(THE TARIFF.)

It is with the most deeply impressed sense of its importance, and of the solemnity of the consequences involved, to the honor as well as to the interest of the state, that I now invoke your attention to the system of protective policy, renewed by the late act of congress, imposing duties on imports; and transcending in its burdens, its bounties, and its restrictions, all former experience of unjust, oppressive, and unconstitutional taxation.

The corrective of the evils, and the responsibility in the union; and establishing a standard of circula-) the states-or as the basis of a great monied corpo of applying or neglecting it, rests with you. How tion, by which the credit, the business, the exchange, ration-it is doubtless yet to be met and combated. far a prohibition to each bank to pay out any but its and the commerce of a large portion of the south The labors, the arguments, and the investigations of own notes exclusively, would impose a salutary re-western states, are materially regulated. All this, a long and painful resistance to this prolific parent of straint upon the practices to which I have alluded, I it has accomplished under circumstances of great so many federal evils, are still perhaps before us. submit to your wisdom and experience to determine. difficulty and embarrassment, arising from the jea- On no subject can the great parties of the union be It is suggested as the most moderate and equitable of lousy of rival institutions, the operations of a large more distinctly and radically divided-none which those measures within the competency of a sovereign bank capital, its political obligations to protect, rather presents so many temptations to avarice, and so many state to institute, in enforcing salutary regulations to than to plunder the property of the people, and per- inducements to ambition-nonc, fraught with so many establish a sound and stable currency. Whether it haps to its necessary, but inconvenient connexion evils, or so well calculated to corrupt the morals of should apply to all, or exclusively to those institutions with some of those benevolent, but unprofitable ob- the people, to seduce the fidelity of the representawhich have refused to comply with the provisions of jects of state enterprise and beneficence, which tive, or to purchase the independence of the states. the late act, "to prevent the suspension of specie | must unavoidably encumber and oppress its ordinary Our perception of the toils and difficulties of the conpayments, is a matter which a proper respect for the business transactions test will, I trust, only operate as an incentive to patriotic conformity of some of these institutions to In the midst of all these evidences of usefulness, nerve our firmness, and strengthen our resolution to the authority and requirements of a sovereign state. its operations, if not conducted with those great re- meet and maintain it. A stern and inflexible adherrenders worthy of consideration. If there be any-sults and exorbitant profits, which a reckless disre-ence to the determination of your predecessors, to thing onerous in the provisions of that act, if there begard of the distresses of the community, and an un- refuse all participation in the illicit spoils and ignoany thing invidous in its requirements, which exposes scrupulous use of advantages, and of the means of ble advantages of such a conquest over the constituthem to the espionage, power, or jealousy of rival in- extortion, might have realised, have nevertheless tion, is the least to be anticipated from the wisdom stitutions, it would certainly not comport with the wis been productive of fewer losses, and more emolu- and patriotism of their enlightened successors. Some dom and equity of the legislature, to subject them to ment, than would satisfy the reasonable anticipation | further provision on your part is perhaps necessary, an inconvenient penalty for a patriotic compliance of a patriotic state, whose motives in establishing an to prevent the distributive share of this state from with the will of the state, and thereby pamper and re-institution, were not impelled by an eager and such being appropriated, in any event, to the benefit of ward the contumacy of others, by increasing the ad-inordinate cupidity to enrich her coffers, by extorting the assenting states. vantages of their recusancy. If the state, has lost its from the necessities of her people. power to protect, it should at least abstain from the ty- The profits of the past year, compared with the ranny of imposing partial, and inviduous restrictions, diminished results of similar institutions, and the on its citizens and institutions; if the result of the pre-proceeds of all other investments of capital, may be sent controversy shall, indeed prove that she cannot regarded as reasonable and fair. It is not to be exenforce her law, let her retire with dignity, from the pected, that the monied institutions of a patriotic position of asserting but a partial and divided su- state should not sympathise with the rise and deprespremacy; and in such an event exercise the magnan-sion in the pecuniary condition of its people. It is inimity of removing any odious disabilities, which not to be desired by a wise and beneficent governnothing but a willing and a patriotic obedience to her ment-it is not to be tolerated by a free and enlightauthority may have enabled her to impose on the ened people-that while its industry is oppressed, its I need not refer to the history of the past-to our most deserving to her institutions. labor unrewarded, the products of its agriculture al- wrongs and forbearance--to our blighted weal and most priceless and valueless, its merchandise stale, oppressed industry-to our arguments, our remonflat, and unprofitable-its enterprise conducting to a strance, and the long train of injuries, sufferings, It is not a little gratifying to our state pride and jail, and its honesty leading to the sacrifice of pro- and endurance, until the goaded spirit of South Capatriotism, that amidst the universal distress that has perty to preserve faith and character-that the func-rolina rose up in the full strength and ardor of its pervaded every portion of the union-the over- tionaries of its own monied institution should preside patriotic and impatient zeal, to appeal from the inwhelming embarrassments that have oppressed the like ill-omened vultures over the wreck and immola- justice of her infatuated oppressors, to the ultimate energies and resources of almost every state in the tion of those hopes and feelings which constitute the tribunals of the constitution itself. It was then, for confederacy as well as our own-our financial con-highest elements in the character of a great and the first time, that the voice of complaint was heard dition is continuously if not progressively adequate, generous people. I trust the financial policy of the or heeded; it was then that justice which had been to meet all the demands of a just and liberal econo- state will be prostituted to no such purpose. It is refused to our remonstrance, was conceded to our my, our credit scrupulously preserved-and the im- enough that her fiscal operations have realised re- demands: it was in this painful pause in the controposition of the necessary burdens of our state gov-sults greater and more profitable than the hard earn- versy, that the faith of the nation was solemnly ernment as cheerfully borne by the patriotism of our ings of her oppressed and laborious yeomanry. If, pledged to a compromise, which should not transcend people, as in ordinary times of prosperity and abun- in the very inception of this institution, it was con- the legitimate objects of revenue; and which, while dance. In the midst of calamities so well calculated templated to relieve our agricultural interests from it professed to abandon the principle of protection, to suggest counsels the most dangerous, and expedi- the pressure and exigencies arising out of our exist- retained all that was necessary to supply the fiscal ents the most desperate, it is a subject of infinite ing difficulties with Europe, with what justice and exigencies of the government. gratification that the virtue and good sense of our propriety now, when the emergencies are greater people have looked to no immoral sources of relief. and the embarrassments more overwhelming, can Neither the violation of contracts, the evasion of ob- this primary object be overlooked or neglected? If ligations, or the repudiation of debts, has for a mo- there be any thing, therefore, in the policy upon ment been permitted to delude the hopes of our hon- which it has been conducted, amenable to censure, it est and virtuous yeomanry; relying alone, as they is that of a tendency to sacrifice this high and patrihave done, upon the all sufficient resources of econo-otic consideration to too mercenary a regard for my and industry, for national and individual prospe- large profits and inordinate emolument. rity; and ready should such an emergency ever demand it to sacrifice all to preserve honor and faith.

