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News & planters' gazette. (Washington, Wilkes County [sic], Ga.) 1840-1844, December 17, 1840, Image 5

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PRESIDENT’S MESSAGE. Message from the President of the U. States, to the two houses of Congress, at the commencement of the second session of ’ the twenty-sixth Congress, Fel/ow-(!!itizr<ns of the Sennit J House of Representatives : Otir devout gratitude is due to the Su preme Being for having, graciously con tinued to our beloved country, through, the vicissitudes of another year, the invalua ble Blessings of health, plenty and peace.. Seldom lias this favored land been so gen- ! eralTy exempted from the ravages of dis ease, or the labor of the husbandimn more amply rewarded ; and never before have our relations with other countries been pla ced on a more favorable basis than that which they so happily occupy at this criti cal conjuncture in the’ affiiirsof the world. A rigid and persevering abstinence from ] all interference with the domestic and po litical relations of other States, alike due to the genius and distinctive character of our Government and to the principles by which it is directed ; a faithful observance in the management of our foreign relations, of the practice of speaking plainly, deal ing justly, and requiring truth and justice in return, as the last conservatives of the’ peace of nations; a strict impartiality in our manifestations of ftie<feih.ip, in the commercial privileges we concede, and those we require from others; these, ac companied by a disposition as prompt to maintain, in every emergency, our own rights, as we are from principle averse to the invasion of those of others, have given to our country and Government a standing in the great family of nations, of which we have just cause to be proud, and the ad vantages of which are experienced by our citizens throughout every portion of the earth to which their enterprizing and ad venturous spirit may carry them. Few, if any, remain insensible of the value of our friendship, or ignorant of the terms on which it can be acquired, and by which it can alone be preserved. A series of questions of long sfanding, difficult in their adjustment,and’ important \ in their conseqwencws, in which the rights 1 ofour citizens and the honor of the country were deeply involved, have, inthe course of a few years, ('he most of them during she successful administration of my imme diate predecessor,) been brought to a sat isfactory conclusion; and the most impor tant of those remaining are, I am happy to believe, in a fair way of being speedily and satisfactorily adjusted. With all the powers of the world our relations are those of honorable peace.— Since your adjournment, nothing serious has occurred to interrupt or threaten this desirable harmony. If clouds have low ered above the other hemisphere, they have not cast their portentous shadows up on our happy shores. Bound by no entang ling alliances, yet linked by a common na ture and interest with the other nations of mankind, our aspirations are for the pre servation of peace, in whose solid and ci vilizing triumphs all may participate with a generous emulation. Yet it behooves us to be prepared for any event, and to be al ways ready to maintain those just and en lightened principles of national intercourse, for which this Government has ever con tended. . In the shock of contending em pires, it is only by assuming a resolute bearing, and clothing themselves with de fensive armor, that neutral nations can maintain their independent rights. The excitement which grew out of the territorial controversy between the United States and Great Britain having in a great measure subsided it is hoped that a favora ble period is approaching for its final set tlement. Both Governments mL'st now be convinced of the dangers with which the question is frought; and it must be their, desire, as it is their interest, that this per petual cause of irritation should be remov ed as speedily as possible. In my last an nual message, you were informed that the proposition for a commission of exploration and survey promised by Great Britain had been received, and that a counter project, including also a provision for the certain and final adjustment of the limits of dis pute, was then before the British Govern ment for its consideration. The answer of that Government, accompanied by addi tional propositions of its own was received, through its minister here, since your sepa ration. These were promptly considered ; j such as were deemed correct in principle, j and consistent with a due regard to the just right of the United States and of the State of Maine, concurred in ; and the reasons for dissenting from the residue, with an additional suggestion on our part, commu nicated by the Secretary of State to Mr. Fox. That minister, not feeling himself sufficiently instructed upon some of the points raised in the discussion, felt it to be his duty to refer the matter to his own Go vernment for its further decision. Having now been for some time under its advise ment, a speedy answer may be confident ly expected. From tbe character of the points still in difference, and the undoubt ed disposition of both parties to bring the matter to an early conclusion, I look with entire confidence to a prompt and sat isfactory termination of the negotiation.