US Presidency
1840

An overflowing Treasury, however it may be regarded as an evidence of public prosperity, is seldom conducive to the permanent welfare of any people, and experience has demonstrated its incompatibility with the salutary action of political institutions like those of the United States. Our safest reliance for financial efficiency and independence has, on the contrary, been found to consist in ample resources unencumbered with debt, and in this respect the federal government occupies a singularly fortunate and truly enviable position. When I entered upon the discharge of my official duties in March, 1837, the act for the distribution of the surplus revenue was in a course of rapid execution. Nearly $ 28,000,000 of the public moneys were, in pursuance of its provisions, deposited with the states in the months of January, April, and July of that year.