(FINANCES.)

THE STATE BANK,

And its connection with the state government, arc highly applauded. The governor says:

[Further indulgence is recommended to the persons indebted in consequence of rebuilding the state emporium, the sufferers by the fire at Charleston. PROCEEDS OF PUBLIC LANDS.]

ed in the face of the nation, approved and commendHow the conditions of this solemn treaty-ratified by our sister states-have been preserved and respected on our part, I appeal to facts, and the history of federal legislation for the last nine years, to testify and illustrate. Patiently have we waited the fulfilment of the term of years prescribed by that act or its limitation, under a system of duties, although modified in the extent of its burdens, yet still oppressive and unjust.

Amid all the multiplied opportunities afforded by rancour, and political intrigue-when the weakness of an administration sought support on the most The refusal of this state to participate in the dis-southern terms-when ambitious aspirants courted "The benefits derived by the state from her bank-tribution of the proceeds of the public lands, has not alliances and proffered concessions-when the demoing institution, have never been more fully realized, been without that influence on the councils of the cratic principles of the late administration were reathan under the auspices of its present able and vigi-nation, and the "public sentiment" of her confede-dy to accord us all its aid and sanction, in establishlant direction. Its convenience, as the real and rates, which so high an example of disinterested ing a system of moderate duties and economical expractical treasury of the state, has supplied all the patriotism and unpurchaseable adherence to constitu- penditures-amid all these opportunities of perpenecessary checks and facilities of a most perfectly tional principles, can never fail to exercise. The re-trating a successful infidelity, the faith and integrity organised financial bureau. Its advances, to meet sponse of so many of the most important and influ- of the south have been inviolably preserved in a appropriations, and instalments on our state debt, ential members of the union-the increasing hostility consistent and unwavering adherence to the terms when all other resources of the treasury have been and undivided opposition of the whole republican and spirit of the compromise. And when on more exhausted, have furnished facilities not only to dis-party-the awakened scruples of the federal execu- occasions than one, the opportunity seemed to invite charge her ordinary engagements with a promptitude tive-the seeming abandonment of the measure by her concurrence in anticipating the limitation of the unparalleled perhaps in the example of any other congress-all conspire to confirm our confidence in act, the voice of our own representatives has been state government, but to maintain her credit, under the wisdom, the rectitude, and the virtue of the heard rebuking the temper, and repelling the temp embarrassing circumstances, and in perilous times course which this state has so prudently pursued. tation. And now the anxiously expected period like these, when a shade of doubt is sufficient to dis- Rebuked and defeated for a time, as this measure has having arrived, for the commencement of the propel all the attractions of confidence. It has added been by the indignant rejection of so many states, it mised era of free trade and reform, our concessions to our annual resources an amount not less than one is nevertheless to be regarded as one of those insi- are met, and our confidence betrayed, by the rethird of our revenue, if not for the ordinary objects dious modes of federal policy, seeking every form establishment of a system of restrictive duties, more of current expenses, at least to discharge the accru- and opportunity of recurrence against the dangers odious, oppressive, and unjust than any that has ever ing interest on state obligations; while at the same and temptations of which, a vigilant people should yet desolated the prospects or blighted the destinies time by the judicious and benevolent extension of never be disarmed of their jealousy or unheedful of of the south. its accommodations, it has done all within the power the warnings. The open and daring proposition, to The tariff of '28, while it extended protection, of so limited a capital, to alleviate the pressure of impose taxes for distribution and to institute a scheme and conferred bounties, at the expense of one secthe times, and to protect the property and interests of fraud on the constitution, of plunder and spoliation of the Union, for the benefit of another, still of the agricultural community from sacrifice and ex-tion on the treasury, may have shocked a sense of preserved more just and wise discriminations,-opetortion. In addition to these invaluable purposes, it public virtue in the people now, whilst in the fresh-rated more equally on the consumers, and accomsubserves the not less important one, of exercising a ness of a first and unsophisticated conception of the plished at least one of the legitimate objects of the salutary and efficient supervision over the monetary enormity and depravity of such a measure. But, in constitution in supplying an adequate and liberal reinterests of the state; preventing (by its influence the various and insidious forms of pre-emption laws-venue. It derived a plausible pretext from the reand example, as it has done in former instances,) a of a fund pledged for the payment of state debts-of quirements of a national debt, and founded some general and needless suspension of specie payments; the necessity of assuming their obligations to main-claim to favor in the circumstances and inducements furnishing a sound currency, negotiable any where tain the faith, the integrity and the sovereignty of which had led to the early, and perhaps premature

can slave trade.

