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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