— Three coni.nis.sioners.were appointed short ly after the adjournment of Congress, un der the act of the last session providing for the exploration and survey of the line which separates the States of Maine and New Hampshire’ tem the Critish Provin ces; they have bee* actively employed until their progress was interrupted by the iuulemonoy of the season; aitd Wilt resume their labors as soon’ afe- practicable ih> the ensuing year. It is understood that their respective ex antiftations will throw new light upon the subject in controversy, and serve to re move any erroneous impressions which may have been made elsewhere prejudicial to tfee rights of the United States, {t was among other reasons, with a view of pre venting the embarrassments which, ift our peculiar system of government impede apd complicate negotiations involving the ter ritorial rights of a State, and I thought it my duty, as you have been informed on a previous occasion, to propose to the British Government, through its minister at Wash ington, that early steps should be taken to adjust the points of difference on the line of boundary from the entrance of Lake Su perior to the most northwestern point of the Lake of the Woods, by the arbitration of a friendly power, in conformity with the Ith article of the treaty ofGhent. No an swer has yet been returned by the British Government to this proposition. With Austria, France, Prussia, Russia, and the remaining powers of Europe, 1 am happy to informwj*ou our relations continue to be of the most friendly character. With Belgium, a treaty of commerce and navi gation, based upon liberal principles of reciprocity and equality, was concluded in March last, and, having bee a ratified’by lb. Belgium government, will be duly laid before the Senate.. Pt is- a subject of congratulation that it provides for the sat isfactory adjustment of a long'-standing question of controversy;, thus removing the only obstacle which could obstruct the friendly and mutually advantageous inter course between the two nations. A mes senger has been despatched with the Han overran treaty to Berlin, where, according to- stipulation, the ratifications are to be exchanged. lam happy to announce to you that, after many delays and difficul ties, a treaty xf commerce and navigation, between the U-. States, and Portugal, was concluded and signed at Lisbon,, on the 16th of August last, by (Tie plenipotentia ries of the two Governments. Its stipula tions are founded upon those principles of mutual liberality and advantage which the U. States have always sought to make the basis of their intercourse witlii Foreign Powers, and it is hoped they will tend to foster and strengthen the commercial inter course ofilre two countries. Under tl*e appropriation of the las s ses sion of Congress, an agent been ‘\-ntto Germany, for the impose of;promoting the interests of oqv tobacco trade. n>C appointed under the I conveo’,ton for the adjustment of claims of , tne citizens of tho U. States upon Mexico having met and organized at Washington, in August last; the papers in the possess ion of the Government, relating to those claims, were communicated to the board. The claims not embraced bv that conven tion are now the subject of negotiation be tween the two Governments, through the medium ofour minister at Mexico. Nothing has occurred to disturb the har mony of our relations with the different Governments of South America. 1 regret, however, to be obliged to inform you that the claims of our citizens upon the late Republic ofColumbia have not yet been sat isfied by the separate Governments into which it has been resolved. The Charge d'Affairs of Brazil having expressed the intention of his Government not to 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 be tween the U. States and that vast empire will no longer be regulated by express sti pulations. It affords me pleasure to communicate to you that the Government ofChili has en tered 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 re ceived which justifies the hope of an early adjustment of the remaining claims upon that Government. The commissioners appointed pursuance of the convention between the U. States and Texas, for making the boundary between them, have according to the last report re ceived from our commissioner, surveyed and established the whole extent of the boundary north along the western bank of the Sabine River, from its entrance into the Gulf of Mexico to the 32d degree of north latitude. The commission adjourn ed on the 16th June last, to re-assemble on the Ist of November, for the purpose of establishing accurately the intersection of the 32d degree of latitude with the west ern bank of the Sabine, and the meridian line thence to Red River. It is presumed that the work will be concluded in the pre sent season. The present sound condition of their fi nances, and the success with which em barrassments in regard to them, at times apparently insurmountable, have been o vercome, are matters upon which the peo ple and Government ofthe U. States