We have continued reason to express our profound gratitude to the Great Creator of All Things for numberless benefits conferred upon us as a people. Blessed with genial seasons, the husbandman has his garners filled with abundance, and the necessaries of life, not to speak of its luxuries, abound in every direction. While in some other nations steady and industrious labor can hardly find the means of subsistence, the greatest evil which we have to encounter is a surplus of production beyond the home demand, which seeks, and with difficulty finds, a partial market in other regions. The health of the country, with partial exceptions, has for the past year been well preserved, and under their free and wise institutions the United States are rapidly advancing toward the consummation of the high destiny which an overruling Providence seems to have marked out for them. Exempt from domestic convulsion and at peace with all the world, we are left free to consult as to the best means of securing and advancing the happiness of the people. Such are the circumstances under which you now assemble in your respective chambers and which should lead us to unite in praise and thanksgiving to that great Being who made us and who preserves us as a nation. I congratulate you, fellow-citizens, on the happy change in the aspect of our foreign affairs since my last annual message. Causes of complaint at that time existed between the United States and Great Britain which, attended by irritating circumstances, threatened most seriously the public peace. The difficulty of adjusting amicably the questions at issue between the two countries was in no small degree augmented by the lapse of time since they had their origin. The opinions entertained by the Executive on several of the leading topics in dispute were frankly set forth in the message at the opening of your late session. The appointment of a special minister by Great Britain to the United States with power to negotiate upon most of the points of difference indicated a desire on her part amicably to adjust them, and that minister was met by the Executive in the same spirit which had dictated his mission. The treaty consequent thereon having been duly ratified by the two Governments, a copy, together with the correspondence which accompanied it, is herewith communicated. I trust that whilst you may see in it nothing objectionable, it may be the means of preserving for an indefinite period the amicable relations happily existing between the two Governments. The question of peace or war between the United States and Great Britain is a question of the deepest interest, not only to themselves, but to the civilized world, since it is scarcely possible that a war could exist between them without endangering the peace of Christendom. The immediate effect of the treaty upon ourselves will be felt in the security afforded to mercantile enterprise, which, no longer apprehensive of interruption, adventures its speculations in the most distant seas, and, freighted with the diversified productions of every land, returns to bless our own. There is nothing in the treaty which in the slightest degree compromits the honor or dignity of either nation. Next to the settlement of the boundary line, which must always be a matter of difficulty between states as between individuals, the question which seemed to threaten the greatest embarrassment was that connected with the African slave trade. By the tenth article of the treaty of Ghent it was expressly declared that-- Whereas the traffic in slaves is irreconcilable with the principles of humanity and justice, and whereas both His Majesty and the United States are desirous of continuing their efforts to promote its entire abolition, it is hereby agreed that both the contracting parties shall use their best endeavors to accomplish so desirable an object. In the enforcement of the laws and treaty stipulations of Great Britain a practice had threatened to grow up on the part of its cruisers of subjecting to visitation ships sailing under the American flag, which, while it seriously involved our maritime rights, would subject to vexation a branch of our trade which was daily increasing, and which required the fostering care of Government. And although Lord Aberdeen in his correspondence with the American envoys at London expressly disclaimed all right to detain an American ship on the high seas, even if found with a cargo of slaves on board, and restricted the British pretension to a mere claim to visit and inquire, yet it could not well be discerned by the Executive of the United States how such visit and inquiry 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 different words, and I therefore felt it to be my duty distinctly to declare in my annual message to Congress that no such concession could be made, and that the United States had both the will and the ability to enforce their own laws and to protect their flag from being used for purposes wholly forbidden by those laws and obnoxious to the moral censure of the world. Taking the message as his letter of instructions, our then minister at Paris felt himself required to assume the same ground in a remonstrance which he felt it to be his duty to present to Mr. Guizot, and through him to the King of the French, against what has been called the "quintuple treaty;" and his conduct in this respect met with the approval of this Government. In close conformity with these views the eighth article of the treaty was framed; which provides "that each nation shall keep afloat in the African seas a force not less than 80 guns, to act separately and apart, under instructions from their respective Governments, and for the enforcement of their respective laws and obligations." From this it will be seen that the ground assumed in the message has been fully maintained at the same time that the stipulations of the treaty of Ghent are to be carried out in good faith by the two countries, and that all pretense is removed for interference with our commerce for any purpose whatever by a foreign government. While, therefore, the United States have been standing up for the freedom of the seas, they have not thought proper to make that a pretext for avoiding a fulfillment of their treaty stipulations or a ground for giving countenance to a trade reprobated by our laws. A similar arrangement by the other great powers could not fail to sweep from the ocean the slave trade without the interpolation of any new principle into the maritime code. We may be permitted to hope that the example thus set will be followed by some if not all of them. We thereby also afford suitable protection to the fair trader in those seas, thus fulfilling at the same time the dictates of a sound policy and complying with the claims of justice and humanity. It would have furnished additional cause for congratulation if the treaty could have embraced all subjects calculated in future to lead to a misunderstanding between the two Governments. The Territory of the United States commonly called the Oregon Territory, lying on the Pacific Ocean north of the forty-second degree of latitude, to a portion of which Great Britain lays claim, begins to attract the attention of our fellow-citizens, and the tide of population which has reclaimed what was so lately an unbroken wilderness in more contiguous regions is preparing to flow over those vast districts which stretch from the Rocky Mountains to the Pacific Ocean. In advance of the acquirement of individual rights to these lands, sound policy dictates that every effort should be resorted to by the two Governments to settle their respective claims. It became manifest at an early hour of the late negotiations that any attempt for the time being satisfactorily to determine those rights would lead to a protracted discussion, which might embrace in its failure other more pressing matters, and the Executive did not regard it as proper to waive all the advantages of an honorable adjustment of other difficulties of great magnitude and importance because this, not so immediately pressing, stood in the way. Although the difficulty referred to may not for several years to come involve the peace of the two countries, yet I shall not delay to urge on Great Britain the importance of its early settlement. Nor 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. With the other powers of Europe our relations continue on the most amicable footing. Treaties now existing with them should be rigidly observed, and every opportunity compatible with the interests of the United States should be seized upon to enlarge the basis of commercial intercourse. Peace with all the world is the true foundation of our policy, which can only be rendered permanent by the practice of equal and impartial justice to all. Our great desire should be to enter only into that rivalry which looks to the general good in the cultivation of the sciences, the enlargement of the field for the exercise of the mechanical arts, and the spread of commerce--that great civilizer--to every land and sea. Carefully abstaining from interference in all questions exclusively referring themselves to the political interests of Europe, we may be permitted to hope an equal exemption from the interference of European Governments in what relates to the States of the American continent. On the 23d of April last the commissioners on the part of the United States under the convention with the Mexican Republic of the 11th of April, 1839, made to the proper Department a final report in relation to the proceedings of the commission. From this it appears that the total amount awarded to the claimants by the commissioners and the umpire appointed under that convention was $2,026,079.68. The arbiter having considered that his functions were required by the convention to terminate at the same time with those of the commissioners, returned to the board, undecided for want of time, claims which had been allowed by the American commissioners to the amount of $928,620.88. Other claims, in which the amount sought to be recovered was $3,336,837.05, were submitted to the board too late for its consideration. The minister of the United States at Mexico has been duly authorized to make demand for payment of the awards according to the terms of the convention and the provisions of the act of Congress of the 12th of June, 1840. He has also been instructed to communicate to that Government the expectations of the Government of the United States in relation to those claims which were not disposed of according to the provisions of the convention, and all others of citizens of the United States against the Mexican Government. He has also been furnished with other instructions, to be followed by him in case the Government of Mexico should not find itself in a condition to make present payment of the amount of the awards in specie or its equivalent. I am happy to be able to say that information which is esteemed favorable both to a just satisfaction of the awards and a reasonable provision for other claims has been recently received from Mr. Thompson, the minister of the United States, who has promptly and efficiently executed the instructions of his Government in regard to this important subject. The citizens of the United States who accompanied the late Texan expedition to Santa Fe, and who were wrongfully taken and held as prisoners of war in Mexico, have all been liberated. A correspondence has taken place between the Department of State and the Mexican minister of foreign affairs upon the complaint of Mexico that citizens of the United States were permitted to give aid to the inhabitants of Texas in the war existing between her and that Republic. Copies of this correspondence are herewith communicated to Congress, together with copies of letters on the same subject addressed to the diplomatic corps at Mexico by the American minister and the Mexican secretary of state. Mexico has thought proper to reciprocate the mission of the United States to that Government by accrediting to this a minister of the same rank as that of the representative of the United States in Mexico. From the circumstances connected with his mission favorable results are anticipated from it. It is so obviously for the interest of both countries as neighbors and friends that all just causes of mutual dissatisfaction should be removed that it is to be hoped neither will omit or delay the employment of any practicable and honorable means to accomplish 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 ratifications of the treaty between the United States and the Republic of Ecuador of the 13th of June, 1839, have been exchanged, and that instrument has been duly promulgated on the part of this Government. Copies are now communicated to Congress with a view to enable that body to make such changes in the laws applicable to our intercourse with that Republic as may be deemed requisite. Provision has been made by the Government of Chile for the payment of the claim on account of the illegal detention of the brig Warrior at Coquimbo in 1820. This Government has reason to expect that other claims of our citizens against Chile will be hastened to a final and satisfactory close. The Empire of Brazil has not been altogether exempt from those convulsions which so constantly afflict the neighboring republics. Disturbances which recently broke out are, however, now understood to be quieted. But these occurrences, by threatening the stability of the governments, or by causing incessant and violent changes in them or in the persons who administer them, tend greatly to retard provisions for a just indemnity for losses and injuries suffered by individual subjects or citizens of other states. The Government of the United States will feel it to be its duty, however, to consent to no delay not unavoidable in making satisfaction for wrongs and injuries sustained by its own citizens. Many years having in some cases elapsed, a decisive and effectual course of proceeding will be demanded of the respective governments against whom claims have been preferred. The vexatious, harassing, and expensive war which so long prevailed with the Indian tribes inhabiting the peninsula of Florida has happily been terminated, whereby our Army has been relieved from a service of the most disagreeable character and the Treasury from a large expenditure. Some casual outbreaks may occur, such as are incident to the close proximity of border settlers and the Indians, but these, as in all other cases, may be left to the care of the local authorities, aided when occasion may require by the forces of the United States. A sufficient number of troops will be maintained in Florida so long as the remotest apprehensions of danger shall exist, yet their duties will be limited rather to the garrisoning of the necessary posts than to the maintenance of active hostilities. It is to be hoped that a territory so long retarded in its growth will now speedily recover from the evils incident to a protracted war, exhibiting in the increased amount of its rich productions true evidences of returning wealth and prosperity. By the practice of rigid justice toward the numerous Indian tribes residing within our territorial limits and the exercise of a parental vigilance over their interests, protecting them against fraud and intrusion, and at the same time using every proper expedient to introduce among them the arts of civilized life, we may fondly hope not only to wean them from their love of war, but to inspire them with a love for peace and all its avocations. With several of the tribes great progress in civilizing them has already been made. The schoolmaster and the missionary are found side by side, and the remnants of what were once numerous and powerful nations may yet be preserved as the builders up of a new name for themselves and their posterity. The balance in the Treasury on the 1st of January, 1842, exclusive of the amount deposited with the States, trust funds, and indemnities, was $230,483.68. The receipts into the Treasury during the three first quarters of the present year from all sources amount to $26,616,593.78, of which more than fourteen millions were received from customs and about one million from the public lands. The receipts for the fourth quarter are estimated at nearly eight millions, of which four millions are expected from customs and three millions and a half from loans and Treasury notes. The expenditures of the first three quarters of the present year exceed twenty-six millions, and those estimated for the fourth quarter amount to about eight millions; and it is anticipated there will be a deficiency of half a million on the 1st of January next, but that the amount of outstanding warrants (estimated at $800,000) will leave an actual balance of about $224,000 in the Treasury. Among the expenditures of this year are more than eight millions for the public debt and about $600,000 on account of the distribution to the States of the proceeds of sales of the public lands. 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 any of its numerous provisions will not fail to claim your serious attention. It may well merit inquiry whether the exaction of all duties in cash does not call for the introduction of a system which has proved highly beneficial in countries where it has been adopted. I refer to the warehousing system. The first and most prominent effect which it would produce would be to protect the market alike against redundant or deficient supplies of foreign fabrics, both of which in the long run are injurious as well to the manufacturer as the importer. The quantity of goods in store being at all times readily known, it would enable the importer with an approach to accuracy to ascertain the actual wants of the market and to regulate himself accordingly. If, however, he should fall into error by importing an excess above the public wants, he could readily correct its evils by availing himself of the benefits and advantages of the system thus established. In the storehouse the goods imported would await the demand of the market and their issues would be governed by the fixed principles of demand and supply. Thus an approximation would be made to a steadiness and uniformity of price, which if attainable would conduce to the decided advantage of mercantile and mechanical operations. The apprehension may be well entertained that without something to ameliorate the rigor of cash payments the entire import trade may fall into the hands of a few wealthy capitalists in this country and in Europe. The small importer, who requires all the money he can raise for investments abroad, and who can but ill afford to pay the lowest duty, would have to subduct in advance a portion of his funds in order to pay the duties, and would lose the interest upon the amount thus paid for all the time the goods might remain unsold, which might absorb his profits. The rich capitalist, 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 a few--a result wholly uncongenial with the spirit of our institutions and antirepublican 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 supersede 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. In revising the existing tariff of duties, should you deem it proper to do so at your present session, I can only repeat the suggestions and recommendations which upon several occasions I have heretofore felt it to be my duty to offer to Congress. The great primary and controlling interest of the American people is union--union not only in the mere forms of government, forms which may be broken, but union rounded in an attachment of States and individuals for each other. This union in sentiment and feeling can only be preserved by the adoption of that course of policy which, neither giving exclusive benefits to some nor imposing unnecessary burthens upon others, shall consult the interests of all by pursuing a course of moderation and thereby seeking to harmonize public opinion, and causing the people everywhere to feel and to know that the Government is careful of the interests of all alike. Nor is there any subject in regard to which moderation, connected with a wise discrimination, is more necessary than in the imposition of duties on imports. Whether reference be had to revenue, the primary object in the imposition of taxes, or to the incidents which necessarily flow from their imposition, this is entirely true. Extravagant duties defeat their end and object, not only by exciting in the public mind an hostility to the manufacturing interests, but by inducing a system of smuggling on an extensive scale and the practice of every manner of fraud upon the revenue, which the utmost vigilance of Government can not effectually suppress. An opposite course of policy would be attended by results essentially different, of which every interest of society, and none more than those of the manufacturer, would reap important advantages. Among the most striking of its benefits would be that derived from the general acquiescence of the country in its support and the consequent permanency and stability which would be given to all the operations of industry. It can not be too often repeated that no system of legislation can be wise which is fluctuating and uncertain. No interest can thrive under it. The prudent capitalist will never adventure his capital in manufacturing establishments, or in any other leading pursuit of life, if there exists a state of uncertainty as to whether the Government will repeal to-morrow what it has enacted to-day. Fitful profits, however high, if threatened with a ruinous reduction by a vacillating policy on the part of Government, will scarcely tempt him to trust the money which he has acquired by a life of labor upon the uncertain adventure. I therefore, in the spirit of conciliation, and influenced by no other desire than to rescue the great interests of the country from the vortex of political contention, and in the discharge of the high and solemn duties of the place which I now occupy, recommend moderate duties, imposed with a wise discrimination as to their several objects, as being not only most likely to be durable, but most advantageous to every interest of society. The report of the Secretary of the War Department exhibits a very full and satisfactory account of the various and important interests committed to the charge of that officer. It is particularly gratifying to find that the expenditures for the military service are greatly reduced in amount--that a strict system of economy has been introduced into the service and the abuses of past years greatly reformed. The fortifications on our maritime frontier have been prosecuted with much vigor, and at many points our defenses are in a very considerable state of forwardness. The suggestions in reference to the establishment of 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. For several years angry contentions have grown out of the disposition directed by law to be made of the mineral lands held by the Government in several of the States. The Government is constituted the landlord, and the Citizens of the States wherein lie the lands are its tenants. The relation is an unwise one, and it would be much more conducive of the public interest that a sale of the lands should be made than that they should remain in their present condition. The supply of the ore would be more abundantly and certainly furnished when to be drawn from the enterprise and the industry of the proprietor than under the present system. The recommendations of the Secretary in regard to the improvements of the Western waters and certain prominent harbors on the Lakes merit, and I doubt not will receive, your serious attention. The great importance of these subjects to the prosperity of the extensive region referred to and the security of the whole country in time of war can not escape observation. The losses of life and property which annually occur in the navigation of the Mississippi alone because of the dangerous obstructions in the river make a loud demand upon Congress for the adoption of efficient measures for their removal. The report of the Secretary of the Navy will bring you acquainted with that important branch of the public defenses. Considering the already vast and daily increasing commerce of the country, apart from the exposure to hostile inroad of an extended seaboard, all that relates to the Navy is calculated to excite particular attention. Whatever tends to add to its efficiency without entailing unnecessary charges upon the Treasury is well worthy of your serious consideration. It will be seen that while an appropriation exceeding by more than a million the appropriations of the current year is asked by the Secretary, yet that in this sum is proposed to be included $400,000 for the purchase of clothing, which when once expended will be annually reimbursed by the sale of the clothes, and will thus constitute a perpetual fund without any new appropriation to the same object. To this may also be added $50,000 asked to cover the arrearages of past years and $250,000 in order to maintain a competent squadron on the coast of Africa; all of which when deducted will reduce the expenditures nearly within the limits of those of the current year. While, however, the expenditures will thus remain very nearly the same as of the antecedent year, it is proposed to add greatly to the operations of the marine, and in lieu of only 25 ships in commission and but little in the way of building, to keep with the same expenditure 41 vessels afloat and to build 12 ships of a small class. 