US Presidency
1842

Under the pressure, therefore, of the embarrassments which had thus unexpectedly arisen it appeared to me that the course to be pursued had been clearly marked out for the Government by that act itself. The condition contemplated in it as requiring a suspension of its operation had occurred. It became necessary in the opinions of all to raise the rate of duties upon imports above 20 per cent; and with a view both to provide available means to meet present exigencies and to lay the foundation for a successful negotiation of a loan, I felt it incumbent on me to urge upon Congress to raise the duties accordingly, imposing them in a spirit of a wise discrimination for the twofold object of affording ample revenue for the Government and incidental protection to the various branches of domestic industry. I also pressed, in the most emphatic but respectful language I could employ, the necessity of making the land sales available to the Treasury, as the basis of public credit.