The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-07-08


energy which achieved these great undertakings history
will still accord to government yet rarer glory.
With us, for the first time among nations the policy of
and the power of conquest have marched side by
side No sooner was the war begun, than we avowed
readiness to close it, Before battle and after battle
had become victory, we were alike ready negotiate
Peace-peace upon terms of mutual justice and honor
was inscribed upon our conquering banners; and
the peace which at last we have gained, while il has
brought the amplest indemnity in the form Of vast
territorial acquisitions and commercial advantages, has
at the same time, without real injury to Mexico,
deemed whole realm from anarchy and barrenness and
given ii the hand of productive labor, and to the
empire of free civilization!
And in estimating these great trumphs in the foreign
policy of the administration ought not to forget that
have before said and especially in this branch Of its
operaons has been forced to encounter opposition
at home alike violent and INSCRIPTIONS In the Oregon
controversy, British opinions and British interests found
their organs among the leaders and the leading presses of
the wing party The same auxarles labored side BY
side with foreign intrigue and Mexican perfdy and AFRO
gance, to defeat the annexation Of Texas And when
the war cane-to the shame of faction among US be it
spoken Our foe upon his own avowal, drew hope and
from 'moral treason here Our govern.
ment moreover found in its path various other forms
of opposition and hindrance There the predictions
of men like Mr. POinse supposed to be well versed in
Mexican affairs, that peace possible There was
the "no territory" cry of the wings. There was the
" half a million day" panic of Mr.. Webster There
was Mr. Clayons prediction that peace was possible
There was over again for Mexico, for Oregon, the
"masery inactivity of the indemnity line In place of all
thaco fhaukc To tha tha
the judgment Of this administration and of the democratic
policy which it embodes we have the present treaty of
indemnity and peace
Nor while these great transactions have been carried
to 80 successful an issue in foreign affairs, has the
action of this administration upon domestic policy
been less remarkable or less benefcent Our CONNER
cia policy has been rescued from the injustice and op
preston of the tariff OF 1s42, and placed in the existing
law, upon basis of principle just in itself and so full
ly in harmony with the provisions of the constitution,
that even its opponents do not venture openly to as
sail it, or to make it issue between the two parties
While the existing tariff under discussion in Con-
gess the most distinguished of the wing leaders saked
their financial reputation upon the prediction that
would largely diminish the revenues of the government
as accruing under the tariff of 1872 The first half wear
OF its operation passed by and it was found TO have in
creased the beyond the estimates Of the
Secretary of the Treasury. The wings were refuted
but they were ready with their excuse There
was famine, they said, in England and in Europe,
and our exports, and consequently our imports, had
been increased beyond all calculation and they ap
peaed from the first half year of the operation of the
tariff, to the year that TO follow This second
fiscal year has just expredand there has been no
famine-and many weeks before the LIST of july when
the fiscal year closed the receipts into the treasury from
the customs, under the tariff, had considerably ex
ceeded the largest estimates of the Treasury Department
Nor is this all The war debt, instead of ts.srnr
up, as Mr. Webster would have it, to the gigantic
proportions Of "haf million day." is fonna. "a B.
but about fifty milions-all told. And now the 2res-
dent informs us, that according to estimates and calv
tons which have not yet been shown to be in any
instance allacious, it is confidently believed that the
new tariff will yield surplus revenue enough, without
any change in its provisions. to pay off annually several
millions of the principal of the debt so incurred Surely
never before were the panic financial ancipations Of
factious opposition so wholly set at nought
Nor will the country forget the splendid ability and sue
cess with which, in all the operations of the Treasury
Department, the public credit, during the whole of the
war, has been upheld When, in 1s4l, tAssbtk sdmn.
istraton wanted loan in time of profouii psace to
meet their current expenses with their favore tariff Of
1912 already fully foreshadowed to give tone to the mar
ket. they went to the changers of the world
borrow it and did borrow it, by the sale of their six per
cent stock considerably under par. This adninstn.
ton has borrowed money maintain the rights and honor
OF the country tcar Not dollar has been borrowed
under par, at higher interest than six per cent while
the great bulk of the successive loans has commanded
premium, unexampled, under the circumstances, alike
in our own history, and in the history of other
tons! Such, in conjunction with the democratic ia
riff policy, has been the working Of the Constitution
al Treasury, which this administration has restored,
nently established The people will be slow to re-
nqnsh financial system under which the treasury has
obtained for 49,Oo0o0 of stock and treasury notes,
900 in specie than obtained in specie
its equivalent for $50 100000 of stock and treasury
notes during the of 1sl2a system under which up
wards of $4,000 900 specie have been received into
the treasury since the LIST of January 1s47 and under
which the treasury has, during the period of
teen months, dis6ursed among the people ten times as
much specie had been paid out from the treasury be-
fore during the fty-seven years which have elapsed
since the organization of the government OF such
system, the people may hear without SURPRISE though
not without admiration, that under it's working the
amount coined at the mint during the first three years and
three months of this administration, from the 4h Of
March. ls45, the 3lst of May s4s, has been $3650
L.. .:,cJ