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CHRONICLE AND SENTINEL.
A I G 17 S T A.
TUESDAY MORNING, DECEMBER 15.
FOR CONGRESS,
HINES HOLT, Jr.
OF MUSCOGEF..
EUction on First Monday in January.
Correspondence of the Chronicle and Sentinel.
Milledgeville, Dec. 11.
In the Senate to-day, the bill introduced by Mr.
Echols, of Coweta, to amend the Constitution so as
to requite the Judges of the Superior Court to meet
at Milledgeville twice a year, for the purpo-e of
deciding questions of law arising in their respec
tive Circuits, or, in other words, to constitute them,
when in Convention, a Supreme Court, was taken
up and lost —there not being two thirds in its fa
vor. Yeas 45—Nays 30. It was supported briefly
by Messrs. Echols of Coweta, .Miller and Chastain,
and in a speech of considerable length by Mr.
Floyd. The latter gentleman always speaks to the
pur, ose and reasons closely. Mr. Cone was the
only gentleman who spoke against it.
Both branches of the Legislature then went into
the elections set apart for the day. On the 6th
ballot, Wm. Taylor, Esq. of Early county was
elected Judge of the S. VV. Circuit.
Ist. 2d. 3d. 4th. sth. 6th.
William Taylor, 118 122 124 123 127 123
T. C. Sullivan, 31 29 16 10 108 dr.
Howell Cobb, 36 34 28 25 16 dr.
Jas. Thomas, 6S 72 84 88 4 96
Barna Hill, 14 8 10 11 7 dr.
Gainer, 3 1 dr. 00 00 00
Blank, 1 3 4 3 2 3
271 269 266 260 261 222
After the result was declared, a hat, near the
President of the Senate, was discovered to have
bnllots in it, put there by mistake. They were
counted and found to be 10 for Taylor and 8 for
Thomas.
On the fifth ballot, Adah Robertson, Esq was
elected Solicitor General for the same Circuit. 1
have not been able to get the ballottings. His op
ponents were Messrs. Campbell, Patterson, Smith,
and a Mr. Blank, who, it seems, is as notorious for
being a candidate as Mr. Scattering. James R.
Viyly was erected Brigadier General of the Ist
Brigade, 7th Division, on the first ballot: Wyly,
126—Wilson 82. The Senate was engaged all the
afternoon in reading bills from the House a first
anc second time. Q.
Milledgeville, Ga.
Saturday evening, Dec. 12, 1840.
The House was engaged nearly all the morning,
or until the hour arrived whi h was set apart for
the elections of the day, in discussing a motion to
r*-consider a vote of yesterday on the second sec
tion of the Central Bank bill, which was to strike
out the word “bundled,” in its connection in the
sentence, so as to leave the minimum amount of
the State bond to be five do lais,instead of “live hun
dred dollars,” as reported by the committee. The
motion to strike out prevailed yesterday, and, af
ter a protracted discussion this morning, the mo- i
lion to re-consider was lost. So that oy the bill as
amended, the bonds may be issued in any amount,
varying irotn five dollars upwards, to suit pur
chasers, Sac.
At the hour of II o’clock, both houses proceed
ed to the elections of the day, to wit : a Judge and
Solicitor General lor the South-western Circuit,
and a Brigadier General lor the Ist Brigade and 7th
Division Georgia Militia; which resulted in the
election of William Tayior Judge, Adam iio
binion Solicitor, and J. K. Wiley, of Habersham,
General.
Alter the elections the Senate retired, and the
Mouse adjourned until 3 o’clock, P. M,
The whole evening was consumed in discussing
additional amendments to the Central Bank bi.l —
the most important of which, was one otfeied by
Mr. Bethea, of Washington, to borrow three mil
lions of dollars by the sale of the State bonds in- I
stead oi one, as proposed by the committee, to be i
used as far as mexssary in the redemption of the I
Central Bank bills, and the balance to be loaned to I
the people by the Bank at 8 per cent. His amend
ment also provided that the interest on the bonds
should not exceed 7 per cent, per annum. It was,
however, lost by a large majority. And the bi.l
then, with some slight modifications, came upon it*
passage, and, as 1 expected would be the result,
was carried by a considerable majority. The vote
was 104 to 68. Whether it will pass the Senate
in its present shape is somewhat doubtful. But i
the probability is, that no very important or mate
rial amendment (such as striking out th: first sec
tion, or any thing of that kind,) will be made j
there. No doubt the friends, in that body, of the
project of last session and the reckless pol.cy of j
the present Direction, would willingly do so but 1
lor fear, on :heir part, that such course would ei -
danger tue success of the entire measure, by a re
fusal of the House to concur. And so dear to them I
and necessary is this act of the State to relieve
the ma!-aaministralion of the Bank from its pre
sent embarrassments, that they will not permit so j
important a consideration to be lost by too great a
tenacity lor a system of pol.cy which is a.ready
ripe for public condemnation. For nothing but
this aid of the State, afforded by involving heiself,
c*n save the authors and projectors of that scheme
Irom the just odium oi an indignant people, who,
otherwise, would inevitably be compelled to incur
heavy losses by the depreciation of ttieir irredeem
able paper.
1 *end you a copy of the bill a» it passed the
House, that you may present it to your readers if
you think proper.
