Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1848-07-29

debt as may not be now redeemable, and to
purchase II at par, or at the premium which
u may command in the market, 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 portion Of loans, and If, when the
Government becomes purchaser of its own
stock, It shall command premium in the
market, 1t will be sound policy TO pay i,
rather than to pay the semisnnua interest
upon 1t. 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 redeemable, will be
very nearly equal TO the principal, which
must iiselfbe ultimately paid
without changing or modifying the pres.
ent tarff OF duties, SO great has been the
increase of our commerce under its benign
operation, that the revenue derived from
that source and from the sales of the public
lands. will, it is confidently believed, enable
the government to discharge annually the
several millions Of The deb, and at the same
time possess the means Of meeting ne cessary
appropriations for all other proper objects.
Unless 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
offwithout any increase Of taxation on the
people long before it will fall due.
Upon the restoration Of peace we should
adopt policy suited to state Of peace
In doing this the earliest practicable pay
meht of the public debt should be cardinal
principle of action.
frohing by the experience Of the past,
we should avoid the errors into which the
country was betrayed shortly after The close
OF The war with Great Britain in 1914. In
rev years after that period broad and
latiudious construction of the powers of
Inc Federal Government unfortunately re.
ceIved but too much countenance. Though
the country was burdened with a heavy
public debt, large, and in some instances I'M
necessary and extravagant, expenditures
were authorized by Congress. The con-
sequence was, that the payment Of the debt
was postponed for more than twenty years.
and even then 1t was only accomplished by
the stern will and unbending policy Of Pres
ident Jackson, who made its payment lead
ing measure of his Administration He re-
sisted the attempts which were made TO
divert the public money from the great OBJ
jet, and apply il in WIS eful and extravc.
giant expenditures for other objects, some of
them of more than doubtful constitutional
authority and expectancy.
If the government of the United States
shall observe proper economy in its ex-
Ipendi,u,es, and be confined in its action to
The conduct of our foreign relations, and TO
The {, W general objects Of its care enumer.
ated into the constitution, leaving all mu.
nicipal and local legislation TO the States,
our greatness as a nation, in moral and
and physical power, and in wealth and re-.
sources, cannot be calculated.
BY pursuing this policy, oppressive meas.
ures, operating unequally and unjus,ly up.
on sections and classes, will be avoided,
and the people. having no cause of com.
plant, will pursue their own interests. IN.
der the blessings of equal laws and the
protection Of a just and paternal Govern.
men,. By abs,alning from the exercise of
all powers not clearly conferred. the CO.
men, of our glorious Union. now number.
ing thirty States, will 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 nm.
, lions.
JAMES X. POLK.
WAsHINGToy July 6, lS4s.