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. It will appear by the report of the Postmaster-General that the great point which for several years has been so much desired has during the current year been fully accomplished. The expenditures of the Department for current service have been brought within its income without lessening its general usefulness. There has been an increase of revenue equal to $166,000 for the year 1842 over that of 1841, without, as it is believed, any addition having been made to the number of letters and newspapers transmitted through the mails. The post-office laws have been honestly administered, and fidelity has been observed in accounting for and paying over by the subordinates of the Department the moneys which have been received. For the details of the service I refer you to the report. I flatter myself that the exhibition thus made of the condition of the public administration will serve to convince you that every proper attention has been paid to the interests of the country by those who have been called to the heads of the different Departments. The reduction in the annual expenditures of the Government already accomplished furnishes a sure evidence that economy in the application of the public moneys is regarded as a paramount duty. At peace with all the world, the personal liberty of the citizen sacredly maintained and his rights secured under political institutions deriving all their authority from the direct sanction of the people, with a soil fertile almost beyond example and a country blessed with every diversity of climate and production, what remains to be done in order to advance the happiness and prosperity of such a people? Under ordinary circumstances this inquiry could readily be answered. The best that probably could be done for a people inhabiting such a country would be to fortify their peace and security in the prosecution of their various pursuits by guarding them against invasion from without and violence from within. The rest for the greater part might be left to their own energy and enterprise. The chief embarrassments which at the moment exhibit themselves have arisen from overaction, and the most difficult task which remains to be accomplished is that of correcting and overcoming its effects. Between the years 1833 and 1838 additions were made to bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question seemed to be not how the best currency could be provided, but in what manner the greatest amount of bank paper could be put in circulation. Thus a vast amount of what was called money--since for the time being it answered the purposes of money--was thrown upon the country, an overissue which was attended, as a necessary consequence, by an extravagant increase of the prices of all articles of property, the spread of a speculative mania all over the country, and has finally ended in a general indebtedness on the part of States and individuals, the prostration of public and private credit, a depreciation in the market value of real and personal estate, and has left large districts of country almost entirely without any circulating medium. In view of the fact that in 1830 the whole bank-note circulation within the United States amounted to but $61,323,898, according to the Treasury statements, and that an addition had been made thereto of the enormous sum of $88,000,000 in seven years (the circulation on the 1st of January, 1837, being stated at $149,185,890), aided by the great facilities afforded in obtaining loans from European capitalists, who were seized with the same speculative mania which prevailed in the United States, and the large importations of funds from abroad--the result of stock sales and loans--no one can be surprised at the apparent but unsubstantial state of prosperity which everywhere prevailed over the land; and as little cause of surprise should be felt at the present prostration of everything and the ruin which has befallen so many of our fellow-citizens in the sudden withdrawal from circulation of so large an amount of bank issues since 1837--exceeding, as is believed, the amount added to the paper currency for a similar period antecedent to 1837--it ceases to be a matter of astonishment that such extensive shipwreck should have been made of private fortunes or that difficulties should exist in meeting their engagements on the part of the debtor States; apart from which, if there be taken into account the immense losses sustained in the dishonor of numerous banks, it is less a matter of surprise that insolvency should have visited many of our fellow-citizens than that so many should have escaped the blighting influences of the times. In the solemn conviction of these truths and with an ardent desire to meet the pressing necessities of the country, I felt it to be my duty to cause to be submitted to you at the commencement of your last session the plan of an exchequer, the whole power and duty of maintaining which in purity and vigor was to be exercised by the representatives of the people and the States, and therefore virtually by the people themselves. It was proposed to place it under the control and direction of a Treasury board to consist of three commissioners, whose duty it should be to see that the law of its creation was faithfully executed and that the great end of supplying a paper medium of exchange at all times convertible into gold and silver should be attained. The board thus constituted was given as much permanency as could be imparted to it without endangering the proper share of responsibility which should attach to all public agents. In order to insure all the advantages of a well-matured experience, the commissioners were to hold their offices for the respective periods of two, four, and six years, thereby securing at all times in the management of the exchequer the services of two men of experience; and to place them in a condition to exercise perfect independence of mind and action it was provided that their removal should only take place for actual incapacity or infidelity to the trust, and to be followed by the President with an exposition of the causes of such removal, should it occur. It was proposed to establish subordinate boards in each of the States, under the same restrictions and limitations of the power of removal, which, with the central board, should receive, safely keep, and disburse the public moneys. And in order to furnish a sound paper medium of exchange the exchequer should retain of the revenues of the Government a sum not to exceed $5,000,000 in specie, to be set apart as required by its operations, and to pay the public creditor at his own option either in specie or Treasury notes of denominations not less than $5 nor exceeding $100, which notes should be redeemed at the several places of issue, and to be receivable at all times and everywhere in payment of Government dues, with a restraint upon such issue of bills that the same should not exceed the maximum of $15,000,000. In order to guard against all the hazards incident to fluctuations in trade, the Secretary of the Treasury was invested with authority to issue $5,000,000 of Government stock, should the same at any time be regarded as necessary in order to place beyond hazard the prompt redemption of the bills which might be thrown into circulation; thus in fact making the issue of $15,000,000 of exchequer bills rest substantially on $10,000,000, and keeping in circulation never more than one and one-half dollars for every dollar in specie. When to this it is added that the bills are not only everywhere receivable in Government dues, but that the Government itself would be bound for their ultimate redemption, no rational doubt can exist that the paper which the exchequer would furnish would readily enter into general circulation and be maintained at all times at or above par with gold and silver, thereby realizing the great want of the age and fulfilling the wishes of the people. In order to reimburse the Government the expenses of the plan, it was proposed to invest the exchequer with the limited authority to deal in bills of exchange (unless prohibited by the State in which an agency might be situated) having only thirty days to run and resting on a fair and bona fide basis. The legislative will on this point might be so plainly announced as to avoid all pretext for partiality or favoritism. It was furthermore proposed to invest this Treasury agent with authority to receive on deposit to a limited amount the specie funds of individuals and to grant certificates therefor to be redeemed on presentation, under the idea, which is believed to be well founded, that such certificates would come in aid of the exchequer bills in supplying a safe and ample paper circulation. Or if in place of the contemplated dealings in exchange the exchequer should be authorized not only to exchange its bills for actual deposits of specie, but, for specie or its equivalent, to sell drafts, charging therefor a small but reasonable premium, I can not doubt but that the benefits of the law would be speedily manifested in the revival of the credit, trade, and business of the whole country. Entertaining this opinion, it becomes my duty to urge its adoption upon 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 am well aware that this proposed alteration and amendment of the laws establishing the Treasury Department has encountered various objections, and that among others it has been proclaimed a Government bank of fearful and dangerous import. It is proposed to confer upon it no extraordinary power. It purports to do no more than pay the debts of the Government with the redeemable paper of the Government, in which respect it accomplishes precisely what the Treasury does daily at this time in issuing to the public creditors the Treasury notes which under law it is authorized to issue. It has no resemblance to an ordinary bank, as it furnishes no profits to private stockholders and lends no capital to individuals. If it be objected to as a Government bank and the objection be available, then should all the laws in relation to the Treasury be repealed and the capacity of the Government to collect what is due to it or pay what it owes be abrogated. This is the chief purpose of the proposed exchequer, and surely if in the accomplishment of a purpose so essential it affords a sound circulating medium to the country and facilities to trade it should be regarded as no slight recommendation of it to public consideration. Properly guarded by the provisions of law, it can run into no dangerous evil, nor can any abuse arise under it but such as the Legislature itself will be answerable for if it be tolerated, since it is but the creature of the law and is susceptible at all times of modification, amendment, or repeal at the pleasure of Congress. I know that it has been objected that the system would be liable to be abused by the Legislature, by whom alone it could be abused, in the party conflicts of the day; that such abuse would manifest itself in a change of the law which would authorize an excessive issue of paper for the purpose of inflating prices and winning popular favor. To that it may be answered that the ascription of such a motive to Congress is altogether gratuitous and inadmissible. The theory of our institutions would lead us to a different conclusion. But a perfect security against a proceeding so reckless would be found to exist in the very nature of things. The political party which should be so blind to the true interests of the country as to resort to such an expedient would inevitably meet with final overthrow in the fact that the moment the paper ceased to be convertible into specie or otherwise promptly redeemed it would become worthless, and would in the end dishonor the Government, involve the people in ruin and such political party in hopeless disgrace. At the same time, such a view involves the utter impossibility of furnishing any currency other than that of the precious metals; for if the Government itself can not forego the temptation of excessive paper issues what reliance can be placed in corporations upon whom the temptations of individual aggrandizement would most strongly operate? The people would have to blame none but themselves for any injury that might arise from a course so reckless, since their agents would be the wrongdoers and they the passive spectators. There can be but three kinds of public currency--first, gold and silver; second, the paper of State institutions; or, third, a representative of the precious metals provided by the General Government or under its authority. The subtreasury system rejected the last in any form, and as it was believed that no reliance could be placed on the issues of local institutions for the purposes of general circulation it necessarily and unavoidably adopted specie as the exclusive currency for its own use; and this must ever be the case unless one of the other kinds be used. The choice in the present state of public sentiment lies between an exclusive specie currency on the one hand and Government issues of some kind on the other. That these issues can not be made by a chartered institution is supposed to be conclusively settled. They must be made, then, directly by Government agents. For several years past they have been thus made in the form of Treasury notes, and have answered a valuable purpose. Their usefulness has been limited by their being transient and temporary; their ceasing to bear interest at given periods necessarily causes their speedy return and thus restricts their range of circulation, and being used only in the disbursements of Government they can not reach those points where they are most required. By rendering their use permanent, to the moderate extent already mentioned, by offering no inducement for their return and by exchanging them for coin and other values, they will constitute to a certain extent the general currency so much needed to maintain the internal trade of the country. And this is the exchequer plan so far as it may operate in furnishing a currency. I can not forego the occasion to urge its importance to the credit of the Government in a financial point of view. The great necessity of resorting to every proper and becoming expedient in order to place the Treasury on a footing of the highest respectability is entirely obvious. The credit of the Government may be regarded as the very soul of the Government itself--a principle of vitality without which all its movements are languid and all its operations embarrassed. In this spirit the Executive felt itself bound by the most imperative sense of duty to submit to Congress at its last session the propriety of making a specific pledge of the land fund as the basis for the negotiation of the loans authorized to be contracted. I then thought that such an application of the public domain would without doubt have placed at the command of the Government ample funds to relieve the Treasury from the temporary embarrassments under which it labored. American credit has suffered a considerable shock in Europe from the large indebtedness of the States and the temporary inability of some of them to meet the interest on their debts. The utter and disastrous prostration of the United States Bank of Pennsylvania had contributed largely to increase the sentiment of distrust by reason of the loss and ruin sustained by the holders of its stock, a large portion of whom were foreigners and many of whom were alike ignorant of our political organization and of our actual responsibilities. It was the anxious desire of the Executive that in the effort to negotiate the loan abroad the American negotiator might be able to point the money lender to the fund mortgaged for the redemption of the principal and interest of any loan he might contract, and thereby vindicate the Government from all suspicion of bad faith or inability to meet its engagements. Congress differed from the Executive in this view of the subject. It became, nevertheless, the duty of the Executive to resort to every expedient in its power to do so. After a failure in the American market a citizen of high character and talent was sent to Europe, with no better success; and thus the mortifying spectacle has been presented of the inability of this Government to obtain a loan so small as not in the whole to amount to more than one-fourth of its ordinary annual income, at a time when the Governments of Europe, although involved in debt and with their subjects heavily burthened with taxation, readily obtained loans of any amount at a greatly reduced rate of interest. It would be unprofitable to look further into this anomalous state of things, but I can not conclude without adding that for a Government which has paid off its debts of two wars with the largest maritime power of Europe, and now owing a debt which is almost next to nothing when compared with its boundless resources--a Government the strongest in the world, because emanating from the popular will and firmly rooted in the affections of a great and free people, and whose fidelity to its engagements has never been questioned--for such a Government to have tendered to the capitalists of other countries an opportunity for a small investment in its stock, and yet to have failed, implies either the most unfounded distrust in its good faith or a purpose to obtain which the course pursued is the most fatal which could have been adopted. It has now become obvious to all men that the Government must look to its own means for supplying its wants, and it is consoling to know that these means are altogether adequate for the object. The exchequer, if adopted, will greatly aid in bringing about this result. Upon what I regard as a well-rounded supposition that its bills would be readily sought for by the public creditors and that the issue would in a short time reach the maximum of $15,000,000, it is obvious that $10,000,000 would thereby be added to the available means of the Treasury without cost or charge. Nor can I fail to urge the great and beneficial effects which would be produced in aid of all the active pursuits of life. Its effects upon the solvent State banks, while it would force into liquidation those of an opposite character through its weekly settlements, would be highly beneficial; and with the advantages of a sound currency the restoration of confidence and credit would follow with a numerous train of blessings. My convictions are most strong that these benefits would flow from the adoption of this measure; but if the result should be adverse there is this security in connection with it--that the law creating it may be repealed at the pleasure of the Legislature without the slightest implication of its good faith. I recommend to Congress to take into consideration the propriety of reimbursing a fine imposed on General Jackson at New Orleans at the time of the attack and defense 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 regarded as not unjust or inexpedient. The voice of the civil authority was heard amidst the glitter of arms and obeyed by those who held the sword, thereby giving additional luster to a memorable military achievement. If the laws were offended, their majesty was fully vindicated; and although the penalty incurred and paid is worthy of little regard in a pecuniary point of view, it can hardly be doubted that it would be gratifying to the war-worn veteran, now in retirement and in the winter of his days, to be relieved from the circumstances in which that judgment placed him. There are cases in which public functionaries may be called on to weigh the public interest against their own personal hazards, and if the civil law be violated from praiseworthy motives or an overruling sense of public danger and public necessity punishment may well be restrained within that limit which asserts and maintains the authority of the law and the subjection of the military to the civil power. The defense of New Orleans, while it saved a city from the hands of the enemy, placed the name of General Jackson among those of the greatest captains of the age and illustrated one of the brightest pages of our history. Now that the causes of excitement existing at the time have ceased to operate, it is believed that the remission of this fine and whatever of gratification that remission might cause the eminent man who incurred and paid it would be in accordance with the general feeling and wishes of the American people. 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.
