Tri-weekly journal. (Evansville, Ia. [i.e. Ind.]) 1847-188?, 1848-01-18

ia ageneral point Of view, and satisfy the minds
of Senators that such is the case
The line proposed by myself, extending rom
the Pacific Ocean TO the Paso del Norte, would
have been covered by the Gulf of California,
and wilderness peopled by hostile tribes OF In
dams; and for It's defence, nothing would have
been needed beyond few vessels OF war sta
toned in the Gulf, and single regiment
From the Paso del Norte to its mouth, we can
readily estimate the amount OF force necessary
for its defence. Ii was frontier between Tex ,
as and Mexico when Texas had not more than
900 of a observation-disclosures any standing
army whatever, and very few troops. Yet Tor
seven years Texas maintained that frontier line;
and that, too, when Mexico was far more con-
solidated than she is now, when her revolu-
tons were not so frequent, her resources In
money were much greater, and Texas her only
opponent Can any man believe that Mexico,
exhausted as she now is-prostrated as she has
been-defeated-can any man believe that 1t
will cost as much to defend that frontier as the
last campaign has cost? No, sir. will hazard
nothing in asserting that the very interest OF the
money spent in the last campaign would have
secured that line for an indefinite period; and
that the men who have lost their lives would
have been more than sufficient to defend it.
SO much for the past; we now come 10 the
commencement of another campaign; and the
question is, what shall be done? The same
measure are proposed. 1t is still "a vigorous
prosecution of the war" The measures are
identically the same. 1t is not for conquest
that is now as emphatically disavowed as it
was in the first instance. The object is not to
blot Mexico out of the list of nations, for the
President is as emphatic in the expression OF
his desire to maintain the nationality of Mex
CO. He desires TO see her an Independent and
a u. al and
cogent reason for all that. Well, sir the ques-
ton is now, what ought to be done? We are
now coming TO the practical question. Shall we
aim at carrying on another vigorous campaign
under present circumstances!
1 Mr. President, have examined the question
with care, and repeat, that | cannot support
the recommendations of the President There
are many and powerful reasons, stronger than
those which existed at the commencement OF
the last campaign, TO justify my opposition now.
!, The cost in money will be vastly greater
There is bill for ten additional regiments now
before the Senate, and another bill providing
E for twenty regiments OF volunteers, has been
reported, making in all, not less, | suppose,
, than twenty-five thousand troops, raising the
, number of troops in the service, as, presume,
the Chairman of the Committee on Military
> Affairs can inform you,-to not much less
4 than seventy thousand in the whole. Well
sir, the expense will be much more than that
, of the last campaign. 1t will cost not much
short Of sixty millions of dollars.
: Now, sir, what is the condition of the mon
e ey market at present? Last year it was mos
n fourishing. An unfortunate famine in Eu-
created great asMa BG Hr one 9pg s sETE 81 bs
' sub-treasury, it poured in at the other. But
! how stands the case now? We stand now
I with drain both ways. The exchanges are in ouI
D favor, and therefore, instead ofgold and silver
I drafts founded on exports will be remitted.-
o The exchanges i'll Mexico must be met either
e by remittances in gold and silver, or by drafts
( drawn in favor of British merchants, or other
S capitalists there, which must be cashed here,
t and also trasnmitted abroad. Now, sir, what
will be the operations of this state of things?-
} How long can this continue? What is the
present price of treasury notes, and of stocks
IN the market? Are they above par? No, sir.
| see them quoted below par / understand
treasury notesare sensibly below par, and stocks
: still lower. Now what is to be the RESULT
80 long as treasury notes are below parse
long as they are the cheaper medum-;he end
oil 1t will be, that treasury notes will 90 into
the treasury and specie come out of it, There
is very great danger that at last your treasury
will be drained to the bottom.
Now, sir, in this state of things. what can
possibly follow? A great commercial crisis
great financial crisis-even, possibly "a suspen-
sion OF the banks. | do not pretend to deal in
the language of panic. But there is danger of
all this, of which there was not the slightest an
prehension al the commencement of last SEES
sion. AT present, there is great danger. The
great difficulty In prosecuting your campaign
will be to obtain money. Men you may raise.
but money it be difficult to get. lately con-
versed with gentleman who ought to know
these things better than myself; and he suppos-
ed that forty millions of dollars would be re-
CURED either in the shape of treasury notes or
stocks, TO carry on the campaign. | asked at
what price money could be had; and the reply
was, that it would be at the rate of ninety for
one hundred, which would be rather more than
seven per cent. believe.
But, sir, these are not the only objections
formidable as they are. The farther you pro-
coed, the difficulties will increase. / do not
see the slightest chance that can tend to the re-
allzation OF what it is avowed, the prosecution
OF the war is intended to accomplish. The OBJ
Jectls to obtain a treaty. We no longer hear of
conquering peace, but of obtaining an honor
able treaty; the meaning of which, is neither
more nor less, than that we are to obtain a
treaty from Mexico, giving us cession of land
equal to the whole indemnity already stated in
the former part of my remarks. Well, sir, as
/ II strikes me, whether the war is successful or
unsuccessful, 1t must certainly end in the de-
feat OF the object, for the attainment of which