US Presidency
1850

The great amount of those lands subsequently grantedby Congress for military bounties will, it is believed, very nearly supplythe public demand for several years to come, and but little reliance can, therefore, be placed on that hitherto fruitful source of revenue. Asidefrom the permanent annual expenditures, which have necessarily largelyincreased, a portion of the public debt, amounting to $ 8,075,986.59, mustbe provided for within the next two fiscal years. It is most desirablethat these accruing demands should be met without resorting to new loans. All experience has demonstrated the wisdom and policy of raising a largeportion of revenue for the support of Government from duties on goods imported. The power to lay these duties is unquestionable, and its chief object, of course, is to replenish the Treasury. But if in doing this an incidentaladvantage may be gained by encouraging the industry of our own citizens, it is our duty to avail ourselves of that advantage.