The loan proposed, it is estimated, will be sufficient to cover the
necessary expenditures both for the war and for all other purposes up
to the 30th of June, 1848, and an amount of this loan not exceeding
one-half may be required during the present fiscal year, and the greater
part of the remainder during the first half of the fiscal year
succeeding.
In order that timely notice may be given and proper measures taken to
effect the loan, or such portion of it as may be required, it is
important that the authority of Congress to make it be given at an early
period of your present session. It is suggested that the loan should be
contracted for a period of twenty years, with authority to purchase the
stock and pay it off at an earlier period at its market value out of any
surplus which may at any time be in the Treasury applicable to that
purpose. After the establishment of peace with Mexico, it is supposed
that a considerable surplus will exist, and that the debt may be
extinguished in a much shorter period than that for which it may be
contracted.
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