US Presidency
1821

They are more especially to be found in the virtue, patriotism, and intelligence of our fellow citizens, and in the devotion with which they would yield up by any just measure of taxation all their property in support of the rights and honor of their country. Under the present depression of prices, affecting all the productions of the country and every branch of industry, proceeding from causes explained on a former occasion, the revenue has considerably diminished, the effect of which has been to compel Congress either to abandon these great measures of defense or to resort to loans or internal taxes to supply the deficiency. On the presumption that this depression and the deficiency in the revenue arising from it would be temporary, loans were authorized for the demands of the last and present year.