Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1848-12-07

the husieecs ut ihc country. the suspcr
SION OF Doc AauSs. and most extensive ban
rup'cieS. occurring, a- Ibis would hav
done, at period when the country W.
engaged IN foreign war. when cousldera
DE loans of specie were required for dis
tant disbursement. and when the banks
the fiscal agents Of the government, an'
the repositories Of It's money, were sus
pended. the public crediimust have sunk
and many millions of dollars, as was tn
case during the war Oi 1912, must have
been sacrificed in discounts upon loan
and upon the deprccia'ed paper currency
which the government would have beer
compelled to use.
Under the operations Of the consiilutio
mai treasury. not dollar has been lost by
the depreciation of the currency. Tn,
loans required to prosecute the war witt
Mexico were negotiated by the Secretary
of Treasury above par-reallzing ;
large premium to the government. TIL,
restraining effect of the sysiem upon tht
tendencies to excessive paper issues by
banks has saved the government from hes
w losses, and thousands of our bushes;
men flom bankruptcy and rum. The
wisdom of the system has been te1ed oy
the experience of the ee' two years; and
it is the dictate Of sound policy that il re-
main undisturbed The notifications in
some of the details of this measure, inv oil
wing none of its essential principles, here
toiore recommended, are again presented
to YOUR favorable consideration.
In my message of July 9th last, trans
hitting 10 Congress the treaty of peace
with Mexico, recommended the adop-
ton OF measures for the most speedway
meut of the public debt In referring the
recommendation, refer you to the consl-
derations 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 TO 66,s7s, 400
81 dollars.
Funded stock of the United Slates: a
mounting 10 abouthalf million of dollars
has been purchased, as authorized by law
since tina, period, and the public debt has
thus been reduced---the details of which
will be presented i'll the annual report of
the Secretary of the Treasury.
The estimates OF expenditures for the
next fiscal year, subm itted by the Sscre-
iary of the Treasury, it is believed will
be ample for all necessary purposes. If
the appropriations made by Congress shall
not exceed the amount estimated, the
means in the treasury will be sufficient to
defray all the expenses of the government.
to pay off the next instalment of three
millions TO Mexico, which will be due on
Nav both next, and still a considerable
surplus will remain, which should be APP
piled to the further purchase of the pub
lie stock and reduction Of the debt; should
enlarged appropriations be made, the ne
cessarv consequence will be to postpone
the payment Of the debt Though our
debt, compared with that of most other ma
lions, is small, it is our true policy and III
harmony with the genius of our inslitu-
tons, that we should present TO the world
the rare spectacle OF great Republic pos
sessing vast resources and wealth, wholly
exempt fIom public Indebtedness. THIS
would add still more to our strength, and
give To us asilil more Commanding posi-
ton among the nations of the earth.
The public expenditures should be ee-
onomical. and be confined to such ncccs-
sary objects as are clearly within the po-
wers of Congress. All such as are not alb
solutely demanded should be postponed
and the payment OF the public debt at. the
earliest practicable period should be car
dinal principle of our public policy.
For the reason assignedin my last an
nual message repeat th( accommodation
that branch of the mint Of the United
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 the precious metals in
New Mexico and California, and especi
ally IN the latter.
| repeat the recommendation, hereto
fore made, in favor of the graduation and
reduction of the price OF such OF the pub
lie lands as have been long offered IN the
market and have remained unsold, and IN
favor of extending the rights of pre-emp-
ton TO actnal settlers on the unsurveyed
as well as the surveyed lands.
The condition and operations of the ar
nv, and the state of other branches Of the
service under the supervision OF the War
Department, are satisfactorily presented
in the accompanying report OF the Secre-
tary of War.
On the return Of peace our forces we re
Withdrawn from Mexico, and the volun-
teers and that portion of the regular army
engaged for the war were dlsbant'ed, Or
ders have been issued for statloning the
forces of our permanent establishment at
various positions in our extended coun-
Try where troops may be required. Ow-
ing TO the remotcness OF some OF these POI
sitions, the detachments have not reached
vet their destinations. Notwithstanding
The extension of the limits Of our country
and the forces required in the new terri
tories, it is confidently believed that our
present military establishment is sufficient
for all contingencies, so our present peace
full relations remain undisturbed.
OF the amount of military contributions
collected in Mexico, the sum OF S769,650
was applied towards the payment OF the
first instalment due under treaty with
Mexico The further sum of S3ii,369
has been paid into the treasury, and un-
expended balances still remain in hand S
OF discussing officers and those who wee
engaged in the collection Of these moneys
After the proclamation of peace no fur
Their disbursements were made OF any UNI
expended money arising from this source
The balances on hand were directed 10 be
paid into the treasury, and individual
claims on the fund will remain unadjust-
al ,,,,;t o,nr-rass shall authorize their set