The Senate did nothing of importance to-day.—
Most of the time was taken up in reading bills the
first and second time. Yours, arc. H.
A Hill,
To be entitled an act to repeal an act entitled
“ An act to alter and amend an act to estabneh
a Bank at Miliedgcvtile, to be called and known
by the name of the Central bank ol Georgia,”
passed on the 22d day of December, 1828, pass
ed on the 2 is, day of December, 1839, and to
provide for the protection of the cnculalioii ol
•said Lank and oiner purposes.
Section I. tic it enacted by the Senate and
HniseoJ Representatives of the Siaie of (Jeor-
S ta * n General Assembly nut: and it is hereby
enacted by the authority u s the same .- Tuai
fiom and after the passage of Uus act, that an
act entitled “An act to ailer and amend an act
•o establish a bank at Milledgeville, to be called
and known by the name and siyle ui the Central
ba .k of Georgia,” &c., passed on the 22d da>
of December, 1828, passed on the 21st day m
December, 1839, be and the same is hereby re
pealed.
Section 2. Be it further enacted by the au
thority aforesaid: That the Governor of this
Stale ho and he is .hereby authorized to execute
the bonds of this State, not exceeding one million
of dollars, in sums not less than five dollars each,
redeemable at the end of five years or sooner, at
the option of the State, bearing an interest ot S
per cent per annum, payable annually in the
cities of Savannah, Augusta and Milledgeville,
which bonds shall be used exclusively for the
redemption of the bills of the Central bank now
in cffculation, and those which this Legislature
direct the issue of, to uefray the expenses of and
the appropriations made by this General Assem
bly, and for no other purpose whatsoever, and
only for that purpose to Hie extent necessary,
after the application of the funds of the Central
Bank available lor that purpose: provided, nev
ertheless, that if ii Le practicable to obtain specie
for the purpose aforesaid, by making any ot the
aforesaid bonds payable elsewbe.e than in the
State, the same may be raaue payable at any place
in tne United Stales.
fc*tc,TioN 3. And be it further enacted by
the authority aforesaid: That the faith and
credit of the state of Georgia be and the same are
Hereby pledged for the payment us said bonds at
the maiuiity thereof, and also that they be con
sidered a debt due by the Central bank, the as
sets of which are hereoy required to be appropii
ated to the purpose of the payment of the inter
est of the aforesaid bonds, and their,redemplion
as soon as they become due.
Section 4, And be it further enacted by
the authority ofjtesuid: That the Governor
shall cause salt! bonds or a sufficiency thereof for
the purposes specified in the act. to be sold at
such times and places as he may deem most be
neficial to the State, for specie or us equivalent,
at nut less than par, or the bills ot Hie Cen
tial Dank, and any person or persons holuing
Cen rai bank bills to the amount us live dollars
or more, shall he eniilld lo receive said bonds in
payment thereof, unless the Central bank shall
on demand provide other sat sfactory means ut
payment, and unless said person or persons shall
be indebted to the State or said Central Dank
upon debts due at the time of the demand : pio
vided, that no bond shall issue for less than the
whole amount presented in any one week by any
one person or company in his her or their own
right, unless the amount so presented exceeds
five hundred dollars, in which latter event a bond
or bonds shall issue in sums ol five hundred dol
lars and sucti fractious thereof as will meet the
amount presented.
Section 5. And be it further enacted by
the aulnority aforesaid: That the Directors of the
Central bank beandthev are hereby authorized
to sell the stocks owned by the Stale in the Bank
of the State of Georgia, and in the bank of Au
gusta for specie or Us equivalent, at not less than
ten per cent below par, to a sufficient amount to
pay the balance which may be necessary lo dis
charge the debt due the Piiae.ox Bank after the
application of the funds provided by the Bank
first to that purpose, and the interest of the pub
lic debt due in the year 1840.
Section 6. And be it further enacted by
the authority aforesaid: Tual all laws and pans
ut laws mtluating against tins act, be and the
same are hereby repealed.
Correspondence of tue t hronicle and Sentinel.
W AsniNcroN, December 10, I&4U.
We hive the Presidents .Message at lasi. Ves
| terday there was a quorum of .Senators p e-cut;
■ and that body was oigmized by the Pioident pio
tern , who look the Chair. After the interchange
of the u-ual messages between the two houses, a
Joint Committee was aj panted to visit the Pie i
j dent, ana inform him ihat a quoiura of eac h house
i had been formed, and that they vveie ready to re
j ceive any com uunication he nug;.t have to rna-c.
I The Committee having discharged tins duty, tne
i Private Secretary ol the President soon afterwards
J appeared at the oar and delivered the la*l annual
j Message of Martin Van Boren. It exciteJ no com
ments ; and I send it to you without any for the
present. Twenty thousand copies of it were or
; dered tube printed by the House, and seven thou
sand five bundled by the Senate. The House 11-
ferred it to the Committee of the whole on 'he state
of the Union. Resolutions were then adopted, di
recting the proper officers to furnish the Senators
and Representatives with the u>ual number of
newspapers. A resolution was aho passed for the
j appointment of twe Chaplains, to interchange be
tween the two houses duiiug the session.
