The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1848-07-19

when an emergency requires it. Our ex.
pericnce in the war just closed, fully confirms
the opinion, that such an army may be rails.
ed upon few weeks notice. and that our
cilizen.so!diers are equal to any troops in the
world No reason, therefore, is erceived
why we should enlarge our land forces. and
thereby subject the treasury to an annual
increased charge.
Sound policy requires that we should avoid
the creation of large standing army in a
period of peace. No public exigency re-
quires it. Such armies are not only expen-
sive and unnecessary, but may become dan
gerous to liberty.
Besides making the necessary legislative
provisions for the execution Of the treaty,
and the establishment of territorial govern.
ments in the ceded country, we have, upon
the restoration of peace other important du-
Ties To perform. Among these, regard
none as more important than the adoption OF
proper measures for the speedy extinguish-
ment Of the national debt. 1t is against
sound policy snd the genius Of our institu-
tons, that public debt should be permitted
to exis, day longer than the means ofthe
treasury will enable the government to pay
it off.
We should adhere TO the wise policy laid
down by President Washington, Of "avoiding
the accumulation of debt, not only by shun-
ming occasions Of expense, but BY vigorous
excrtions in time ot peace 10 discharge the
debts which unavoidable wars have occa.
stoned, not ungenerously y throwing upon pos
ieri,y the burden we ourselves ought to bear.
AT the commencement of the present ad.
ministraion. the public debt amounted to
Sl7.7ss,79s,62 In consequence of,he war
with Mexico, it has been necessarily increas-
ed, and now amounts to S65, 5,77s, ,450. al,
including the stock and treasury notes which
may vet be issued under the at OF January
%, lS47, and the sixteen million loan re-
Gently negotiated un Ter the act Of March 81 ,
lS4S.
In addition to the amount Of The debt, the
treaty stipulate< that twelve millions of dol
lars shall he paid to Mexico in four equal an.
nual inslalmrms Of three millions each; the
first of which will fall due on the 80 h of
May, ls49. The treaty also stipulates that
the United States shall assume and pay" 10
our own citizens "ihe claims already II9ui.
dated and decided against the Mexican re-
public" and "all claims not heretoin.e decI-
ded against the Mexican government, to an
amount Mt exceeding three and one quarter
millions Of dollars" The "liqnidatcd" claims
of citizens the United States against Mexi-
co, as decided by the joint board Of commits.
soners under the convention between the
United States and Mexico, Of the llth Of
April, 1888, amounted to S2,026. l39 ,6S.
This sum was payable in twenty equal all
nual inslaIlnenrs. Three Of them have been
paid to The claimants by the Mexican gov.
crnment. and two by the United States;
leaving to be paid of the principal of e
liquiGated amount assumed by the United
States the sum of l.59 ,604,76. together
with the interest thereon. These several
amounts of "lquidatetl' and unliquidaled
claims assumed by the Uuited States, It is
believed, NAV be paid as they fall due OUT
of tho accruing revenue, without the issue OF
stock or The creation of any additional pub
lie debt.
l cannot too strongly recommend TO Con-
gress the Importance of outstanding all our
national resources, of limiting the public ex-
penditures TO necessary objects. and Of ap
plying all the surplus at any time in the
treasury to the redemption of the debt. ]
recommended that authority be vested in the
Executive by law TO anticipate The peri"d OF
Reimbursement, of such portion Of the debt
as NAV not I've now redeemable, and to pur.
chase it at par. or al the premium which il
may command in The market, ia 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 it, when The government
becomes purchaser of its own stock, it shall
command a premium in the market, it will
be sound policy to pay it, rather than to pay
the semiannuaI interest," upon it. The inter.
est upon the debt, if the outstanding treasury
notes shall be funded, from the end of the
last fiscal year until it shall ia due and be
redeemable. will be very nearly equal to the
PRINCIPAL which must itself he ultimately
paid.
Without changing or modifying the pres
ent tariff of duties, so great has been The in
crease 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 believed, enable
the government to discharge annually severa
millions of the debt. and at the same lime
possess the means Of meeting necessary ap'
preparations for all other proper objects
Unless Congress shall authorize largely IN
creased expenditures, for objects not OF ab'
soIute necessity, the whole public debt exist
ing before the Mexican war, and that ere
a,ed during It's continuance, may be paid OF
without any increase Of taxation on the Peo
Die, long before it will fall due.