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.