We have continued reason to express our profound gratitude to the Great Creator of All Things for numberless benefits conferred upon us as a people. Blessed with genial seasons, the husbandman has his garners filled with abundance, and the necessaries of life, not to speak of its luxuries, abound in every direction. While in some other nations steady and industrious labor can hardly find the means of subsistence, the greatest evil which we have to encounter is a surplus of production beyond the home demand, which seeks, and with difficulty finds, a partial market in other regions. The health of the country, with partial exceptions, has for the past year been well preserved, and under their free and wise institutions the United States are rapidly advancing toward the consummation of the high destiny which an overruling Providence seems to have marked out for them. Exempt from domestic convulsion and at peace with all the world, we are left free to consult as to the best means of securing and advancing the happiness of the people. Such are the circumstances under which you now assemble in your respective chambers and which should lead us to unite in praise and thanksgiving to that great Being who made us and who preserves us as a nation. I congratulate you, fellow-citizens, on the happy change in the aspect of our foreign affairs since my last annual message. Causes of complaint at that time existed between the United States and Great Britain which, attended by irritating circumstances, threatened most seriously the public peace. The difficulty of adjusting amicably the questions at issue between the two countries was in no small degree augmented by the lapse of time since they had their origin. The opinions entertained by the Executive on several of the leading topics in dispute were frankly set forth in the message at the opening of your late session. The appointment of a special minister by Great Britain to the United States with power to negotiate upon most of the points of difference indicated a desire on her part amicably to adjust them, and that minister was met by the Executive in the same spirit which had dictated his mission. The treaty consequent thereon having been duly ratified by the two Governments, a copy, together with the correspondence which accompanied it, is herewith communicated. I trust that whilst you may see in it nothing objectionable, it may be the means of preserving for an indefinite period the amicable relations happily existing between the two Governments. The question of peace or war between the United States and Great Britain is a question of the deepest interest, not only to themselves, but to the civilized world, since it is scarcely possible that a war could exist between them without endangering the peace of Christendom. The immediate effect of the treaty upon ourselves will be felt in the security afforded to mercantile enterprise, which, no longer apprehensive of interruption, adventures its speculations in the most distant seas, and, freighted with the diversified productions of every land, returns to bless our own. There is nothing in the treaty which in the slightest degree compromits the honor or dignity of either nation. Next to the settlement of the boundary line, which must always be a matter of difficulty between states as between individuals, the question which seemed to threaten the greatest embarrassment was that connected with the African slave trade. By the tenth article of the treaty of Ghent it was expressly declared that-- Whereas the traffic in slaves is irreconcilable with the principles of humanity and justice, and whereas both His Majesty and the United States are desirous of continuing their efforts to promote its entire abolition, it is hereby agreed that both the contracting parties shall use their best endeavors to accomplish so desirable an object. In the enforcement of the laws and treaty stipulations of Great Britain a practice had threatened to grow up on the part of its cruisers of subjecting to visitation ships sailing under the American flag, which, while it seriously involved our maritime rights, would subject to vexation a branch of our trade which was daily increasing, and which required the fostering care of Government. And although Lord Aberdeen in his correspondence with the American envoys at London expressly disclaimed all right to detain an American ship on the high seas, even if found with a cargo of slaves on board, and restricted the British pretension to a mere claim to visit and inquire, yet it could not well be discerned by the Executive of the United States how such visit and inquiry 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 different words, and I therefore felt it to be my duty distinctly to declare in my annual message to Congress that no such concession could be made, and that the United States had both the will and the ability to enforce their own laws and to protect their flag from being used for purposes wholly forbidden by those laws and obnoxious to the moral censure of the world. Taking the message as his letter of instructions, our then minister at Paris felt himself required to assume the same ground in a remonstrance which he felt it to be his duty to present to Mr. Guizot, and through him to the King of the French, against what has been called the "quintuple treaty;" and his conduct in this respect met with the approval of this Government. In close conformity with these views the eighth article of the treaty was framed; which provides "that each nation shall keep afloat in the African seas a force not less than 80 guns, to act separately and apart, under instructions from their respective Governments, and for the enforcement of their respective laws and obligations." From this it will be seen that the ground assumed in the message has been fully maintained at the same time that the stipulations of the treaty of Ghent are to be carried out in good faith by the two countries, and that all pretense is removed for interference with our commerce for any purpose whatever by a foreign government. While, therefore, the United States have been standing up for the freedom of the seas, they have not thought proper to make that a pretext for avoiding a fulfillment of their treaty stipulations or a ground for giving countenance to a trade reprobated by our laws. A similar arrangement by the other great powers could not fail to sweep from the ocean the slave trade without the interpolation of any new principle into the maritime code. We may be permitted to hope that the example thus set will be followed by some if not all of them. We thereby also afford suitable protection to the fair trader in those seas, thus fulfilling at the same time the dictates of a sound policy and complying with the claims of justice and humanity. It would have furnished additional because for congratulation if the treaty could have embraced all subjects calculated in future to lead to a misunderstanding between the two Governments. The Territory of the United States commonly called the Oregon Territory, lying on the Pacific Ocean north of the forty-second degree of latitude, to a portion of which Great Britain lays claim, begins to attract the attention of our fellow-citizens, and the tide of population which has reclaimed what was so lately an unbroken wilderness in more contiguous regions is preparing to flow over those vast districts which stretch from the Rocky Mountains to the Pacific Ocean. In advance of the acquirement of individual rights to these lands, sound policy dictates that every effort should be resorted to by the two Governments to settle their respective claims. It became manifest at an early hour of the late negotiations that any attempt for the time being satisfactorily to determine those rights would lead to a protracted discussion, which might embrace in its failure other more pressing matters, and the Executive did not regard it as proper to waive all the advantages of an honorable adjustment of other difficulties of great magnitude and importance because this, not so immediately pressing, stood in the way. Although the difficulty referred to may not for several years to come involve the peace of the two countries, yet I shall not delay to urge on Great Britain the importance of its early settlement. Nor 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. With the other powers of Europe our relations continue on the most amicable footing. Treaties now existing with them should be rigidly observed, and every opportunity compatible with the interests of the United States should be seized upon to enlarge the basis of commercial intercourse. Peace with all the world is the true foundation of our policy, which can only be rendered permanent by the practice of equal and impartial justice to all. Our great desire should be to enter only into that rivalry which looks to the general good in the cultivation of the sciences, the enlargement of the field for the exercise of the mechanical arts, and the spread of commerce--that great civilizer--to every land and sea. Carefully abstaining from interference in all questions exclusively referring themselves to the political interests of Europe, we may be permitted to hope an equal exemption from the interference of European Governments in what relates to the States of the American continent. On the 23d of April last the commissioners on the part of the United States under the convention with the Mexican Republic of the 11th of April, 1839, made to the proper Department a final report in relation to the proceedings of the commission. From this it appears that the total amount awarded to the claimants by the commissioners and the umpire appointed under that convention was $2,026,079.68. The arbiter having considered that his functions were required by the convention to terminate at the same time with those of the commissioners, returned to the board, undecided for want of time, claims which had been allowed by the American commissioners to the amount of $928,620.88. Other claims, in which the amount sought to be recovered was $3,336,837.05, were submitted to the board too late for its consideration. The minister of the United States at Mexico has been duly authorized to make demand for payment of the awards according to the terms of the convention and the provisions of the act of Congress of the 12th of June, 1840. He has also been instructed to communicate to that Government the expectations of the Government of the United States in relation to those claims which were not disposed of according to the provisions of the convention, and all others of citizens of the United States against the Mexican Government. He has also been furnished with other instructions, to be followed by him in case the Government of Mexico should not find itself in a condition to make present payment of the amount of the awards in specie or its equivalent. I am happy to be able to say that information which is esteemed favorable both to a just satisfaction of the awards and a reasonable provision for other claims has been recently received from Mr. Thompson, the minister of the United States, who has promptly and efficiently executed the instructions of his Government in regard to this important subject. The citizens of the United States who accompanied the late Texan expedition to Santa Fe, and who were wrongfully taken and held as prisoners of war in Mexico, have all been liberated. A correspondence has taken place between the Department of State and the Mexican minister of foreign affairs upon the complaint of Mexico that citizens of the United States were permitted to give aid to the inhabitants of Texas in the war existing between her and that Republic. Copies of this correspondence are herewith communicated to Congress, together with copies of letters on the same subject addressed to the diplomatic corps at Mexico by the American minister and the Mexican secretary of state. Mexico has thought proper to reciprocate the mission of the United States to that Government by accrediting to this a minister of the same rank as that of the representative of the United States in Mexico. From the circumstances connected with his mission favorable results are anticipated from it. It is so obviously for the interest of both countries as neighbors and friends that all just causes of mutual dissatisfaction should be removed that it is to be hoped neither will omit or delay the employment of any practicable and honorable means to accomplish 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 ratifications of the treaty between the United States and the Republic of Ecuador of the 13th of June, 1839, have been exchanged, and that instrument has been duly promulgated on the part of this Government. Copies are now communicated to Congress with a view to enable that body to make such changes in the laws applicable to our intercourse with that Republic as may be deemed requisite. Provision has been made by the Government of Chile for the payment of the claim on account of the illegal detention of the brig Warrior at Coquimbo in 1820. This Government has reason to expect that other claims of our citizens against Chile will be hastened to a final and satisfactory close. The Empire of Brazil has not been altogether exempt from those convulsions which so constantly afflict the neighboring republics. Disturbances which recently broke out are, however, now understood to be quieted. But these occurrences, by threatening the stability of the governments, or by causing incessant and violent changes in them or in the persons who administer them, tend greatly to retard provisions for a just indemnity for losses and injuries suffered by individual subjects or citizens of other states. The Government of the United States will feel it to be its duty, however, to consent to no delay not unavoidable in making satisfaction for wrongs and injuries sustained by its own citizens. Many years having in some cases elapsed, a decisive and effectual course of proceeding will be demanded of the respective governments against whom claims have been preferred. The vexatious, harassing, and expensive war which so long prevailed with the Indian tribes inhabiting the peninsula of Florida has happily been terminated, whereby our Army has been relieved from a service of the most disagreeable character and the Treasury from a large expenditure. Some casual outbreaks may occur, such as are incident to the close proximity of border settlers and the Indians, but these, as in all other cases, may be left to the care of the local authorities, aided when occasion may require by the forces of the United States. A sufficient number of troops will be maintained in Florida so long as the remotest apprehensions of danger shall exist, yet their duties will be limited rather to the garrisoning of the necessary posts than to the maintenance of active hostilities. It is to be hoped that a territory so long retarded in its growth will now speedily recover from the evils incident to a protracted war, exhibiting in the increased amount of its rich productions true evidences of returning wealth and prosperity. By the practice of rigid justice toward the numerous Indian tribes residing within our territorial limits and the exercise of a parental vigilance over their interests, protecting them against fraud and intrusion, and at the same time using every proper expedient to introduce among them the arts of civilized life, we may fondly hope not only to wean them from their love of war, but to inspire them with a love for peace and all its avocations. With several of the tribes great progress in civilizing them has already been made. The schoolmaster and the missionary are found side by side, and the remnants of what were once numerous and powerful nations may yet be preserved as the builders up of a new name for themselves and their posterity. The balance in the Treasury on the 1st of January, 1842, exclusive of the amount deposited with the States, trust funds, and indemnities, was $230,483.68. The receipts into the Treasury during the three first quarters of the present year from all sources amount to $26,616,593.78, of which more than fourteen millions were received from customs and about one million from the public lands. The receipts for the fourth quarter are estimated at nearly eight millions, of which four millions are expected from customs and three millions and a half from loans and Treasury notes. The expenditures of the first three quarters of the present year exceed twenty-six millions, and those estimated for the fourth quarter amount to about eight millions; and it is anticipated there will be a deficiency of half a million on the 1st of January next, but that the amount of outstanding warrants (estimated at $800,000) will leave an actual balance of about $224,000 in the Treasury. Among the expenditures of this year are more than eight millions for the public debt and about $600,000 on account of the distribution to the States of the proceeds of sales of the public lands. 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 any of its numerous provisions will not fail to claim your serious attention. It may well merit inquiry whether the exaction of all duties in cash does not call for the introduction of a system which has proved highly beneficial in countries where it has been adopted. I refer to the warehousing system. The first and most prominent effect which it would produce would be to protect the market alike against redundant or deficient supplies of foreign fabrics, both of which in the long run are injurious as well to the manufacturer as the importer. The quantity of goods in store being at all times readily known, it would enable the importer with an approach to accuracy to ascertain the actual wants of the market and to regulate himself accordingly. If, however, he should fall into error by importing an excess above the public wants, he could readily correct its evils by availing himself of the benefits and advantages of the system thus established. In the storehouse the goods imported would await the demand of the market and their issues would be governed by the fixed principles of demand and supply. Thus an approximation would be made to a steadiness and uniformity of price, which if attainable would conduce to the decided advantage of mercantile and mechanical operations. The apprehension may be well entertained that without something to ameliorate the rigor of cash payments the entire import trade may fall into the hands of a few wealthy capitalists in this country and in Europe. The small importer, who requires all the money he can raise for investments abroad, and who can but ill afford to pay the lowest duty, would have to subduct in advance a portion of his funds in order to pay the duties, and would lose the interest upon the amount thus paid for all the time the goods might remain unsold, which might absorb his profits. The rich capitalist, 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 a few--a result wholly uncongenial with the spirit of our institutions and antirepublican 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 supersede 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. In revising the existing tariff of duties, should you deem it proper to do so at your present session, I can only repeat the suggestions and recommendations which upon several occasions I have heretofore felt it to be my duty to offer to Congress. The great primary and controlling interest of the American people is union--union not only in the mere forms of government, forms which may be broken, but union rounded in an attachment of States and individuals for each other. This union in sentiment and feeling can only be preserved by the adoption of that course of policy which, neither giving exclusive benefits to some nor imposing unnecessary burthens upon others, shall consult the interests of all by pursuing a course of moderation and thereby seeking to harmonize public opinion, and causing the people everywhere to feel and to know that the Government is careful of the interests of all alike. Nor is there any subject in regard to which moderation, connected with a wise discrimination, is more necessary than in the imposition of duties on imports. Whether reference be had to revenue, the primary object in the imposition of taxes, or to the incidents which necessarily flow from their imposition, this is entirely true. Extravagant duties defeat their end and object, not only by exciting in the public mind an hostility to the manufacturing interests, but by inducing a system of smuggling on an extensive scale and the practice of every manner of fraud upon the revenue, which the utmost vigilance of Government can not effectually suppress. An opposite course of policy would be attended by results essentially different, of which every interest of society, and none more than those of the manufacturer, would reap important advantages. Among the most striking of its benefits would be that derived from the general acquiescence of the country in its support and the consequent permanency and stability which would be given to all the operations of industry. It can not be too often repeated that no system of legislation can be wise which is fluctuating and uncertain. No interest can thrive under it. The prudent capitalist will never adventure his capital in manufacturing establishments, or in any other leading pursuit of life, if there exists a state of uncertainty as to whether the Government will repeal to-morrow what it has enacted to-day. Fitful profits, however high, if threatened with a ruinous reduction by a vacillating policy on the part of Government, will scarcely tempt him to trust the money which he has acquired by a life of labor upon the uncertain adventure. I therefore, in the spirit of conciliation, and influenced by no other desire than to rescue the great interests of the country from the vortex of political contention, and in the discharge of the high and solemn duties of the place which I now occupy, recommend moderate duties, imposed with a wise discrimination as to their several objects, as being not only most likely to be durable, but most advantageous to every interest of society. The report of the Secretary of the War Department exhibits a very full and satisfactory account of the various and important interests committed to the charge of that officer. It is particularly gratifying to find that the expenditures for the military service are greatly reduced in amount--that a strict system of economy has been introduced into the service and the abuses of past years greatly reformed. The fortifications on our maritime frontier have been prosecuted with much vigor, and at many points our defenses are in a very considerable state of forwardness. The suggestions in reference to the establishment of 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. For several years angry contentions have grown out of the disposition directed by law to be made of the mineral lands held by the Government in several of the States. The Government is constituted the landlord, and the Citizens of the States wherein lie the lands are its tenants. The relation is an unwise one, and it would be much more conducive of the public interest that a sale of the lands should be made than that they should remain in their present condition. The supply of the ore would be more abundantly and certainly furnished when to be drawn from the enterprise and the industry of the proprietor than under the present system. The recommendations of the Secretary in regard to the improvements of the Western waters and certain prominent harbors on the Lakes merit, and I doubt not will receive, your serious attention. The great importance of these subjects to the prosperity of the extensive region referred to and the security of the whole country in time of war can not escape observation. The losses of life and property which annually occur in the navigation of the Mississippi alone because of the dangerous obstructions in the river make a loud demand upon Congress for the adoption of efficient measures for their removal. The report of the Secretary of the Navy will bring you acquainted with that important branch of the public defenses. Considering the already vast and daily increasing commerce of the country, apart from the exposure to hostile inroad of an extended seaboard, all that relates to the Navy is calculated to excite particular attention. Whatever tends to add to its efficiency without entailing unnecessary charges upon the Treasury is well worthy of your serious consideration. It will be seen that while an appropriation exceeding by more than a million the appropriations of the current year is asked by the Secretary, yet that in this sum is proposed to be included $400,000 for the purchase of clothing, which when once expended will be annually reimbursed by the sale of the clothes, and will thus constitute a perpetual fund without any new appropriation to the same object. To this may also be added $50,000 asked to cover the arrearages of past years and $250,000 in order to maintain a competent squadron on the coast of Africa; all of which when deducted will reduce the expenditures nearly within the limits of those of the current year. While, however, the expenditures will thus remain very nearly the same as of the antecedent year, it is proposed to add greatly to the operations of the marine, and in lieu of only 25 ships in commission and but little in the way of building, to keep with the same expenditure 41 vessels afloat and to build 12 ships of a small class. 