' Mr. Merrick announced the death of his col
league, Mr. Spence, late Senator from Maryland,
why Aed during the recess. After payiaga mer
ited and feeling tribute to his purity of life and
conduct, and his pub.ic services, he offered the cus
, tomary resolutions forgoing into mourning, which
: were agreed lo ; and then, as an additional m trk of
| respect to the memory of the deceased, the Senate
adjourned. ,
I regret lo be compelled to notice the course
which ex-Piesident Adams has thought fit to pui
sne, at tae very opening of the session, lie olici
ed a resolution for rescinding the following stand
log rule of the House, w hich, you will remember,
, was ad >ptcd at the last session, on motion of Mr.
I Wm. Cost Johnson.
“No petition, memorial, resolution or other pa
' per, praying the abolition of slavery in the District
| of Columbia, or any .State or ['enitory,or the slave
; trade between the s; tate* or Territories of the Uni
ted 'Tates, in which it now exists, shall b received
j oy this House, or entertained in any way wbat
i ever.”
j Mr. Adams denounced this rule as in direct vio
lation of the Constitution of the United State',
Mr. Williams, of N. C., suggested that the ger
tleman who intioduced the rue was not in his sea .
Mr. Adams said he would be gial to hear the
gentlemm who had tne honor of being the author
of it; provided me House would also let him speak.
Mr. Banks, of Va., moved to lay the resolution
for rescinding on the table.
Mr. Adams said he hoped the,House would de
cide the question at once, and not lay it on the ta
ble, as, in that case, it could be called up at ar y
t ime. He dio not wish to discuss it. All he want
ed was the sense of the House.
The question was then put on Mr. Banks’ mo
tion, and carried in the affirmative. Ayes 82,na\ s
58. So toe motion to rescind the rule abovtracn
tioned was laid on the table.
The House then adjourned.
Mr. Secretary Woodbury has provided for him
self another berth, after the 4ih of M rch next. —
He will go straight up from the Treasury to the
Senate chamber. He ha- been elected a Senator
for six years from the 4th of March next, from the
state cf New Hampshire. Mr. Hubbard, the pre
sent Senator, tried ha>d lo obtain a re-election
But the Secretary beat him by four votes in the
Locofoco caucus which nominated the canJidaUd
of “ the party ” D.
liiimplou Cutiise.
TUESDA Y—F IH3T DAY.
Purse sto<> —Two mile heath
ENTRIES.
Col, John Crowell’s fe. f. Nancy Clark, by Eeitn: d
out of Moiocco Slipper—3 years old.
G. Edmonson, James Lainkln’s ch. f. Maiy Elizr
betn, by Andrew, dam by Gallatin—4 years old.
F. Tompkins, Charles Lewis’ ?. f. Nancy lici.se,
by imp. Leviathan, dam by Stockholder—3 y’rs
oid.
The Geneva Democrat tells a good one : “It
declares that there is a bachelor in that city who
fancies himself a suiapiasie. ; and will not oiler
himself to any lady tor tear ol being relumed.”
MESSAGE |
From the President of the United States, to the j
two houses of Congress, at the commencement
of the second session of the twenty-sixth i
Congress.
FeLLOW-CITI IESS OF THE SENATE
and House of Representatives: ,
Our devout gratitude is due to the Supreme
Being tor having graciously c« ntmued lo our be
loved coun ry, thiougU the vicissitudes of anoth
er year, the invaluable blessings of health, plen
ty. and peace. Seldom has this favored land
been so generally exempli d from the ravages ol
iiisease, or the labor of the husbandman more am
ply rewarded; and never before have our rela
tions with other countries been placed on a more
favorable basis than that which they so happily
occupy at this critical conjuncture in the affairs
of the woild. A rigid and perse-eting abstinence
frem all intfiiference with the domestic and poli
tical relations of other Stales, alike due lo the
genius and distinctive character of our Govern
ment and to the principles by which it is direc
ted ; a faithful observance, in the management ol
out foreign relations, of the practice ol speaking
plainly, dealing justly, and requiring truth and
jus ice in return, as me best conservatives ot the
peace of nations; a strict impartiality in our
manifestations of friendship, in the commercial
privileges we concede, and those we require from
others; these, accompanied by a disposition as
prompt to maintain, in every emergency,our own
rights, as we are from principle averse lo the in
vasion of those of others, have given.loour couu
trv and Government a standing in Hie great fam
ily of nations, o! which we have just cause to tie
proud, and the advantages of which are experi
enced by our citizens throughout every portion of
theeanh to which llieir enterprising and adven
turous spirit may cany them- Few, if any, re
main insensible to the value of our friendship, or
ignorant of the terms on which it can be acqui
red, and by which it can alone be preserved.
A series ol questions of long standing, difficult
in their adjustment, and important in their con
sequences, in whicn the rights of our citizens and
the honor cf the country were deeply involved,
have, in the course of a few years, (the most 01
them during the successful administration of my
immediate predecessor,) been brought to ass is
factory conclusion ; and the most important ol
those remaining are, I am nappy lo believe, in a
fairway of be. ng speedily aiid 4 salisfactonly adjus
led.