may well congratulate themselves. An over flowing treasury, however, it may be re garded as an evidence ofpublic prosperity, is seldom conducive to the permanent wel fare of any people ; and experience has de monstrated its incompatibility with the sal utary action of political institutions like those ofthe U. Stales. Our safest reliance for financial efficiency ?nd independence has, on the contrary, been found to con sist in ample resources unencumbered with debt; and in this respect, the Federal Go vernment occupies a singularly fortunate and truly enviable position. When I entered upon the discharge of my official duties in March, 1837, the act for the distribution of the surplus revenue was in a course of rapid execution. Nearly twenty-eight millions of dollars of the pub lic moneys were in pursuance of its provi sions, deposited with the States in the month of January, April, and J uly, of that year. In May there occurred a general suspension of specie payments in the banks, including with very few exceptions those in which the’ public moneys were deposit ed; and upon whose fidelity the Govern ment fiedi unfortunately made itself depen dent for the revenues which had been col lected from the people, and were indispen sable to the public service. This suspen sion, and the excess in banking and com merce out of which it arose, and which Were greatly aggravated by its occurrence, made, to a great extent unavailable the principal pp-rt of the public money then on hand; suspended the collection of millions accruing on merchants’ bonds; and great ly reduced the revenue arising from cus toms and the public lands. These effects have continued to operate in various de grees to the present period ; and in addi tion to the decrease in the revenue thus pro duced, two and a half million of duties have been relinquished by two. biennial re ductions under the act of 1833* and prob ably as much more upon the importations of iron for rail roads, by special legisla tion. Whilst such has been our condition for the last four years in relation to revenue, we have, during the same period, been sub jected to an unavoidable sontitiuance of large extraordinary expenses necessarily growing ontof past transactions, and which could not be immediately attested without great prejudice to the pubLic interest. Os these, the charge upon the Treasury, the consequences of the Cherokee treaty alone, without adverting to others arising out of Indian treaties, has already exceeded five millions of dollars ; that for the prosecu tion of measures for the removal of the Sem inole Indians, which were found in pro gress, has been nearly fourteen millions; and the public buildings have required the unusual sum of nearly three millions. it affords me, however, great pleasure to le able to say, that, from the commence ment of this period to the present day,every demand upon the Government, at home or abroad, has been promptly met. This has been done, not only without creating a per manent debt, or a resort to additional tax ation in any form, but in the midst of a steadily progressive reduction of existing burdens upon the people, h aving still a considerable- balance of available funds which w ill re-mein-in the Treasury a* the end of the year. The small amount of Treasury notes, not exceeding four and a half millions of dollars, still''outstanding and less Uy twenty.three millions than the -'mted States have in deposite with the States, is composed of such only as are not yet due, or have not been presented for payment. They may be redeemed out of the accruing revenue, if the expenditures do not exceed the amount within which they may, it is thought, be kept without preju dice to the public interest, and the revenue shall prove to be as large as may justly be anticipated. Among the reflections arising from the contemplation of these circumstances, one, not the least gratifying, is the conscious ness that the Government had the resolu tion and ability to adhere in every emer gency, to the sacred obligations of law ; to execute all its contracts according to the requirements of the Constitution ; and thus to present, when most needed, a rallying point by which the business of the whole country might be brought back to a safe and unvarying standard —a result vitally important as well to the interests as to the morals of the people. There can surely now be no difference of opinion in regard to the incalculable evils that would have arisen ifthe Government, at that critical moment, had suffered itself to be deterred from upholding the only true standard of value, either by the pressure of adverse cir cumstances or the violence of unmerited denunciation. The manner in which the people sustained the performance of this duty was highly honorable to their fortitude and patriotism. It cannot fail to stimulate their agents to adhere, under all circum stances, to the line of duty ; and to satisfy them of the safety with which a course re ally right, and demanded by a financial crisis, may, in a community like ours, be pursued, however, apparently severe its immediate operation. The policy of the Federal Government in extinguishing as readily as possible the national debt, and, subsequently, in resis ting every temptation to create anew one, deserves to be regarded in the same favor able light. Among the many objections to a national debt, the certain tendency of public securities to concentrate ultimately in the coffers of foreign stockholders, is one which is every day gathering strength.