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. It will appear by the report of the Postmaster-General that the great point which for several years has been so much desired has during the current year been fully accomplished. The expenditures of the Department for current service have been brought within its income without lessening its general usefulness. There has been an increase of revenue equal to $166,000 for the year 1842 over that of 1841, without, as it is believed, any addition having been made to the number of letters and newspapers transmitted through the mails. The post-office laws have been honestly administered, and fidelity has been observed in accounting for and paying over by the subordinates of the Department the moneys which have been received. For the details of the service I refer you to the report. I flatter myself that the exhibition thus made of the condition of the public administration will serve to convince you that every proper attention has been paid to the interests of the country by those who have been called to the heads of the different Departments. The reduction in the annual expenditures of the Government already accomplished furnishes a sure evidence that economy in the application of the public moneys is regarded as a paramount duty. At peace with all the world, the personal liberty of the citizen sacredly maintained and his rights secured under political institutions deriving all their authority from the direct sanction of the people, with a soil fertile almost beyond example and a country blessed with every diversity of climate and production, what remains to be done in order to advance the happiness and prosperity of such a people? Under ordinary circumstances this inquiry could readily be answered. The best that probably could be done for a people inhabiting such a country would be to fortify their peace and security in the prosecution of their various pursuits by guarding them against invasion from without and violence from within. The rest for the greater part might be left to their own energy and enterprise. The chief embarrassments which at the moment exhibit themselves have arisen from overaction, and the most difficult task which remains to be accomplished is that of correcting and overcoming its effects. Between the years 1833 and 1838 additions were made to bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question seemed to be not how the best currency could be provided, but in what manner the greatest amount of bank paper could be put in circulation. Thus a vast amount of what was called money--since for the time being it answered the purposes of money--was thrown upon the country, an overissue which was attended, as a necessary consequence, by an extravagant increase of the prices of all articles of property, the spread of a speculative mania all over the country, and has finally ended in a general indebtedness on the part of States and individuals, the prostration of public and private credit, a depreciation in the market value of real and personal estate, and has left large districts of country almost entirely without any circulating medium. In view of the fact that in 1830 the whole bank-note circulation within the United States amounted to but $61,323,898, according to the Treasury statements, and that an addition had been made thereto of the enormous sum of $88,000,000 in seven years (the circulation on the 1st of January, 1837, being stated at $149,185,890), aided by the great facilities afforded in obtaining loans from European capitalists, who were seized with the same speculative mania which prevailed in the United States, and the large importations of funds from abroad--the result of stock sales and loans--no one can be surprised at the apparent but unsubstantial state of prosperity which everywhere prevailed over the land; and as little because of surprise should be felt at the present prostration of everything and the ruin which has befallen so many of our fellow-citizens in the sudden withdrawal from circulation of so large an amount of bank issues since 1837--exceeding, as is believed, the amount added to the paper currency for a similar period antecedent to 1837--it ceases to be a matter of astonishment that such extensive shipwreck should have been made of private fortunes or that difficulties should exist in meeting their engagements on the part of the debtor States; apart from which, if there be taken into account the immense losses sustained in the dishonor of numerous banks, it is less a matter of surprise that insolvency should have visited many of our fellow-citizens than that so many should have escaped the blighting influences of the times. In the solemn conviction of these truths and with an ardent desire to meet the pressing necessities of the country, I felt it to be my duty to because to be submitted to you at the commencement of your last session the plan of an exchequer, the whole power and duty of maintaining which in purity and vigor was to be exercised by the representatives of the people and the States, and therefore virtually by the people themselves. It was proposed to place it under the control and direction of a Treasury board to consist of three commissioners, whose duty it should be to see that the law of its creation was faithfully executed and that the great end of supplying a paper medium of exchange at all times convertible into gold and silver should be attained. The board thus constituted was given as much permanency as could be imparted to it without endangering the proper share of responsibility which should attach to all public agents. In order to insure all the advantages of a well-matured experience, the commissioners were to hold their offices for the respective periods of two, four, and six years, thereby securing at all times in the management of the exchequer the services of two men of experience; and to place them in a condition to exercise perfect independence of mind and action it was provided that their removal should only take place for actual incapacity or infidelity to the trust, and to be followed by the President with an exposition of the causes of such removal, should it occur. It was proposed to establish subordinate boards in each of the States, under the same restrictions and limitations of the power of removal, which, with the central board, should receive, safely keep, and disburse the public moneys. And in order to furnish a sound paper medium of exchange the exchequer should retain of the revenues of the Government a sum not to exceed $5,000,000 in specie, to be set apart as required by its operations, and to pay the public creditor at his own option either in specie or Treasury notes of denominations not less than $5 nor exceeding $100, which notes should be redeemed at the several places of issue, and to be receivable at all times and everywhere in payment of Government dues, with a restraint upon such issue of bills that the same should not exceed the maximum of $15,000,000. In order to guard against all the hazards incident to fluctuations in trade, the Secretary of the Treasury was invested with authority to issue $5,000,000 of Government stock, should the same at any time be regarded as necessary in order to place beyond hazard the prompt redemption of the bills which might be thrown into circulation; thus in fact making the issue of $15,000,000 of exchequer bills rest substantially on $10,000,000, and keeping in circulation never more than one and one-half dollars for every dollar in specie. When to this it is added that the bills are not only everywhere receivable in Government dues, but that the Government itself would be bound for their ultimate redemption, no rational doubt can exist that the paper which the exchequer would furnish would readily enter into general circulation and be maintained at all times at or above par with gold and silver, thereby realizing the great want of the age and fulfilling the wishes of the people. In order to reimburse the Government the expenses of the plan, it was proposed to invest the exchequer with the limited authority to deal in bills of exchange (unless prohibited by the State in which an agency might be situated) having only thirty days to run and resting on a fair and bona fide basis. The legislative will on this point might be so plainly announced as to avoid all pretext for partiality or favoritism. It was furthermore proposed to invest this Treasury agent with authority to receive on deposit to a limited amount the specie funds of individuals and to grant certificates therefor to be redeemed on presentation, under the idea, which is believed to be well founded, that such certificates would come in aid of the exchequer bills in supplying a safe and ample paper circulation. Or if in place of the contemplated dealings in exchange the exchequer should be authorized not only to exchange its bills for actual deposits of specie, but, for specie or its equivalent, to sell drafts, charging therefor a small but reasonable premium, I can not doubt but that the benefits of the law would be speedily manifested in the revival of the credit, trade, and business of the whole country. Entertaining this opinion, it becomes my duty to urge its adoption upon 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 am well aware that this proposed alteration and amendment of the laws establishing the Treasury Department has encountered various objections, and that among others it has been proclaimed a Government bank of fearful and dangerous import. It is proposed to confer upon it no extraordinary power. It purports to do no more than pay the debts of the Government with the redeemable paper of the Government, in which respect it accomplishes precisely what the Treasury does daily at this time in issuing to the public creditors the Treasury notes which under law it is authorized to issue. It has no resemblance to an ordinary bank, as it furnishes no profits to private stockholders and lends no capital to individuals. If it be objected to as a Government bank and the objection be available, then should all the laws in relation to the Treasury be repealed and the capacity of the Government to collect what is due to it or pay what it owes be abrogated. This is the chief purpose of the proposed exchequer, and surely if in the accomplishment of a purpose so essential it affords a sound circulating medium to the country and facilities to trade it should be regarded as no slight recommendation of it to public consideration. Properly guarded by the provisions of law, it can run into no dangerous evil, nor can any abuse arise under it but such as the Legislature itself will be answerable for if it be tolerated, since it is but the creature of the law and is susceptible at all times of modification, amendment, or repeal at the pleasure of Congress. I know that it has been objected that the system would be liable to be abused by the Legislature, by whom alone it could be abused, in the party conflicts of the day; that such abuse would manifest itself in a change of the law which would authorize an excessive issue of paper for the purpose of inflating prices and winning popular favor. To that it may be answered that the ascription of such a motive to Congress is altogether gratuitous and inadmissible. The theory of our institutions would lead us to a different conclusion. But a perfect security against a proceeding so reckless would be found to exist in the very nature of things. The political party which should be so blind to the true interests of the country as to resort to such an expedient would inevitably meet with final overthrow in the fact that the moment the paper ceased to be convertible into specie or otherwise promptly redeemed it would become worthless, and would in the end dishonor the Government, involve the people in ruin and such political party in hopeless disgrace. At the same time, such a view involves the utter impossibility of furnishing any currency other than that of the precious metals; for if the Government itself can not forego the temptation of excessive paper issues what reliance can be placed in corporations upon whom the temptations of individual aggrandizement would most strongly operate? The people would have to blame none but themselves for any injury that might arise from a course so reckless, since their agents would be the wrongdoers and they the passive spectators. There can be but three kinds of public currency--first, gold and silver; second, the paper of State institutions; or, third, a representative of the precious metals provided by the General Government or under its authority. The subtreasury system rejected the last in any form, and as it was believed that no reliance could be placed on the issues of local institutions for the purposes of general circulation it necessarily and unavoidably adopted specie as the exclusive currency for its own use; and this must ever be the case unless one of the other kinds be used. The choice in the present state of public sentiment lies between an exclusive specie currency on the one hand and Government issues of some kind on the other. That these issues can not be made by a chartered institution is supposed to be conclusively settled. They must be made, then, directly by Government agents. For several years past they have been thus made in the form of Treasury notes, and have answered a valuable purpose. Their usefulness has been limited by their being transient and temporary; their ceasing to bear interest at given periods necessarily causes their speedy return and thus restricts their range of circulation, and being used only in the disbursements of Government they can not reach those points where they are most required. By rendering their use permanent, to the moderate extent already mentioned, by offering no inducement for their return and by exchanging them for coin and other values, they will constitute to a certain extent the general currency so much needed to maintain the internal trade of the country. And this is the exchequer plan so far as it may operate in furnishing a currency. I can not forego the occasion to urge its importance to the credit of the Government in a financial point of view. The great necessity of resorting to every proper and becoming expedient in order to place the Treasury on a footing of the highest respectability is entirely obvious. The credit of the Government may be regarded as the very soul of the Government itself--a principle of vitality without which all its movements are languid and all its operations embarrassed. In this spirit the Executive felt itself bound by the most imperative sense of duty to submit to Congress at its last session the propriety of making a specific pledge of the land fund as the basis for the negotiation of the loans authorized to be contracted. I then thought that such an application of the public domain would without doubt have placed at the command of the Government ample funds to relieve the Treasury from the temporary embarrassments under which it labored. American credit has suffered a considerable shock in Europe from the large indebtedness of the States and the temporary inability of some of them to meet the interest on their debts. The utter and disastrous prostration of the United States Bank of Pennsylvania had contributed largely to increase the sentiment of distrust by reason of the loss and ruin sustained by the holders of its stock, a large portion of whom were foreigners and many of whom were alike ignorant of our political organization and of our actual responsibilities. It was the anxious desire of the Executive that in the effort to negotiate the loan abroad the American negotiator might be able to point the money lender to the fund mortgaged for the redemption of the principal and interest of any loan he might contract, and thereby vindicate the Government from all suspicion of bad faith or inability to meet its engagements. Congress differed from the Executive in this view of the subject. It became, nevertheless, the duty of the Executive to resort to every expedient in its power to do so. After a failure in the American market a citizen of high character and talent was sent to Europe, with no better success; and thus the mortifying spectacle has been presented of the inability of this Government to obtain a loan so small as not in the whole to amount to more than one-fourth of its ordinary annual income, at a time when the Governments of Europe, although involved in debt and with their subjects heavily burthened with taxation, readily obtained loans of any amount at a greatly reduced rate of interest. It would be unprofitable to look further into this anomalous state of things, but I can not conclude without adding that for a Government which has paid off its debts of two wars with the largest maritime power of Europe, and now owing a debt which is almost next to nothing when compared with its boundless resources--a Government the strongest in the world, because emanating from the popular will and firmly rooted in the affections of a great and free people, and whose fidelity to its engagements has never been questioned--for such a Government to have tendered to the capitalists of other countries an opportunity for a small investment in its stock, and yet to have failed, implies either the most unfounded distrust in its good faith or a purpose to obtain which the course pursued is the most fatal which could have been adopted. It has now become obvious to all men that the Government must look to its own means for supplying its wants, and it is consoling to know that these means are altogether adequate for the object. The exchequer, if adopted, will greatly aid in bringing about this result. Upon what I regard as a well-rounded supposition that its bills would be readily sought for by the public creditors and that the issue would in a short time reach the maximum of $15,000,000, it is obvious that $10,000,000 would thereby be added to the available means of the Treasury without cost or charge. Nor can I fail to urge the great and beneficial effects which would be produced in aid of all the active pursuits of life. Its effects upon the solvent State banks, while it would force into liquidation those of an opposite character through its weekly settlements, would be highly beneficial; and with the advantages of a sound currency the restoration of confidence and credit would follow with a numerous train of blessings. My convictions are most strong that these benefits would flow from the adoption of this measure; but if the result should be adverse there is this security in connection with it--that the law creating it may be repealed at the pleasure of the Legislature without the slightest implication of its good faith. I recommend to Congress to take into consideration the propriety of reimbursing a fine imposed on General Jackson at New Orleans at the time of the attack and defense 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 regarded as not unjust or inexpedient. The voice of the civil authority was heard amidst the glitter of arms and obeyed by those who held the sword, thereby giving additional luster to a memorable military achievement. If the laws were offended, their majesty was fully vindicated; and although the penalty incurred and paid is worthy of little regard in a pecuniary point of view, it can hardly be doubted that it would be gratifying to the war-worn veteran, now in retirement and in the winter of his days, to be relieved from the circumstances in which that judgment placed him. There are cases in which public functionaries may be called on to weigh the public interest against their own personal hazards, and if the civil law be violated from praiseworthy motives or an overruling sense of public danger and public necessity punishment may well be restrained within that limit which asserts and maintains the authority of the law and the subjection of the military to the civil power. The defense of New Orleans, while it saved a city from the hands of the enemy, placed the name of General Jackson among those of the greatest captains of the age and illustrated one of the brightest pages of our history. Now that the causes of excitement existing at the time have ceased to operate, it is believed that the remission of this fine and whatever of gratification that remission might because the eminent man who incurred and paid it would be in accordance with the general feeling and wishes of the American people. 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.
we have continued reason to express our profound gratitude to the great creator of all things for numberless benefits conferred upon us as a people blessed with genial seasons the husbandman has his garners filled with abundance and the necessaries of life not to speak of its luxuries abound in every direction while in some other nations steady and industrious labor can hardly find the means of subsistence the greatest evil which we have to encounter is a surplus of production beyond the home demand which seeks and with difficulty finds a partial market in other regions the health of the country with partial exceptions has for the past year been well preserved and under their free and wise institutions the united states are rapidly advancing toward the consummation of the high destiny which an overruling providence seems to have marked out for them exempt from domestic convulsion and at peace with all the world we are left free to consult as to the best means of securing and advancing the happiness of the people such are the circumstances under which you now assemble in your respective chambers and which should lead us to unite in praise and thanksgiving to that great being who made us and who preserves us as a nation i congratulate you on the happy change in the aspect of our foreign affairs since my last annual message causes of complaint at that time existed between the united states and great britain which attended by irritating circumstances threatened most seriously the public peace the difficulty of adjusting amicably the questions at issue between the two countries was in no small degree augmented by the lapse of time since they had their origin the opinions entertained by the executive on several of the leading topics in dispute were frankly set forth in the message at the opening of your late session the appointment of a special minister by great britain to the united states with power to negotiate upon most of the points of difference indicated a desire on her part amicably to adjust them and that minister was met by the executive in the same spirit which had dictated his mission the treaty consequent thereon having been duly ratified by the two governments a copy together with the correspondence which accompanied it is herewith communicated i trust that whilst you may see in it nothing objectionable it may be the means of preserving for an indefinite period the amicable relations happily existing between the two governments the question of peace or war between the united states and great britain is a question of the deepest interest not only to themselves but to the civilized world since it is scarcely possible that a war could exist between them without endangering the peace of christendom the immediate effect of the treaty upon ourselves will be felt in the security afforded to mercantile enterprise which no longer apprehensive of interruption adventures its speculations in the most distant seas and freighted with the diversified productions of every land returns to bless our own there is nothing in the treaty which in the slightest degree compromits the honor or dignity of either nation next to the settlement of the boundary line which must always be a matter of difficulty between states as between individuals the question which seemed to threaten the greatest embarrassment was that connected with the african slave trade by the tenth article of the treaty of ghent it was expressly declared that whereas the traffic in slaves is irreconcilable with the principles of humanity and justice and whereas both his majesty and the united states are desirous of continuing their efforts to promote its entire abolition it is hereby agreed that both the contracting parties shall use their best endeavors to accomplish so desirable an object in the enforcement of the laws and treaty stipulations of great britain a practice had threatened to grow up on the part of its cruisers of subjecting to visitation ships sailing under the american flag which while it seriously involved our maritime rights would subject to vexation a branch of our trade which was daily increasing and which required the fostering care of government and although lord aberdeen in his correspondence with the american envoys at london expressly disclaimed all right to detain an american ship on the high seas even if found with a cargo of slaves on board and restricted the british pretension to a mere claim to visit and inquire yet it could not well be discerned by the executive of the united states how such visit and inquiry 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 different words and i therefore felt it to be my duty distinctly to declare in my annual message to congress that no such concession could be made and that the united states had both the will and the ability to enforce their own laws and to protect their flag from being used for purposes wholly forbidden by those laws and obnoxious to the moral censure of the world taking the message as his letter of instructions our then minister at paris felt himself required to assume the same ground in a remonstrance which he felt it to be his duty to present to guizot and through him to the king of the french against what has been called the quintuple treaty and his conduct in this respect met with the approval of this government in close conformity with these views the eighth article of the treaty was framed which provides that each nation shall keep afloat in the african seas a force not less than 80 guns to act separately and apart under instructions from their respective governments and for the enforcement of their respective laws and obligations from this it will be seen that the ground assumed in the message has been fully maintained at the same time that the stipulations of the treaty of ghent are to be carried out in good faith by the two countries and that all pretense is removed for interference with our commerce for any purpose whatever by a foreign government while therefore the united states have been standing up for the freedom of the seas they have not thought proper to make that a pretext for avoiding a fulfillment of their treaty stipulations or a ground for giving countenance to a trade reprobated by our laws a similar arrangement by the other great powers could not fail to sweep from the ocean the slave trade without the interpolation of any new principle into the maritime code we may be permitted to hope that the example thus set will be followed by some if not all of them we thereby also afford suitable protection to the fair trader in those seas thus fulfilling at the same time the dictates of a sound policy and complying with the claims of justice and humanity it would have furnished additional because for congratulation if the treaty could have embraced all subjects calculated in future to lead to a misunderstanding between the two governments the territory of the united states commonly called the oregon territory lying on the pacific ocean north of the degree of latitude to a portion of which great britain lays claim begins to attract the attention of our