The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1850-12-28
Mr.. Corwin shows that, with the

Annexation of Texas and the consequent
Mexican War, we entered upon an en-
tirely new phase Of our National exis-
tence. The change thus affected has al
ready cost us One Hundred and Twenty
five Millions of Dollars, and has entailed
upon us farther obligations to the extent
OF nearly One Hundred Millions more.
Our Annual Expenditures have been
swellcd by those measures from Twenty
five Millions to Forty eight Millions rer
anum, and almost every department Of
the Government reportsa necessity for
still heavier outlaysin consequence Of
the vast and sudden extension OF ou. Ter
ritory and the obligations incurred by
the Treaty which confirmed that extern
sion. lndian intercourse and cessons of
Land, Indian Hostilities and our bargain
with Mexico to protect her against the
hard customers we so largely bought OF
her and promised to control-Docks,
Dcfenses, Surveys, Judiciary, sc. on the
Pacitic-money, more money, here,
there and everywhere-such is the uni
versal chorus. What is to be done?
! The Revenue from Lands is demolsh.
ed by the Military Bounty Acts, as en-
acted by the last and present Congresses,
and as certain to be modified at this ses-
sion. We trust the Lands are soon to
be made Free, but whether they shall or
shall not be, they can yield but trihing
revenue for twenty years to come.
Meantime, we have to pay nearly One
Hundred Millions Of Public Debt, Inclu.
ding Mexican Indemnity, Mexican Spo-
| liations, Texas Indemnity, &c. Uncle
Sam has everybody to pay-nobody has
to pay lam. How is he TO raise the ways
and means through the next ten years
! OF" Revenue from Customs las been
quite arge for som" years past; but hov ?
Simply by RUNNING in debt for good
share ofthe importations on which this
Revenue was paid. Since the famine
year in Europe, we have been running
in debt TO England at the rate many
Millions per anum. Our Exports for
the last fiscal year (nearly all sent to
countries which levy Specific duties, and
consequently prolier no temptation to
undervalue) amount to less than One
Hundred and kifty-two Millions, while
our Imports exceeded One Hundred and
Seventy-eight Millions, at the Importers
Custom-llouse valuations to pay Ad Va
loren duties upon, while the real cost Of
these goods was more than Two Hundred
Millions OF Dollars. The difference was
made up by Railroad Bonds, Govern
ment Stocks, State Stocks, City Stocks,
&C., sent to Europe, and now held there
by Mercantile balances of indebted
ness, and by Foreign Investments among
US. The very Exchange wherein our
merchant princess congregate is virtual
" owned in Europe; our Banks, Insu.
rance Companies, &C. are in part owned
there; while our Railroads are mainly
ironed from England and paid for in
Bonds. Let the present course Of trade
/ continue unchecked, and one.foulth of
all the Property in the Country will in
effect be British property within twenty
years. Mr.. Corwin indeed estimates our
! imports for the fiscal year now half spent
at Iaco Hundred and Fifty Millions Of
Dollars, while our Exports California
Gold includeD are not expected to ex-
coed One Hundred and Sixty.fve Mil
lions-a balance against us of Eighty
five Millions of Dollars in single year
Can this continue? Patriots are you
thinking How can you sleep on vol
cano so plainly charged with destruc-
| ton?
Now in order to demonstrate the SOL
vcncy of our National Finances under
the subsisting policy, it is necessary 10 as
sumo an Importation of Two Hundred
Millions per anum, custom-house valua-
! ton, equivalent to Two Hundred and
Fifty Millions, honest measure. This
will afford l7orty-scycn Millions Income,
the average rate of duty under our pres
ent Tariff being 23a per cent. If we inn
port SO much, we must run in debt at
least Fifty Millions per anum. But run
ming in debt is not final process-it i'm
plies settlement and payday. Unless
we mean to sell the Country out to Eu-
rope, and have its farms and houses, as
we'll as its public edifces, banks, canals,
and railroads owned abroad, we must cal
culate that what is now borrowed is at
some future day to be paid. Now the
momentthe process Of paying shall begin,
the Revenue from Customs must sink !
down, as it did under similar operation
in 1sl6-19, and again in 1887, and
again in 1S41-2, to less than half of its
amount in the preceding glorious years
funlimited Foreign credit and unboun-
ded Foreign debt. Then the Govern.
ment, with Forty-eight Millions of An.
nual Expenditure, will have less than
Thirty Millions of Annual Revenue.
Then the land will be shinglcd with
writs, executions, foreclosures and forced
! IL l. >.