Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-16

proposals must have terminated by the last Of May first Of
June.
The Departments however, upon the information before IT.
felt persuaded that the treaty of peace which had been ap
proved by the Senate would be ratified by Mexico but that
in all probability the intelligence Of the ratification could not
reach here by the last of May first of june but that
would be received before the middle of June and consequent
that il the advertisement were Immediately inserted and the
proposals opened by the last Of May the first Of June the
Government the absence of the Of the ratification OF
the treaty by Mexico, would necessarily sell the loan upon
much less advantageous terms and at probable sacce OF
several hundred thousand dollars premiums to the Govern
men Under these circumstances the Department assumed
the responsibility of delaying the advertisement until the 18th
of April allowing the longest period from that date auhorz
ed by law for opening the proposanamey, the 18th June
days before which period was confident that ofcaln
tegence of the ratification by Mexico of the treaty would
be received here The result justified these antcpatons
The intelligence Of the ratification Of the treaty not
ceived here by the last Of May first of june in fact
until few days before the 18th of June, when it mme
diatey made known officially telegraph and otherwise and
the Government received the full benefit in negotiating the
oan the universal knowledge the final ratification Of the
treaty Of peace with Mexico Upon the 18th OF June, atthe
appointed hour the seals broken, and the bids opened
by the chief clerk of this Department in my presence and
that Of the bidders and the public the bids recorded and the
loan awarded of course to the highest bidders.
Phe total amount bid together with the names of the sue
cessu and unsuccessful bidders will be found in the statement
hereto annexed marked NJ The whole premium obtained
on that stock will be perceved S4s7 &c. which
the extraordinary nasmuch as, reference to the
prices current will be found that the entire sale of the six
teen millions of stock in single day exceeded the rate at
which the Government six per cent twenty stock, ex
elusive Of interest and brokerage then selling IN small
sums in the markets.
being made by law the duty of this Department to devote
its attention to "THE PUBLIC CREDIT, as well
''he Improvement and management Of the rerentse,
proper to remark that this Government has paid punctu
ally all times the public debt at its ma,urty well
the acorung interest," suspendng for moment Of time
the discharge of either, when DUE
Such has been the attachment Of the American people to
this the Government of their choice such their regard for
honor and good faith that however the trial sacrifice
they have qudated they fell due all the the Union
table, certified by the Register Of the Treasury, is here
annexed, (marked showing population from 100 to
the present period every year. debts receipts from
loans and treasury notes. revenue each year, exclusive Of
loans and treasury notes. well from these loans and
notes. and the principal and interest Of debts paid each year.
well the total amount II is official record which
every American may read with pride and satisfaction 1t
shows that whenever necessary to- pay the debts and
sustain the honor Of the country, the people cheeruy sub
mted merely to duties imports but to direct lakes
and excuses the Of many millions of dollars every
years and that when population sparse and our
moneyed extremely limited, the debts of country
always punctuay discharged after the adoptonf the
constitution, both principal and interest, at their maturity
In 1890 assumed the debt Of the Revolution, determined
that the honor of the nation should be preserved and
unsuled That debt then assumed SIS 463, 476 81
being equal debt this date of more than 1877 00O
according population, and nearly six times greater accord
ing population, than present debt AT that date the
country exhausted by sevenyeas war, and weakened by
internal difficulties growing of the feeble characteno the
old confederation had scarcely commenced her
to greatness, wealth. and power. Yet this debt wasoun
tary assumed matter OF honor, and it paid, hcud
ing principal and interest, punctualy without failure pr
pension,
Again. at the close Of the war Of 1872 our debt in 1916
was Sl27 1884, 933 a. portion Of it bearing interest Of
seven per cent Yet that debt also only fully paid
in 1886, both principal and interest," but the Government a
ter qudating all its engagements had surplus leh pa the
treasury of $685. 644 81 which deposited with the
States for safe keeping, who may be called upon to return
the Government of the Unon should the emergency
require its USE which is most improbable At tina, dale the
country had been exhausted by prolonged and rug
gle with the greatest Power Of the world and its commerce
almost annihaed by blockades and embagoes Its poula
lion then 900, and consequently, according po
pua,on the debt of that date would be equivalent to debt
at the present period OF upwards OF three hundred and eight
millions Of dollars, nearly five times great present
debt Yet that debt Of 1876 not only punctualy paid
within twenty years thereafter but surplus have sen,
of than millions deposited With
the States.
If then, in twenty years. under such circumstances and
with such population and resources could pay debt of
that magnitude and have a surplus Of twenyeght millions
within how short period may iquidate present
gagemens BY reference to this table it will be that
from 1890 the present PERIOD including the reimbursement
Of treasury notes. have paid public debt including in
erest amounting otaiy Of upwards Of five hundred mil
lions Of dollars. by reference TO the table appears
that during the period, derived from
other than loans treasury notes. upwards Of
eleven hundred and hirtysx millions Of dollars II will be
perceived that present debt including the whole Of the
loan yet be paid n and deducng the purchase directed by
this Department Of about $500 900 Of the public debt within
the last few weeks would be about $685. 450 al see
bic but which must be added about S26 900 for Mex
and bounty land scrip. Our whole debt including the
loan yet TO be paid in is not srtieth part Of the debt Of
Great Britain and less than one-haf Of the annual interest Of
that debt.
According to table of the Commissioner Of the General
Land Office hereto annexed (marked il appears that
whole public domain unsod s37 acres
which, the present minimum price Of 81 rs per acre, would
make aggregate value Of 81 ,sO2 772296. Regarding
them however, including mineral lands, OF rs per
acre. they would yield $500, 45o Large is this sum-
wealth nation would be rapidly increased by
ing 25 per acre. in small FARMS actual settlers and
culvaors and thus by enlarged products and EXPORTS in
surfing increased imports and augmented revenue.
As sobvious with liberal appropriations that
from lands and customs will enable pay the public
debt before its maturity present the following suggestions for
the consideration of Congress The great Of public
debt exclusive Of treasury notes consists Of five per cents
deemabe in 1852 Of per cents redeemsble in 1885, 1862,
1867, and 1868, and the military bounty land scrip bearing
six per interest," edeemabe the pleasure Of the Gov
eminent OF this the Department present author
lied by law purchase at its discretion when the
will permit the five per cents and the six per cents redeem
able in 1856, 1862, and 1865 The military bounty land
scrip bears per cent interest," and is redeemabe at the
pleasure Of the Government No power however, is given
the Secretary Of the Treasury to purchase this debt al
though Congress may authorize the Department to quidate
any time, without paying any premium or advance and