— Already iave the resources of many of the States, and the future industry of their cit izens, been indefinitely mortgaged to the subjects of European Governments, to the amount of twelve millions annually, to pay the constantly accruing interest of borrow ed money—a sum exceeding half the ordi nary revenue of the whole United States. The pretext tvhieh this relation affords to foreigners to scrutinize the management of our domestic affairs, if not actually to inter meddle with them, presents a subject for earnest attention, not to say of serious a larm. Fortunately, the Federal Govern ment, with the exception of an obligation entered into in behalf of the District ofCo lumbia, which must soon be discharged, is wholly exempt from any such embarrass ment. It is also, as is believed, the only government which having fully and faith, fully paid all its creditors, has also reliev. ed itselffrom debt. To maintain a distinc tion so desirable and so honorable to our national character, should be an object of earnest solicitude. Never should a free people, if it be possible to avoid it, expose themselves to the necessity of having to treat of the peace, the honor, or the safety of the Republjg, with the Government of foreign creditors, who, however well dis posed they may be to cultivate with us in general friendly relations, are neverthe less. by the law of their own condition, made hostile to the success and permanen cy of political institutions like ours. Most humiliating may be the embarrassments consequent upon such a condition. Anoth er objection, scarcely less formidable, to the commencement of a fteW debt, is its in evitable tendency to increase in magnitude, and to foster national extravagance. He has been an unprofitable observer of events, who needs at this day to be admonished of the difficulties which a Government, habit ually dependent on loans to sustain its or dinary expenditures, has to encounter in resisting the influences constantly exerted in favor of additional loans, by capitalists, who enrich themselves by government se curities for amounts much exceeding the money they actually advance—a prolific source of individual aggrandizement in all borrowing countries ; by stockholders, who seek their gains in the rise and fall of pub lie stocks j and by the selfish importuni ties of applicants for appropriations lor works avowedly for the accommodation of the public, but the real objects of which are, too frequently, the advancement of private interests. The known necessity which so many of the States will be under to impose taxes for the payment of the in terest on their debts, furnishes an addition al and very cogent reason why the Feder al Government should refrain from crea ting a national debt, by which the people would be exposed to double taxation for a similar object. We possess within our selves ample resources for every emergen cy; and we may be quite sure that our citizens, in no future exigency, will be unwilling to supply the Government with all the means asked for the defence of the country. In time of peace there can, at all events, he no justification for the cre ation of a permanent debt by the Federal Government. Its limited range of consti tutional duties may certainly, under such circumstances, be performed without such a resort. It has, it is seen, been avoided during four years of greater fiscal difficul ties than have existed in a similar period since the adoption of the Constitution, and one also remarkable for the occurrence of extraordinary causes of expenditures. But to accomplish so desirable an ob ject, two things are indispensable : first, that the action of the Federal Government be kept within the boundaries prescribed by its founders ; and, secondly, that all ap propriations for objects admitted to be con s'.uution&l, and the expenditures of them also, be subjected to a standard of rigid but well considered and practical economy.— The first depends chiefly on the people themselves, the opinions they form of the true construction of the Constitution, and the confidence they repose in the political sentiments of those they select as their re presentatives in the Federal Legislature; thesecond restsupon the fidelity with which their more immediate representatives, and other public functionaries, discharge the trusts committed to them. The duty of economizing the expenses of the public ser vice is admitted on all hands ; yet there are few subjects on which there exists a wider difference of opinion than is constant ly manifested in regard to the fidelity with : which that duty is discharged Neither diversity of sentiment, nor even mutual recriminations, upon a point in respect to w'hich the public mind is so justly sensitive, can well be entirely avoided ; and least so at periods o>fgreat political excitement.