The republic. [volume] (Washington [D.C.]) 1849-1853, 1849-12-25
WASHINGTON: TUESDAY MORNING. DECEMBER 25 Is49

estimate 900 per annum OF the revenue
from lands as diverted ny the iand warrants ana
the exuhguisnInent OF dept.
during the last hscal year there were PAID, under
stiPulations In the treaty with Mexico, sums
amounting IN all 10 D !,o29,los.
Public debt TO the amount OF $7So,o66 ~ (lnclud-
ing treasury notes received ior CUSTOMS ana iands)
was also PAID OH or outoi generalunds
OF the treasury and exungmshed, besides $5s2,ooo
OF the stock and treasury notes Issued under the
act io4 purchased Out OF the iand Ioha ana can
ceiled. zee statement marked M VI these
sums, So9o,lio, was new dept contracted since the
commencement Oh the war .o
Inc balance IN the treasury on the LIST july io4s'
was SZ,lol,9oa 20 r. -,
baiance III the treasury on lst July' 80
io1o ..''.. .'..'"''''. $z,lod,sod 20
Payments uhder the treaty. i,o29,loo w
Payments out OF general luhd on ac- -
count OF deot .'..,......,'.... $4,000 81
Lana Iuho diverted ',....,.'''.''. Z'oVV,oVo w
800 -
amounts TO-. p $50 OF
| and would have made balance in the treasury to
| that amount on the LIST July, lS49 had none of
them been applied to the extraordinary purposes
| above designated
During the current fiscal year there will be re-
quired, in May next, for the payment of an install
ment TO Mexico, $3,54O0O0 and the land revenue,
| estimated as diverted, will be $4,000 ,O00-making
together S5540,OO0 which, added to the aforesaid
sum of $ ,6O4 ,63S 81 would make SIS, ,G3S 81,
from which deductlng the estimated denclt on the
LIST July, 1850, of 5S2S,l2l 66, would have left an
estimated balance in the treasury, on that day OF
$l23l6,5l7 OF. Adding to that balance the install
ment to Mexico, due IN 1881, $3,36O,0OO, and the
revenue from lands diverted, $2,OO00OO, would
make an aggregate OF $ll,676,5l7 vi, from which
dcductlng the estimated dehclt on the lst OF July,
| 1851, $lO,5f7 ,O92 10, would have made an esti-
mated balance i'll the treasury, on that day, OF
| $7,l29, 424 %
| have gone into this detail for the purpose OF
showing that the resources OF the country are am
pie, that the estimated deficit Will have arisen from
| t>aa .nft ha NJ t
with Mexico, and that the justly high public credit
| OF the United Statesls not endangered by the TACT
that, in this position OF affairs, new loan will be
| required.
Under these circumstances, propose that author
ity be given to raise such sum, not exceeding $l6,
500,0 900, may be found necessary, from time to
time, by the issue of stock or treasury notes. such
terms OF interest (not exceeding SIX per cent? and
repayment, as the President IN his discretion shall,
previous to their being issued, think mt to order.
Authority has already been given by the act of
March 80, lS49, to issue stock Tor the $500 ooo
appropriated to carry into effect the 18th article of
the treaty with Mexico.
TO provide for the payment out OF the revenue OF
the instalment which will be due to Mexico In the
fiscal year ending Both June, 1852, to secure the
raising OF fund for the gradual extnguishment of
our heavy public debt, and to place the revenue
sure basis OF sufflcency for all the expenditures
! OF the Government, 1t viii be necessary to adopt
measures for increasing the revenue; and the most
available means to that end are to be found in rails
ing the duties on imports That an economy as
| rigid as may be found compatible with the neces-
sites OF the country VIII regulate the appropriations
under existing circumstances, cannot be doubted
In proposing some alterations In the existing
tariff, with view, az well to the necessary aug
mentation OF the revenue as the encouragement OF
industry, think IT right to present distinctly the
views entertained on the latter subject, In the hope
that q course may be adopted by the wisdom and
patriotism OF Congress which may tend to harmo-
nize discordant feelings and promote the general
prosperity.
l. entertain no doubt OF the rlghtful power OF
Congress to regulate commerce and levy imposts
and duties, with the purpose OF encouraging our
own industry. In selecting tor adoption one OF two
proposed regulations OF commerce, II would appear
10 De clearly tne rignt Oh congress 10 choose that
one which would, IN Its opinion, be most salutary
| 10 inc country ana IN IKE manner IN laying lui
posts and duties, 1t would seem that the endeavor
ought 70 De 10 regard he interests OF the "hoie peo
PIE, not as niue oul as lnucn as possible,
Is not question Oh assuming power not eh
! pressly granted Dy pe constitution, on the GROUND
that II may tend 70 the attainment OF general emo
therein expressed. Here the power 70 regulate
commerce ana tne power 10 ievy ana collect duties
are expressly gwen, ana the only quesuon is,
wnether tney ought OF ought not 10 DC e&erclseo
with view 10 the genera good
seenls 70 me 'hat 10 exercise lnese OF any olhet
powers win any otner view, would De misuse OF
power and subversive of the legitimate end of Gov
eminent
mo no opngauon written IN the Cohstituuon
to lay taxes, duties or lnposts at the lowest rate
W."
III IL were true' that DUTY iaio on given article
WIN view 10 encourage our own productions ls
unlawful, because IL may operate, by encouraging
importation as parual promDiuoh the proposition
Woulo DC equtny uuS vi every uutJ iad Win Nha'
intent whether II were above or oeiow Tue maxi
mum revenue rate, But, as under the power 10
regulate commerce, ~ Is competent lor congress 10
enact direct ana iotal prohpiuoh ol the liipora
ton OF any arucie, IL can DC no ooleouon 70 an act
leVylng ouues, uat Hinay operate IN Paruaily pre-
venting importation "hether ~ De wise OF JUST so
TO levy duties Is announcer question: what mean
70 say now rs that mere Is no Prohlol1lon OF II IN
the constructor. me proPostion Is niahl s nc
as universally true, that the express grant OF a
power 10 congress glVes 70 that oouy tne rlgh' oi
exercising that power IN such manner as IN l "
opinion may De most conducive 10 the auVan'age oi
the country.
As instances oil the exercise OF the power OF regu
lanng commerce, may De menuoned INC prohol'lor
OF importation, exoePta at ports Vle pro
hoiuon oil inc coasuhg uade 10 an lorcgh Vessels
and TO all American vessels not licensed ana en-
rolled the prohloinon oil certain Tade 70 Iorcign
vessels under INC Navigatoh act OF lolIi .ne pro
hioinon OF certain uaae W AnerlCah Vessels oy 'ne
N N ~ 4 n