The Arkansas banner., 1848-08-01

Eageo 10 serve during the war win Mexico viii be aiscnarged as soon as they can be transported or
 marched to convenient points in e vicinity Of their homes. part of the regular army will be employ ed m New Mexico and upper California, tO afford protection to the inhabitants and so guard our ia.e- ests iB these territories.
 The old army. it existed befsre the commence ment Of the war with Mexco--espeesally if author- fly be given to ll up the rank ani file of the sever l al corps to the maximum number auihosized during inc warit is believed, will be sufficient force 10 be retained in service during a period of peace A few additional officers in the llEe and siatf Of the s;my have been authclzed; and hese it Is believed will be necessary lh the peace establishment, and | should be retained m the service. The number of ihe general officers may be Tednced, as vacancies occur by the casualties of the sevice to what il was before the war.
 While the people of other counties. who live un. der forms of government less free than our own, bave been for ages oppressed hy taxation to support large standing armies in periods of peace. our ex- pefience has shown that such establishments arrun- necessary in republic. Our standing army Is 10 be found in the bosom of society. It is composed Of Tree citizens, who ready to take up arms m the service of their country, when an emergency requires it. Our experience in the war just closed fully confirms the opinion, thai such an army may
 be raised upon few weeks notice, and that our cizen-soldie's are equal to any troops In the world
 NO reason, Therefore, IS perceived why we should enlarge our land forces, and thereby subject the treasury to an annual increased charge
 | Sound policy requires that we should avoid fhe creation of large standing army in period of peace | No public exigency requires it. Such armies are not only expensive asd unnecessary, but may be- Come dangerous 10 Iiberty
 Besides making the necessary legislative provis-
 ions Tor the execution of the ueaty and the estab- 1 hshment Of territorial governments in the eeded country, we have upon the restoration of peace oteer important duties to perform. Among these, | regard none as more important than the adoption 1 ot proper measures for the speedy extinguishmen, of ;he national debt. It is against sourd policy and the genius of our institutions, that a public debt should be permitted to exist day longer than the
 means oi the treasury will enable The government 10 pay It off
 We should adhere to the wise policy laid down by President Washington, Of "avoiiinr the accumuIa- ton ol debt not only by shu ming occasions of ex- pense, but by vigorous exertions in lime of D ace 10 discharge the debts which unavoidable wars have occasioned, not ungenerously throwing upon noe. tefity the burden we ourselves ought 10 bear Attne commencement of the present administfa- ton, the public debt amon'ed to ST. 7SS Ts9 62. In consequence of the war with Mexico. it has been necessarily increased, and now amounts to s65 77s.
 50 H. including the stock and easury notes which may Yet be issued under the act of January 2s lst7 and the sixteen million loan recently ncrotiated under the act of March 3l. ls4s
 In addition 10 the amount of the debt the treaty supnla'es That twelve millions of dollars shall be nad To Mexico in four equal annual insalments of three millions each the first of which will fall due on the 3Oth of May. Is49. The treaty also sim iates that The United States shall snssune and pay to our own citizens "the claims already liquiGatpd decided against the Mexican republic" and "ali claims not heretofore decided against the Mexican government "to an amount not exceeding three ana one quarter mo of dollar" The slianida- leu Claims oi citizens of the United States against
 iexlco, as decided by the joint board of cornnis- sone's under the convention between the United states and Mexico. of the llth of April. ls3g amounted tn g ,026 I39 69. This sum was pavahle m twenty equal annual instalments. Three of them have been paid 10 the claimants by the Mexican oov efnment, and two by the United States: leaving to be paid o the principal of the quitated amount as snhed oy The United States the sun of xI 5I9 60l ~" together win the interest thereon. These sev- eiai amounts oi i"liquidaed" and unliauidsted claims assumed by the United States it is believed may he Pad as they fall due out of the aecruing reyenuc without the issue of stock or the erection of ad diiional public debt cannot too strongly recommend 10 Congress the importance oi busbanding all our national resources oi limiting the public expenditures .o necessa-v ,h Jects and ol applying all the surplus at any time in the treasury to the redemption of the debt rec. ommend that authority be vested in the Execa- i've oy law to anticipate the period of reimburse ineht ot snch portion of the debt as mag not be no
 redeemabe and to purchase i at par or al the pre- mum whicl Il may command in the market in all cases m which that authority has not already been ! granted. premium has been obtained by the gov ernment on much the larger portion of the loans; and il, when the government becomes purchaser ol IFS own stock, t shall command premium in the
 market 1t Will be sound policy pay ii rather than to pay thc semi annual interest upon it. The in- | rest upon the debt, if the outstanding treasury notes shall be funded. from the end of the last fiscal year untii il shall fas! due and be redeemabIe will be very nearly equal to the principal, which must itself be ultimately paid
 l WIthont rhanOior ih of duties, great has been the increase of our commerce under its benign operation, that The rev enuc derived from that and from he sales of the public lands will it IS confidently believed ena- bic the government 10 discharge annually several millions of the debt, and at the same time possess the means of meeting necessary appropriations for all other proper objects Unless Congress shall au- thorize largely increased expenditures for objects not oi absolute necessity, the whole public debt ex- Istng before the Mexican war; and that created du- ring it's continuance, may be paid of. without any increase of taxation on the people, long before viii fall due. s1 | Upon tho restoration of peace we should adopt policy suited to state of peace In doing this inc eaFlIrst practicable payment of the public debt should he cardinal principle of action. ProGiug ty inc experience of the past, should avoid the errors into which the country was betrayed shortly after the coscot the war with Great Britain in 1915 In few years after inc peiiod bIosd and 4titudi- nous construction of the powers of the federal gov ernment unfortunately received but too much coan- tenance. Though the cOuntry burdened with heavy public debt, large and in some instances unnecessary and extravagan; expenditures were au- 1 thouzed by Congress. The consequence was, that ! the payment of the debt was postponed for more than twenty years; and even then, It only complished by the stern will and unbending policy of President Jackson, who made it's payment lead ing measure of his administration. He resisted the attempts which were made to divert the public fy from that obfeet. ami anuly sfui and extravagant expenditures ioF other objects oi then Of than doubtful constitutional author : ity and eSpendiepey.
 | If the government of the United States shall ob- serve proper eeonomy in its expenditures, and be confined in its action 10 the conduct ol our foreign relations and 10 the few general objects of it's care enuneJaicd in the constitution, leaving all municipal and cea Legislation to the States, greataess a nation in moiai and physical power, and in wealth ] and ieraurces cannot De calc culatel