alties of the service, to what it was before the war.

While the people of other countries who live under forms of government
less free than our own have been for ages oppressed by taxation to
support large standing armies in periods of peace, our experience has
shown that such establishments are unnecessary in a republic. Our
standing army is to be found in the bosom of society. It is composed of
free citizens, who are ever ready to take up arms in the service of
their country when an emergency requires it. Our experience in the war
just closed fully confirms the opinion that such an army may be raised
upon a few weeks' notice, and that our citizen soldiers are equal to any
troops in the world. No reason, therefore, is perceived why we should
enlarge our land forces and thereby subject the Treasury to an annual
increased charge. Sound policy requires that we should avoid the
creation of a large standing army in a period of peace. No public
exigency requires it. Such armies are not only expensive and
unnecessary, but may become dangerous to liberty.

Besides making the necessary legislative provisions for the execution of
the treaty and the establishment of Territorial governments in the ceded
country, we have, upon the restoration of peace, other important duties
to perform. Among these I regard none as more important than the
adoption of proper measures for the speedy extinguishment of the
national debt. It is against sound policy and the genius of our
institutions that a public debt should be permitted to exist a day
longer than the means of the Treasury will enable the Government to pay
it off. We should adhere to the wise policy laid down by President
Washington, of "avoiding likewise the accumulation of debt, not only by
shunning occasions of expense, but by vigorous exertions in time of
peace to discharge the debts which unavoidable wars have occasioned, not
ungenerously throwing upon posterity the burthen which we ourselves
ought to bear."

At the commencement of the present Administration the public debt
amounted to $17,788,799.62. In consequence of the war with Mexico, it
has been necessarily increased, and now amounts to $65,778,450.41,
including the stock and Treasury notes which may yet be issued under the
act of January 28, 1847, and the $16,000,000 loan recently negotiated
under the act of March 31, 1848.

In addition to the amount of the debt, the treaty stipulates that
$12,000,000 shall be paid to M