The examiner. [volume] (Louisville, Ky.) 1847-1849, 1848-07-15

peictlftu why we SnOuiu enlarge our lanu forces,
and thereby subject the Treasury 10 an annual in
creased charge. Sound policy requires that we
should avoid the creation of large standing army
IN period of peace No public exigency requires
a. such armies are not only expensive and I'M
necsRSafy but may become dangerous 10 liberty.
Beades making the necessary Legislative provis-
ions fof the execution Of the treaty, aud the estab.
ltslnnent OF territorial governments in the ceded
country, we have, upon the restoration ofpeace,
Other important duties TO perform Among these
regard none as more important than the adoption
OF proper measures for the speedy extinguishmeni
of the national debt. II is against sound policy
and The genius OF our institutions that public
debt should he permitted TO exist day longer than
The means OF The Treasury will enable the Gov
efnIntnt 10 pay IL off. We should adhere 10 the
| wise policy laid down by President Washington,
''oi avoiding the accumulation of debt not only by
| stunning occasions of expense, bat by vigorous
! exeulons IN time OF peace 10 discharge the debts
| which Unavoidable wars have occAsioned not un-
generously throwing upon posterity the burden
which weourseiyes ought 10 bear"
| AT The commencement of the present Admins
ration the public debt amounted TO seventeen mil
lions seven hundred and eighty eight thousand sew
en- hundred and ninety-nine dollars and sixty-twv
cents In consequence of the war with Mexico il
| has been necessarily increased and now amounts
70 sixty hve mill ions seven hundred and seventy
eight thousand four hundred and fifty dollars and
iorty-one cents, including the stock and Treasury
notes which may yet be issued under the act of
January %, lS4l, and the sixteen million loan re-
Gently negotiated under the act of March 81, l54S
In addition 10 the amount OF the debt, the treaty
stipuaes that twelve millions OF dollars shall De
paid 10 Mexico, in four equal annual instruments
OF three millions each, the first OF which will fall
due on the 30th day Of May, 1919. The treaty also
stpulates that the United States shall "assume
and pay 10 our own citizens "the claims already
lquoated and decided against the Mexican repub-
lie, and "al claims no heretofore decided against
the Mexican Government" "to an amount not
exceeding three and one-quarter millions of dol
lars. - The " liquidaied" claims of citizens OF
the United States against Mexico, as decided by
the Joint board of Commissioners, under the con-
yention between the United States and Mexico OF
the lllh Of April, 1893, amounted TO two millions
and tweniy-six thousand one hundred and thirty
nine dollars and sixty-eight cents. This sum wss
payable IN twenty equal annual instruments
Three OF them had been paid 10 the claimants by
The Mexican Government, and two by the United
States, leaving to be paid of the principal of the
"liquidated" amount assumed by the United
Staies, the sum of one million FIVE hundred and
nineteen thousand six hundred and four dollars
and seventy-six cents, together with the interest
thereon. These several amounts OF "hquldsted''
and unliquidaed claims assumed by the United
States, i. is believed may be paid they fall due
out OF the accTuing revenue, without the Issue Of
stock or the creation OF amy additional public debt.
cannot too strongly recommend 10 Congress the
importance of outstanding ell our national resour-
ces; of limiting the public expenditures to neces-
sary Objects and of applying all the surplus al any
time in the treasury TO the redemption the debt
recommend thar authority he vested in the EX-
ecutye, by law, 10 anticipate the period OF REIN
bursemenI of such portion of the debt as may not
be now redeemaDe, and TO purchase il at par, or
at the premium which Il may command in the mar |
ket, in all cases in which that authority has not
already been granted. A premium has been OBJ |
tanned by the government on much the larger pOr-
zion Of the loans, and If, when the Government be- |
comes purchaser Of its own stock, IL shall COM
Inand premium in the market, il will be sound |
policy toPay it rather than to pay the semi-annual
interest upon Il. The Interest upon the debt, ifthe
outstanding Treasury notes shall be funded, from |
the end OF the last fiscal year until il shall fall due
aud be redeemable, will be very nearly equal to /
the principal, which must itself be ultimately |
paid.
Without changing Of modifying the present tariff /
OF duties. so great has been the increase of our /
under It's benign operation, that the /
revenue derived from thai sOuIce and from the /
sales Of the public lands, will, il is confidently /
believed, enable the Government 10 discharge an
nuaiiy several millions of the debt, and at the same
lime possess the means meeting necessary appTo.
priatiOns for al other proper Objects Unless Con-
gress shall authorize largely incteased eXpendi-
lures for objects not of absolute necessity, the /
whole public debt existing before the Mexican war,
and that created during its continuance, may be
paid off without any increase Of taXatioa on the
people long before il will fall due.
Upon the restoration OF peace we should adopt
policy suited 10 a state OF peace In doing this
the earliest practicable payment Of the public debt
should be a cardinal principle OF action.
Plotting by the experience or the past, we
should avoid the errors into which the country was
betrayed shortly after the close Of the war with I
Great Britain in 1878 In few years after that
period broad and latitudinous construction of the
powers of the Federal Government unfortunately |
received blt too much countenance. Though the
country WIS burderIcd with heavy public debt,
large. and in some instances unnecessary and ex-
trayasant, expenditures were authorized by Con
sress. The cOnsequ ence was, that the payment OF
the debt was postponed for more than twenty 1
FsaTs, and even thvi 1t was only accomplished by
the stern viii and unhending policy of President
Jackson, who made its payment leading measure |
of his Administration. He resisted the attempts
which were made tC divert the public money from
that great object, and apply il in wastetul and eI
trayagant expenditures for ether objects, some OF
them OF more than doubtful constitutional author
ity and eNpediency.
If he Government of the United States shall OBJ
serve proper economy in is expenditures, and be
confined ia its action 70 the conduct of our for
eign relations, and 10 the few general objects ofs
care enumerated in the constitution, leaving all
municipal and local legislation 10 the States, our
greatness a natiOn, in moral and physical pow
er, and in wealth and resources, cannot be calCu-
lated.
BY pursuing this policy, oppressive measures,
operating unequslly and uniusiy upon sections and
classes, will be avoided and the people, having
cause Of complaint will pursue their own inte-
At1iss AiiNtl htt tit>nihbS " tiAdi idNo anu
protection of Just and patemal Government. BY /
abstaining from the exercise Of all powers not |
clearly conferred, The cement of our glorious
Urion, nov numbering thirty States, viii be
strengthened as we grow in age and increase in
population and our future destiny will be without
a parallel or example in the history of nations.
JAMES X. POLK.
WASHINGTON, July 6, ls4S.
The Battle Monument.
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