Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-12-08

# dollars, producing, as an inevitable a.
luence of an inflated currency, extravounSs'
prices for time, and wild speculation liant
must have been followed, on the rssnneH
Europe, the succeeding year, of so mnaf
that specie, by the prostration of the bn" Sa Of
OF the country, the suspension of the b.I'e''
and most extensive bankruptcies Occ~InE'
as this would have done, at a period I.I1hg
the country was engaged in foreign v W.,
when considerable loans of specie wers'
CURED for distant disbursements, and rL re-
the hanks, the fiscal agents of the goverr ~nea
and the repositories of its money, wero en1
pended, the public credit must have sunt Su',
many millions of dollars, as was the c..,,SN
ring the war Of 1912, must have been s..' W.
ced in discounts upon loans and upon tbo H. u
preciated paper currency which the cn nr @
ment would have been compelled 10 use sO'ea
Under the operations OF the constitn,;,.
treasury, not dollar has been lost I h., IA
depreciation of the currency. The Io.:yle
quired 10 prosecute the war with MeI;on "S re- 4
negotiated by the Secretary of the T to were
above par, realizing large premihm V Z" "
government. The restraining effect o g 5F
system upon the tendencies TO excessive We
per issues by banks has saved the gover9rpp %, s
from heavy losses, and thousands of on r'" S1
slness men from bankruptcy and ruin II
wisdom OF the system has been tested hr n
experience of the last two years; and !, ;s%.
dictate of sound policy that it should ,a-n. ~:
undlsturbed. The notifications in soma u
the details of this measure, INVOLVING ,nn.
IFS essential principles, heretofore recommon3
are again presented for your favorable con.;i
Grafton.
In my message of the sixth Of Julv I.st
transmitting to congress the ratified treaty NJ
peace with Mexico, recommended the a5oO.
ton of measures for the speedy payment n
the public debt. In reteratng that recommen,
dalton, refer you to the consideration. We
sented in that message in its support II.
public debt, including that authorized to \,
negotiated, in pursuance of existing laws, and
including treasury notes, amounted at ia,
time to siXty-fve million seven hundred am
seventy eight thousand four hundred and fi
ty dollars and forty one cents.
Funded stock of the United States, amom
ting to about half million of dollars, has bee,
purchased, as authorized by law, since thai
period, and the public debt has thus been re-
duced the details of which will be presene
in the annual report of the Secretary of tb
Treasury.
The estimates of expenditures for the npr
| fiscal year, submitted by the Secretary of h
Treasury, it is believed will be ample for Al
necessary purposes. If the appropriation
made by Congress shall not exceed the amoum
estimated, the means in the treasury will h.
sufficient to defray all the expenses of tbs
government; to pay off the next instrument Of
three millions of dollars 10 Mex;e~, which viii
fall due on the thirtieth of May next;and eth
considerable surplus will remain. wb.oL
should be applied to the further purchase n
the public stock and reduction of The deIt
Should enlarged appropriations be made, y.
necessary consequence will be TO pos,pone n.
payment of the debt. Though our debt. A.,
compared with that Of most other nations i,
small, it is our true policy, and in harmopy
with the genius of our institutions, tina, We
should present 10 the world the rare spectacle
OF great republic. possessing vast resource,
and wealth, wholly exempt from public in.
debtedness. This would add still more 10 our
strength. and give to us still more command
ing position among the nations of the earth
t The public expenditures should be econom
lcal, and be confined to such necessary obeCa
as are clearly within the powers of Congress
All such as are not absolutely demanded shouU
be postponed, and the payment of the publ
debt al the earliest practicable period Shout
be cardinal principle of our public policy.
For the reason assigned in my last annu;
message, | repeat the recommendation that
branch of the mint of the United States be e
tablshed at the city of New York. The in
portance OF this measure is greatly increase
, ny the acquisition of the rich mines of the pr
cious metals in New Mexico and CaIiforns
and especially in the latter
! repeat the recommendation, hereofo
: made, in favor of the graduation and redu
t ton Of the price OF such of the public Ian
as have been long offered in the market, a
have remained unsold, and in favor of eXten
ing the rights of pre-. emption to actual 81
tiers on the unsurveyed as we'll as the 81
veyed lands.
The condition and operations of the arm
and the state of other branches OF the pub
: service under the supervision of the War
t partment, are satisfactorily presented in b
8 accompanying report Of the Secretary ofUG
On the return OF peace, our forces VIZ
= Withdrawn from Mexico, and the voIuntess
j, and that portion of the regular army engage
d for the war were disbanded. Orders haC
e been issued for stationing the forces Of Oh
J. permanent establishment at various position
= in our extended country, where troops ma
J., be required. Owing 10 the remoteness
to some of these positions, the detachments tay
is not yet reached their destination. Nowlh
10 standing the extension of the limits OF OF
! country and the forces required in the ns
n territories, it is confidently believed that Oh
re- present military establishment is sufficient %
ut all exigencles, so long as our peaceful Tel
~ lions remain undisturbed
ct Of the amount of military contributions co
ne lected in Mexico, the sum of seven hundt
at and sixty nine thousand six hundred and fit
Sc dollars was applied towards the payment
the first instalment due under the treaty wi
ny Mexico. The further sum of three hundf
6, and forty-six thousand three hundred 81
ne sixty-nine dollars and thirty cents has bel
paid into the treasury, and unexpended baa,
re ces still remain in the hands of disburslng OF
lg GERS & those who were engaged in the cole
K ton Of these moneys. After the proclamation
ID peace, no further disbursements were made
I'd any unexpended moneys arising from II
o. source. The balances on hand were direc'
st TO be paid into the treasury, and indIvIdu
" claims on the fund will remain unadJusiit
n until Congress shall authorize their Se'It
1t ment and payment. These claims are III
On considerable in number or amount. .1or,
eT | recommend TO your favorable con';u w.
y ton the suggestions of the Secretary w or5
a. and the Secretary of the Navy IN 'es0'N
ed lppiSlafion IN this cnhiect