and the tide of population which has reclaimed what was so lately an unbroken wilderness in more contiguous regions is preparing to flow over those vast districts which stretch from the rocky mountains to the pacific ocean in advance of the acquirement of individual rights to these lands sound policy dictates that every effort should be resorted to by the two governments to settle their respective claims it became manifest at an early hour of the late negotiations that any attempt for the time being satisfactorily to determine those rights would lead to a protracted discussion which might embrace in its failure other more pressing matters and the executive did not regard it as proper to waive all the advantages of an honorable adjustment of other difficulties of great magnitude and importance because this not so immediately pressing stood in the way although the difficulty referred to may not for several years to come involve the peace of the two countries yet i shall not delay to urge on great britain the importance of its early settlement nor 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 with the other powers of europe our relations continue on the most amicable footing treaties now existing with them should be rigidly observed and every opportunity compatible with the interests of the united states should be seized upon to enlarge the basis of commercial intercourse peace with all the world is the true foundation of our policy which can only be rendered permanent by the practice of equal and impartial justice to all our great desire should be to enter only into that rivalry which looks to the general good in the cultivation of the sciences the enlargement of the field for the exercise of the mechanical arts and the spread of commerce that great civilizer to every land and sea carefully abstaining from interference in all questions exclusively referring themselves to the political interests of europe we may be permitted to hope an equal exemption from the interference of european governments in what relates to the states of the american continent on the 23d of april last the commissioners on the part of the united states under the convention with the mexican republic of the 11th of april 1839 made to the proper department a final report in relation to the proceedings of the commission from this it appears that the total amount awarded to the claimants by the commissioners and the umpire appointed under that convention was the arbiter having considered that his functions were required by the convention to terminate at the same time with those of the commissioners returned to the board undecided for want of time claims which had been allowed by the american commissioners to the amount of other claims in which the amount sought to be recovered was were submitted to the board too late for its consideration the minister of the united states at mexico has been duly authorized to make demand for payment of the awards according to the terms of the convention and the provisions of the act of congress of the 12th of june 1840 he has also been instructed to communicate to that government the expectations of the government of the united states in relation to those claims which were not disposed of according to the provisions of the convention and all others of citizens of the united states against the mexican government he has also been furnished with other instructions to be followed by him in case the government of mexico should not find itself in a condition to make present payment of the amount of the awards in specie or its equivalent i am happy to be able to say that information which is esteemed favorable both to a just satisfaction of the awards and a reasonable provision for other claims has been recently received from thompson the minister of the united states who has promptly and efficiently executed the instructions of his government in regard to this important subject the citizens of the united states who accompanied the late texan expedition to santa fe and who were wrongfully taken and held as prisoners of war in mexico have all been liberated a correspondence has taken place between the department of state and the mexican minister of foreign affairs upon the complaint of mexico that citizens of the united states were permitted to give aid to the inhabitants of texas in the war existing between her and that republic copies of this correspondence are herewith communicated to congress together with copies of letters on the same subject addressed to the diplomatic corps at mexico by the american minister and the mexican secretary of state mexico has thought proper to reciprocate the mission of the united states to that government by accrediting to this a minister of the same rank as that of the representative of the united states in mexico from the circumstances connected with his mission favorable results are anticipated from it it is so obviously for the interest of both countries as neighbors and friends that all just causes of mutual dissatisfaction should be removed that it is to be hoped neither will omit or delay the employment of any practicable and honorable means to accomplish 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 ratifications of the treaty between the united states and the republic of ecuador of the 13th of june 1839 have been exchanged and that instrument has been duly promulgated on the part of this government copies are now communicated to congress with a view to enable that body to make such changes in the laws applicable to our intercourse with that republic as may be deemed requisite provision has been made by the government of chile for the payment of the claim on account of the illegal detention of the brig warrior at coquimbo in 1820 this government has reason to expect that other claims of our citizens against chile will be hastened to a final and satisfactory close the empire of brazil has not been altogether exempt from those convulsions which so constantly afflict the neighboring republics disturbances which recently broke out are however now understood to be quieted but these occurrences by threatening the stability of the governments or by causing incessant and violent changes in them or in the persons who administer them tend greatly to retard provisions for a just indemnity for losses and injuries suffered by individual subjects or citizens of other states the government of the united states will feel it to be its duty however to consent to no delay not unavoidable in making satisfaction for wrongs and injuries sustained by its own citizens many years having in some cases elapsed a decisive and effectual course of proceeding will be demanded of the respective governments against whom claims have been preferred the vexatious harassing and expensive war which so long prevailed with the indian tribes inhabiting the peninsula of florida has happily been terminated whereby our army has been relieved from a service of the most disagreeable character and the treasury from a large expenditure some casual outbreaks may occur such as are incident to the close proximity of border settlers and the indians but these as in all other cases may be left to the care of the local authorities aided when occasion may require by the forces of the united states a sufficient number of troops will be maintained in florida so long as the remotest apprehensions of danger shall exist yet their duties will be limited rather to the garrisoning of the necessary posts than to the maintenance of active hostilities it is to be hoped that a territory so long retarded in its growth will now speedily recover from the evils incident to a protracted war exhibiting in the increased amount of its rich productions true evidences of returning wealth and prosperity by the practice of rigid justice toward the numerous indian tribes residing within our territorial limits and the exercise of a parental vigilance over their interests protecting them against fraud and intrusion and at the same time using every proper expedient to introduce among them the arts of civilized life we may fondly hope not only to wean them from their love of war but to inspire them with a love for peace and all its avocations with several of the tribes great progress in civilizing them has already been made the schoolmaster and the missionary are found side by side and the remnants of what were once numerous and powerful nations may yet be preserved as the builders up of a new name for themselves and their posterity the balance in the treasury on the 1st of january 1842 exclusive of the amount deposited with the states trust funds and indemnities was the receipts into the treasury during the three first quarters of the present year from all sources amount to of which more than fourteen millions were received from customs and about one million from the public lands the receipts for the fourth quarter are estimated at nearly eight millions of which four millions are expected from customs and three millions and a half from loans and treasury notes the expenditures of the first three quarters of the present year exceed millions and those estimated for the fourth quarter amount to about eight millions and it is anticipated there will be a deficiency of half a million on the 1st of january next but that the amount of outstanding warrants estimated at will leave an actual balance of about in the treasury among the expenditures of this year are more than eight millions for the public debt and about on account of the distribution to the states of the proceeds of sales of the public lands 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 any of its numerous provisions will not fail to claim your serious attention it may well merit inquiry whether the exaction of all duties in cash does not call for the introduction of a system which has proved highly beneficial in countries where it has been adopted i refer to the warehousing system the first and most prominent effect which it would produce would be to protect the market alike against redundant or deficient supplies of foreign fabrics both of which in the long run are injurious as well to the manufacturer as the importer the quantity of goods in store being at all times readily known it would enable the importer with an approach to accuracy to ascertain the actual wants of the market and to regulate himself accordingly if however he should fall into error by importing an excess above the public wants he could readily correct its evils by availing himself of the benefits and advantages of the system thus established in the storehouse the goods imported would await the demand of the market and their issues would be governed by the fixed principles of demand and supply thus an approximation would be made to a steadiness and uniformity of price which if attainable would conduce to the decided advantage of mercantile and mechanical operations the apprehension may be well entertained that without something to ameliorate the rigor of cash payments the entire import trade may fall into the hands of a few wealthy capitalists in this country and in europe the small importer who requires all the money he can raise for investments abroad and who can but ill afford to pay the lowest duty would have to subduct in advance a portion of his funds in order to pay the duties and would lose the interest upon the amount thus paid for all the time the goods might remain unsold which might absorb his profits the rich capitalist 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 a few a result wholly uncongenial with the spirit of our institutions and antirepublican 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 supersede 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 in revising the existing tariff of duties should you deem it proper to do so at your present session i can only repeat the suggestions and recommendations which upon several occasions i have heretofore felt it to be my duty to offer to congress the great primary and controlling interest of the american people is union union not only in the mere forms of government forms which may be broken but union rounded in an attachment of states and individuals for each other this union in sentiment and feeling can only be preserved by the adoption of that course of policy which neither giving exclusive benefits to some nor imposing unnecessary burthens upon others shall consult the interests of all by pursuing a course of moderation and thereby seeking to harmonize public opinion and causing the people everywhere to feel and to know that the government is careful of the interests of all alike nor is there any subject in regard to which moderation connected with a wise discrimination is more necessary than in the imposition of duties on imports whether reference be had to revenue the primary object in the imposition of taxes or to the incidents which necessarily flow from their imposition this is entirely true extravagant duties defeat their end and object not only by exciting in the public mind an hostility to the manufacturing interests but by inducing a system of smuggling on an extensive scale and the practice of every manner of fraud upon the revenue which the utmost vigilance of government can not effectually suppress an opposite course of policy would be attended by results essentially different of which every interest of society and none more than those of the manufacturer would reap important advantages among the most striking of its benefits would be that derived from the general acquiescence of the country in its support and the consequent permanency and stability which would be given to all the operations of industry it can not be too often repeated that no system of legislation can be wise which is fluctuating and uncertain no interest can thrive under it the prudent capitalist will never adventure his capital in manufacturing establishments or in any other leading pursuit of life if there exists a state of uncertainty as to whether the government will repeal what it has enacted fitful profits however high if threatened with a ruinous reduction by a vacillating policy on the part of government will scarcely tempt him to trust the money which he has acquired by a life of labor upon the uncertain adventure i therefore in the spirit of conciliation and influenced by no other desire than to rescue the great interests of the country from the vortex of political contention and in the discharge of the high and solemn duties of the place which i now occupy recommend moderate duties imposed with a wise discrimination as to their several objects as being not only most likely to be durable but most advantageous to every interest of society the report of the secretary of the war department exhibits a very full and satisfactory account of the various and important interests committed to the charge of that officer it is particularly gratifying to find that the expenditures for the military service are greatly reduced in amount that a strict system of economy has been introduced into the service and the abuses of past years greatly reformed the fortifications on our maritime frontier have been prosecuted with much vigor and at many points our defenses are in a very considerable state of forwardness the suggestions in reference to the establishment of 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 for several years angry contentions have grown out of the disposition directed by law to be made of the mineral lands held by the government in several of the states the government is constituted the landlord and the citizens of the states wherein lie the lands are its tenants the relation is an unwise one and it would be much more conducive of the public interest that a sale of the lands should be made than that they should remain in their present condition the supply of the ore would be more abundantly and certainly furnished when to be drawn from the enterprise and the industry of the proprietor than under the present system the recommendations of the secretary in regard to the improvements of the western waters and certain prominent harbors on the lakes merit and i doubt not will receive your serious attention the great importance of these subjects to the prosperity of the extensive region referred to and the security of the whole country in time of war can not escape observation the losses of life and property which annually occur in the navigation of the mississippi alone because of the dangerous obstructions in the river make a loud demand upon congress for the adoption of efficient measures for their removal the report of the secretary of the navy will bring you acquainted with that important branch of the public defenses considering the already vast and daily increasing commerce of the country apart from the exposure to hostile inroad of an extended seaboard all that relates to the navy is calculated to excite particular attention whatever tends to add to its efficiency without entailing unnecessary charges upon the treasury is well worthy of your serious consideration it will be seen that while an appropriation exceeding by more than a million the appropriations of the current year is asked by the secretary yet that in this sum is proposed to be included for the purchase of clothing which when once expended will be annually reimbursed by the sale of the clothes and will thus constitute a perpetual fund without any new appropriation to the same object to this may also be added asked to cover the arrearages of past years and in order to maintain a competent squadron on the coast of africa all of which when deducted will reduce the expenditures nearly within the limits of those of the current year while however the expenditures will thus remain very nearly the same as of the antecedent year it is proposed to add greatly to the operations of the marine and in lieu of only 25 ships in commission and but little in the way of building to keep with the same expenditure 41 vessels afloat and to build 12 ships of a small class 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 it will appear by the report of the that the great point which for several years has been so much desired has during the current year been fully accomplished the expenditures of the department for current service have been brought within its income without lessening its general usefulness there has been an increase of revenue equal to for the year 1842 over that of 1841 without as it is believed any addition having been made to the number of letters and newspapers transmitted through the mails the laws have been honestly administered and fidelity has been observed in accounting for and paying over by the subordinates of the department the moneys which have been received for the details of the service i refer you to the report i flatter myself that the exhibition thus made of the condition of the public administration will serve to convince you that every proper attention has been paid to the interests of the country by those who have been called to the heads of the different departments the reduction in the annual expenditures of the government already accomplished furnishes a sure evidence that economy in the application of the public moneys is regarded as a paramount duty at peace with all the world the personal liberty of the citizen sacredly maintained and his rights secured under political institutions deriving all their authority from the direct sanction of the people with a soil fertile almost beyond example and a country blessed with every diversity of climate and production what remains to be done in order to advance the happiness and prosperity of such a people under ordinary circumstances this inquiry could readily be answered the best that probably could be done for a people inhabiting such a country would be to fortify their peace and security in the prosecution of their various pursuits by guarding them against invasion from without and violence from within the rest for the greater part might be left to their own energy and enterprise the chief embarrassments which at the moment exhibit themselves have arisen from overaction and the most difficult task which remains to be accomplished is that of correcting and overcoming its effects between the years 1833 and 1838 additions were made to bank capital and bank issues in the form of notes designed for circulation to an extent enormously great the question seemed to be not how the best currency could be provided but in what manner the greatest amount of bank paper could be put in circulation thus a vast amount of what was called money since for the time being it answered the purposes of money was thrown upon the country an overissue which was attended as a necessary consequence by an extravagant increase of the prices of all articles of property the spread of a speculative mania all over the country and has finally ended in a general indebtedness on the part of states and individuals the prostration of public and private credit a depreciation in the market value of real and personal estate and has left large districts of country almost entirely without any circulating medium in view of the fact that in 1830 the whole circulation within the united states amounted to but according to the treasury statements and that an addition had been made thereto of the enormous sum of in seven years the circulation on the 1st of january 1837 being stated at aided by the great facilities afforded in obtaining loans from european capitalists who were seized with the same speculative mania which prevailed in the united states and the large importations of funds from abroad the result of stock sales and loans no one can be surprised at the apparent but unsubstantial state of prosperity which everywhere prevailed over the land and as little because of surprise should be felt at the present prostration of everything and the ruin which has befallen so many of our in the sudden withdrawal from circulation of so large an amount of bank issues since 1837 exceeding as is believed the amount added to the paper currency for a similar period antecedent to 1837 it ceases to be a matter of astonishment that such extensive shipwreck should have been made of private fortunes or that difficulties should exist in meeting their engagements on the part of the debtor states apart from which if there be taken into account the immense losses sustained in the dishonor of numerous banks it is less a matter of surprise that insolvency should have visited many of our than that so many should have escaped the blighting influences of the times in the solemn conviction of these truths and with an ardent desire to meet the pressing necessities of the country i felt it to be my duty to because to be submitted to you at the commencement of your last session the plan of an exchequer the whole power and duty of maintaining which in purity and vigor was to be exercised by the representatives of the people and the states and therefore virtually by the people themselves it was proposed to place it under the control and direction of a treasury board to consist of three commissioners whose duty it should be to see that the law of its creation was faithfully executed and that the great end of supplying a paper medium of exchange at all times convertible into gold and silver should be attained the board thus constituted was given as much permanency as could be imparted to it without endangering the proper share of responsibility which should attach to all public agents in order to insure all the advantages of a experience the commissioners were to hold their offices for the respective periods of two four and six years thereby securing at all times in the management of the exchequer the services of two men of experience and to place them in a condition to exercise perfect independence of mind and action it was provided that their removal should only take place for actual incapacity or infidelity to the trust and to be followed by the president with an exposition of the causes of such removal should it occur it was proposed to establish subordinate boards in each of the states under the same restrictions and limitations of the power of removal which with the central board should receive safely keep and disburse the public moneys and in order to furnish a sound paper medium of exchange the exchequer should retain of the revenues of the government a sum not to exceed in specie to be set apart as required by its operations and to pay the public creditor at his own option either in specie or treasury notes of denominations not less than 5 nor exceeding 100 which notes should be redeemed at the several places of issue and to be receivable at all times and everywhere in payment of government dues with a restraint upon such issue of bills that the same should not exceed the maximum of in order to guard