development of the manufacturing enterprise of our army disbanded, our navy rotting in the docks, our between the two countries, was, in no small degree, country. It operated when our currency was com-officers clamorous for salaries, and even members of augmented by the lapse of time since they had their paratively sound, our credit firm and expanded, our congress unpaid, than that such a breach should origin. The opinions entertained by the executive produce high, our industry rewarded, and our pros- have been made in the constitution. Time, and re-on several of the leading topies in dispute, were perity in the flood tide of success; and if it has con- turning prosperity, at some more propitious period, frankly set forth in the message at the opening of verted all these evidences of happiness and improve- might have collected, in their silent and ordinary your late session. The appointment of a special ment into scenes of desolation and disorder, the re-operations, all this disorder and derangement in our minister by Great Britain to the U. States with powsults were perhaps then regarded as the inspiration statistical economy; but a violation of equitable er to negotiate upon most of the points of difference. of an erratic prophecy, rather than the sound con- principles, neither ages nor prosperity can repair; indicated a desire on her part amicably to adjust victions of a wise and well formed judgment. But and wrong and violence done to the constitution, them, and that minister was met by the executive in now, while the government owes no debt, which its shake with the force of revolution, every pillar in the same spirit which had dictated his mission. The ordinary resources might not in a few years extin- the political fabric, and desecrate the very sanctua- treaty consequent thereon, having been duly ratified guish-now, while the deep and universal distress of ries of the temple of liberty. by the two governments, a copy, together with the the people demands the lightest burdens-while laCherishing hope, however, in the justice and wis-correspondence which accompanied it, is, herewith, bor starves, industry grows poor, our credit has no dow of the American people-confiding in the pa- communicated. I trust that whilst you may see in confidence, and prosperity no abiding place among triotism and purity of the democratic party of the it nothing objectionable, it may be the means of preus-now, in the violation of a solemn and well con-union, and awaiting, for a reasonable time, the serving, for an indefinite period, the amicable relasidered compromise-in defiance of all the admoni- slow and tardy progress of legislative reform-let us tions happily existing between the two governments. tions of a dearly bought experience-it is a mockery still remember, that the means of safety and re- The question of peace or war between the United of the spirit of equity in legislation, of respect for dress, reside in the sovereign resources of the state States and Great Britain, is a question of the deepconstitutional principles, of all that is sacred in ob- itself-in the spirit of patriotism of our own people est interest not only to themselves, but to the civiligations, to institute such a system of political fraud, in the firmness and wisdom of our own counsels. lized world, since it is scarcely possible that a war perfidy, and oppression. Neither our appeals to the justice and patriotism of could exist between them without endangering the Under a just and economical administration of the the nation, our invocations to our allies, nor an anti-peace of Christendom. The immediate effect of the government, were the exigencies of the treasury to cipated sympathy and co-operation of our southern treaty upon ourselves will be felt in the security afrequire it; in short, whenever revenue is the object, sister states, should be permitted for a moment to forded to mercantile enterprise, which, no longer ap1 am sure I do not magnify or exaggerate the spirit weaken our efforts or our resolution to meet all the prehensive of interruption, adventures its speculaof patriotism in this state, when I assert that South consequences and all the emergencies of the con- tions in the most distant scas; and, freighted with the Carolina would endure all, and sacrifice all, to meet test. It is due to the consistency or principles which diversified productions of every land, returns to constitutional demands upon her resources or libe- this state has so emphatically asserted on similar and bless our own. There is nothing in the treaty which, rality. perhaps less aggravated occasions; it is due to the in the slightest degree, compromits the honor or But are bounty and protection, legitimately a part allegiance which she has professed to the constitu- dignity of either nation. Next to the settlement of of these constitutional requirements? Is it needful tion, it is befitting the high station of trust and conthe boundary line, which must always be a matter of to the treasury that the agricultural interests of fidence which you occupy, that the voice of our difficulty between states as between individuals, South Carolina alone should pay, as a tribute to twenty factories in Kentucky, a tax in the shape of people almost unanimously spoken in the resolutions the question which seemed to threaten the greatest duties on rope, twine and bagging, equal to its an-cations to of the last session-with all its warnings and invo- embarrassment, was that connected with the Afrinual contributions to the coffers of our own state? Is strongly reiterated and responded to, in the meaour infatuated oppressors-should be By the 10th article of the treaty of Ghent, it was it necessary to revenue, that coarse woollens and sures and deliberations of the present legislature. expressly declared that "whereas the traffic in cotton goods of foreign manufacture should be excluded from our markets, by a duty which prohibits [Sympathy with a sister republic is expressed, al-slaves is irreconcilable with the principles of humanity and justice; and whereas both his majesty competition? Is prohibition a reasonable mode of luding to Texas. The treaty concluded with Great and the United States are desirous of continuing increasing revenue, by means of imports? And yet Britain is highly commended-but the neglect of their efforts to promote its entire abolition, it is herethis is the leading characteristic the great, the pri- certain southern interests in the negotiation is strong-by agreed that both the contracting parties shall use mary, the directing object of the late enactment of their best endeavors to accomplish so desirable an tariff duties. ly intimated. object." In the enforcement of the laws and treaty Thus, gentlemen, have our people and our state Having thus reviewed national topics, the govern-stipulations of Great Britain, a practice had threatonce more been subjected to a system of rapacious or returns again to the immediate concerns of the ened to grow up on the part of its cruisers of suband oppressive legislation; and thus do I now dis- state, and recommends the establishment of farther jecting to visitation ships sailing under the Americharge myself of the obligation of this department, distinctions limits and boundaries of the executive ritime rights, would subject to vexation a branch of can flag, which, while it seriously involved our maby invoking the interposition of your conservative influence, to arrest the calamitous effects of a mea- department, the appointment of a secretary or se- our trade which was daily increasing, and which resure, as unconstitutional, as it is unjust, and which cretaries to aid in the performance of its functions, quired the fostering care of the government. And cannot fail in its unchecked consequences, to over- the increase of the executive salary, the enlargement although Lord Aberdeen, in his correspondence with whelm the already overburdened energies and lanthe American envoys, at London, expressly disguishing prosperity of our people. If the restric-of the executive powers and responsibilities, that it claimed alt right to detain an American ship on the tions of the constitution on federal legislation are be endowed with a veto power, have an increase of high seas, even if found with a cargo of slaves on thus to be violated with recklessness and impunity, salary and an extension of its term to beyond its pre-claim to visit and enquire, yet it could not well be board, and restricted the British pretension to a merc discerned by the executive of the United States how such visit and enquiry could be made without detention on the voyage, and consequent interruption to the trade. It was regarded as the right of search, presented only in a new form, and expressed in difIn the firm patriotism and correct principles of the ferent words; and I therefore felt it to be my duty democratic party, we may doubtless anticipate the distinctly to declare, in my annual message to conco-operation of a faithful and efficient ally. Struggress, that no such concession could be made, and gling agamst the corruptions and abuses of governthat the United States had both the will and the ment, in its long course of error and injustice-the We have continued reason to express our pro- ability to enforce their own laws, and to protect advocates and exponents of a sound currency, and found gratitude to the great Creator of all things for their flag from being used for purposes wholly forbideconomical expenditures-sustaining the interests numberless benefits conferred upon us as a people.den by those laws, and obnoxious to the moral cenand the institutions of the south, against all the in- Blessed with genial seasons, the husbandman has his sure of the world. Taking the message as his letfluences of bank dominion, and abolition fanaticism; garners filled with abundance; and the necessariester of instructions, our then minister at Paris felt we may justly calculate on their unwavering zeal, of life, not to speak of its luxuries, abound in eve-himself required to assume the same ground in a rein achieving this work of reformation. And when ry direction. While in some other nations steady monstrance which he felt it to be his duty to present the next recurrence to the ballot-box shall have pu- and industrious labor can hardly find the means of to M. Guizot, and through him to the king of the rified our counsels-when the popular voice shall subsistance, the greatest evil which we have to en- French, against what has been called the Quintuple shall have spoken the doom of our misguided leaders counter, is a surplus of production beyond the home treaty; and his conduct, in this respect, met with the -when republican principles, regenerated in the de-demand, which seeks, and with difficulty finds, a approval of this government. In close confortaity liberate and dispassionate results of the ensuing partial market in other regions. The health of the with these views, the eighth article of the treaty elections shall have dispelled the delusions of the country, with partial exceptions, has, for the past was framed, which provides that "each nation shail late presidential canvass-then may we hope that year, been well preserved; and under their free and keep afloat in the African seas a force not less than the south will again recover her rights, and the con-wise institutions, the United States are rapidly ad- eighty guns, to act separately and apart, under institution regain its vigor and ascendancy. It is in-vancing towards the consummation of the high des- structions from their respective governments, and deed deeply to be regretted, that the assent of a tiny which an overruling Providence seems to have for the enforcement of their respective laws and single member of the democratic party should have marked out for them. Exempt from domestic con- obligations." From this it will be seen that the been accorded (even reluctantly though it may have vulsion and at peace with all the world, we are left ground assumed in the message has been fully mainbeen) to a measure which they have denounced with free to consult as to the best means of securing and tained, and at the same time that the stipulations of so much ardor and ability; which they had discussed advancing the happiness of the people. Such are the treaty of Ghent are to be carried out in good faith on principles admitting of no compromise, and which the circumstances under which you now assemble in by the two countries, and that all pretence is reno considerations of expediency ought, or could, your respective chambers, and which should lead us moved for interference with our commerce for any overrule. What if the demands of the government to unite in praise and thanksgiving to that great Be-purpose whatever by a foreign government. While, were emergent? What if the treasury was bank-ing who made us, and who preserves us a nation. therefore, the United States have been standing up rupt, and our rulers clamorous and dissatisfied? I congratulate you, fellow citizens, on the happy for the freedom of the seas, they have not thought Would any of these causes excuse or justify a pre- change in the aspect of our foreign affairs since my proper to make that a pretext for avoiding a fuitilmeditated violation of the constitution, or a wanton last annual message. Causes of complaint at that ment of their treaty stipulations, or a ground for imposition of unjust, oppressive, and exorbitant time existed between the United States and Great giving countenance to a trade reprobated by our taxes? It would have been better that the sources Britain, which, attended by irritating circumstances, laws. A similar arrangement by the other great of our revenue had been dried up, our public im- threatened most seriously the public peace. The powers, could not fail to sweep from the ocean ther provements neglected, our fortresses dismantled, our difficulty of adjusting amicably the questions at issue slave trade, without the interpolation of any new

