Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-07-25
VOLUME 6. NUMBER T..

-6S AEsl tus& -E84 FHrv sas
pate the period Of reimbursement of such
portion of the debt as may not he now re-
deemable, and to purchase it, at par, or at
the premium which il may command in
the market, in all cases ia which that au.
thority has not already been granted. A
premium has been obtained by the gov.
eminent on much the larger portion of the
loans; and if, when the government be.
comes a purchaser Gifts owe stock, il shall
command premium in the aIket, il will
be sound policy to pay 1t, rather than to
pay the semi.annual interest upon il. The
interest upon the debt, if the outstanding
treasury notes shall be funded, from the
end of the last fiscal year until il shall fall
due and be redeemabIe, will be very near.
ly equal to the principal. which must itself
be ultimately paid. @
Without changing or modifying the
present tariff Of duties, so great has been
the increase of our commerce under its
benign operation, that the revenue derir-
ed from that source and from the sales of
the public lands will, it is confidently be-
lieved, enable the government TO dis
charge annually several millions of the
debt, and at the same time possess the
means of meeting necessary appropri-
atoms for all other proper objects. I'm
less Congress shall authorize largely in
creased expenditures, for objects not of
absolute necessity, the whole public debt
existing before the Mexican war, and that
created during its continuance, may be
paid of, without any increase of taxation
on the people, long before it will fall due.
Upon the restoration OF peace we sho'd
adopt a policy suited to state of peace.
In doing this, the earliest practicable pay.
ment of the public debt should be a car.
dinal principle of action. Proiting by the
experience of the past, we should avoid
the errors into which the country was be.
trayed shortly after Ihe close of the war
with Great Britain in 1878. In few
years after that period, broad and lati-
tudipous construction Of the powers ofthe
federal government unfortunately received
but too much countenance. Though the
country was burdened with heavy public
debt, large and in some instances uhnec.
essary and extraragant expenditures were
authorized by Congress. The conse.
Quence was, that the payment Of the debt
was postponed for mole than twenty years;
aud even then, it was only accomplished
by the stern will and unbending policy Of
President jackson, who made its payment
a leading measure of his administration.
He resisted the attempts which were
made to divert the public money from that
great object, and apply it in wasteful and
extravagant expenditures for other objects,
some Of them of more than doubtful consti-
tutional authority and expediency.
1.-THE government Of the United States
shall! observe proper economy in its ex-
pendituies, and be confined in its action
to the conduct of our foreign relations and
to the few general objects of its care, emu
merated in the constitution, leaving all
municipal and local legislation to the
States, our greatness as a nation in moral
and physical power, and in wealth and
resources, cannot he calculated.
By pursuing this policy, oppressive
measures operating unequaliy and unjust
ly upon sections and classes will be avoid
ed and the people, having no cause of
complaint, will pursue their own interests,
under the blessings of equal laws and the
protection of just and paternal govern
ment.
BY abstaining from The exercise of all
powers not clearly conferred, the cement
of our glorious Union, now numbering
thirty States, will be strengthened as We
grow in age and increase in population,
and our future destiny will he without a
parallel or example in The history of ma.