With all the powers of the woild our rela
tions are those ol honorable peace, cilice your
udioununent, nothing serious lias occurred lo in
terrupt or threaten this desirable haununy. It
clouds have low red above the oilier hemisphere,
they have not cast their portentous shadows upon
our happy sboies. Bound by no entangling alli
ances. yet linked by a common nature and inte
rest wiih the oilier nations of mankind, our aspi
rations are for the preservation ot peace, in whose
solid a ni civilizing triumphs all may participate
with a generous emulation. \et it behooves us
t> be prepared for any event, and to be always
ready to maintain those just and enlightened prin
ciples of national intercourse, lor which tins
Government hasever contended. In tne shock |
of contending empties, n is only by assuming a
resolute bearing, and clothing themselves with de- 1
ensive aunor. that neutral nations can maintain
ibeir independent ngbls.
Toe excitement watch grew out of the terri
torial controversy between the United Stales and
Great Britain having m a great measure sulfided
it is hoped that a favorable period is approaching
tor its final settlement. jlJoth Governments must
now be convinced of the dangers wun which the
question is fraught ; and it must be their desiie,
as it is their interest, that ibis perpetual cause ol
irritation should be remov»d as speedily as
possible. In my last annual message you
were inform d that the proposition lor a com
mission of exploration and survey promised by
Great B.iiain had been teceived, and that a conn
l rproject. including also a provision for the cer
tain and final adjustment ot the limits in dispute,
was then before the Bntisn Government for its
consideration. Tne answer of dial Government,
accompanied by addit.onal propositions of us own
was received, through its minister here, since
your separation. These were promptly consider
ed ; such as were deemed cm red in principle,
and consistent with a tine regard to the just right
of the United S ales and of me Btate of Maine,
concurred in ; and the reasons for dissenting I torn
the residue, with an additional suggestion on our
part, communicated by the Secretary of Suite to
VI r. Fox. Thai minister, nul feeling hunsell sutli
cienlly instructed upon some of the points ra sed
in the discussion, fell it to be Ins duty to refer the
mailer to Ins own Government for its further
decision. Having now been for some lime under
its advisement, a spet dy answer may be confident
ly expected. From the character of tne points
still in dilVeience. and the undoubted disj.i sition
of both parties lo bring the matter to an early
conclusion, I iook with entire confidence to a
nrompt and satisfactory termination ol the nego
'latum. Three commissioners were appointed
shor'ly after the a Ijourninent of Congress, no er
the act of the last session providing for the explo
ration and suivt y of the 1 tie wind, separates the
States of .Mime an 1 New Hampshire from the
Brins i P-ovinces; they h ive been actively employ
td unl.l their pr igre.-s was interrupted by the in
clemency of the season, and will resume tiu ir la
bors as soon as prat ticao e in tne ensuing year.
I' is understood that taeir respective examina
tions wih throw new light upon the subject in
controversy, and servo lo remove any erroneous
impressions winch may have been made else-
I where prejudicial to the rights of the Uni-
I ted States, it was among oilier reasons, with
a view ol preventing the embarrisments which,
in ou. peculiar system of government impede
and complicate negotiations involving tire terri
torial rights- ot a Slate, that I thought it n y duty,
as you nave been informed on a previous occa
sion, to propose to the British Gove. ntnenl, thro 1
tis minister at Washington, that early steps
should be taken to adjust the points ot difference
on the line of bouudaiy from the entrance of
Lake Superior to the most northwestern point ol
the Lake of the Woods, by the arbitration of a
friendly power, in conformity with the 7lh arti
de of me treaty of Ghent. No answer has yet
been returned by the British Government to this
proposition.
With Austria, France. Prussia, Russia, and
the remaining powers of Europe, I am happy to
inform you our relations continue to be ot ttie
most friendly character. With Belgium, a trea
ty of commerce and navigation, based upon lib
eral principles of reciprocity and equality, was
concluded ni March last, and, having been lati
fied bv the Belgian Government, will be duly
laid before the Senate. It is a subject of con
gratulation that tt provides for the satisfactory
adjustment of a long-standing question of con
tnwersy ; thus removing the only ougtaele which
could obsiruct the friendly and mutually advan
tageous mieicuurse between the two nations. A
messenger has been despatched with the Hano
verian treaty of Berlin, where, according to stip
ulation, tile ratifications are to be exchanged. I
am happy to announce to you that. a:ter many
delays and difficulties, a treaty cf commerce an J
1 navigation, between the United Slat s and Pm
tuga.l - was concluded and signed at Lisbon, on
the 16th of August last,by the plenipotentiaries
of the two Governments Its stipulations are
founded upon those principles of mutua liberality
and advantage which the United Stales have id
ways sought to make the basis of the.r inter
course with Foreign Powers, and it is hoped they
will tend to foster and strengthen the commercial
intercourse of the two countries.
Under the appropriation of the last session of
Congress, an agent has been sent to Germany,
I for (lie purpose of promoting the interests of our
tobacco trade.
The commissioners appointed under the con
vention for the adjustment ot claims of the cil-
S izens of the United States upon Mexico having
1 met and organized at Washington, in August
j last, the papers in the possession of the Govern
ment, to those claims, were communi
cated lo the board. The claims not embraced by
that convention are-now the subject of negotia
tion between the two Governments, through the
medium of our minister at Mexico.