— An intelligent people, however, seldom fail to arrive, in the end, at correct con clusions in such a matter. Practical econ omy in the management of public affairs can have no adverse influence to contend with more powerful than a large surplus revenue ; and the unusually large appro priations for 1837 may, without doubt, in dependently of the extraordinary requisi tions for the public service growing out of the state of our Indian relations, be, in no inconsiderable degree, traced to this source. The sudden and rapid distribution of the large surplus then in the Treasury, and the equally sudden and unprecedentedly severe revulsion in the commerce and bu siness of the country, pointing with unerr ing certainty to a great and protracted re duction of the revenue, strengthened the propriety of the earliest practicable reduc tion of the public expenditures. But, to change a system operating upon so large a surface, and applicable to such numerous and diversified interests and ob jects, was more than the work of a day.— The attention of every department of the Government was immediately, and in good faith, directed to that end ; and has been so continued to the present moment. The estimates and appropriations for the year 1838 (the first over which I had any con trol) were somewhat diminished. The ex penditures of 1839 were reduced six mil lions ofdollars. Those of 1840, exclusive ofdisbursements for public debt and trust claims, will probably not exceed twenty twoand a half millions ; being between two and three millions less than those of the preceding year, and nine or ten millions less than those of 1837. Nor has it been found necessary, in order to produce this result, to resort to the power conferred by Congress, of postponing certain classes of the public works, except by deferring expenditures for a short period upon a lim ited portion of them ; and which postpone ment terminated some time since, at the moment the Treasury Department, by fur ther receipts from the indebted banks, be came fully assured of its ability to meet them without prejudice to the public ser vice in other respects. Causes are in op eration which will, it is believed, justify a still further reduction, without injury to any important national interest. The ex penses of sustaining the troops employed in Florida have been gradually and greatly reduced, through the persevering effort of the War Department ; and a reasonable hope may be entertained that the necessity for military operations in that quarter will soon cease. The removal of the Indians from within our settled borders is nearly completed. The pension list, one of the heaviest charges upon the Treasury, is ra pidly diminishing by death. The most costly of our public buildings are either done, or nearly so ; and we may, I think safely promise ourselves a continued ex emption from border difficulties. The available balance in the Treasury on the Ist of January next is estimated at one million and a half of dollars. This sum with the expected receipts from all sources during the next year, will, it is be lieved, be sufficient to enable the Govern ment to meet every engagement, and leave a suitable balance in the Treasury at the end of the year, if the remedial measures connected with the customs and the public lands, heretofore recommended, shall be adopted, and the new appropriations by Congress shall not carry the expenditures beyond the official estimates. The new system established by Congress for the safe keeping of the public money, prescribing the kind of currency to be re ceived for the public revenue, and provi ding additional guards against losses, lias now been several months in operation. Although it might be premature, upon an experience of such limited duration, to form a definite opinion in regard to the extent of its influence in correcting many evils un der which the Federal Government and the country have hitherto suffered—especi ally those that have grown out of banking expansions, a depreciated currency, and official defalcations; yet it is but right to say, that nothing has occurred in the prac tical operation of the system to weaken in the slightest degree, but much to streng'h . n, the confident anticipations of its friends. The grounds of these have been heretofore so fully explained as to require no recapit ulation. In respect to the facility and con venience it affords in conducting the public service, and the ability of the Government to discharge through its agency every duty attendant on the collection, transfer, and disbursement of the public money with promptitude and success, I can say, with confidence, that the apprehensions of those who felt ir to be their duty to oppose its a doption have proved to be unfounded. On the contrary, this branch of the fiscal affairs of the Government has been, and it is be lieved may always be, thus carried on with every desirable facility and security. A few changes and improvements in the de tails of the system, without affecting any principles involved in it, will be submitted to you hy the Secretary of the Treasury, and will, I am sure, receive at your hands, that attention to which they may, on exami nation, be found to be entitled. I have deemed this brief summary of our fiscal affairs necessary to the due perform ance of a duty specially enjoined on me by the