.
ample of other nations. The tax-ridden
subjects Of the government Of Great Bri-
tain are now paying the penalty of the
. folly and ambition Of their rulers. The
public debt of Great Britain is now owe,