Nothing has occurred to disturb the harmony
of our relations with the diffeient Governments
ot South America. I regret, however, to be ob
liged to inform you that the claims of our citi
zens upon the late Republic of Columbia have
n*t yet been satisfied by the separate Go ern
ments into which it has been resolved.
I he Charge d'Alfiairs of Brazil having ex
pressed the intention of hi- G «ve ninent not lo
prolong the treaty of 1828. it will cease to be
obligatory upon either party on the 12th day of
December 1841, when the extensive commercial
intercourse between the United Stale-; and that
vast empire wiil no longer be regulated by express
stipulations.
It uffirds me plea.-ure to communicate to you
that the Government of Chili has entered into
an agreement to indemnify the claimants in the
case of the Macedonian, for American property
seized in 1819, and to add, that information has
also been received which justifies the hope of an
early adjustment of the remaining claims upon
that Government.
The commissioners appointed in pursuance of
the convention between the United States and
Texas, fur maiking the boundary between them,
have according to the last report received from
our commissioner, surveyed and csi*bli>hed ihe
whole extent ol the boundary north along the
western hank of the Sabine River, from its en
trance into the Gut. of Mexico to the thirty-se
cond degree of north latitude. The commission
adjourned on the 16. ii o June last, to re-assem
hle on the Ist of November, for the purpose of
establishing accurately the intersection ol the
th rly-second degree of latitude with the western
bank of the Sabine, and the meridian line thence
to Red River. It is presumed mat the woik will
be concluded in (he present season.
The present sound condition of their finances,
and the success with which embarrassments in
regard to them, at times aj patently insurmoun
table, have been overcome, aie matters upon
which the people and Government ot the United
Biairs may will congratulate themselves. An
overflowing treasury, however, it may be regard
ed as an evidence of public prosperity, is seldom
conducive to the permanent wellaie of any peo
ple; anu experience has demolishated its in
compatibility will the salutary action ol political
institutions like those t1 the L uted Stales. < ur
safest reliance for financial etftc.cncy anu indepen
dence has, on the contrary, been found to consist
in ample resources unericumoercd with debt; and
in tins respect, the Federal Government occupies
a singularly fortunate and truly enviaiue position.
When I entered upon the discharge ot my
t fiicial duties in March, 1837. tne act for the
distribution of the surplus revenue was in a course
jof rapid execution. Nearly tweny eight imli
! ions of dollars of the public moneys were in
pursuance of its provisions, deposited with the
estates in the month of January. April, and July,
of that year. In May there occuired a general
r uspenston of specie payments bv the banks, in
cluding with very lew • xceplnms those in which
the public moneys were depu-ited.and upon whose
fidelity the Government bad unfortunately made
itsell dependent for the revenues winch had been
collected from the people, and were indispensable
to the public serviie. i bis suspension, and the
excess in banking and connneice out ol which it
arose, and which weie greully aggravated by its
occurrence, made, to a great extent unavailable
tile principal pari nl the public money then on
hand ; suspended ihe collection of many millions
ucciumg oo merchants’ bonds; and gieaily rt -
duced Ibe revenue arising from customs and the
public lanos. These effects have continued to
operate in various deg ecs to the present period ;
and in addition to the decrease in the revenue
thus produced, two and a hail millions ot duties
have been relinq fished by two biennial reductions
under the u«t oi 1833, md probably as much more
upon the importations of iron lor rati roads, by
special legislation.
Whilst such has been our condition for the last
four years in relation lo revenue, vve have, dur
ing the same period, been subjected to an
unavoidable continuance ot large extraordi
nary expenses nece.sanly growing out of past
transactions, and which could not be iuime
mediately arrested without great prejudice to the
public interest. Ot these, the charge upon the
Treasury, the consequence of the Cherokee l<ea
tv alone, without adveiting lo others arising out
of Indian treaties, has already exceeded five mil
lions of dollars; that lor the prosecution ot mea
sures for the removal of the Seminole Indians,
which were found in progress, lias been neatly
fourteen millions; and ibe public buildings have
required lac usual sum ot nearly three millions;
11 affords me, howtver. gieul pleasure to bu
aide to say. that, from the cum i.eneement of
ilns period to tne present day, every demand up
on the Government, at home or abroad, has been
promptly met. This has been done, not only
without creating a permanent debt, or a resort lo
additional taxation in any lorm, but in the midst
of a steadily progressive reduction of existing
burdens upon the people, leaving still a consid
erable balance of available funds which will re
main in tlie Treasuiy at the end o( the year.—
Tne small amount of Treasury notes, not ex
ceeding four and a hail millions of dollars, still
outstanding, and leas by twenty-three millions
than the United States have indeposite with the
States, is composed of sued only as are not yet
due, or have not been presented for payment. —
'They may be redeemed out of the accruing rev e
nue, if ihe expenditures do not exceed the a
mouat within wnich they may, it is t ou ht, be
kept without prejudice to the public interest, and
the revenue shad prove to be as large as may
justly be anticipated.
