New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-05

Since both the sub- Treasury Ac. and the obligs.
ito TO receive Treasury Notes In payment Of debts
du TO the United States, cannot subsst together,
either the one or the other should be repealed
This cannot be done with respect to the Notes a.
ready issued and outstanding. since 1t II PRIV,
lege already granted, a condition which the Initea
States are bound to fuf. Bat although the Score
tary OF the Treasury has night TO reissue a.
amount OF Notes equal to that which has been Pso
in Tor duties or other debts, be 10 unoe' Do ooies
ton 10 do IT, The fact is that IN oroer 70
the Treasury from the difficulties resulting rom
the incompstibility alluded TO- II - nece..py ~
stead Of extending 10 contract the amount OF Do'es
in circulation.
On the other hand. if the Sab Tressury Act was
repealed. modified or suspended nothing would be
gained by il. Government 10 bound oy tne consu,
tutionsl provision which enacts tnat nothlng snsl
be legal tender bat gold or silver. IL cannot be
Dermitted to substitute in payment Of It's own debts
or for defrayiug current expenses, sny species Of
paper the value OF which is lot equal 10 specie or
Ia other words which cannot be instsntsneOusly
converted at par into specie. IT, therefore the Sab
Treasury Act was repealed, modified, or suspend
ed, the necessary consequence would be, thst GOV
eminent would be compelled 70 receive IN pay rneht
and 70 pay in the notes Of solvent Banks.
Treasury Notes never can become a currency,
unless they be vested with that attribute. This
could not be Effected otherwise than by converting
the Treasury into bank issuing notes bearing no
interest. but bound TO pay them on demand In gold
and silver. IL is hoped that such plan VIII not
find a single advocate.
The attempt 10 borrow az lower rate, by sub
sttuting Treasury Notes for stock is in every re-
spect impracticsbe any effort 10 conceal the truth
from the people will prove equally futile The re-
sort 10 any species OF paper money, that Is 70 say
the attempt 10 convert into currency simple
promise to pay at future date, is dangerous, la
bic TO be grossly abused and calculated TO destroy
confidence. For whenever issued, TO an amount
much greater than the demand for II, q doubt may
arise whether such promises TO pay shall be actu-
ally discharged when they come 10 maturity. Ihat
which has happened, both in other countries and
at home, may happen again and immoderste Is
sues have a tendency to engender a food OF ire
| deemabe paper money.
IL is undoubtedly desirable that the amount OF the
| loan should be reduced as far as practicable and
with that object in view the Secretary OF the Treas
ury has recommended duty on tea and coffee.
The propriety of direct tax has also been sng-
gested for the same purpose.
As an abstract proposition, 1t Is certain tha
direct tax on property is more just than taxes on
consumption, These if levied on articles OF hrst
necessity such as provisions, or on those articles
which like sugar, tea and coffee, have become al
most articles Of first necessity impose almost the
same amount Of duty on every individual, what
| ever that Of his property may be.
! Bat according 70 the Constitution, direct tax
imposed by the United States IL apportloned among
the several states not in proportion 10 their respec
/ tive wealth, but according b what may be caled
\ their federal population. The States OF Indiana
and Massachusetts both free labor States, have an
equal number of representatives in Congress and
| their qsOta Of direct tax, imposed by the Unted
States wond be nearly the same under the census
Of 1870. Under that Of 1880 the quota OF lodisna
will probably be fifty per cent greater than that Of
! ssachusetts Under existing circumstances
direct tax of only $500 900 would be hardly felt IN
Massachusetts and be oppressive IN Indiana. AS
the population OF this State is about one twenty
fifth part OF that of the United States, o3OOOO OO
would be the total amount OF the.direct tax Gen
orally. the amount OF direct tax levied by the
United States must be regulated by the ability TO
pa, Of those States which have the least weaeh In
proportion 70 their population And 1t will always
bear most unequally and oppressivey on the States
more recently settled
Wet, in defensive war, the people would
cheerfully bear every species of taxation and Gov
eminent might call forth all the resources of the
country. 1t quite otherwise in war Of invasion
and conquest The Administration say that their
object is 10 conquer peace that is speech which
will give, according TO the common vague form
indemnity for the past and security for the ia
ture" Ii is not intended here to inquire what right
the United States have TO ask any indemnity from
Mexico. Justice is out OF the question we have
10 deal only with expediency. But, 70 say that
is really too ridiculous No one can suppose that
Mexico will ever invade the United States But.
the Mexicens may think that they want some secu
rity against Government which dismembers and
threatens subjugstion.
Whatever species Of peace may be contemplated
IL is necessary in the first place, 10 find Govern
ment with whom 10 treat and that in country en-
tirey conqured or occupied is impossible. Inorder
TO make a real treaty Of peace that Government
must be free agent ard 10 such one can be form
cd if we extend our occupation over the whole or
the greater part of the country That free agency
is the only guarantee that the United States want
for a solid and real peace. A treaty made under
duress would be but the phantom OF peace.
But the Administration, in order to attain the OBJ
iect they have ia view, ask for more men and mon
ey. 1t must be admitted, that the army which. un.
der General Scott, after series of extraordinary
victories penetrated into the heart OF the Mexican
donnions, and took possession of their metropolis
was apparently incompetent for such bold enter
prise, and that, with a greater force the success
would have been more certain, and attended with
a less lamentsbe loss OF men, But 1t is neverthe-
less true, that an army OF less than ten thousand
effective men, did perform that wonderful work
defeated forces three times as numerous as them
selves, defended by fortresses and strong positions
and snnihated or dispersed all the troops of the
envy. And now, that our effective force from Vera
Cruz 10 Mexico has been more than doubled and
that with the exception OF some miserable guerril-
troops authorized by law is declared to be Insult
cient and fifty thousand regulars with reserve
of tu enty Thousand volunteers said TO be
sary. in order TO occupy that which has been con
quered and 70 extend that occup patton great
er extent of territory. The only avowed object is
to conquer peace utwould not this object newt
ably lead 10 that subjusation and annexation for
which the war party is so anxious
This magnificent plan. whether effected by the
snnihilstion OF the native population or by en-
shaving it, will promote their welfare, and is also
called a pscihcstion. "Ubi sotudinem (seu ser
vitutenl faciunt pacem appellant" But If this
extravsgant project, suggested by the most IN
bounded ambition should be carried into effect,
will not simply say that IL wsud infict a mortal
| wound on institutions: assert that 1t would
break down our own I MON into separate communi-
/ ties and destroy our nationality.
| For the object avowed by the Administration
there is not the slightest necessity TO increase the
number of troops now authorized by law The
only fleet would be TO perpetuste large standing
| army to increase ind definitely the executive pa.
tronage and to appoint greedy PreconsuIs over the
several Mexican Departments, which might be
| occupied.
cannot understand the policy OF those who. ori.