the American citizen has no better guaranties for freedom than the serf of a political autocracy. The form and the name of our institutions must be costly indeed to us, if liberty itself, and the pursuit of happiness are the only price and the only sacrifice at which they are to be maintained.

sent limit of only two years. The latter recommenda-
tions, he is at more liberty to advance, as his own term
of service now expires.]

PRESIDENT'S MESSAGE.

To the senate and house of

representatives of the United States:

principle into the maritime mode. We may be per-prosent payment of the amount of the awards; in spe- them against fraud and intrusion, and at the same mitted to hope that the example thus set will be fc-eir or its equivalent. time using every proper expedient to introduce lowed by sere, if not all of them. We thereby I am happy to be able to say that information which among them the arts of civilized life, we may fondly also afford suitable protection to the fair trader inis esteemed favorable, both to a just satisfaction of hope not only to wean them from their love for war, those seas, thus fulfilling at the same time the dic- the awards, and a reasonable provision for other but to inspire them with a love for peace and all its tates of a sound policy, and complying with the claims, has been recently received from Mr. Thomp- avocations. With several of the tribes great proclaims of justice and humanity. son, the minister of the United States, who has gress in civilizing them has already been made.It would have furnished additional cause for con- promptly and efficiently executed the instructions of The schoolmaster and the missionary are found side gratulation, if the treaty could have embraced all his government, in regard to this important subject. by side, and the remnants of what were once numesubjects calculated in future to lead to a misunder- The citizens of the United States who accompa-rous and powerful nations may yet be preserved as standing between the two governments. The terri-nied the late Texian expedition to Santa Fe, and who the builders up of a new name for themselves and their posterity. tory of the United States, commonly called the Ore were wrongfully taken and held as prisoners of war The balance in the treasury on the 1st of January, gon territory, lying on the Pacific ocean, north of the in Mexico, have all been liberated. 42nd degree of latitude, to a portion of which Great A correspondence has taken place between the de- (1842, exclusive of the amount deposited with the Britain lays claim, begins to attract the attention partment of state and the Mexican minister of Fo-states, trust funds and indemnities) was $230,483 68. of our fellow citizens, and the tide of population reign Affairs, upon the complaint of Mexico that citi-The receipts into the treasury during the three first which has reclaimed what was so lately an unbroken zens of the United States were permitted to give aid quarters of the present year, from all sources, amount to flow over those vast districts which stretch from tween her and that republic. Copies of this corres-million from the public lands. The receipts for the wilderness in more contiguous regions, is preparing to the inhabitants of Texas in the war existing be-to $26,616,593 78; of which more than fourteen millions were received from customs, and about one the Rocky mountains to the Pacific ocean. In ad-pondence are herewith communicated to Congress, fourth quarter are estimated at nearly eight milvance of the acquirement of individual rights to these together with copies of letters on the same subject, lions; of which four millions are expected from euslands, sound policy dictates that every effort should addressed to the diplomatic corps, at Mexico, by the be resorted to by the two governments, to settle their American minister and the Mexican secretary of toms, and three millions and a half from loans and treasury notes. The expenditures of the first three respective claims. It became manifest. at an early state. quarters of the present year exceed twenty-six milhour of the late negotiations, that any attempt for the time being satisfactorily to determine those rights, sion of the United States to that government by ac- amount to about eight millions; and it is anticipated Mexico has thought proper to reciprocate the mis-lions; and those estimated for the fourth quarter would lead to a protracted discussion, which might crediting to this a minister of the same rank as that there will be a deficiency of half a million on the 1st embrace in its failure other more pressing matters, and the executive did not regard it as proper to waive of the representative of the United States in Mex-of January next-but that the amount of outstanding all the advantages of an honorable adjustment of ico. From the circumstances connected with his warrants, (estimated at $800.000) will leave an acmission, favorable results are anticipated from it. It tual balance of about $224,000 in the treasury.— other difficulties of great magnitude and importance, is so obviously for the interest of both countries as Among the expenditures of the year, are more than because this, not so immediately pressing, stood in neighbors and friends that all just causes of mutual eight millions for the public debt, and $600,000 on the way. Although the difficulty referred to may dissatisfaction should be removed, that it is to be account of the distribution to the states of the pronot for several years to come involve the peace of the two countries, yet I shall not delay to urge on Great hoped neither will omit or delay the employment of ceeds of sales of the public lands. Britain the importance of its early settlement. Nor any practicable and honorable means to accomplish will other matters of commercial importance to the two countries be overlooked; and I have good reason to believe that it will comport with the policy of England, as it does with that of the United States, to seize upon this moment, when most of the causes of irritation have passed away, to cement the peace and amity of the two countries by wisely removing all grounds of probable future collision.

that end.

The affairs pending between this government and several others of the states of this hemisphere formerly under the dominion of Spain, have again within the past year, been materially obstructed by the military revolutions and conflicts in those countries.