constitution. It will serve also to illus trate more fully the principles by which I have been guided in reference to two con tested points in our public policy, which were earliest in their development, and have been more important in their conse quences, than any that have arisen under our complicated and difficult, yet admira ble, svstem 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 the adoption of the constitution, in a great mea sure, originated : and there is too much rea son to apprehend that the conflicting inter ests and opposing principles thus marshal led, will continue, as heretofore, to produce similar, if not aggravated consequences. Coming into office the declared enemy of both, I have earnestly endeavored to pre vent a resort to either. The consideration that a large public debt affords an apology, and produces in some degree, a necessity also, for restoring to a system and extent of taxation which is not only oppressive throughout, but like wise so apt to lead, in the end, to the com mission of that most odious of all offences against the principles of republican govern ment—the prostitution of political power conferred for the general benefit, to the ag grandizement of particular classes, and the gratification of individual cupidity—is a lone sufficient, independently of the weigh ty objections which have already been ur ged, to render its creation and existence the sources of bitter and unappeasable dis cord. If vve add to this, its inevitable ten dency to produce and foster extravagant ex penditures ofthe public money, by which a necessity is created for new loans and new burdens on the people ; and, finally, if we refer to the examples of every Government which has existed, for proof, how seldom is it that the system, when once adopted and implanted in the policy of a country, has failed to expand itself, until public credit was exhausted, and the people were nolon gerable to endure its increasing weight, it seems impossible to resist the conclusion, that no benefits resulting from its career,no extent of conquest, no accession of wealth to particular classes, nor any, nor all its combined advantages, can counterbalance its ultimate but certain results—a splendid Government, and an impoverished people. If a national bank was as is undeniable, repudiated by the framers of the constitu tion as incompatible with the rights of the States and liberties of the people ; if, from the beginning,it has been regarded by large portions of our citizens as coming in direct collision with that great and vital amend ment of the constitution, which declares that all powers not conferred by that instru ment on the 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 latitudinous con struction, which, unchecked, would render that sacred instrument of as little value as an unwritten constitution, dependent as it would alone be, for its meaning, on the in terested interpretation of a dominant partv, and affording no security to the rights of the minority ; —if such is undeniably the case, what rational grounds could have been conceived for anticipating aught but determined opposition to such an institution at the present day ? Could a different result have been expec ted, when the consequences which have flowed from its creation, and particularly from its struggles to perpetuate its exist ence, had confirmed, in so striking a man ner, the apprehensions of its earliest oppo nents ; when it had been so clearly demon strated that a concentrated money-power, wielding so vast a capital, and combining such incalculable means of influence may, in those peculiar conjunctures to which this Government is unavoidably exposed, prove an overmatch for the political power of the people themselves; w hen the true character of its capacity to regulate, according to its will and its interests, and the interests of its favorites, the value and production of the labor and property of every man in this ex tended country, had been so fully and fear fully developed; when it was notorious that all classes of this great community had by means of the power and influence it thus possesses, been infected to madness with a spirit of heedlesss speculation ; when it had been seen that, secure in the support of the combination of influences by which it was surrounded, it could violate its charter, Ac set the law at defiance with impunity ; and when, too, it had become most apparen t that to believe that such an accumulation of powers can ever be granted without the certainty of being abused, was to indulge in a fatal delusion ? To avoid the necessity of a permanent debt, and its inevitable consequences, I have advocated and endeavored to carry into effect, the policy of confining the appropri ations for the public service to suen objects only as are clearly within the constitutional authority of the Federal Government; of excluding from its expenses those improvi dent and unauthorized grants of public money for works of internal improvement, which were so wisely arrested by the con stitutional interposition of my predecessor, and which, ii they had not been so checked would long before this have involved the finances of the General Government in em barrassments far greater than