Among the reflections arising from the con
templation of these circumstances, one, nut the
least gratifying, is the consciousness that the Go
vernment had the resolution and the ability lo ad
here, in every emergency, to the saerco obligations
of law ; to execute all its contracts according to
the requirements of the Co stilutiun ; and thus
lo present, when most needed, a rallying point
try which the business of the whole country
might be brought back lo a fate and unvarying
s'andaro —a result vitally important as well to
the interests as to the morals of the people.—
There can surely now be no difference of opin
ion in regard to the incalculable evils that would
have arisen if the Government, at that critical
moment, had suffered itself to be deter, ed from
upholding the only true standard of value, either
by tne pressure cf adverse circumstances or the
violence of unmerited denunciation. The man
ner in which lue pecpie sustained the perform
ance of this duty was highly Imnorable to their
fortitude and patriotism. It cannot tail to stimu
late ihiir agents to adhere, under all circum
stances, to tne line of duty; and to satisfy them
of the safety with which a course really right,
and demanded by a financial crisis, may, in a
community like ours, be pursued, however, ap
parently severe itn immediate operation.
The policy of the Federal Government in ex
tinguishing as readily as possible the national
debt, end, in resisting every temp
tation lo create a now one deserves to be regaril
ed in the same favorable light. Among the many
objections to a national debt, the certain tendency
of public securities to concentrate ultimately in
th? coffers of foreign stockholders, is one which
■ is every day gathering strength. Already have
the resources ol many of the States, and the tu
• ture industry of their citizens, been indefinitely
• mortgaged lo the -luhjects of European Govern
r! meats, to the amount of twelve millions annual
t j lv, to pay the constantly accruing interest m
• j borrowed money —a sum exceeding half the or
- dinary revenue of the whole United States. Th«
' ■ pretext which this relation affords to foreigners to
• ; scrutinize the management of our d. mesne al
; j fairs, if not actually t > intermeddle with them.
| presents a subject forearm si attention, not t<
r : say o serious al rm. Fortunately, the Federal
i Government, with the exception ot an obligation
• entered in-o in behalf of the Disirict of Golum
- j bia, which must soon be discharged, is wholly
i | exempt from any such emoarrassment. It is
- also, as is belie'cd. the only government which
I having fully and faithfully paid all its creditors
• ha.- also relieved itself entirely from debt. To
) maintain a distinction so desiiahie. and so hon
; orable to our national character, should he an
1 object of earnest solicitude. Never should a free
1 people, if it be possible to avoid it, expose them*
1 I selves to the necessity of having to treat of the
1 peace, the honor, or the safely of the Republic,
j with the Governments of foreign cieditors, who,
1 i however well disposed they may be to cultivate
• | with us in general friendly relations, are never
; j ‘J.tless, by the law of their own condition, made
: hustile to the success and permanency of polifi
; e l institutions like ours. Most humiliating may
1 | ho, the embarrassments consequent upon such a
1 ■ condition. Another objection, scarcely less for-
J midable, to the commencement of a new debt,
‘ | is its inevitable tendency to increase in magni
-1 j tilde, and to foster national extravagance. He
■ ! has been an unprofitable observer of events, who
I needs at this day to be admonished of the diffi
! I t’ulties which a Govcnment, habitually depend
‘ i ent on loans to sustain its ordinary expenditures,
! has to encounter in resisting the influences con
stantly exerted in ravor of additional loans, by
1 capitalists, who enrich themselves by government
■ securities tor amounts much exceeding the mo
‘ ney they actually advance—a prolific source of
1 individual aggrandizement in all borrowing coun
-1 tries; by stockholders, who seek ihtir gams, in
i the rise and fall of public stocks; ami by the
selfish importunities of applicants lor appropria
| lions for works avowedly foi the accommodation
1 of the puhl'c, but the real objects of which are,
too frequently, the advancement of private in
| tercsts. The known necessity which °o manv
j of the States will he under to impose taxes fur
| the payment of the interest on their debts, fur
nishes an additional and very cogent reason why
; the Federal Government should retrain from crc
| alinga national debt, by which the people would
be exposed to double taxat on f- r a similar o! jet t.
We possess within ourselves ample resources for
every emergency; and we may he quite sure
that our citizens, in no future exigency, will be
unwilling to supply the Government with all the
■ means a-ked for the defence of the country. In
time of peace there can, al all events, be no jus*
1 tification for the creation of a permanent debt by
the Federal Government. Its 1 roiled range of
constitutional duties may certainly, under such
circumstances, be pcrfoiiued without sue h a re
sort. It has, it is se< n, been avoided during four
years of greater fiscal difficulties than have ex
isted in u similar period since the adoption of the
Constitution. and one also remaikable for the oc
currence ot extraordinary causes of expenditures.
