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About Oregon free press. (Oregon City [Or.]) 1848-1848 | View Entire Issue (Nov. 11, 1848)
mifed to exfst a day Imisr-r than (bo mMns nf the treasury will enable the government to pav il o(T. We should adhere to the wise policy laid down by President Washington, of "avoiding the nrrumu lation of debt, not only by shunning occasions of expense, but by vigoruos exertions in time of peace to discbajge the debts which unavoidable wars have occasioned, not ungenerously throwing upon posterity the burden ue ourselves ought to bear." At the commencement of the present administra tion the public debt amounted to SIT, 78,799 52. Id consequence of the war with Mexico, it has been necessarily increased, and now amounts to Cm, 778, 450,41, including ttie stork and treasury not": which may yet be issued under the act of J.-umnry 2S, f 847, and the sixteen million loan recently negotiated under the ac or March 31, 18W. In addition to fne amount of the debt, the treaty stipulates that 12,000,000 shall be paid to Mexiro in four equal annual instalments 'of 3,000,000 each the first of which will fall due on the 30lh of May, 1849. The treaty also stipulates that the United States shall "assume and pav" to our citizens "the claims already liquidated and decided against the Mexican Republic' and "all claims not heretofore decided against the Mexican Government, to an amount not exceeding three and one quarter millions dollars." The "li quidated" claims of citizens of the United States against Mexiro, as decided by the joint board of com missioners under the convention between the United States and Mexiro, of the 1 1th April, 1M9, amount ed to 52,026,139 68. This sum was payable in twenty eqnal annual instalments. Three of them have been paid to the United Slates, the sum or 1,519,00' 76, together w ith the interest thereon. Tlx se several a mounts of liquidated and unliquidated claims assumed by the United Slates, it is believed, may be paid as they fall due out of the accruing revenue, . ithoul the issue of stock or the creation of any additional dublic debt. 1 can not loo strongly recommend to Congress Ihe importance of husbanding all our national resources, of limiting the public expenditures to necessary ob jects, and of applying all the surplus at any time in the Treasury to the redemption of the debt. I re commend that authority to be vested in the reim bursement on such portion of the debt as may nol be now redeemable, and to purchase il at par, or at the premium which il may command in the market, in all cases in which that authority has not already been granted. A premium has been obtained by the gov ernment on much the lurgi-r portion of the loans and if when the Government becomes a purchaser of its own stock, it shall comman 1 a premium in the market, it will be sound policy lo pay it, rather than to pay the semi-annual interest upon it The inter est upon the dehl, if the outstanding 'treasury notes shall be funded, from the end of the last fiscal year until il fall due ai.d be redeemable, will be very nearly equal lo the principal which must itself be ultimately paid. Without changing or modifying tfie present tariff of duties, so great has been the increase of our com merce under its benign operation, that the revenue derived from thai source and from Ihe sah-s of the public lauds will, it is confidently believed, enable the Government to discharge annually seveial mil lions of the debt, and at the same time possess Ihe means of meeting necessary appropriations for all other proper objects. Unless Congress shall author ize largely increased expenditures, for objects not of absolute necessity, the whole public di hi existing before the Mexican war, ami thai created during its continuance, may be paid on", without anv iiirreae of taxation on the people, long before it will fall due. Geo. L. Curry, Editor and Proprietor. OREGON CITY, SATURDAY NOVEMBER 11, 1848. tup The "big chunks" of gold found in the vc iiity of Fort Vancouver, turnout to be only snnll particles. However, the discovery of n.ese particles establishes the fact that them are "big chunks" of the "suff" somewhere in he country they will be found, too, before long, we suppose, and then good-bye to the agricul tural prosperity of Oregon for a season, at least. Already we have evidences that the wheat crops of the next year will be as no hing in comparison to that of the present year; the "gold fever" will prove as destructive as .'lie rust and fly, in regard to the agricultural interests of the country. What difference s there in a population stirving with pockets full of gold, than starving without a cen in them ? "It is not wealth suddenly acquired whurh s deserving of homage, but the virtues which a man exercises in the slow pursuit of wealth, the abilities so called forth, the self deni als so imposed. The greaest friend to in. in is labor." sCjF Another party starts for Powder river on Monday nex, in search of gold. This co n pany will make the number about fifty wao have gone in that direction. Would it not be as well to wait until intelli gence is received as to the success of hose who have already gone, or until the inclement seaso i is over, before others should follow? In our opinion, it wonld seem the part of wisdom to do so. The in clemency 61 winter in addition to the uncertainly of the undertaking, should induce, at least, a degree of prudence in the actions of those seized with the prevailng epidemic. If there be gold in the Powder river country, and we have little doubt but thai there is, it surely will be there in the Spring, and then we can all have a fair "grab" at it. Marine. -The brig Eveline leaves Portland, for California, on Monday. She goes out chiefly laden tuith lumber an arlicle, ue presume, in the traflick of which wo shall be secure from Chilian competition. The Henry, after extraordinary detention in Maker's Hay, has at length succeeded, as we understand, in getting to sea. County commissioner's court. A regular Term of the County Commissioner's Court for Clackamas Coun ty occurs on Monday next. VT In an adjoining column, will be found an ad vertisement for coal for'lhc use of the steamers. Had there been no gold mines discovered, Oregon, un doubtedly, would have supplied this demand.