The present tariff of duties was somewhat hastily and hurriedly passed near the close of the late session of congress. That it should have defects can, therefore be surprising to no one. To remedy such defects as may be found to exist in many of its numerous provisions, will not fail to claim your serious attention. It may well merit enquiry, whether the exaction of

all duties in cash does not call for the introduction of The ratification of the treaty between the United a system which has proved highly beneficial in the With the other powers of Europe our relations States and the republic of Ecuador, of the 13th of countries where it has been adopted. I refer to the continue on the most amicable footing. Treaties now | June, 1839, have been exchanged, and that instru- warehousing system. The first and most prominent efexisting with them should be rigidly observed, and ment has been duly promulgated on the part of this fect which it would produce would be to protect the every opportunity, compatible with the interests of government. Copies are now communicated to Con-market alike against redundant or deficient supplies of the United States, should be seized upon to enlarge gress with a view to enable that body to make such foreign fabrics-both of which in the long run, are inthe basis of commercial intercourse. Peace with changes in the laws applicable to our intercourse jurious as well to the manufacturer as the importer. The quantity of goods in store being at all times readiall the world is the true foundation of our policy, with that republic, as may be deemed requisite. which can only be rendered permanent by the practice Provisions have been made by the government of ly known it would enable the importer, with an apof equal and impartial justice to all. Our great de- Chile for the payment of the claim on account of the proach to accuracy, to ascertain the actual wants of the sire should be to enter only into that rivalry which illegal detention of the brig Warrior at Coquimbo, in market, and to regulate himself accordingly. If, howlooks to the general good, in the cultivation of the 1820. This government has reason to expect that ever, he should fall into error, by importing an excess sciences, the enlargement of the field for the exercise other claims of our citizens against Chile, will be above the public wants, he could readily correct its of the mechanical arts, and the spread of commerce-hastened to a final and satisfactory close. evils by availing himself of the benefits and advantages of the system thus established. In the storethe great civilizer-to every land and sea. Carefully The empire of Brazil has not been altogether ex-house the goods imported would await the demands abstaining from interference in all questions exclu-empt from those convulsions which so constantly af- of the market, and their issues would be governed sively referring themselves to the political interests flict the neighboring republics. Disturbances which by the fixed principles of demand and supply. Thus of Europe, we may be permitted to hope an equal recently broke out are, however, now understood to exemption from the interference of European govern- be quicted. But these occurrences, by threatening uniformity of price, which, if attainable, would conan approximation would be made to a steadiness and ments, in what relates to the states of the American the stability of the governments, or by causing inces-duce to the decided advantage of mercantile and mesant and violent changes in them, or in the persons chanical operations.

continent.

On the 23d of April last, the commissioners on the who administer them, tend greatly to retard provi- The apprehension may be well entertained that part of the United States, under the convention with sions for a just indemnity for losses and injuries suf- without something to ameliorate the rigor of cash paythe Mexican republic, of the 11th of April, 1839, fered by individual subjects or citizens of other states. ments, the entire import trade may fall into the hands made to the proper department a final report in re The government of the United States will feel it to of a few wealthy capitalists in this country, and in lation to the proceedings of the commission. From its duty, however, to consent to no delay, not uua- Europe. The small importer, who requires all the this it appears that, the total amount awarded to the voidable, in making satisfaction for wrongs and in- money he can raise for investments abroad, and claimants by the commissioners and the umpire ap-juries sustained by its own citizens. Many years who can but ill afford to pay the lowest duty, would pointed under that convention, was two millions having, in some cases. elapsed, a decisive and effec- have to subduct in advance a portion of his funus in twenty-six thousand and seventy-nine dollars and six-tual course of proceeding will be demanded of the order to pay the duties, and would lose the interest ty-eight cents. The arbiter having considered that respective governments against whom claims have upon the amount thus paid for all the time the goods his functions were required by the convention to ter- have been preferred. might remain unsold, which might absorb his profits. minate at the same time with those of the commisThe rich capitalists abroad, as well as at home, would thus possess, after a short time, an almost exclusive monopoly of the import trade, and laws designed for the benefit of all, would thus operate for the benefit of the few,-a result wholly uncongenial with the spirit of our institutions, and anti-republican in all its tendencies. The warehousing system would enable the importer to watch the market, and to select his own time for offering his goods for sale. A profitable portion of the carrying trade in articles entered for the benefit of drawback, must also be most seriously affected without the adoption of some expedient to relieve the cash system. The warehousing system would afford that relief, since the carrier would have a safe recourse to the public storehouses and might, without advancing the duty, reship within some reasonable period to foreign ports. A further effect of the measure would be to supercede the system of drawbacks, thereby effectually protecting the government against fraud, as the right of debenture would not attach to goods after their withdrawal from the public stores.

The vexatious, harrassing and expensive war which sioners, returned to the board, undecided for want of so long prevailed with the Indian tribes inhabiting time, claims which had been allowed by the Ameri- the peninsula of Florida, has happily been terminatcan commissioners, to the amount of nine hundred ed; whereby our army has been relieved from a serand twenty-eight thousand six hundred and twenty vice of the most disagreeable character, and the treadollars and eighty-eight cents. Other claims, in sury from a large expenditure. Some casual outwhich the amount sought to be recovered was three breaks may occur, such as are incident to the close millions three hundred and thirty-six thousand eight proximity of the border settlers and the Indians; but hundred and thirty-seven dollars and five cents, was these, as in all other cases, may be left to the care submitted to the board too late for its consideration. of the local authorities, aided when occasion may The minister of the United States at Mexico, has require, by the forces of the United States. A sufbeen duly authorised to make demand for the payment ficient number of troops will be maintained in Floriof the awards according to the terms of the conven- da, so long as the remotest apprehensions of danger tion, and the provisions of the act of congress of the shall exist, yet their duties will be limited rather to 12th of June, 1840. He has also been instructed to the garrison of the necessary posts, thar. to the maincommunicate to that government the expectations of tenance of active hostilities. It is to be hoped that a the government of the United States in relation to territory, so long retarded in its growth, will now those claims which were not disposed of according speedily recover from the evils incident to a proto the provisions of the convention, and all others of tracted war, exhibiting, in the increased amount of citizens of the United States against the Mexican its rich productions, true evidences of returning wealth and prosperity. By the practice of rigid jusHe has also been furnished with other instructions, tice towards the numerous Indian tribes residing to be followed by him in case the government of within our territorial limits, and the exercise of a Mexico should not find itself in a condition to make | parental vigilance over their interests, protecting

government.

In revising the existing tariff of duties, should you deem it proper to do so at your present session, I can

A strict system of accountability is established, and great pains are taken to insure industry, fidelity and economy, in every department of duty. Experiments have been instituted to test the quality of various materials, particularly copper, iron and coal, so as to prevent fraud and imposition.