Cut to accomplish so oe-irable an object, two
things are indispensable : first, that the action ot
the Federal Government he kept within the
boundaries prescribed by its founders; and, se*l
connlv, that a!! appropriations fur objects admit
ti d to tie constitutional, anu the expenditures ot
theta also, be sui jeeb d lo a standard ol rigid hut
well considered and practical economy. 'I lie first
depends chit fly on the people themselves, the
opinions they tonn of the true construction of
the Constitution, and the confidence they reposo
in the political sentiments ot those they select as j
their representatives in the Federal Legislature;
the second rests upon the fidelity with which littir
more immediate representatives, and other public
functionaries, discharge the trusts committed to
them. The du;y o! economizing the expenses |
of tne public service is a muted on all hands;
yet there are few subjects on which there exists a
wider difference ul opinion than is constantly
manifested in regard to the fidelity with which
that duty is d schargecl. Neither diversity ol
! sentiment,nor oven mutual recriminations, upon a
point in respect to which the public m:nd is so
justly sensitive, can welt l>eeiili,ely avoided ; and
hast so at periods of great political excitement,
i An intelligent people however, seldom fail to
arrive, in the end. at correct conclusions in such
a mutter Practical economy in the manage- )
inent of public affairs can nave no ad-erse in
fluence lo contend with inure poweiful than a |
| large surplus revenue; and the unusually large;
appropiialions for 1837 may, without doubt, in- j
| depend, litiy of the extraordinary requisitions for
the r übiic service growing out of the sta e ol |
our Indian relation , tie, in no inconsiderable de- |
g.ee. Paced o this source The sudden and ra
pid distribution ot the l»*rge surplus then in the
I’reasuiy, and the equally sudden and unprece- i
J deutedly severe revulsion in the comine'ce and
1 business ol the country, pointing wt h unerring
. certainty to a great and protracted reduction ol
'the n venue, strengthened the propriety ot the
j eatiiest practicable reduction of the public expen
i diiures.
j Out, to change a system operating upon so |
| large a surface, and app icable to such numerous
and diversified interests and objects, was more
than the work ot a day. The attention of every
department of the Government was immediately,
and in good faith, directed to that end ; and has
1 been so continued to the present moment. 'l’he I
estimates and appropriations for the year 1838 :
(the first over which 1 had any control) were!
somewhat diminished. Theexpenditures of 1839
were reduced six millions of dollars. Those ol
1840, exclusive of disbursements lor public debt |
and bust claims, will probably not exceed twen- |
ty-lwo and a half millions; being between two
and three millions, less than those of the preced
year, and nine or ten millions less than those ol
1837. Nor has it been found necessary, in or
der to produce this result, to resort to the power !
conferred by Congress, of postponing certain ;
classes ot the public works, except by deferring |
expenditures for a short period upon a limited j
portion of them ; and which postponement ter-,
initiated some time since, at the moment the j
Treasury Department, by iurther receipts from !
the indebted banks, became fully assured of its
ability lo meet them without prejudice to the i
public service in other respects. Causes are in I
opera'.ation which will, it is believed, justify a'
Si,II further reduction, without iniury to any im
portant national interest. The expenses of sus
taining the troops employed in Florida have been
gradually and greally reduced, through tne per
severing effort of the War Department; and a
rcasonab e hope may tie entertained that the ne
cessity for military operations in that quarter vvd
soon cease. The removal of the Indians lioin
within our settleu borders is nearly complc ed.
The pension list, one of the heaviest charges up
; the Treasuiy. is rapidly diminishing by deatn.
i’he most costly ot our putdtc buildings arc eithei
finished, or nearly so; and we may, 1 think
safely promise ourselves a continued exemption
from border difficulties.
I lie availaole balance in the Treasury on th« |
Ist of January next is estimated at one million;
and a hall ol dollars. This sum, with the cx- j
peeled receipts from all soui'ces during the next !
year, w ill, ii ia believed, be sufficient to enable i
the Government Lo meet every engagement, and j
leave a suitable balance in the Treasury at the!
end of the year.it the remedial measures connected '
with the customs and the public lands, heretofore i
recommended, shall be adopted, and the new ap- j
Probations by Congress shall not canv o
penuitures beyond the official estimates 7 b * ex ‘
ihe new system estaolished by Cnn
tbe safekeeping of the public money
.he kind ot currency to be received
l.c revenue, and providing adoitional cu !
gainst losses, has now been several m a "
operation. Although it might be J,^
1 u P on an ex perience of such limited
form a definite opinion in regard to d,
■*< its influences m correcting m anv PUI , xten *
which the Federal Government an ,i u '' UnJer
have hitherto sulTered-especially
grow n out of banking expan-ions. a den * •
cunency, anu official delalcations; V ct i, T* 1
right lo say that nothing has occurred in
practical operation of the system to vv . a U he
ihe slightest degree, but much to strength! ".i 0
confident anticipations of its friends tJ*
1 grounds ol these have been heretofore’so f.ii
«X(ilained a* lo require no rtcopitulmior- 7
respect to the facility and convenience it a r i
in conducting the public service, and the ab ?
j ol the Government to discharge through its J *
• | ey every duty attendant on the collection* i??'
~ ler, and disbursement of the public aejy
, j promptitude and success, I can say, wuh c }
dence that tho apprehensions of those w ho°ilt
it to be their duty to oppose its auoption hJ
proved to bo unfounded. On the contiarv ?
branch of (he fiscal affairs ot the Govmim !
has been,and it is believed may always be
j carried on with every desirable facility and Secr *
| nt - v ’ A few changes an , improvements i n !
details ot the system, without affecting any Dtl
ciples involved in it. will be submitted to vea h
the Secretary of the Treasury, and will, Jal
sure receive at your hands, that attention u,
wnicli they may, on examination, be bund lol,p
j entity. e
I have deemed this brief summary of our fi,
cal aflairs necessary to the due performance 0 f»
duty specially enjoineu on me by the consiitu
lion. It will serve also to illustrate more fully
j the principles by which I have been guided in
reference to two contested points in onr pubhe
policy, which were earliest in t..eir development
and tiave been more important in their
quences, than any that have arisen under our
complicated and difficult, yet admirable,system
of government; I allude to a national debt, and a
national bank. It was in these that the political
contests by which the country has been agitated
ever since tne adoption of the constitution, m a
great measure, originated ; and there is 100 much
reason to apprehend that the conflicting interests
and opposing principles thus marshalled, will
continue, as Heretofore, to produce similar, if no:
aggravated consequences.
