New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-12-02
The National Finances.

Our Federal Government now owes
Public Debt of nearly Seventy Millions of
Dollars to Mexico as the Peace Lndem-
nifty and to certain of our own citizens in
iured by her, whose claims on her we
agreed to settle and pay, several Mil
lions more Ten Millions more are to be
paid to Texas for not aogging the rest of
Us ; to our citizens or the heirs OF our citi-
2ens who had been plundcred by France
more than fifty years ago, and whom our
Government, for a valuable consideration,
covenanted with France to pay, but never
vet has paid. at least Five Millions more;
10 other honest and mcritorious claimants
at least Five Millions; so that the actual
Public Debt Of the Union this day Is not
less than One Hundred Millions of Dol
lars. on which some Five Millions of Dol
lars are annually accruing. Our late Ter
litorial acquisitions have created an abso-
Lutte necessity for new and largely aug
mepted expenditures. Either new regi-
ments must be created or old ones mounted
for the protection of our vast Indian
frontier, including crcry SIDE of NewMex-
leo, which ought to have two efiicientregi-
ments Of reel Dragons and Light Cavalry
devoted to its defense and the ehectual
chastisement of the marauding sayages
who continual infcst if for the next two
years We have positively bound our
selves by Treaty to protect the People of
Mexico from murder and robbery by the
Camancbes and other sayages living this
side of the Rio Grande or North of the
ella; but this stipulation has not yet been
fulfilled. and Will almost certainly subject
US to a heavy claim for damages from Mex
leo unless we do promptly face its require
ments California, too, the Land of Gold,
has thus far cost our Government more than
two dollars for every dollar it has returned;
and still, though we hope the worst Is over
the cost of Steam Mail Service on either
side of the Isthmus, Custom Houses, Rev
enue Officers Indian Agencies and Hostil-
tiles, perhaps Dry Dock and two or three
Fortifcations will eat heavily into the Ma
tonal Finances for years. Every dollar of
Customs, Postage, and Land Proceeds col
lected on the other side of the Rocky
Mountains will be spent there, and proba-
bly, more, leaving all the cost Of the gener-
al protection and defense of the Country by
sea and land, of Congress, the Executive
Departments. Diplomatic Service, &c. to
be raised on this side. We are not sur
prised, therefore, to hear rumors that a new
Loan will be required by the Secretary of
the Treasury in his forthcoming Report,
though we hope Congress will contrive
some means of obviating the necessity for
granting any such loan. Let US increase
the Revenue, let US retrench Expenditures,
do something, any thing, rather than Dor
row more money in a time of profound
peace and general prosperity, even to pay
existing Debts. There must be some
means practicable of avoiding further loans,
and we are confident the Country will
cheerfully look them in the face. We
greatly prefer an increase Of Duties, but we
would vote for a Direct Tax in preference
to Loan.
Patriots and Statesmen in Congress be
entreated to authorize no new Loan on any
pretext, but devise and enact instead meas
ures which will secure the payment Of the
Interest and at least Five Millions per an
mum Of the Principal of our existing Pub
lie Debt. Let all who live ten years longer
congratulate themselves that the Union is
once more free and clear of Debt.