only repeat the suggestions and recommendations of the extensive region referred to, and the security of all articles of property, the spread of a speculawhich, upon several occasions, I have heretofore felt of the whole country in time of war, cannot escape tive mania all over the country, and has finally endit to be my duty to offer to congress. The great, pri- observation. The losses of life and property which ed in a general indebtedness on the part of states mary and controling interest of the American people annually occur in the navigation of the Mississippi and individuals, the prostration of public and private is union-union not only in the mere forms of gov- alone, because of the dangerous obstructions in the credit, a depreciation in the market value of real ernment, forms which may be broken-but union river, make a loud demand upon Congress for the and personal estate, and has left large districts of founded in an attachment of states and individuals adoption of efficient measures for their removal. country almost entirely without any circulating for each other. This union in sentiment and feeling The report of the secretary of the navy will make medium. In view of the fact that, in 1830, the can only be preserved by the adoption of that course you acquainted with that important branch of the whole bank note circulation within the United States of policy which, neither giving exclusive benefits to public defences. Considering the already vast and amounted to but $61,323 898, according to the treasome, nor imposing unnecessary burdens upon others, daily increasing commerce of the country, apart sury statements, and that an addition had been made shall consult the interests of all, by pursuing a course from the exposure to hostile inroad of an extended thereto of the enormous sum of $88 000,000 in seven of moderation, and thereby seeking to harmonize seaboard, all that relates to the navy is calculated to years. (the circulation on the first January, 1837, public opinion, and causing the people every where excite particular attention. Whatever tends to add being stated at $149,185,890,) aided by the great to feel and to know that the government is careful to its efficiency, without entailing unnecessary charges facilities afforded in obtaining loans from European of the interests of all alike. Nor is there any sub- upon the treasury, is well worthy of your serious capitalists, who were seized with the same speculaject in regard to which moderation, connected with a consideration. It will be seen that while an appro- tive mania which prevailed in the United Stateswise discrimination, is more necessary than in the im- priation exceeding by more than a million the appro- and the large importations of funds from abroad, position of duties on imports. Whether reference priations of the present year, is asked by the secre- the result of stock sales and loans-no one can be be had to revenue, the primary object in the impositary, yet that in this sum is proposed to be included surprised at the apparent but unsubstantial state of tion of taxes, or to the incidents which necessarily $400,000, for the purchase of clothing, which, when prosperity which every where prevailed over the flow from their imposition, this is entirely true. Ex- once expended, will be annually re-imbursed by land; while as little cause of surprise should be felt travagant duties defeat their end and object not only the sale of the clothes, and will thus constitute a at the present prostration of every thing, and the ruin by exciting in the public mind an hostility to the ma- perpetual fund, without any new appropriation to the which has befallen so many of our fellow citizens in nufacturing interests, but by inducing a system of same object. To this may also be added $50,000, the sudden withdrawal from circulation of so large smuggling on an extensive scale, and the practice of asked to cover the arrearages of past years, and an amount of bank issues, since 1837-exceeding, as every manner of fraud upon the revenue, which the $250,000 in order to maintain a competent squadron is believed, the amount added to the paper currency utmost vigilance of government cannot effectually on the coast of Africa; all of which, when deduct- for a similar period antecedent to 1837, it ceases to suppress. An opposite course of policy would be at-ed, will reduce the expenditures nearly within the be a matter of astonishment that such extensive tended by results essentially different, of which every limits of those of the current year. While, however, shipwreck should have been made of private fortunes, interest of society, and none more than those of the the expenditures will thus remain very nearly the or that difficulties should exist in meeting their enmanufacturer, would reap important advantages.- same as of the antecedent year, it is proposed to add gagements on the part of the debtor states. Apart Among the most striking of its benefits would be that greatly to the operations of the marine, and in lieu from which, if there be taken into account the imderived from the general acquiescence of the country of only 25 ships in commission, and but little in the mense losses sustained in the dishonor of numerous in its support, and the consequent permanency and way of building, to keep, with the same expenditure, banks, it is less a matter of surprise that insolvency stability which would be given to all the operations forty-one vessels afloat, and to build twelve ships of should have visited many of our fellow citizens, than of industry. It cannot be too often repeated, that no a small class. that so many should have escaped the blighting influsystem of legislation can be wise which is fluctuating ences of the times. and uncertain. No interest can thrive under it. In the solemn conviction of these truths, and with The prudent capitalist will never adventure his caan ardent desire to meet the pressing necessities of pital in manufacturing establishments, or in any the country, I felt it to be my duty to cause to be other leading pursuit of life, if there exists a state of submitted to you, at the commencement of your late uncertainty as to whether the government will resession, the plan of an Exchequer, the whole power peal to-morrow what it has enacted to-day. Fitful It will appear by the report of the postmaster ge- and duty of maintaining which, in purity and vigor, profits, however, high, if threatened with a ruinous neral that the great point which, for several years, was to be exercised by the representatives of the reduction by a vaccilating policy on the part of go- has been so much desired, has, within the current people and the states, and, therefore, virtually by vernment, will scarcely tempt him to trust the mo- year, been fully accomplished. The expenditures of the people themselves. It was proposed to place it ney which he has acquired by a life of labor, upon the department, for the current year, have been under the control and direction of a treasury board, the uncertain adventure. I, therefore, in the spirit brought within its income without lessening its gene- to consist of three commissioners, whose duty it of conciliation, and influenced by no other desire ral usefulness. There has been an increase of re- should be to see that the law of its creation was than to rescue the great interests of the country from venue equal to $166,000 for the year 1842 over that faithfully executed, and that the great end of supplythe vortex of political contention, and in the dis- of 1841, without, as it is believed, any addition having a paper medium of exchange, at all times concharge of the high and solemn duties of the place ing been made to the number of letters and newspa- vertible into gold and silver, should be attained. which I now occupy, recommend moderate duties pers transmitted through the mails. The post office The board thus constituted, was given as much perimposed with a wise discrimination as to their several laws have been honestly administered, and fidelity manency as could be imparted to it, without endanobjects, as being not only most likely to be durable, has been observed in accounting for, and paying over gering the proper share of responsibility which should but most advantageous to every interest of society. by the subordinates of the department, the moneys attach to all public agents. In order to insure all the The report of the secretary of the war department advantages of a well-matured experience, the comexhibits a very full and satisfactory account of the vamissioners were to hold their offices for the respecrious and important interests committed to the charge I flatter myself that the exhibition thus made of tive periods of two, four, and six years, thereby seof that officer. It is particularly gratifying to find the condition of the public administration will serve curing at all times in the management of the exchethat the expenditures for the military service are to convince you that every proper attention has been quer, the services of two men of experience; and to greatly reduced in amount-that a strict system of paid to the interests of the country by those who place them in a condition to exercise perfect indeeconomy has been introduced into the service, and have been called to the heads of the different de- pendence of mind and action, it was provided that the abuses of past years greatly reformed. The for- partments. The reduction in the annual expendi- their removal should only take place for actual incatifications on our maritime frontier have been prose-tures of the government already accomplished, fur-pacity or infidelity to the trust, and to be followed cuted with much vigor, and at many points our defen-nishes a sure evidence that economy in the applica- by the president with an exposition of the causes of ces are in a very considerable state of forwardness. tion of the public moneys, is regarded as a paramount The suggestions in reference to the establishment of duty. means of communication with our territories on the Pacific, and to the surveys, so essential to a knowledge of the resources of the intermediate country, are entitled to the most favorable consideration. While I would propose nothing inconsistent with friendly negotiations to settle the extent of our claims in that region, yet a prudent forecast points out the necessity of such measures as may enable us to maintain our rights. The arrangements made for preserving our neutral relations on the boundary between us and Texas, and keeping in check the Indians in that quarter, will be maintained so long as circumstances may require.

which have been received. For the details of the
service 1 refer you to the report.