£oming into offie fne declared enemy of both,
j I have earnestly endeavored to jre vent a resort
to either.
The consideration that a large public debt af
fords an apology, and produces in feme degree,
a necessity also, for resorting lo a system am/
extent ol taxation which is not only oppressive
throughout, but likewise so apt to lead, in the
end, to the commission of that most odious of
all offences against the principles of republican
government—the prostitution of political power
conferred for the general benefit, to tne aggran
dizement ot particular classes, and the gratifica
tion ot individual cupidity—-is alone sullicifnt,
independently of the weighty of jections which
| have already been urged, lo render its creation
and existence the sources of bit er and unappeas
able discord. If we add to mis, its inevitable
tendency to produce and fosier extravagant ex
pel, d.tures ot the public money, by which a ne
cessity is created lor new loans and new burdens
on the people; and, finally, if we refer to the
tsamples ot every Government which has exist
ed, for proof how seldom it is that the svsteal,
when once adopted and implanted in the policy
ot a country, has faded to expend itself, until
public credit was exhausted, and ihe people were
I no longer able to endure its increasing weignt, it
seems impossible to resis: the conclusion, that no
henefi.s resulting from its career, no client of
conquest, no of wealth to particular
classes, nor a. y, nor all i s combined advantages,
! can counterbalance its ultimate hut Certain te
sit t—a splendid Government, and an impover
ished people.
It a rational bank was, as is undeniable,re
pudiated by the framers ot the coris itunoo as
incompatible with the right.-of ihe Stales and
liberties of the people; if. from ihe beg.nmng.it
las been regarded by large portions of our citi
zens as com ng in direct coil sion with that grea
and vital amendment of the constitution, which
declares that all powers not conferred hr ibat
instrument on tne General Government are re
served to the States and to the people; if it has
been viewed by them as the first great step in
: the march of latiludinons consliudion, which,
unchecked, would render that sacred instrument
| of as little value as an unwritten constitution,
dependent as it would alone be, for its meaning,
i on the intereaied interpretation of a dominant par
-1 ly, and affording no se unly to the rights of the
minority ; —if such is undeniably the case, what
rational grounds could have been conceived lor
anticipating aught but determined opposition W
such an institution at the present day 1
Gould a different result have been expected,
when the consequences which have flowtd from
ils creation, and particularly from its ssiruggles w
| perpetuate its existence, had continued, in *0
I striking a manner, the apprehensions of its ear-
I best opponents ; when it had been so clearly de
monstrated that a concentrated tnoney-powtfi
wielding so vast a capital, and conummig
incalculable means of influence may, in tho**
peculiar conjunctures to whibh this Government
is unavoidably exposed, prove an oveimalcQ f" 1
the political power of the peopie themselves,
j when the true character of its capacity 1° I *'
| late, according to its will and its interests, anu
the interests Os its favorites, the value and P {0 "
1 duciion of the labor and pr »perty of every ® sn
; in this extended count iy, had been so an
, featfully developed; when it was notodouf 1 a
all classes of this great community bad, by me* lls
of she power and influence it thus pos»esses,W
| infected to madness with a spirit of he CClt
; specula ion ; when it had been seen ibat, secure
; in the support of the combination ot influenf^
| by whicli it was surrounded, it could violate | S
! charter, and set the laws at defiance with iwf a
I nity; an i when, too, it had become most a |
I rent that to believe that such an accumulau 011
i powers can ever be granted without certaUj.
I of being abused, was to indulge in a tatol oc u
I sion / . , llebl ,
; lo avoid the necessity of a permanen. u
i and its inevitable consequences, 1 have ad' 1
■ ted and endeavored to carry into effect, the
cy of confining the appropriations for the p u
service to such objects only as are clearly vj 1
in the constitutional authority of the ‘ t>e
Government ; of excluding from its e*P u ' ,
those improvident and unauthorized B ranl * Dt
public money for works of in crnal tmpro' en L
which were so wisely arrested by the fo ‘ l j ) ‘* f j )t
tional interposition of my predecessor, and
if they had not been so checked, would
fore tins time have involved the finances 0
General Government in embairasstncnts
greater than those winch are now experience
any of the Stales; of limning a!! our
lures to that simple, unostentaticus, a,l “ e j s
I mical administration of public affairs, .•
| alone consistent with the character of our gWB) ,
| tutions; of collecting annually from lheC .p at|c
| aivd the sales of public lands, a revenue lu } ,
S quale to defray all the expenses thus lD
i out, under no pretence whatsoever. t 0
I taxes upon the people to a gieater am ' un rot .
I was actually necessary to the public ?er K
I ducted upon the principles I have state • g
i In lieu of a national bank, or a d" ‘ ei i |
j on banks of any description, for tha