against all the hazards incident to fluctuations in trade the secretary of the treasury was invested with authority to issue of government stock should the same at any time be regarded as necessary in order to place beyond hazard the prompt redemption of the bills which might be thrown into circulation thus in fact making the issue of of exchequer bills rest substantially on and keeping in circulation never more than one and dollars for every dollar in specie when to this it is added that the bills are not only everywhere receivable in government dues but that the government itself would be bound for their ultimate redemption no rational doubt can exist that the paper which the exchequer would furnish would readily enter into general circulation and be maintained at all times at or above par with gold and silver thereby realizing the great want of the age and fulfilling the wishes of the people in order to reimburse the government the expenses of the plan it was proposed to invest the exchequer with the limited authority to deal in bills of exchange unless prohibited by the state in which an agency might be situated having only thirty days to run and resting on a fair and bona fide basis the legislative will on this point might be so plainly announced as to avoid all pretext for partiality or favoritism it was furthermore proposed to invest this treasury agent with authority to receive on deposit to a limited amount the specie funds of individuals and to grant certificates therefor to be redeemed on presentation under the idea which is believed to be well founded that such certificates would come in aid of the exchequer bills in supplying a safe and ample paper circulation or if in place of the contemplated dealings in exchange the exchequer should be authorized not only to exchange its bills for actual deposits of specie but for specie or its equivalent to sell drafts charging therefor a small but reasonable premium i can not doubt but that the benefits of the law would be speedily manifested in the revival of the credit trade and business of the whole country entertaining this opinion it becomes my duty to urge its adoption upon 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 am well aware that this proposed alteration and amendment of the laws establishing the treasury department has encountered various objections and that among others it has been proclaimed a government bank of fearful and dangerous import it is proposed to confer upon it no extraordinary power it purports to do no more than pay the debts of the government with the redeemable paper of the government in which respect it accomplishes precisely what the treasury does daily at this time in issuing to the public creditors the treasury notes which under law it is authorized to issue it has no resemblance to an ordinary bank as it furnishes no profits to private stockholders and lends no capital to individuals if it be objected to as a government bank and the objection be available then should all the laws in relation to the treasury be repealed and the capacity of the government to collect what is due to it or pay what it owes be abrogated this is the chief purpose of the proposed exchequer and surely if in the accomplishment of a purpose so essential it affords a sound circulating medium to the country and facilities to trade it should be regarded as no slight recommendation of it to public consideration properly guarded by the provisions of law it can run into no dangerous evil nor can any abuse arise under it but such as the legislature itself will be answerable for if it be tolerated since it is but the creature of the law and is susceptible at all times of modification amendment or repeal at the pleasure of congress i know that it has been objected that the system would be liable to be abused by the legislature by whom alone it could be abused in the party conflicts of the day that such abuse would manifest itself in a change of the law which would authorize an excessive issue of paper for the purpose of inflating prices and winning popular favor to that it may be answered that the ascription of such a motive to congress is altogether gratuitous and inadmissible the theory of our institutions would lead us to a different conclusion but a perfect security against a proceeding so reckless would be found to exist in the very nature of things the political party which should be so blind to the true interests of the country as to resort to such an expedient would inevitably meet with final overthrow in the fact that the moment the paper ceased to be convertible into specie or otherwise promptly redeemed it would become worthless and would in the end dishonor the government involve the people in ruin and such political party in hopeless disgrace at the same time such a view involves the utter impossibility of furnishing any currency other than that of the precious metals for if the government itself can not forego the temptation of excessive paper issues what reliance can be placed in corporations upon whom the temptations of individual aggrandizement would most strongly operate the people would have to blame none but themselves for any injury that might arise from a course so reckless since their agents would be the wrongdoers and they the passive spectators there can be but three kinds of public currency first gold and silver second the paper of state institutions or third a representative of the precious metals provided by the general government or under its authority the subtreasury system rejected the last in any form and as it was believed that no reliance could be placed on the issues of local institutions for the purposes of general circulation it necessarily and unavoidably adopted specie as the exclusive currency for its own use and this must ever be the case unless one of the other kinds be used the choice in the present state of public sentiment lies between an exclusive specie currency on the one hand and government issues of some kind on the other that these issues can not be made by a chartered institution is supposed to be conclusively settled they must be made then directly by government agents for several years past they have been thus made in the form of treasury notes and have answered a valuable purpose their usefulness has been limited by their being transient and temporary their ceasing to bear interest at given periods necessarily causes their speedy return and thus restricts their range of circulation and being used only in the disbursements of government they can not reach those points where they are most required by rendering their use permanent to the moderate extent already mentioned by offering no inducement for their return and by exchanging them for coin and other values they will constitute to a certain extent the general currency so much needed to maintain the internal trade of the country and this is the exchequer plan so far as it may operate in furnishing a currency i can not forego the occasion to urge its importance to the credit of the government in a financial point of view the great necessity of resorting to every proper and becoming expedient in order to place the treasury on a footing of the highest respectability is entirely obvious the credit of the government may be regarded as the very soul of the government itself a principle of vitality without which all its movements are languid and all its operations embarrassed in this spirit the executive felt itself bound by the most imperative sense of duty to submit to congress at its last session the propriety of making a specific pledge of the land fund as the basis for the negotiation of the loans authorized to be contracted i then thought that such an application of the public domain would without doubt have placed at the command of the government ample funds to relieve the treasury from the temporary embarrassments under which it labored american credit has suffered a considerable shock in europe from the large indebtedness of the states and the temporary inability of some of them to meet the interest on their debts the utter and disastrous prostration of the united states bank of pennsylvania had contributed largely to increase the sentiment of distrust by reason of the loss and ruin sustained by the holders of its stock a large portion of whom were foreigners and many of whom were alike ignorant of our political organization and of our actual responsibilities it was the anxious desire of the executive that in the effort to negotiate the loan abroad the american negotiator might be able to point the money lender to the fund mortgaged for the redemption of the principal and interest of any loan he might contract and thereby vindicate the government from all suspicion of bad faith or inability to meet its engagements congress differed from the executive in this view of the subject it became nevertheless the duty of the executive to resort to every expedient in its power to do so after a failure in the american market a citizen of high character and talent was sent to europe with no better success and thus the mortifying spectacle has been presented of the inability of this government to obtain a loan so small as not in the whole to amount to more than of its ordinary annual income at a time when the governments of europe although involved in debt and with their subjects heavily burthened with taxation readily obtained loans of any amount at a greatly reduced rate of interest it would be unprofitable to look further into this anomalous state of things but i can not conclude without adding that for a government which has paid off its debts of two wars with the largest maritime power of europe and now owing a debt which is almost next to nothing when compared with its boundless resources a government the strongest in the world because emanating from the popular will and firmly rooted in the affections of a great and free people and whose fidelity to its engagements has never been questioned for such a government to have tendered to the capitalists of other countries an opportunity for a small investment in its stock and yet to have failed implies either the most unfounded distrust in its good faith or a purpose to obtain which the course pursued is the most fatal which could have been adopted it has now become obvious to all men that the government must look to its own means for supplying its wants and it is consoling to know that these means are altogether adequate for the object the exchequer if adopted will greatly aid in bringing about this result upon what i regard as a supposition that its bills would be readily sought for by the public creditors and that the issue would in a short time reach the maximum of it is obvious that would thereby be added to the available means of the treasury without cost or charge nor can i fail to urge the great and beneficial effects which would be produced in aid of all the active pursuits of life its effects upon the solvent state banks while it would force into liquidation those of an opposite character through its weekly settlements would be highly beneficial and with the advantages of a sound currency the restoration of confidence and credit would follow with a numerous train of blessings my convictions are most strong that these benefits would flow from the adoption of this measure but if the result should be adverse there is this security in connection with it that the law creating it may be repealed at the pleasure of the legislature without the slightest implication of its good faith i recommend to congress to take into consideration the propriety of reimbursing a fine imposed on general jackson at new orleans at the time of the attack and defense 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 regarded as not unjust or inexpedient the voice of the civil authority was heard amidst the glitter of arms and obeyed by those who held the sword thereby giving additional luster to a memorable military achievement if the laws were offended their majesty was fully vindicated and although the penalty incurred and paid is worthy of little regard in a pecuniary point of view it can hardly be doubted that it would be gratifying to the veteran now in retirement and in the winter of his days to be relieved from the circumstances in which that judgment placed him there are cases in which public functionaries may be called on to weigh the public interest against their own personal hazards and if the civil law be violated from praiseworthy motives or an overruling sense of public danger and public necessity punishment may well be restrained within that limit which asserts and maintains the authority of the law and the subjection of the military to the civil power the defense of new orleans while it saved a city from the hands of the enemy placed the name of general jackson among those of the greatest captains of the age and illustrated one of the brightest pages of our history now that the causes of excitement existing at the time have ceased to operate it is believed that the remission of this fine and whatever of gratification that remission might because the eminent man who incurred and paid it would be in accordance with the general feeling and wishes of the american people i have thus 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
continued reason express profound gratitude great creator things numberless benefits conferred upon us people blessed genial seasons husbandman garners filled abundance necessaries life speak luxuries abound every direction nations steady industrious labor hardly find means subsistence greatest evil encounter surplus production beyond home demand seeks difficulty finds partial market regions health country partial exceptions past year well preserved free wise institutions united states rapidly advancing toward consummation high destiny overruling providence seems marked exempt domestic convulsion peace world left free consult best means securing advancing happiness people circumstances assemble respective chambers lead us unite praise thanksgiving great made us preserves us nation congratulate happy change aspect foreign affairs since last annual message causes complaint time existed united states great britain attended irritating circumstances threatened seriously public peace difficulty adjusting amicably questions issue two countries small degree augmented lapse time since origin opinions entertained executive several leading topics dispute frankly set forth message opening late session appointment special minister great britain united states power negotiate upon points difference indicated desire part amicably adjust minister met executive spirit dictated mission treaty consequent thereon duly ratified two governments copy together correspondence accompanied herewith communicated trust whilst may see nothing objectionable may means preserving indefinite period amicable relations happily existing two governments question peace war united states great britain question deepest interest civilized world since scarcely possible war could exist without endangering peace christendom immediate effect treaty upon felt security afforded mercantile enterprise longer apprehensive interruption adventures speculations distant seas freighted diversified productions every land returns bless nothing treaty slightest degree compromits honor dignity either nation next settlement boundary line must always matter difficulty states individuals question seemed threaten greatest embarrassment connected african slave trade tenth article treaty ghent expressly declared whereas traffic slaves irreconcilable principles humanity justice whereas majesty united states desirous continuing efforts promote entire abolition hereby agreed contracting parties shall use best endeavors accomplish desirable object enforcement laws treaty stipulations great britain practice threatened grow part cruisers subjecting visitation ships sailing american flag seriously involved maritime rights would subject vexation branch trade daily increasing required fostering care government although lord aberdeen correspondence american envoys london expressly disclaimed right detain american ship high seas even found cargo slaves board restricted british pretension mere claim visit inquire yet could well discerned executive united states visit inquiry could made without detention voyage consequent interruption trade regarded right search presented new form expressed different words therefore felt duty distinctly declare annual message congress concession could made united states ability enforce laws protect flag used purposes wholly forbidden laws obnoxious moral censure world taking message letter instructions minister paris felt required assume ground remonstrance felt duty present guizot king french called quintuple treaty conduct respect met approval government close conformity views eighth article treaty framed provides nation shall keep afloat african seas force less 80 guns act separately apart instructions respective governments enforcement respective laws obligations seen ground assumed message fully maintained time stipulations treaty ghent carried good faith two countries pretense removed interference commerce purpose whatever foreign government therefore united states standing freedom seas thought proper make pretext avoiding fulfillment treaty stipulations ground giving countenance trade reprobated laws similar arrangement great powers could fail sweep ocean slave trade without interpolation new principle maritime code may permitted hope example thus set followed thereby also afford suitable protection fair trader seas thus fulfilling time dictates sound policy complying claims justice humanity would furnished additional congratulation treaty could embraced subjects calculated future lead misunderstanding two governments territory united states commonly called oregon territory lying pacific ocean north degree latitude portion great britain lays claim begins attract attention tide population reclaimed lately unbroken wilderness contiguous regions preparing flow vast districts stretch rocky mountains pacific ocean advance acquirement individual rights lands sound policy dictates every effort resorted two governments settle respective claims became manifest early hour late negotiations attempt time satisfactorily determine rights would lead protracted discussion might embrace failure pressing matters executive regard proper waive advantages honorable adjustment difficulties great magnitude importance immediately pressing stood way although difficulty referred may several years come involve peace two countries yet shall delay urge great britain importance early settlement matters commercial importance two countries overlooked good reason believe comport policy england united states seize upon moment causes irritation passed away cement peace amity two countries wisely removing grounds probable future collision powers europe relations continue amicable footing treaties existing rigidly observed every opportunity compatible interests united states seized upon enlarge basis commercial intercourse peace world true foundation policy rendered permanent practice equal impartial justice great desire enter rivalry looks general good cultivation sciences enlargement field exercise mechanical arts spread commerce great civilizer every land sea carefully abstaining interference questions exclusively referring political interests europe may permitted hope equal exemption interference european governments relates states american continent 23d april last commissioners part united states convention mexican republic 11th april 1839 made proper department final report relation proceedings commission appears total amount awarded claimants commissioners umpire appointed convention arbiter considered functions required convention terminate time commissioners returned board undecided want time claims allowed american commissioners amount claims amount sought recovered submitted board late consideration minister united states mexico duly authorized make demand payment awards according terms convention provisions act congress 12th june 1840 also instructed communicate government expectations government united states relation claims disposed according provisions convention others citizens united states mexican government also furnished instructions followed case government mexico find condition make present payment amount awards specie equivalent happy able say information esteemed favorable satisfaction awards reasonable provision claims recently received thompson minister united states promptly efficiently executed instructions government regard important subject citizens united states accompanied late texan expedition santa fe wrongfully taken held prisoners war mexico liberated correspondence taken place department state mexican minister foreign affairs upon complaint mexico citizens united states permitted give aid inhabitants texas war existing republic copies correspondence herewith communicated congress together copies letters subject addressed diplomatic corps mexico american minister mexican secretary state mexico thought proper reciprocate mission united states government accrediting minister rank representative united states mexico circumstances connected mission favorable results anticipated obviously interest countries neighbors friends causes mutual dissatisfaction removed hoped neither omit delay employment practicable honorable means accomplish end affairs pending government several others states hemisphere formerly dominion spain within past year materially obstructed military revolutions conflicts countries ratifications treaty united states republic ecuador 13th june 1839 exchanged instrument duly promulgated part government copies communicated congress view enable body make changes laws applicable intercourse republic may deemed requisite provision made government chile payment claim account illegal detention brig warrior coquimbo 1820 government reason expect claims citizens chile hastened final satisfactory close empire brazil altogether exempt convulsions constantly afflict neighboring republics disturbances recently broke however understood quieted occurrences threatening stability governments causing incessant violent changes persons administer tend greatly retard provisions indemnity losses injuries suffered individual subjects citizens states government united states feel duty however consent delay unavoidable making satisfaction wrongs injuries sustained citizens many years cases elapsed decisive effectual course proceeding demanded respective governments claims preferred vexatious harassing expensive war long prevailed indian tribes inhabiting peninsula florida happily terminated whereby army relieved service disagreeable character treasury large expenditure casual outbreaks may occur incident close proximity border settlers indians cases may left care local authorities aided occasion may require forces united states sufficient number troops maintained florida long remotest apprehensions danger shall exist yet duties limited rather garrisoning necessary posts maintenance active hostilities hoped territory long retarded growth speedily recover evils incident protracted war exhibiting increased amount rich productions true evidences returning wealth prosperity practice rigid justice toward numerous indian tribes residing within territorial limits exercise parental vigilance interests protecting fraud intrusion time using every proper expedient introduce among arts civilized life may fondly hope wean love war inspire love peace avocations several tribes great progress civilizing already made schoolmaster missionary found side side remnants numerous powerful nations may yet preserved builders new name posterity balance treasury 1st january 1842 exclusive amount deposited states trust funds indemnities receipts treasury three first quarters present year sources amount fourteen millions received customs one million public lands receipts fourth quarter estimated nearly eight millions four millions expected customs three millions half loans treasury notes expenditures first three quarters present year exceed millions estimated fourth quarter amount eight millions anticipated deficiency half million 1st january next amount outstanding warrants estimated leave actual balance treasury among expenditures year eight millions public debt account distribution states proceeds sales public lands present tariff duties somewhat hastily hurriedly passed near close late session congress defects therefore surprising one remedy defects may found exist numerous provisions fail claim serious attention may well merit inquiry whether exaction duties cash call introduction system proved highly beneficial countries adopted refer warehousing system first prominent effect would