such removal, should it occur. It was proposed to establish subordinate boards in each of the states, At peace with all the world-the personal liberty under the same restrictions and limitations of the of the citizen sacredly maintained, and his rights se- power of removal, which, with the central board, cured under political institutions deriving all their should receive, safely keep, and disburse the public authority from the direct sanction of the people- moneys; and in order to furnish a sound paper mewith a soil fertile almost beyond example; and a dium of exchange, the exchequer should retain of country blessed with every diversity of climate and the revenues of the government a sum not to exceed production, what remains to be done in order to ad- $5,000,000 in specie, to be set apart as required by vance the happiness and prosperity of such a people? its operations, and to pay the public creditor at his Under ordinary circumstances this inquiry could rea- own option, either in specie or treasury notes, of dily be answered. The best that probably could be denominations not less than five, nor exceeding one done for a people inhabiting such a country, would hundred dollars, which notes should be redeemed at be to fortify their peace and security in the prosecu- the several places of issue, and to be receivable at tion of their various pursuits, by guarding them all times and every where in payment of government For several years angry contentions have grown against invasion from without, and violence from ducs; with a restraint upon such issue of bilis that out of the disposition directed by law to be made of within. The rest, for the greater part might be left the same should not exceed the maximum of $15,000,the mineral lands held by the government in several to their own energy and enterprise. The chief em- 000. In order to guard against all the hazards inciof the states. The government is constituted the barrassments which at the moment exhibit them- dent to fluctuations in trade, the secretary of the landlord and the citizens of the states wherein lie selves, have arisen from over-action; and the most treasury was invested with authority to issue $5,000, the lands, are its tenants. The relation is an unwise difficult task which remains to be accomplished, is 000 of government stock, should the same at any one, and it would be much more conducive of the that of correcting and overcoming its effects. Be-time be regarded as necessary, in order to place bepublic interest that a sale of the lands should be made tween the years 1833 and 1838, additions were made yond hazard the prompt redemption of the bills than that they should remain in their present condi- to bank capital and bank issues, in the form of notes which might be thrown into circulation. Thus in tion. The supply of the ore would be more abun- designed for circulation, to an extent enormously fact making the issue of $15,000,000 of exchequer dantly and certainly furnished when to be drawn great. The question seemed to be, not how the best bills, rest substantially on $10,000,000; and keeping from the enterprise and the industry of the proprie- currency could be provided, but in what manner the in circulation never more than one and one-half doltor, than under the present system. greatest amount of bank paper could be put in cir- lar for every dollar in specie. When to this it is The recommendation of the secretary in regard culation. Thus, a vast amount of what was called added that the bills are not only every where receiv to the improvements of the western waters and cer- money-since, for the time being, it answered the able in government dues, but that the government tain prominent harbors on the lakes, merits, and I purposes of money-was thrown upon the country; itself would be bound for their ultimate redemption, doubt not will receive, your serious attention. The an over issue, which was attended, as a necessary no rational doubt can exist that the paper which the great importance of these subjects to the prosperity consequence, by an extravagant increase of the prices exchequer would furnish, would readily enter into

general circulation, and be maintained at all times at liance could be placed on the issues of local institu- greatly aid in bringing about this result. Upon what or above par with gold and silver; thereby realizing tions, for the purpose of general circulation, it ne-1 regard as a well-founded supposition that its bills the great want of the age, and fulfilling the wishes of cessarily and unavoidably adopted specie as the ex-would be readily sought for by the public creditors, the people. In order to reimburse the government clusive currency for its own use. And this must and that the issue would in a short time reach the the expenses of the plan, it was proposed to invest ever be the case unless one or the other kinds be maximum of $15,000,000, it is obvious that $10,000,the exchequer with the limited authority to deal in used. The choice, in the present state of public 000 would thereby be added to the available means bills of exchange, unless prohibited by the state in sentiment, lies between an exclusive specie currency of the treasury without cost or charge. Nor can I which an agency might be situated, having only thir- on the one hand, and government issues of some kind fail to urge the great and beneficial effects which ty days to run, and resting on a fair and bona fide on the other. That these issues cannot be made by would be produced in aid of all the active pursuits basis. The legislative will on this point might be so a chartered institution, is supposed to be conclusive of life. Its effects upon the solvent state banks, plainly announced, as to avoid all pretext for par- ly settled. They must be made, then, directly by while it would force into liquidation those of an optiality or favoritism. It was furthermore proposed government agents. For several years past they posite character through its weekly settlements, to invest this treasury agent with authority to receive have been thus made in the form of treasury notes, would be highly beneficial; and with the advantages on deposite, to a limited amount, the specie funds of and have answered a valuable purpose. Their use of a sound currency, the restoration of confidence individuals, and to grant certificates therefor, to be fulness has been limited by their being transient and and credit would follow, with a numerous train of redeemed on presentation, under the idea, which is temporary; their ceasing to bear interest at given blessings. My convictions are most strong that these believed to be well founded, that such certificates periods, necessarily causes their speedy return, and benefits would flow from the adoption of this meawould come in aid of the exchequer bills in supply- thus restricts their range of circulation, and being sure; but if the result should be adverse, there is ing a safe and ample paper circulation. Or, if in used only in the disbursements of the government, this security in connection with it, that the law creplace of the contemplated dealings in exchange, the they cannot reach those points where they are most ating it may be repealed at the pleasure of the legis exchequer should be authorized not only to exchange required. By rendering their use permanent, to the lature, without the slightest implication of its good its bills for actual deposites of specie, but for specie moderate extent already mentioned, by offering no faith. or its equivalents to sell drafts, charging therefor a inducement for their return, and by exchanging small but reasonable premium, I cannot doubt but them for coin and other values, they will constitute, that the benefits of the law would be speedily man-to a certain extent, the general currency so much fested in the revival of the credit, trade and busi- needed to maintain the internal trade of the counness of the whole country. Entertaining this opin- try. And this is the exchequer plan, so far as it ion it becomes my duty to urge its adoption upon may operate in furnishing a currency. congress, by reference to the strongest considerations of the public interests, with such alterations in its details as congress may in its wisdom see fit to

make.

