Democratic banner., 1848-12-25


les, wouki. b. suspended. ibs public credit must
have SUM, and many millions OF doIlars.1 as
was the cause during the war Of 1912, must
ihhave been sacrificed, .ip discounts upon Leans,
land upon the deprecated paper currency which
The Government a,ould have been compelled 10
use.
Under the operations Of 4 constitutions
Treasury, not a iolIaf hssIhrrii Inst by tlts
deprvciatipn of the surrencf. The loans
reguired to prose cute the war were nes0
Itiatsd by the Secretary ut the Treasury a.
bore par, and realizing a large premium ID
ftls G6verHnent. Tile r-strainc effect Of
the system upon the tendencies to exces.
size paper issue by the banks, has saved
the Government from heavy losses, and
thousands Of our business men from bank.
ruptcy and ruin. The system has been test
ed blythe experience Of the las, two yeats,
and It is the dictate Of sound policy, that Il
Should remain u~ndisturbed. The modifcs.
tons Of the details Of this measure, ~involv:
ling the principles heretofore recommended,
are again presented for your favorable con.
ISideration.
In my message of the 9th July last, trans.
Uniting to Congress the ratified treaty oil
peace with Mexico, / recommended the q.
doption Of measures for the speedy paw.
meht Of the public debt. In submitting the
recommendation, Preferred You to the con.
siderations presented in that message, in its
support. The public debt, including that
authorized to be negotiated in pursuance
of existing laws, and including Treasury
notes, amounted at that time 10 So, 77S;-
400 IL.
Funded stock Of the United States. a.
mounting to about half q million of dollars,
has been purchased, as authorized BY law,
since that period, and the public debt has
thus been reduced, the details of which
will be presented in the report of the Sec
Rotary Of the Treasury.
The estimate Of expenditures for the next
fiscal year, presented by the Secretary of
the Treasury, it is believed, will be ample
for all necessary purposes. If the appro.
priation made by Congress shall notexceed
the amount estimated, the means in the
Treasury will be sufficient to defray all the
Expenses Of the Government; to pay of the
next instalment Of $4,000, 900 to Mexico,
which fall due on the 3Oth Of May next, and
still a considerable surplus will remain,
which should be applied to further pur-
chases Of the public stock and reduction of
the debt. Should other appropriations be
made, the necessary consequence will be,
to postpone the payment Of the debt
Though our debt as compared with that of
most other nations in the world, is small,
it is our true policy, and in harpony with
the nature of our institutions, that we should
present to the world the tare spectacle of a
great Republic, possessing vast resources
and wealth, wholly exempt from indebted
ness; and it would add still more to our
strength, and give to US a still more CON-
handing position among the nations of the
earth. ~.
The public expenses should be economi-
cal, and be confined to such objects IS are
cearly within the power of Congress. All
such as are not absolutely demanded, should
be postponed. The payment of the public
debt at the earliest practicable pssod,
should be 4 cardinal principle Of our pub
lie policy. Z
For the reason assigned in my last An
nIal Message, ! repeat my recommends
tioni thai q branch of the mint of flIe Uni
tee States be established at the city of New
York. The Importance Of this measure is
greatly Increased by the acquisition of the
rich mines Of precious metals in New Mex
leo and California, especially the latter.
! repeat the recommendation hefetofors|
made, iii favor Of the graduation and reduce
ton in price of such Of the public lands, as
have been long offered in the market; and
have remained unsold, and in favor Of .ex-
tending the rights OF presumption to actu-
81 settlers, Oh the unsnrvsysd, as we'll asI
the surveyed lands.
The condition and operations of the ar.
my, and the state Of the other branches un-
der The supervision Of the War Departments
are satisfactorily presented in the accom-.
panying reports Of the Secretary Of War.
On the return Of peace, our forces wereI
withdra wh from Mexico, and the volunteers
and that portion Of the regular army en-
IgsErd for the ware were discharged. Or
dets have been issued for s~tatiehiDg the
forces Of our %peimsuent establishment att
various points iii our extended Country,
a.