Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-07-14
cities towns. and fortified places in ou

IN the territories coded to the United States The
army Is already on its way to the United States
That portion of it, as we'll regulars volunteers
VINO engaged to serve during the war with Mexi-
co, will be discharged soon as they can be trans
ported or marched to convenient points in the vi. |
cinity of their homes. A part of the regular ar.
my will be employed in New Mexico and Upper
California, to afford protection to the inhabitants
and to guard our interests in these Territories
The old army, as 1t existed before the rom.
mencement of the war with Mexico-especialIv If
authority be given to ill up the rank and file Of
the several corps to the maximum number au,bo- |
rlzed during the war-it is believed, will be suf
hclent force ID be retained in service during a De-
rlod OF peace. few additional officers in the line
and sian OF The army have besn authorised and
these, IL Is believed will be necessary in the peace
establishment, and should be retained in the SER
We ne number of the general officers may be |
.Iuuceo: as vacancies occur by the casualties of
Tue service, to what it was before the war;
Whlle the people of other countries, who live
under forms of government less free than our own,
have been for ages oppressed by taxation to sun |
port large standing armies in periods of peace our
experience has shown that such establishments
are unnecessary in republic. Our standing ar
my Is to be found in the bosom of society It is |
composed OF tree citizens, who are ever ready to
take up arms IN the service OF their country when
an emergency requires it. Our experience in the
war just closed fully confirms the opinion that
such an army may be raised upon few weeks
notice. and that our citzen-soldiers 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 tc an annual in
creased charge.
Sound policy requires that we should avoid the
creation of large standing army in a period Of
peace. No public exigency requires it. Such ar
mics are not only expensive and unnecessary, but
may become dangerous to liberty.
Besides making the necessary legislative provi-
slons for the execution of The treaty and the es-
Enlistment of territorial governments in the coded
country, we have, upon the restoration of peace
other important duties to perform. Among these
| regard none as more important than the adop-
ton of proper measures for the speedy extinguish-
ment of the national debt. It is against sound
policy and the genius of our institutions. that
public debt should be permitted to exist day lon
ger than the means of the treasury will enable
the government to pay it off.
We should adhere to the wise policy laid down
by President Washington, of :" avoiding the accu.
mutation of debt. not only by stunning occasions
OF expense but by vigorous exertons in time of
peace TO discharge the debts which unavoidable
wars have occasoned, not ungenerously throwing
upon posterIty the burden we ourselves ought to
bear"
AT the commencement Of the present admins
tratlon, the public debt amounted to SI7 7SS, 799
62. In consequence Of the war with Mexico, it
has been necessarily increased, and now amounts
to S65,779,45O Al, including the stock and treas.
ury notes which may yet be issued under the act
OF January %, l847, and the sixteen million loan
recently negotiated under the act of March 81,
| lS4S.
In addition to the amount of the debt, the trea-
ty stlPulatcs that twelve millions of dollars shall
he paid to Mexico IN four equal annual instruments
OF three millions each; the first of which will ia
due on the Both Of May, l949. The treaty also
stIpuIates that the United States shall assume
and pay " to our own citizens the claims aIrea.
dy liquidated and decided against the Mexican re-
public" and :" all claims not heretofore decided
against the Mexican government" "to an amount
not exceeding three and one quarter millions of
dollars" The liqudated " claims of citizens Of
the United States against Mexico as decided by
the joint board of commissioners under the con-
vention between the United States and Mexico, of
the lth of April, 1899, amounted to S2,O2G,l39
6s. This sum was payable in twenty equal an
nual instruments. Three of them have been paid
TO the aimants by the Mexican government, and
two by the United States; leaving to be paid Of
the principal of the Iiquidated amount assumed by
the United States. the of S 3 GOA rs, to-
gether with the interest thereon. These several
amounts of liquidated" unquidated claims
assumed by tie United States. it is believed may
be paid they fall due, out Of the accruing
nue., without the issue of stock or the creation of
any additional public debt.
I cannot too strongly recommend to Congress
the Importance of outstanding all our national re-
sources, of limiting the public expenditures to
cessary objects, and ofappIying all the surplus at
any time In the treasury to the redemption of the
debt | recommend that authority be vested in
the Executive by law to anticipate the period Of
reimbursement of such portion of the debt may
not be now rcdePmabe, and TO purchase it, at par,
or at the premium which it may command in the
market, in all cases in which that authority has
not already been granted. A premium has been
obtained by the government on much the larger
portion of the loans and if, when the government
becomes purchaser of its own stock, it shall
command premium in the market, it will be
sound policy to pay it, rather than to pay the semi
annual interest upon it. The interest upon the
debt, if the outstanding treasury notes shall be
funded, from the end of the last fiscal year until
it shall fall due and be redeemahe, will be very
nearly equal to the principal, which must itself be
ultimately paid.
Without changing or modifying the present Ia
riff of duties great has been the increase of our
commerce under its benign operation, that the
revenue derived from that source and from the
sales of the public lands WILL it is confidently be-
lieved, enable the government to discharge annu-
, ally several millions of the debt, and at the same
time possess the means of meeting necessary ap-
preparations for all other proper objects Unless
Congress shall authorize largely increased expen-
ditures for objects not of absolute necessity, tie
whole public debt existing before the Mexican
war; and that created during its continuance, may
he paid off, without any increase of taxation on
the people, long before it will fall due.
s Upon the restoration of peace we should adopt
policy suited to state of peace In doing this
the earliest practicable payment Of the public debt
. should be cardinal principle of action. Proftng
by the experience of the past, we should avoid the
errors into which the country was betrayed short
ly after the close of the war with Great Britain in
1915. In few years after that period, broad
and laltudinouS construction of the powers OF the
federal government unfortunately received but toe
t much cOuntenance. Though the country was
r burdened with heavy public debt, large and in
some instances unnecessary and extravagant ex'
3 penditures were authorized by Congress. The
consequence was, that the payment of the debt
= was postponed for more than twenty years; and
Y even then, it was only accomplished by the stern
= will and unhending policy Of President jackson
: who made it's payment leading of hi:
. administration. He resisted the attempts which
s were made to divert the public money from tina
great object. and apply it in wastefu! and extrav
agant expenditures for other Objects some of then
OF more than doubtful constitutional authority anC