State of the Union AddressesPolk, James K. (James Knox)
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State of the Union Addresses
Polk, James K. (James Knox)
Presidents -- United States -- Messages; United States -- Politics and government -- Sources
Should Congress avail itself of this additional source of revenue, not only
would the amount of the public loan rendered necessary by the war with
Mexico be diminished to that extent, but the public credit and the public
confidence in the ability and determination of the Government to meet all
its engagements promptly would be more firmly established, and the reduced
amount of the loan which it may be necessary to negotiate could probably be
obtained at cheaper rates.
Congress is therefore called upon to determine whether it is wiser to
impose the war duties recommended or by omitting to do so increase the
public debt annually $3,000,000 so long as loans shall be required to
prosecute the war, and afterwards provide in some other form to pay the
semiannual interest upon it, and ultimately to extinguish the principal. If
in addition to these duties Congress should graduate and reduce the price
of such of the public lands as experience has proved will not command the
price placed upon them by the Government, an additional annual income to
the Treasury of between half a million and a million of dollars, it is
estimated, would be derived from this source. Should both measures receive
the sanction of Congress, the annual amount of public debt necessary to be
contracted during the continuance of the war would be reduced near
$4,000,000. The duties recommended to be levied on tea and coffee it is
proposed shall be limited in their duration to the end of the war, and
until the public debt rendered necessary to be contracted by it shall be
discharged. The amount of the public debt to be contracted should be
limited to the lowest practicable sum, and should be extinguished as early
after the conclusion of the war as the means of the Treasury will permit.
Public-domain text, read in full here on John Shaqi.
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