The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20

must have sunk. aud msBy millions az
'lnlisEs. ~ Has lle ease during tie War af
Isi2. must have bern sacrificed in dis
rnunls nPnn lo.ns. and upon the depEsei-
aIed paper suurnry whirh ilir govern
menl would have been compelled Ia use.
un'ier the operations Of the constitutions
ii treasury MT 4 dnllar has hcen lost hy
The depreciation of the currency. The
loans relaired 90 prosecute The war will
Mexir0 were Brgniial'tl by tile Serreiary
II the Treasury ahnye par. realizing a
large premium 10 The Government. The
restraining effect Of tie system upon the
tendencies To excessive paper issues by
hanks has saved she government from hea-
" lnsses. and thousands Of our business
nlcn from bankruptcy aud ruin. The
wisdom nf the system has been tested, hy
the experience az the last two years. aud
il is the dictate Of sound policy that ID
should remain undisinrbcd. The mndifi.
cations in some Of the details Of this mea-
cure. involving none of its essential prin-
presented far your favorable consideration.
In nv message Of the sixth of JULY last.
transmitting To Congress the ratified lrca-
" Of peace wi,h Mexico. I recommended
the adoption OF measures fur the speedy
payment az the public debt. IN Ieilerai-
ing that recommendation. refer you To
the considerations rf"s"n,ed in that mes
sage in lis support. The public debt. in.
clu,ling that authorized 10 be negotiated,
in pursuance Of existing laws. and includ.
ing treasury notes. amounted al that time
10 sixty Eve million seven hundred aud
seventy eight thousand four hundred and
, fifty dollars and iorly one cents.
Funded stock Of the United States. A.
mounting 10 about half q million Of dol
lars. has been purchased, ~ authorized by
law. since that period. and the public debt
las thus been reduced the details Of
which will be presented in the annual re-
port of The Secretary Of the Treasury.
. The estimates of expenditures for the
next fiscal year. submitted by the Secre-
,ary Of the Treasury, il is believed. will
be ample for all necessary purposes. II
the appropriations made by Congress shall
not exceed the amount estimated, the
means in tho treasury will be sufficient TO
,lelray all the expenses Of the governments;
io pay off the next usialmeni uf three mil
lions Of dollars 10 Mexico. which will fall
! due on the ihir;irth oi May next, and still
a considerable surplus will remain, which
should be applied to the further purchase
Of the public stock and reduction Of the
debt. Should enlarged appropriations he
made, the necessary consequence will he
. 10 postpone the paymen; Of the debt.
Though our debt, as compatcd with that
of most other nations, is small, il is our
true policy. and in harmony with the &C.
MUS of our institutions, that We should
present 10 the world the rare spectacle OF
erra, republic, possessing vast resources
and wealth, wholly excmp, from public
Indebtedness. This would add still more
10 our strength. and give TO VI sill more
commanding position among tho nations
of the earth.
The public expenditures should be Geo.
montreal, and he confined TO such necessa'
Iry objects as are clearly within the pow
ers ni Congress. All such az arc not alb
solnicly demanded should he postponed
and the paymen, Of the public debt al the
earliest practicable period should be car
dinal principle of our public policy.
For the reason assigned in my last an
nual message, repeat the recommends
linn that branch Of the mint Of the Uni
ted States be established al the city q
New York. The importance Of this mea
} sure is greatly increased by the acquisi
= ton Of The rich mines of the precious me
tails in New Mexico and California. ant
! especially in the latter.
: | rcpra, the recommendation, Heretofore
{ made, in favor of the graduation and &c
durton Of the price Of such public land
; as have been long offered in the market
and have remained unsold, and in favor n
! extending the rights Of prescription TO &C
: lual settlers on the unsurveycd as we'll a
D the surveyed lands.
The condition and operations Of the nj
e my. and the state of other branches of tn
: public service under the supervision q
: the War Department, are satlsiaclorIi.
r presented in the accompanying report q
: the Secretary Of War.
@ On the return Of peace. our forces wer
@ Withdrawn from Mexico, and the volun
e ieers and tina, portion Of the regular arm.
). engaged for the war were disbanded. Ol
(. ters have been issued for staiionlng I'll
n forces Of our permanent establishment
Y various positions in our extended countr!
;. where troops may he required. OWN
!. to the rcmoteness of some Of these pos
d tons. the detarhments have not vet reacl
|. ed their destination. notwithstanding I'll
= extension of the limits ol our country an
>. the forces required in the new terrltorle
e il is confidently believed that our prcse'
d military establishment is sufficient Tor a
!, exigencies. so long as our peaceful rel
L. -