I recommend to congress to take into consideration the propriety of re-imbursing a fine imposed on General Jackson at New Orleans, at the time of the attack and defence of that city and paid by him. Without designing any reflection on the judicial tribunal which imposed the fine, the remission at this day may be I cannot forego the occasion to urge its importance regarded as not unjust or inexpedient. The voice to the credit of the government in a financial point of the civil authority was heard amidst the glitter of of view. The great necessity of resorting to every arms and obeyed by those who held the sword, there proper and becoming expedient in order to place the by giving additional lustre to a memorable military I am well aware that this proposed alteration and treasury on a footing of the highest respectability, is achievement. If the laws were offended, their maamendment of the laws establishing the treasury de- entirely obvious. The credit of the government may jesty was fully vindicated; and although the penalty partment has encountered various objections, and be regarded as the very soul of the government it- incurred and paid, is worthy of little regard in a pethat among others it has been proclaimed a govern- self-a principle of vitality without which all its cuniary point of view, it can hardly be doubted that ment bank of fearful and dangerous import. It is n ovements are languid and all its operations em- it would be gratifying to the war-worn veteran, now proposed to confer upon it no extraordinary powers. barrassed. In this spirit the executive felt itself in retirement and in the winter of his days, to be reIt purports to do no more than pay the debts of the bound by the most imperative sense of duty to sub-lieved from the circumstances in which that judgment government with the redeemable paper of the gov-mit to congress, at its last session, the propriety of placed him. There are cases in which public funcernment-in which respect it accomplishes precisely making a specific pledge of the land fund, as the tionaries may be called on to weigh the public intewhat the treasury does daily at this time, in issuing basis for the negotiation of the loans authorised to rest against their own personal hazards, and if the to the public creditors the treasury notes which, un- be contracted. I then thought that such an applica- civil law be violated from praiseworthy motives, or der law, it is authorized to issue. It has no resem- tion of the public domain would, without doubt, an overruling sense of public danger and public neblance to an ordinary bank, as it furnishes no profits have placed at the command of the government, am- cessity, punishment may well be restrained within to private stockholders, and lends no capital to indi- ple funds to relieve the treasury from the temporary that limit which asserts and maintains the authority viduals. If it be objected to as a government bank, embarrassments under which it labored. American of the law, and the subjection of the military to the and the objection be available-then should all the credit has suffered a considerable shock in Europe, civil power. The defence of New Orleans, while it laws in relation to the treasury be repealed, and the from the large indebtedness of the states and the saved a city from the hands of the enemy, placed the capacity of the government to collect what is due to temporary inability of some of them to meet the in-name of General Jackson among those of the greatest it, or pay what it owes, be abrogated. terest on their debts. The utter and disastrous pros- Captains of the age, and illustrated one of the brightThis is the chief purpose of the proposed exche tration of the United States Bank of Pennsylvania, est pages of our history. Now that the causes of exquer; and surely if, in the accomplishment of a pur- had contributed largely to increase the sentiment of citement, existing at the time, have ceased to operate, pose so essential, it affords a sound circulating me- distrust by reason of the loss and ruin sustained by it is believed that the remission of this fine, and whatdium to the country and facilities to trade, should the holders of its stock, a large portion of whom ever of gratification that remission might cause the be regarded as no slight recommendation of it to were foreigners and many of them were alike ig-eminent man who incurred and paid it, would be in public consideration. Properly guarded by the pro- norant of our political organization, and of our accordance with the general feeling and wishes of visions of law, it can run into no dangerous evil, nor actual responsibilities. It was the anxious desire the American people. can any abuse arise under it but such as the legisla- of the executive that, in the effort to negotiate ture itself will be answerable for, if it be tolerated; the loan abroad, the American negotiator might since it is but the creature of the law, and is suscep- be able to point the money lender to the fund tible at all times of modification, amendment or re- mortgaged for the redemption of the principal and peal, at the pleasure of congress. I know that it interest of any loan he might contract, and thereby has been objected that the system would be liable to vindicate the government from all suspicion of bad be abused by the legislature, by whom alone it could faith or inability to meet its engagements. Congress be abused, in the party conflicts of the day, that differed from the executive in this view of the subsuch abuse would manifest itself in a change of theject. It became, nevertheless, the duty of the exelaw which would authorize an excessive issue of pa- cutive to resort to every expedient in its power to per for the purpose of inflating prices and winning negotiate the authorized loan. After a failure to do popular favor. To that it may be answered, that so in the American market, a citizen of high charthe ascription of such a motive to congress is alto-acter and talent was sent to Europe with no better gether gratuitous and inadmissible. The theory of success; and thus the mortifying spectacle has been TWENTY SEVENTH CONGRESS OF THE our institutions would lead us to a different conclu- presented of the inability of this government to obsion. But a perfect security against a proceeding so tain a loan so small as not in the whole to amount reckless, would be found to exist in the very nature to more than one-fourth of its ordinary annual inof things. The political party which should be so come; at a time when the governments of Europe, DECEMBER 5. This being the day fixed by the blind to the true interests of the country, as to resort although involved in debt, and with their subjects constitution for the commencement of the annual to such an expedient, would inevitably meet with a heavily burdened with taxation, readily obtain loans session, those members who were at the seat of gofinal overthrow in the fact that, the moment the pa- of any amount at a greatly reduced rate of interest.vernment assembled at the capitol. per ceased to be convertible into specie, or other- It would be unprofitable to look further into this Twenty-four members only being present, viz: Messrs. Allen, Archer, Bates, Bayard, Benton, wise promptly redeemed, it would become worthless, anomalous state of things, but I cannot conclude and would, in the end, dishonor the government, in- without adding that, for a government which has Buchanan, Clayton, Conrad, Crafts, Dayton, Evans, volve the people in ruin, and such political party in paid off its debts of two wars with the largest mari-Huntington, Kerr, King, Mangum, Merrick, Rives, hopeless disgrace. At the same time, such a view time power of Europe, and now owing a debt which Sturgeon, Tallmadge, Tappan, Wilcox, Williams, involves the utter impossibility of furnishing any is almost next to nothing when compared with its Woodbury, Wright. currency other than that of the precious metals, for, boundless resources, a government the strongest in if the government itself cannot forego the temptation the world, because emanating from the popular will, of excessive paper issues, what reliance can be and firmly rooted in the affections of a great and free placed in corporations upon whom the temptations people, and whose fidelity to its engagements has neof individual aggrandizement would most strongly ver been questioned; for such a government to have operate? The people would have to blame none but tendered to the capitalists of other countries an opthemselves for any injury that might arise from a portunity for a small investment of its stock, and course so reckless, since their agents would be the yet to have failed, implies either the most unfounded wrong-doers, and they the passive spectators. distrust in its good faith, or a purpose, to obtain There can be but three kinds of public currency, which, the course pursued is the most fatal which 1st. God and silver: 24 The paper of state in-titu- could have been adopted. It has now become obvi- Mr. Huntington, of Conn. presented the credentials tions; or, 3d. A representative of the precious me-ous to all men that the government must look to its of Samad C. Crafts, of Vermont, elected to the setals, provided by the general government, or under own means for supplying its wants, and it is consol-nate to fill the vacancy for the unexpired term ocits authority. The sub-treasury system rejected the ing to know that these means are altogether adequate casioned by the resignation of Mr. Prentiss, and he last in any form; and, as it was believed that no re- for the object. The exchequer, if adopted, will was duly qualified.

I have thus, fellow-citizens, acquitted myself of my duty under the constitution, by laying before you, as succinctly as I have been able, the state of the union, and by inviting your attention to measures of much importance to the country. The executive will most zealously unite its efforts with those of the legislative department in the accomplishment of all that is required to relieve the wants of a common constituency, or elevate the destinies of a beloved country. JOHN TYLER. WASHINGTON, December, 1842.

UNITED STATES-THIRD SESSION.

SENATE.

The president of the senate announced that there was not a quorum, whereupon on motion of Mr. Hunlington, the senate adjourned.

DECEMBER 6. In addition to the members present yesterday, Messrs. Crittenden and Morehead, were this day present. It being ascertained that a quorum was not in the city, the senate adjourned. DECEMBER 7. Messrs. Barrow, Berrien and Miller, in addition to those who attended yesterday, made a quorum of senators.