produce would protect market alike redundant deficient supplies foreign fabrics long run injurious well manufacturer importer quantity goods store times readily known would enable importer approach accuracy ascertain actual wants market regulate accordingly however fall error importing excess public wants could readily correct evils availing benefits advantages system thus established storehouse goods imported would await demand market issues would governed fixed principles demand supply thus approximation would made steadiness uniformity price attainable would conduce decided advantage mercantile mechanical operations apprehension may well entertained without something ameliorate rigor cash payments entire import trade may fall hands wealthy capitalists country europe small importer requires money raise investments abroad ill afford pay lowest duty would subduct advance portion funds order pay duties would lose interest upon amount thus paid time goods might remain unsold might absorb profits rich capitalist abroad well home would thus possess short time almost exclusive monopoly import trade laws designed benefit would thus operate benefit result wholly uncongenial spirit institutions antirepublican tendencies warehousing system would enable importer watch market select time offering goods sale profitable portion carrying trade articles entered benefit drawback must also seriously affected without adoption expedient relieve cash system warehousing system would afford relief since carrier would safe recourse public storehouses might without advancing duty reship within reasonable period foreign ports effect measure would supersede system drawbacks thereby effectually protecting government fraud right debenture would attach goods withdrawal public stores revising existing tariff duties deem proper present session repeat suggestions recommendations upon several occasions heretofore felt duty offer congress great primary controlling interest american people union union mere forms government forms may broken union rounded attachment states individuals union sentiment feeling preserved adoption course policy neither giving exclusive benefits imposing unnecessary burthens upon others shall consult interests pursuing course moderation thereby seeking harmonize public opinion causing people everywhere feel know government careful interests alike subject regard moderation connected wise discrimination necessary imposition duties imports whether reference revenue primary object imposition taxes incidents necessarily flow imposition entirely true extravagant duties defeat end object exciting public mind hostility manufacturing interests inducing system smuggling extensive scale practice every manner fraud upon revenue utmost vigilance government effectually suppress opposite course policy would attended results essentially different every interest society none manufacturer would reap important advantages among striking benefits would derived general acquiescence country support consequent permanency stability would given operations industry often repeated system legislation wise fluctuating uncertain interest thrive prudent capitalist never adventure capital manufacturing establishments leading pursuit life exists state uncertainty whether government repeal enacted fitful profits however high threatened ruinous reduction vacillating policy part government scarcely tempt trust money acquired life labor upon uncertain adventure therefore spirit conciliation influenced desire rescue great interests country vortex political contention discharge high solemn duties place occupy recommend moderate duties imposed wise discrimination several objects likely durable advantageous every interest society report secretary war department exhibits full satisfactory account various important interests committed charge officer particularly gratifying find expenditures military service greatly reduced amount strict system economy introduced service abuses past years greatly reformed fortifications maritime frontier prosecuted much vigor many points defenses considerable state forwardness suggestions reference establishment means communication territories pacific surveys essential knowledge resources intermediate country entitled favorable consideration would propose nothing inconsistent friendly negotiations settle extent claims region yet prudent forecast points necessity measures may enable us maintain rights arrangements made preserving neutral relations boundary us texas keeping check indians quarter maintained long circumstances may require several years angry contentions grown disposition directed law made mineral lands held government several states government constituted landlord citizens states wherein lie lands tenants relation unwise one would much conducive public interest sale lands made remain present condition supply ore would abundantly certainly furnished drawn enterprise industry proprietor present system recommendations secretary regard improvements western waters certain prominent harbors lakes merit doubt receive serious attention great importance subjects prosperity extensive region referred security whole country time war escape observation losses life property annually occur navigation mississippi alone dangerous obstructions river make loud demand upon congress adoption efficient measures removal report secretary navy bring acquainted important branch public defenses considering already vast daily increasing commerce country apart exposure hostile inroad extended seaboard relates navy calculated excite particular attention whatever tends add efficiency without entailing unnecessary charges upon treasury well worthy serious consideration seen appropriation exceeding million appropriations current year asked secretary yet sum proposed included purchase clothing expended annually reimbursed sale clothes thus constitute perpetual fund without new appropriation object may also added asked cover arrearages past years order maintain competent squadron coast africa deducted reduce expenditures nearly within limits current year however expenditures thus remain nearly antecedent year proposed add greatly operations marine lieu 25 ships commission little way building keep expenditure 41 vessels afloat build 12 ships small class strict system accountability established great pains taken insure industry fidelity economy every department duty experiments instituted test quality various materials particularly copper iron coal prevent fraud imposition appear report great point several years much desired current year fully accomplished expenditures department current service brought within income without lessening general usefulness increase revenue equal year 1842 1841 without believed addition made number letters newspapers transmitted mails laws honestly administered fidelity observed accounting paying subordinates department moneys received details service refer report flatter exhibition thus made condition public administration serve convince every proper attention paid interests country called heads different departments reduction annual expenditures government already accomplished furnishes sure evidence economy application public moneys regarded paramount duty peace world personal liberty citizen sacredly maintained rights secured political institutions deriving authority direct sanction people soil fertile almost beyond example country blessed every diversity climate production remains done order advance happiness prosperity people ordinary circumstances inquiry could readily answered best probably could done people inhabiting country would fortify peace security prosecution various pursuits guarding invasion without violence within rest greater part might left energy enterprise chief embarrassments moment exhibit arisen overaction difficult task remains accomplished correcting overcoming effects years 1833 1838 additions made bank capital bank issues form notes designed circulation extent enormously great question seemed best currency could provided manner greatest amount bank paper could put circulation thus vast amount called money since time answered purposes money thrown upon country overissue attended necessary consequence extravagant increase prices articles property spread speculative mania country finally ended general indebtedness part states individuals prostration public private credit depreciation market value real personal estate left large districts country almost entirely without circulating medium view fact 1830 whole circulation within united states amounted according treasury statements addition made thereto enormous sum seven years circulation 1st january 1837 stated aided great facilities afforded obtaining loans european capitalists seized speculative mania prevailed united states large importations funds abroad result stock sales loans one surprised apparent unsubstantial state prosperity everywhere prevailed land little surprise felt present prostration everything ruin befallen many sudden withdrawal circulation large amount bank issues since 1837 exceeding believed amount added paper currency similar period antecedent 1837 ceases matter astonishment extensive shipwreck made private fortunes difficulties exist meeting engagements part debtor states apart taken account immense losses sustained dishonor numerous banks less matter surprise insolvency visited many many escaped blighting influences times solemn conviction truths ardent desire meet pressing necessities country felt duty submitted commencement last session plan exchequer whole power duty maintaining purity vigor exercised representatives people states therefore virtually people proposed place control direction treasury board consist three commissioners whose duty see law creation faithfully executed great end supplying paper medium exchange times convertible gold silver attained board thus constituted given much permanency could imparted without endangering proper share responsibility attach public agents order insure advantages experience commissioners hold offices respective periods two four six years thereby securing times management exchequer services two men experience place condition exercise perfect independence mind action provided removal take place actual incapacity infidelity trust followed president exposition causes removal occur proposed establish subordinate boards states restrictions limitations power removal central board receive safely keep disburse public moneys order furnish sound paper medium exchange exchequer retain revenues government sum exceed specie set apart required operations pay public creditor option either specie treasury notes denominations less 5 exceeding 100 notes redeemed several places issue receivable times everywhere payment government dues restraint upon issue bills exceed maximum order guard hazards incident fluctuations trade secretary treasury invested authority issue government stock time regarded necessary order place beyond hazard prompt redemption bills might thrown circulation thus fact making issue exchequer bills rest substantially keeping circulation never one dollars every dollar specie added bills everywhere receivable government dues government would bound ultimate redemption rational doubt exist paper exchequer would furnish would readily enter general circulation maintained times par gold silver thereby realizing great want age fulfilling wishes people order reimburse government expenses plan proposed invest exchequer limited authority deal bills exchange unless prohibited state agency might situated thirty days run resting fair bona fide basis legislative point might plainly announced avoid pretext partiality favoritism furthermore proposed invest treasury agent authority receive deposit limited amount specie funds individuals grant certificates therefor redeemed presentation idea believed well founded certificates would come aid exchequer bills supplying safe ample paper circulation place contemplated dealings exchange exchequer authorized exchange bills actual deposits specie specie equivalent sell drafts charging therefor small reasonable premium doubt benefits law would speedily manifested revival credit trade business whole country entertaining opinion becomes duty urge adoption upon congress reference strongest considerations public interests alterations details congress may wisdom see fit make well aware proposed alteration amendment laws establishing treasury department encountered various objections among others proclaimed government bank fearful dangerous import proposed confer upon extraordinary power purports pay debts government redeemable paper government respect accomplishes precisely treasury daily time issuing public creditors treasury notes law authorized issue resemblance ordinary bank furnishes profits private stockholders lends capital individuals objected government bank objection available laws relation treasury repealed capacity government collect due pay owes abrogated chief purpose proposed exchequer surely accomplishment purpose essential affords sound circulating medium country facilities trade regarded slight recommendation public consideration properly guarded provisions law run dangerous evil abuse arise legislature answerable tolerated since creature law susceptible times modification amendment repeal pleasure congress know objected system would liable abused legislature alone could abused party conflicts day abuse would manifest change law would authorize excessive issue paper purpose inflating prices winning popular favor may answered ascription motive congress altogether gratuitous inadmissible theory institutions would lead us different conclusion perfect security proceeding reckless would found exist nature things political party blind true interests country resort expedient would inevitably meet final overthrow fact moment paper ceased convertible specie otherwise promptly redeemed would become worthless would end dishonor government involve people ruin political party hopeless disgrace time view involves utter impossibility furnishing currency precious metals government forego temptation excessive paper issues reliance placed corporations upon temptations individual aggrandizement would strongly operate people would blame none injury might arise course reckless since agents would wrongdoers passive spectators three kinds public currency first gold silver second paper state institutions third representative precious metals provided general government authority subtreasury system rejected last form believed reliance could placed issues local institutions purposes general circulation necessarily unavoidably adopted specie exclusive currency use must ever case unless one kinds used choice present state public sentiment lies exclusive specie currency one hand government issues kind issues made chartered institution supposed conclusively settled must made directly government agents several years past thus made form treasury notes answered valuable purpose usefulness limited transient temporary ceasing bear interest given periods necessarily causes speedy return thus restricts range circulation used disbursements government reach points required rendering use permanent moderate extent already mentioned offering inducement return exchanging coin values constitute certain extent general currency much needed maintain internal trade country exchequer plan far may operate furnishing currency forego occasion urge importance credit government financial point view great necessity resorting every proper becoming expedient order place treasury footing highest respectability entirely obvious credit government may regarded soul government principle vitality without movements languid operations embarrassed spirit executive felt bound imperative sense duty submit congress last session propriety making specific pledge land fund basis negotiation loans authorized contracted thought application public domain would without doubt placed command government ample funds relieve treasury temporary embarrassments labored american credit suffered considerable shock europe large indebtedness states temporary inability meet interest debts utter disastrous prostration united states bank pennsylvania contributed largely increase sentiment distrust reason loss ruin sustained holders stock large portion foreigners many alike ignorant political organization actual responsibilities anxious desire executive effort negotiate loan abroad american negotiator might able point money lender fund mortgaged redemption principal interest loan might contract thereby vindicate government suspicion bad faith inability meet engagements congress differed executive view subject became nevertheless duty executive resort every expedient power failure american market citizen high character talent sent europe better success thus mortifying spectacle presented inability government obtain loan small whole amount ordinary annual income time governments europe although involved debt subjects heavily burthened taxation readily obtained loans amount greatly reduced rate interest would unprofitable look anomalous state things conclude without adding government paid debts two wars largest maritime power europe owing debt almost next nothing compared boundless resources government strongest world emanating popular firmly rooted affections great free people whose fidelity engagements never questioned government tendered capitalists countries opportunity small investment stock yet failed implies either unfounded distrust good faith purpose obtain course pursued fatal could adopted become obvious men government must look means supplying wants consoling know means altogether adequate object exchequer adopted greatly aid bringing result upon regard supposition bills would readily sought public creditors issue would short time reach maximum obvious would thereby added available means treasury without cost charge fail urge great beneficial effects would produced aid active pursuits life effects upon solvent state banks would force liquidation opposite character weekly settlements would highly beneficial advantages sound currency restoration confidence credit would follow numerous train blessings convictions strong benefits would flow adoption measure result adverse security connection law creating may repealed pleasure legislature without slightest implication good faith recommend congress take consideration propriety reimbursing fine imposed general jackson new orleans time attack defense city paid without designing reflection judicial tribunal imposed fine remission day may regarded unjust inexpedient voice civil authority heard amidst glitter arms obeyed held sword thereby giving additional luster memorable military achievement laws offended majesty fully vindicated although penalty incurred paid worthy little regard pecuniary point view hardly doubted would gratifying veteran retirement winter days relieved circumstances judgment placed cases public functionaries may called weigh public interest personal hazards civil law violated praiseworthy motives overruling sense public danger public necessity punishment may well restrained within limit asserts maintains authority law subjection military civil power defense new orleans saved city hands enemy placed name general jackson among greatest captains age illustrated one brightest pages history causes excitement existing time ceased operate believed remission fine whatever gratification remission might eminent man incurred paid would accordance general feeling wishes american people thus acquitted duty constitution laying succinctly able state union inviting attention measures much importance country executive zealously unite efforts legislative department accomplishment required relieve wants common constituency elevate destinies beloved country
continued reason express profound gratitude great creator thing numberless benefit confer upon u people bless genial season husbandman garner fill abundance necessary life speak luxury abound every direction nation steady industrious labor hardly find means subsistence great evil encounter surplus production beyond home demand seek difficulty find partial market region health country partial exception past year well preserve free wise institution united state rapidly advance toward consummation high destiny overrule providence seem mark exempt domestic convulsion peace world leave free consult best mean secure advance happiness people circumstance assemble respective chamber lead u unite praise thanksgiving great make u preserve u nation congratulate happy change aspect foreign affair since last annual message cause complaint time exist united state great britain attend irritating circumstance threaten seriously public peace difficulty adjust amicably question issue two country small degree augment lapse time since origin opinion entertain executive several lead topic dispute frankly set forth message open late session appointment special minister great britain united state power negotiate upon point difference indicate desire part amicably adjust minister meet executive spirit dictate mission treaty consequent thereon duly ratify two government copy together correspondence accompany herewith communicate trust whilst may see nothing objectionable may mean preserve indefinite period amicable relation happily exist two government question peace war united state great britain question deep interest civilize world since scarcely possible war could exist without endanger peace christendom immediate effect treaty upon felt security afford mercantile enterprise longer apprehensive interruption adventure speculation distant sea freight diversified production every land return bless nothing treaty slight degree compromits honor dignity either nation next settlement boundary line must always matter difficulty state individual question seem threaten great embarrassment connect african slave trade tenth article treaty ghent expressly declare whereas traffic slave irreconcilable principle humanity justice whereas majesty united state desirous continue effort promote entire abolition hereby agree contract party shall use best endeavor accomplish desirable object enforcement law treaty stipulation great britain practice threaten grow part cruiser subject visitation ship sail american flag seriously involve maritime right would subject vexation branch trade daily increase require foster care government although lord aberdeen correspondence american envoys london expressly disclaim right detain american ship high sea even find cargo slave board restrict british pretension mere claim visit inquire yet could well discern executive united state visit inquiry could make without detention voyage consequent interruption trade regard right search present new form express different word therefore felt duty distinctly declare annual message congress concession could make united state ability enforce law protect flag use purpose wholly forbidden law obnoxious moral censure world take message letter instruction minister paris felt require assume ground remonstrance felt duty present guizot king french call quintuple treaty conduct respect meet approval government close conformity view eighth article treaty frame provide nation shall keep afloat african sea force less 80 gun act separately apart instruction respective government enforcement respective law obligation see ground assume message fully maintain time stipulation treaty ghent carry good faith two country pretense remove interference commerce purpose whatever foreign government therefore united state stand freedom sea think proper make pretext avoid fulfillment treaty stipulation ground give countenance trade reprobate law similar arrangement great power could fail sweep ocean slave trade without interpolation new principle maritime code may permit hope example thus set follow thereby also afford suitable protection fair trader sea thus fulfil time dictate sound policy comply claim justice humanity would furnish additional congratulation treaty could embrace subject calculated future lead misunderstand two government territory united state commonly call oregon territory lie pacific ocean north degree latitude portion great britain lay claim begin attract attention tide population reclaim lately unbroken wilderness contiguous region prepare flow vast district stretch rocky mountain pacific ocean advance acquirement individual right land sound policy dictate every effort resort two government settle respective claim become manifest early hour late negotiation attempt time satisfactorily determine right would lead protracted discussion might embrace failure press matter executive regard proper waive advantage honorable adjustment difficulty great magnitude importance immediately press stand way although difficulty refer may several