The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1848-12-06

| ce H. Ut ing much larger sum ,hsn was ever be-
70 received from duties during anv equal period
urte- the tariff acts of 1921, 1928 1882 and 1912
Whilst by the rereal Of highly protective and probb-
tory du:ie the nv nue. has be increased the taxes
| on the people have been diminished. They have
been re ieged from the heavy amounts with which
| they were hurdened under former laws the form
of ncre sed prices bOuntles paid to avordd cnsses
| and pursuits,
act OF ls46 would reduce the amount Of be-
low that collected under the net of 1SI2 and would
PROSTATE the business and destroy the prosperity Of
| the country have Lot been verified. With an IN
creased and increasing revenue the filiances are in
| nightly hourishng condition. Agriculture. commerce,
| ana navigation are prosperous; the prices OF
featured iabrcs and of other products are much less
inJnriously Infected than was to have been anticpa-
ted, from the unprecedented revulslons which, du-
ring the last and the present year. have overwhelm-
| ed the industry and parayZed the credit and com
| merce OF 80 many great and enlightened nations of
| Europe.
Severe commercial revulsions abroad have always
heretofore operated to depress, and often to affect
disastrousy, almost every branch of American In
dustry. The temporary depression of a portion of
our manufacturing interests is the effect of foreign
causes, and is far less severe than has prevnu on
| all former similar occasions.
II is believed that looking to the great aggregate of
all onr interests, the whole country was never more
rapidly advancing in wealth and dopaid MeVe Neith
er ne foreign war n which we have been involved,
4f our capital. the commercial revulson in Great
Bat IN ,.4I nor me pTayss Of credit and com
|
rousy to any considerable extent, any Of the great
interests Of the country, or arrested our onward
Had the disturbances in Europe not occurred, our
commerce would undoubtedly haye been still more
| national wealth and public prosperity But, not
understanding these disturbances, the operations Of
have been SO generally beneficial to the government
and the business Of the country, that change in
its provisions is demanded by wise public policy
and none is recommended.
The operations of the constitutional treasury es-
lI thp re- nj hA With A,ta.
the receipt, custody, and disbursement Of the public
money have Gonnued to be successful. Under this
foreign war; involving the necessity Of loans and
eAtrsodary sxpendtuIes and recurring distant
and no loss has occurred of any of the public money
deposited under its provisions.
Whilst 1t has proved to be safe and useful to the
government Its effects have been most beneficial upon
the business of the country. It has tended power
iuly to secure M exemption from that initiation and
| nuctuatlon OF the paper currency, injurious to
domestic industry. and rendering unce Ttain the re-
wards of labor, and it is believed has largely con-
trbuted to preserve the whole country from serious
commercial revusinn, such as often occurred under
the bank deposite system.
In tile year 1917 there n revulsion in the bust
ness of Great Britain Of great extent and intensity
which was followed by failures In that kingdom mn
precedented III number and amount of losses This
is believed to be tho first instance when such disns
trous bankruptcies,occurrlng ina country wthwhich
we have such extensive commerce, produced little or
no injurious effect upon our trade or currency We
renamed but little affected in money market and
our business and industry were still prosperous and
progressive.
nent of Europe has been convuIsed by civil war and
revolutions attended by numerous ls,nkruptcles by
an unprecedented fall in their public securities and
an almost universal pAral, sis of commerce oud in
dustry and yet, although our trade and the prices of
our products must have been somewhat untayorably
aected ny these causes we have escaped revusion,
our money market is comparatively easy, and public
ana private credit have advanced and improved
1t is confidently believed that we have been saved
from their effect by the salutary operation of the con-
stutlonal treasury 1t isc.rtn, that if the twenty
fohr millions OF specie imported into the country du-
ring the fiscal year ending the thirtieh of June
le47 had gone into the banks as to n great extent
1t must have done, 1t would, in the absence of this
system, have been made the basis of augmented hank
paper issues, probably to an amount not less than
sixty or seventy millions of dollars, producing, as
an inevitable consequence of an inflated currency
ex'ravagant prices tor time, and wild speculation
which must have been followed, on the rehux to
Europe, the succeeding year, of 80 much of that
Specie by the prostration he business of the con-
try, The snspensson of the banks, and extensive
bankruptcies
Occurring, as this would have DONE al period
wi EN- the country was engaged in a foreign war
when considerable loans Of specie required for
distant disbursements and when the banks, the fs-
cal agents of the government, and the repositories of
lis money, were suspended, the public credit must
have sunk, and many millions of dollars as was The
case during Inc war OF 1872 must have been sacri.
ced in discounts upon loans, and upon the depreca-
led paper currency which The government would
have seen compelled To use.
