Should the acquisition of Louisiana be constitutionally confirmed and
carried into effect, a sum of nearly $13,000,000 will then be added to
our public debt, most of which is payable after fifteen years, before
which term the present existing debts will all be discharged by the
established operation of the sinking fund. When we contemplate the
ordinary annual augmentation of impost from increasing population and
wealth, the augmentation of the same revenue by its extension to the new
acquisition, and the economies which may still be introduced into our
public expenditures, I can not but hope that Congress in reviewing their
resources will find means to meet the intermediate interest of this
additional debt without recurring to new taxes, and applying to this
object only the ordinary progression of our revenue. Its extraordinary
increase in times of foreign war will be the proper and sufficient fund
for any measures of safety or precaution which that state of things may
render necessary in our neutral position.
Remittances for the installments of our foreign debt having been found
practicable without loss, it has not been thought expedient to use the
power given by a former act of Congress of continuing them by reloans,
and of redeeming instead thereof equal sums of domestic debt, although
no difficulty was found in obtaining that accommodation.
The sum of $50,000 appropriated by Congress for providing gunboats
remains unexpended.
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