year come involve peace two country yet shall delay urge great britain importance early settlement matter commercial importance two country overlook good reason believe comport policy england united state seize upon moment cause irritation pass away cement peace amity two country wisely remove ground probable future collision power europe relation continue amicable footing treaty exist rigidly observe every opportunity compatible interest unite state seize upon enlarge basis commercial intercourse peace world true foundation policy render permanent practice equal impartial justice great desire enter rivalry look general good cultivation science enlargement field exercise mechanical art spread commerce great civilizer every land sea carefully abstain interference question exclusively refer political interest europe may permit hope equal exemption interference european government relate state american continent 23d april last commissioner part united state convention mexican republic 11th april 1839 make proper department final report relation proceeding commission appear total amount award claimant commissioner umpire appoint convention arbiter consider function require convention terminate time commissioner return board undecided want time claim allow american commissioner amount claim amount seek recover submit board late consideration minister united state mexico duly authorize make demand payment award accord term convention provision act congress 12th june 1840 also instruct communicate government expectation government unite state relation claim dispose accord provision convention others citizens united state mexican government also furnish instruction follow case government mexico find condition make present payment amount award specie equivalent happy able say information esteem favorable satisfaction award reasonable provision claim recently receive thompson minister united state promptly efficiently execute instruction government regard important subject citizen united state accompany late texan expedition santa fe wrongfully take held prisoner war mexico liberate correspondence take place department state mexican minister foreign affair upon complaint mexico citizen united state permit give aid inhabitant texas war exist republic copy correspondence herewith communicate congress together copy letter subject address diplomatic corp mexico american minister mexican secretary state mexico think proper reciprocate mission unite states government accredit minister rank representative united state mexico circumstance connect mission favorable result anticipate obviously interest country neighbor friends cause mutual dissatisfaction remove hop neither omit delay employment practicable honorable mean accomplish end affair pending government several others state hemisphere formerly dominion spain within past year materially obstruct military revolution conflict country ratification treaty united state republic ecuador 13th june 1839 exchange instrument duly promulgate part government copy communicate congress view enable body make change law applicable intercourse republic may deem requisite provision make government chile payment claim account illegal detention brig warrior coquimbo 1820 government reason expect claim citizen chile hasten final satisfactory close empire brazil altogether exempt convulsion constantly afflict neighbor republic disturbance recently break however understood quieted occurrence threaten stability government cause incessant violent change person administer tend greatly retard provision indemnity loss injury suffer individual subject citizens states government unite state feel duty however consent delay unavoidable make satisfaction wrong injury sustain citizen many year case elapse decisive effectual course proceeding demand respective government claim prefer vexatious harass expensive war long prevail indian tribe inhabit peninsula florida happily terminate whereby army relieve service disagreeable character treasury large expenditure casual outbreak may occur incident close proximity border settler indians case may leave care local authority aid occasion may require force united state sufficient number troop maintain florida long remote apprehension danger shall exist yet duty limit rather garrison necessary post maintenance active hostility hop territory long retarded growth speedily recover evil incident protract war exhibit increased amount rich production true evidence return wealth prosperity practice rigid justice toward numerous indian tribe reside within territorial limit exercise parental vigilance interest protect fraud intrusion time use every proper expedient introduce among art civilize life may fondly hope wean love war inspire love peace avocation several tribe great progress civilize already make schoolmaster missionary find side side remnant numerous powerful nation may yet preserve builder new name posterity balance treasury 1st january 1842 exclusive amount deposit state trust fund indemnity receipt treasury three first quarter present year source amount fourteen million receive custom one million public land receipt fourth quarter estimate nearly eight million four million expect custom three million half loan treasury note expenditure first three quarter present year exceed million estimate fourth quarter amount eight million anticipate deficiency half million 1st january next amount outstanding warrant estimate leave actual balance treasury among expenditure year eight million public debt account distribution state proceeds sale public land present tariff duty somewhat hastily hurriedly pass near close late session congress defect therefore surprise one remedy defect may find exist numerous provision fail claim serious attention may well merit inquiry whether exaction duty cash call introduction system prove highly beneficial country adopt refer warehousing system first prominent effect would produce would protect market alike redundant deficient supply foreign fabric long run injurious well manufacturer importer quantity good store time readily know would enable importer approach accuracy ascertain actual want market regulate accordingly however fall error import excess public want could readily correct evil avail benefit advantage system thus establish storehouse good import would await demand market issue would govern fixed principle demand supply thus approximation would make steadiness uniformity price attainable would conduce decided advantage mercantile mechanical operation apprehension may well entertain without something ameliorate rigor cash payment entire import trade may fall hand wealthy capitalist country europe small importer require money raise investment abroad ill afford pay low duty would subduct advance portion fund order pay duty would lose interest upon amount thus pay time good might remain unsold might absorb profit rich capitalist abroad well home would thus possess short time almost exclusive monopoly import trade law design benefit would thus operate benefit result wholly uncongenial spirit institution antirepublican tendency warehouse system would enable importer watch market select time offer good sale profitable portion carry trade article enter benefit drawback must also seriously affect without adoption expedient relieve cash system warehouse system would afford relief since carrier would safe recourse public storehouse might without advance duty reship within reasonable period foreign port effect measure would supersede system drawback thereby effectually protecting government fraud right debenture would attach good withdrawal public store revise exist tariff duty deem proper present session repeat suggestion recommendation upon several occasion heretofore felt duty offer congress great primary control interest american people union union mere forms government form may break union round attachment state individual union sentiment feel preserve adoption course policy neither give exclusive benefit impose unnecessary burthen upon others shall consult interest pursue course moderation thereby seek harmonize public opinion cause people everywhere feel know government careful interest alike subject regard moderation connect wise discrimination necessary imposition duty import whether reference revenue primary object imposition tax incident necessarily flow imposition entirely true extravagant duty defeat end object excite public mind hostility manufacturing interest induce system smuggle extensive scale practice every manner fraud upon revenue utmost vigilance government effectually suppress opposite course policy would attend result essentially different every interest society none manufacturer would reap important advantage among striking benefit would derive general acquiescence country support consequent permanency stability would give operation industry often repeated system legislation wise fluctuate uncertain interest thrive prudent capitalist never adventure capital manufacturing establishment lead pursuit life exist state uncertainty whether government repeal enact fitful profit however high threaten ruinous reduction vacillating policy part government scarcely tempt trust money acquire life labor upon uncertain adventure therefore spirit conciliation influence desire rescue great interest country vortex political contention discharge high solemn duty place occupy recommend moderate duty impose wise discrimination several object likely durable advantageous every interest society report secretary war department exhibit full satisfactory account various important interest commit charge officer particularly gratifying find expenditures military service greatly reduce amount strict system economy introduce service abuse past year greatly reform fortification maritime frontier prosecute much vigor many point defenses considerable state forwardness suggestion reference establishment mean communication territory pacific survey essential knowledge resource intermediate country entitle favorable consideration would propose nothing inconsistent friendly negotiation settle extent claim region yet prudent forecast point necessity measure may enable u maintain right arrangement make preserve neutral relation boundary u texas keep check indian quarter maintain long circumstance may require several year angry contention grow disposition direct law make mineral land held government several state government constitute landlord citizen state wherein lie land tenant relation unwise one would much conducive public interest sale land make remain present condition supply ore would abundantly certainly furnished drawn enterprise industry proprietor present system recommendation secretary regard improvement western water certain prominent harbor lakes merit doubt receive serious attention great importance subject prosperity extensive region refer security whole country time war escape observation loss life property annually occur navigation mississippi alone dangerous obstruction river make loud demand upon congress adoption efficient measure removal report secretary navy bring acquaint important branch public defenses consider already vast daily increase commerce country apart exposure hostile inroad extend seaboard relate navy calculate excite particular attention whatever tend add efficiency without entail unnecessary charge upon treasury well worthy serious consideration see appropriation exceed million appropriation current year ask secretary yet sum propose included purchase clothing expend annually reimbursed sale clothes thus constitute perpetual fund without new appropriation object may also add ask cover arrearages past year order maintain competent squadron coast africa deduct reduce expenditure nearly within limit current year however expenditures thus remain nearly antecedent year propose add greatly operation marine lieu 25 ship commission little way build keep expenditure 41 vessel afloat build 12 ship small class strict system accountability establish great pain take insure industry fidelity economy every department duty experiment instituted test quality various material particularly copper iron coal prevent fraud imposition appear report great point several year much desire current year fully accomplish expenditure department current service bring within income without lessen general usefulness increase revenue equal year 1842 1841 without believe addition make number letter newspaper transmit mail law honestly administer fidelity observe account pay subordinate department money receive detail service refer report flatter exhibition thus make condition public administration serve convince every proper attention pay interest country call head different department reduction annual expenditures government already accomplish furnishes sure evidence economy application public money regard paramount duty peace world personal liberty citizen sacredly maintain right secure political institution derive authority direct sanction people soil fertile almost beyond example country bless every diversity climate production remain do order advance happiness prosperity people ordinary circumstance inquiry could readily answer best probably could do people inhabit country would fortify peace security prosecution various pursuit guard invasion without violence within rest great part might leave energy enterprise chief embarrassment moment exhibit arisen overaction difficult task remain accomplished correct overcoming effect year 1833 1838 addition make bank capital bank issue form note design circulation extent enormously great question seem best currency could provide manner great amount bank paper could put circulation thus vast amount call money since time answer purpose money throw upon country overissue attend necessary consequence extravagant increase price article property spread speculative mania country finally end general indebtedness part state individual prostration public private credit depreciation market value real personal estate leave large district country almost entirely without circulate medium view fact 1830 whole circulation within united state amount accord treasury statement addition make thereto enormous sum seven year circulation 1st january 1837 state aid great facility afford obtain loan european capitalist seize speculative mania prevail united state large importation fund abroad result stock sale loan one surprised apparent unsubstantial state prosperity everywhere prevail land little surprise felt present prostration everything ruin befall many sudden withdrawal circulation large amount bank issue since 1837 exceed believe amount add paper currency similar period antecedent 1837 cease matter astonishment extensive shipwreck make private fortune difficulty exist meeting engagement part debtor state apart take account immense loss sustain dishonor numerous bank less matter surprise insolvency visit many many escape blight influence time solemn conviction truth ardent desire meet press necessity country felt duty submit commencement last session plan exchequer whole power duty maintain purity vigor exercise representative people state therefore virtually people propose place control direction treasury board consist three commissioner whose duty see law creation faithfully execute great end supply paper medium exchange time convertible gold silver attain board thus constitute give much permanency could impart without endanger proper share responsibility attach public agent order insure advantage experience commissioner hold office respective period two four six year thereby secure time management exchequer service two men experience place condition exercise perfect independence mind action provide removal take place actual incapacity infidelity trust follow president exposition cause removal occur propose establish subordinate board state restriction limitation power removal central board receive safely keep disburse public money order furnish sound paper medium exchange exchequer retain revenue government sum exceed specie set apart required operation pay public creditor option either specie treasury note denomination less 5 exceed 100 note redeem several place issue receivable time everywhere payment government due restraint upon issue bill exceed maximum order guard hazard incident fluctuation trade secretary treasury invest authority issue government stock time regard necessary order place beyond hazard prompt redemption bill might throw circulation thus fact make issue exchequer bill rest substantially keep circulation never one dollar every dollar specie add bill everywhere receivable government due government would bind ultimate redemption rational doubt exist paper exchequer would furnish would readily enter general circulation maintain time par gold silver thereby realize great want age fulfil wish people order reimburse government expense plan propose invest exchequer limited authority deal bill exchange unless prohibit state agency might situate thirty day run rest fair bona fide basis legislative point might plainly announce avoid pretext partiality favoritism furthermore propose invest treasury agent authority receive deposit limited amount specie fund individual grant certificate therefor redeem presentation idea believe well found certificate would come aid exchequer bill supply safe ample paper circulation place contemplate dealing exchange exchequer authorize exchange bill actual deposit specie specie equivalent sell draft charge therefor small reasonable premium doubt benefit law would speedily manifest revival credit trade business whole country entertain opinion becomes duty urge adoption upon congress reference strong consideration public interest alteration detail congress may wisdom see fit make well aware propose alteration amendment law establish treasury department encounter various objection among others proclaimed government bank fearful dangerous import propose confer upon extraordinary power purport pay debt government redeemable paper government respect accomplish precisely treasury daily time issue public creditor treasury note law authorize issue resemblance ordinary bank furnishes profit private stockholder lend capital individual object government bank objection available law relation treasury repeal capacity government collect due pay owes abrogate chief purpose propose exchequer surely accomplishment purpose essential affords sound circulate medium country facility trade regard slight recommendation public consideration properly guard provision law run dangerous evil abuse arise legislature answerable tolerate since creature law susceptible time modification amendment repeal pleasure congress know object system would liable abused legislature alone could abuse party conflict day abuse would manifest change law would authorize excessive issue paper purpose inflate price win popular favor may answer ascription motive congress altogether gratuitous inadmissible theory institution would lead u different conclusion perfect security proceeding reckless would find exist nature thing political party blind true interest country resort expedient would inevitably meet final overthrow fact moment paper cease convertible specie otherwise promptly redeem would become worthless would end dishonor government involve people ruin political party hopeless disgrace time view involve utter impossibility furnish currency precious metal government forego temptation excessive paper issue reliance place corporation upon temptation individual aggrandizement would strongly operate people would blame none injury might arise course reckless since agent would wrongdoers passive spectator three kind public currency first gold silver second paper state institution third representative precious metal provide general government authority subtreasury system reject last form believe reliance could place issue local institution purpose general circulation necessarily unavoidably adopt specie exclusive currency use must ever case unless one kind used choice present state public sentiment lie exclusive specie currency one hand government issue kind issue make chartered institution suppose conclusively settle must make directly government agent several year past thus make form treasury note answer valuable purpose usefulness limit transient temporary cease bear interest give period necessarily cause speedy return thus restrict range circulation use disbursement government reach point require rendering use permanent moderate extent already mention offer inducement return exchange coin value constitute certain extent general currency much need maintain internal trade country exchequer plan far may operate furnish currency forego occasion urge importance credit government financial point view great necessity resort every proper become expedient order place treasury foot high respectability entirely obvious credit government may regard soul government principle vitality without movement languid operation embarrass spirit executive felt bound imperative sense duty submit congress last session propriety make specific pledge land fund basis negotiation loan authorize contracted thought application public domain would without doubt place command government ample fund relieve treasury temporary embarrassment labor american credit suffer considerable shock europe large indebtedness state temporary inability meet interest debt utter disastrous prostration unite state bank pennsylvania contribute largely increase sentiment distrust reason loss ruin sustain holder stock large portion foreigner many alike ignorant political organization actual responsibility anxious desire executive effort negotiate loan abroad american negotiator might able point money lender fund mortgage redemption principal interest loan might contract thereby vindicate government suspicion bad faith inability meet engagement congress differ executive view subject become nevertheless duty executive resort every expedient power failure american market citizen high character talent send europe good success thus mortify spectacle present inability government obtain loan small whole amount ordinary annual income time government europe although involved debt subject heavily burthen taxation readily obtain loan amount greatly reduce rate interest would unprofitable look anomalous state thing conclude without add government pay debt two war large maritime power europe owe debt almost next nothing compare boundless resource government strong world emanate popular firmly root affection great free people whose fidelity engagements never question government tender capitalist country opportunity small investment stock yet fail implies either unfounded distrust good faith purpose obtain course pursue fatal could adopt become obvious men government must look mean supply want console know mean altogether adequate object exchequer adopt greatly aid bringing result upon regard supposition bill would readily seek public creditor issue would short time reach maximum obvious would thereby add available mean treasury without cost charge fail urge great beneficial effect would produce aid active pursuit life effect upon solvent state bank would force liquidation opposite character weekly settlement would highly beneficial advantage sound currency restoration confidence credit would follow numerous train blessing conviction strong benefit would flow adoption measure result adverse security connection law create may repeal pleasure legislature without slight implication good faith recommend congress take consideration propriety reimburse fine impose general jackson new orleans time attack defense city pay without design reflection judicial tribunal impose fine remission day may regard unjust inexpedient voice civil authority heard amidst glitter arm obey hold sword thereby give additional luster memorable military achievement law offend majesty fully vindicate although penalty incur pay worthy little regard pecuniary point view hardly doubt would gratify veteran retirement winter day relieve circumstance judgment place case public functionary may call weigh public interest personal hazard civil law violate praiseworthy motif overrule sense public danger public necessity punishment may well restrain within limit asserts maintain authority law subjection military civil power defense new orleans save city hand enemy place name general jackson among great captain age illustrate one bright page history cause excitement exist time cease operate believe remission fine whatever gratification remission might eminent man incur pay would accordance general feeling wish american people thus acquit duty constitution lay succinctly able state union invite attention measure much importance country executive zealously unite effort legislative department accomplishment require relieve want common constituency elevate destiny beloved country