Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-07-21

yOi1bble wars have occasloned, not ungenerOus- /
ly throwing upon pOstsriIy the burden we our.
selves ought TO bear"
Aithe commencement Of the present admin /
SlIalion, The public debt amounted TO Sl7,77s,- |
7s9 ca. In consequences Of the war with Mex /
ico, il has been necessarily increased, and now
amounts to SOS, 5,778, ,4SO II, including the stock
and treasury notes Shich may yet be issued un. |
Ter the act Of January 20, l847, and the sixteen
million lean recently negotiated unde. he act Of
March 81, lsI9.
In addition TO the amount Of the debt, the irea.
" siipulaIes thai Iwelve millions Of dollars shall
be paid 10 Mexicu ia ouI equal annual install.
menis Of three millions each; the first of which
will fall due on the 30th Of May, 1919. The
treaty also srpuaies that the United States shall
''assume and pay our own cilizens The claims
already Iquidaled and decided against The Mex.
can republic" and "all claims not heretofore
decided against The Mexican government "to
an amount not exceeding three and one-quarier
millions Of dollars" The "lquidaIed" claims
Of ciiizons Of the United States against Mexico,
as decided by the joint board Of commissioners
under the convention between the United States
and Mexico, Of the lllh of April, 1889, amour.
ted TO S2,026.l39 GO. This sum was payable
in twenty equal annual inslnlmenls. Three of
Them have been paid to the claimants by the
/ Mexican government, and Two by the United
States; leaving TO be paid of The principal Of the
| liquidaed amount assumed by the United States,
the sum of Sl,5l9604 rs, together with the
interests thereon. These several amounts Of
"liquidaied" and unquidated claims assumed
/ by the United States, il is believed NAV be paid
as they fall due out of the accruing revenue,
without the issue of stock OF the creation Of any
additional public debt
lcannll too strongly recommend TO Congress
the importance of outstanding all our national
resources, of limiting the public expenditures to
necessary objects, and Of applying all the sur.
plus at any time in the treasury TO the redemp-
ton OF the debt. | recommend that authority
be vested in the Executive by law 10 anticipate
the period OF reimbursement Of such portion Of
the debt as may not be now redcemable, and to
purchase it, at par, or al the premium which il
may command in the market, in all cases in
which that authority has not already been gran
ted. A premium has been Obtained by the gov
ernmenl on much the larger portion ofthe loans;
and if, when the government becomes purcha.
ser Of its own stock, it shall com mmand a premi.
um in the market, il will be sound policy TO pay
it, rather than to pay the semi-annuaI interest
upon it. The interest upon the debt, if the out
standing treasury notes shall be funded, from The
end of the last fiscal year until il shall fall due
and be redeemabe, will be very nearly equal to
the principal, which must itself be ultimately
paid.
Without changing or modifying the present
urlil Of duties, so great has been the increase
of our commerce under its benign operation,
that the revenue derived from that source and
from the snes Of the public lands will, it is con-
identIy believed; enable the government 10 dis.
charge annually several millions Of the debt,
and at the same tlmo possess the means of mee-
ung the necessary appropriations for all other
proper objects. Unless Congress shall author
lze largely increased expenditures, for objects
not of absolute necessity, the whole public debt
} existing before the Mexican war, and that crea-
I ted during its continuance, may be paid off,
/ without any increase Of taxation on the people,
! long before il will fall due.
Upon The restoration of peace we should n.
dopt policy suited to a state of peace. In do
ing this, the earliest practicable payment of the
public debt should be Il cardinal principal of ac-
non. Protitlng by the experience of the past.
we should avoid the errors into which the coun.
try was betrayed shortly after the close of tho
war with Great Britain in 1915. In few years
after that period, broad and lalitudnous con-
sructlon of the powers Of tho federal govern.
ment unfortunately received but too much coun.
tenance. Though the country was burdened with
heavy public debt, largo aud in some in.
stances unnecessary and cXlravUgant expendi-
lures were authorized by Congress. The con-
sequence was that the payment Of the debt was
postponed for more Than twenty years; and even
then, 1t was only accomplished by the stern will
and unhending policy Of President Jackson, who
made IT'S payment leading measure of his ad.
, mlnlsrallon. lie resisted the attempts which
were made to divert the public money from tha,
great object, aud apply it in waslelul and extra.
VACANT expenditures for other objects, some oil
them of more Than doubtful constitutional al.
IhorIy aud eXpedency.
If the government of the United States shall
observe a proper economy in its expenditures
and be confined in its action to the conduct OF
our foreign relations and TO the few general OBJ.
lecs Of It's care, enumerated in the constitution,
leaving all municipal and local legislation to the
States, our greatness as nation in moral and
physical power, and in wealth and resources
cannot be calculated.
by pursuing this policy, oppressive measures
operating unequaIly and unjusrIy upon section:
and cIacsos will be avoided; aud the people, hay.
ingno cause Of complaint, will pursue their own
interests, under the blessings of equal laws and
the protection of a. just and pOcrna government
By absIaining from the exercise Of all power:
not clearly conferred, the cement of our oriou:
Union, now numbering thirty States, will be
g strengthened as we grow in age aud increase il
; population, aud our future destiny will be with
n OUT parallel or example in tho history of ma
81 lons. JAMES h POLK
!. Washington, July G, l840.
If The Spirit Of the Reserve.
o The present position of political affairs in O