Weekly miners' express. (DuBuque, Iowa) 184?-1849, 1848-12-19

wild speculation, which must have been
followed, on the rehux to Europe, the sue
ceeding year, Of SO much Of that specie,
by the prostration Of the business Of the
country, the suspension Of the banks, and
most extensive bankruptcies. Occurring
as this would have done, at a period when
considerable loans Of specie were requir-
ed for disbursements, and when the banks
the fiscal agents Of the Government and
the repositories Of its monies, would be
suspended, the public credit must have
sunk, and many millions Of dollars, as
was the case during the war of 1912,
must have been sacrificed, in discounts
upon loans, and upon the deprecated pa
per currency, which tho Government
would have been compelled to use.
Under the operation of Constitution
al Treasury, not dollar has been lost
by the depreciation Of the currency
The loans required to prosecute the war,
were negotiated by the Secretary Of the
Treasury above par, and realizing a
large premium 10 the Government. The
restraining effect of the system upon the
tendencies to excessive paper issue by the
banks, has saved the Government from
heavy losses, and thousands Of our bust
ness men from bankruptcy and ruin
The system has been tested by the expe-
rlence Of the last two years, and it is the
dictate Of good sound policy, that it should
remain undisturted. The notifications
or the details Of this measure, involving
the principles heretofore recommended,
are again presented for your favorable
consideration.
In my message Of the 9Th July last,
transmitting to Congress the ratified trea-
ty Of peace with Mexico, recommended
the adoption Of measures for the speedy
payment OF the public debt. In submit
ting the recommendation, referred you
10 the considerations presented in that
message, in its support. The public
debt, including that authorized to be ne
gotiated in pursuance Of existing laws,
and including treasury notes, amounted
at that time to $G5,778,451 II.
Funded stock Of the United States, a.
mounting to about half million Of dol.
lars, has been purchased, as authorized
by law since that period, and the public
debt has thus been reduced, the details Of
which will be presented in the report Of
the Secretary of the Treasury.
The estimate Of expenditures for the
next fiscal year, presented by the Secre
tary of the Treasury, it is believed, will
be ample for all necessary purposes. If
the appropriation made by Congress
shall not exceed the amount estimated,
the means in the Treasury will be suffi-
cient-to defray all the expenses of the
Government; to pay off the next INSTALL
ment Of 100000 TO Mexico, which fall
due OF. the 3Oth Of May next, and still a
considerable surplus will remain, which
should be applied to further purchases of
the public stock and reduction of the
debt. Should other appropriations be
made, the necessary consequence will be
to postpone the payment of the debt
Though our debt is, compared with that
Of most other nations in the world, small,
it is our true policy, and in harmony
with the nature Of our institutions, that
we should present to the world the rare
spectacle ola great Republic, possessing
vast resources and wealth, wholly ex-
empt from indebtedness; and it would add
still more to our strength, and give to US
still more commanding position among
the nations Of the earth
The public expenses should be cconom.
ical, and be confined to such objects as
are clearly within the power Of congress.
All such as are not absolutely demanded,
should be postponed. The payment Of
the public debt al the earliest practicable
period, should be a cardinal principle Of
our public policy.
For the reason assigned in my last an
nual message, | repeat my recommended
ton, that branch Of the mint of the u.
States he established at the city of New
York. The importance of this measure
is greatly increased by the acquisition of
the rich mines of precious metals in New
Mexico and California, especially the lat
ter.
repeat the recommendation hereto
fore made in favor Of graduation and
reduction Of the price of such Of the pub.
lie lands as have been long offered in the
market, and have remained unsold, and
in favor Of extending the rights of pre-
emption to actual settlers, on the unsur-
veyed as we'll as the surveyed lands.
The condition and operation OF the ar
my, and the state of The other branches
under the supervision Of the War Depart
ment, are satisfactorily presented in the
accompanying reports Of the Secretary
of War.
On the return ofpeace, our forces we're
Withdrawn from Mexico, and the volun-
teers and that portion Of the regular ar.
my engaged for the war, were discharged.
Orders have been issued for stationing
The forces Of our permanent establishment
at various points in our extended coun-
try, where troops may be required. Ow-
ing 10 the remoteness of some Of their
positions, the attachments. have not reach
ed their destination. Notwithstanding
the limits Of our country, and the new
territories, it is confidently believed, that
r mr. onf nj xo11 -.