those which are now experienced by any ofthe States ;. of limiting all our expenditures to that sim ple, unostentatious, and economical admin istration es public affairs, which is alone consistent with the character of our institu tions ; of collecting annually from the cus toms and the sales of public lands, a reve nue fully adequate to defray all the expein ses thus incurred, but, under no pretence 1 whatsoever, to impose taxes upon the people 1o a greater amount than was actu ally necessary to the public service, con ducted wpon the principles I have stated. In lieu of a national bank, or a depend ence upon banks of any description, for the management of our fiscal affairs, I recom mended the adoption ofthe system which-is now in successful operation. The system affords every requisite facility for the tran saction ofthe pecuniary concerns of the Government; will it is confidently antici pated, produce in other respects many of the benefits which have been from time to time expected from the creation of a nation al bank, but which have never been realL zed ; avoid the manifold evils inseperable from sueh an institution; diminish to a greater extent than could be accomplished by any other measure of reform, the pat ronage of the Federal Government, but more especially so in one likeours, which works well only in proportion as it is made to rely for its support upon the unbiassed and unadulterated opinions of its constitu ents ; do away, forever, all dependence on corporate bodies, either in the raising, col lecting, safekeeping, or disbursing the pub lic revenues; and place the Government equally above the temptation of fostering a dangerous and unconstitutional institution at home, or the necessity of adapting its policy to the views and interests of a still more formidable money-power abroad. It is by adopting and carrying out these principles, under circumstances the most arduous and discouraging, that the attempt has been made, thus far successfully, to demonstrate to the people of the United States that a national bank at all times, and a national debt, except it be incurred at a period when the honor and safety of the nation demand the temporary sacrifice of a policy, which should only be abandoned in such exigencies, are not merely unnecessa ry, but in direct and deadly hostility to the principles of their Government, and to their own permanent welfare. The progress made in the developement of these positions, appears in the preceding sketch of the past histo-ry and present state of the financial concerns of the Federal Go vernment. The facts there stated fully au thorize the assertion, that all the purposes for which this Government was instituted, have been accomplished during four years of greater pecuniary embarrassment than were ever before experienced in time of peace, and in the face of opposition as for midable as any that was ever before array ed against the policy of an administration ; that this has been done when the ordinary revenues of tho Government were general ly decreasing, as well from the operation of the laws, as the condition of the country, without the creation of a permanent public debt, or incurring any liability, other than such as the ordinary resources of the Gov ernment will speedily discharge,and with out the agency of a national bank. If this view of the proceedings of the Government, for the period it embraces, be warranted by the facts as they are known to exist; if the army and navy have been sustained to the full extent authorized by law, and which Congress deemed sufficient for the defence of the country and the pro tection of its rights and its honor; if its ci vil and diplomatic service has been equal ly sustained ; if ample provision has been made for the administration of justice and the execution of the laws ; if the claims upon public gratitude in behalf of the sol diers of the Revolution have been promptly met, and faithfully discharged; if there have been no failures in defraying the very large expenditures growing out of that long continued and salutary policy of peaceful ly removing the Indians to regions of com parative safety and prosperity ; if the pub lic faith has at all times, and everywhft-e, been most scrupulously maintained by a prompt discharge of the numerous, extend ed, and diversified claims on the Treasury; if all these great and permanent objects, with many others that might be stated, have, for a series of years, marked by pe culiar obstacles and difficulties, been suc cessfully accomplished without a resort to a permanent debt, or the aid of a national bank; have we not a right to expect that a policy, the object of which has been to sus tain the public service independently of either of these fruitful sources of discord, will receive the final sanction of a people whose unbiassed and fairly elicited judge ment upon public affairs is never ultimately wrong ? .That embarrasments in the pecuniary concerns ofindividuals, of unexampled ex tent and duration, have recently existed in this as in other commercial nations, is un doubtedly true. To suppose it necessary now to trace these reverses to their sources would be a reflection on the intelligence of my fellow-citizens. Whatever may have