Under the operations OF the constitutional treasury,
not dollar has been lost by the depreciation Of the
| currency The loans required 10 prosecute the W ar
with Mexico were negotiated by the secretary of
the treasury above par, realizing large premium 10
the govern nent The restraining effect of the system
| upon the tendenci to excessive paper issues l,y
| banks has saved the government from heavy losses
and thous'nts Of our business en- from bankruptcy
and ruin The wisdom of the system has been tested
by the expeiit Of the last two years. and it is the
dictate OF sound policy that il should remain undis
| turbed The notifications in some OF the details of
this measure, involving none of lis essential princi-
phs, heretofore ret commended, are again presented
| for your favorable consideration.
In my message of the sixth Of July last, transmit
ting 10 Congress the ratified trelly Of place with
| Mexico, racOmmt nded the adoption of measures
for the speedy payment Of the public debt In rel,cr-
anng that recommendation, refer you TO the con-
slderatons presented III that message In its support
Inc public debt including tHat author zed 10 be me-
tlated IN pursuance of existing laws and including
treasury notes, amounted AT that to sixty. fye
million seven hundred and seventy eight thousand
four hundred and fifty dollars and forty. one cents
| Funded stock of the United States, amounting to
about half million of dollars, has been purchased
us authorized by law, since that period, and the pub
lie debt has thus been reduced; the details of which
will be presented in the annual report of the Secre-
| tary of the Treasury.
The estimates OF expenditures for the next fiscal
year, submitted by the Secretary of the Treasury it
| is believed will be ample for all necessary purposes
If the appropriations made by Congress shall not ex-
coed the amount estimated the in ,he treasury
will be sufficient to deray all the expenses of the 60
vernment; to pay of the next instalment of three
millions of dollars to Mexico which will fall due on
the hrtleh of May next and still aconsiderable sur
plus will remain which should be applied to the fur
ther purchase of the public stock and reduction of
| the debt
Should enargep nnRrpptatlons be made the neces
shdy Consequence VIM be to pnspons the payment at
most other natans Is small, it is policy, and
III hs abmIa With e genius Of our institutions that
great republic, possessing st resources and
Tsn s Wh adS s s r3 IN public
us still more commanding position among tie ma
tlons of the earth.
| The public expenditures should be economical
ard he confined 10 such necessary objects as are
clearly within the powers of Congress. A. such as
are not absolutely demanded should be postp med,
and the payment of the public debt at the earliest
practicable period shoald be cardinal principle OF
| public policy.
For the reason assigned in my last annual message,
| | repeat the recommendation that branch of the
| Of New York The Importance of this measure is
greatly increased by the acquisition OF the rich mines
Of the precious metals in New Mexico pnd Calfor-
| MIA, and especially in the latter
| repeal the IecOmIne niatIun heretofore made in
favor OF the graduation and reduction Of the price of
the public lands as have been long otferee the
market, and have remained unsold, and in favor OF
extending the rights OF pre-empllon TO actual set
tiers on the unsulveyed as well as the surveyed
| lands
| The condition and operations of the army, and
the state of other branches Of the public service UNI
der the supervision of the War Department, are sa
sac'orily resented the ac.oml anying report of
the Secretary Of WAY.
On the return Of peace, forces were withdrawn
from Mexico, and the volunteers and that portion of
the regn lar army engaged for the war were disband
ed. Orders have been issued for stationng the forces
Of our permanent establishment at various positions
| III our extended country, where troops may be re-
guiTed. Owing TO the remotteness of some Of these
destination Notwithstanding the extension of the
confidently he'll ed lint