, 1840-12-26

out injury to any important national interest,".
The expenses sustaining the troops employ.
ed IN Florida have been gradually and great.
y reduced through the perseveriag effort,
OF the War Department, and a reasonable
hope may be entertained that the n~ecessitv
for military operations in that quarter viii
soon cease. The removal of the lndiansirom
within our settled borders nearly completed.
The pension list, one of the heaviest charges
upon the Treasury, is rapidly diminishing bv
death. The most costly Of our public build.
Ings are either finished or nearly so, and we
may, | think, safely promise ourselves a con.
tinued exemption from border difficulties.
The available balance in the Treasury on
the LIST of January next is estimated at one
million and a half Of dollars. This sum, with
the expected receipts from all sources dur.
ing the next year, will, it is believed, be SUI
~ficient 10 enable the Government to NEE,
every engagement, and leave a suitable bal.
ance in the Treasury at the end ofthe year,
II the remidal measures connected with the
customs and the public lands, heretofore re-
commended, shall be adopted, and the new
appropriations by Congress shall not carry
the expenditures beyond the official estL
mates.
The new system established by Congress
for the safekeeping Of the public money, pre-
cribing the kind Of currency to be received
for the public revenue, and providing ad-
dItional guards and securities against losses,
has 10Y been several months in operation.
Although il might be premature, upon an
experience of such limited duration, TO form
4 definite opinion in regard to the extent Of
ITS influence IN correcting many evils under
which the Federal Government and the
country have hitherto suffered-especialIy
those that have grown out of banking ex.
pansions, 4 deprecated currency, and official
defalcations; yet it Is but right 10 say that
nothing has occurred in the practical opera
ton OF he system 10 weaken in the slightest
degree, but much to strengthen, the conf :
dent anticipations Oh It's friends. The grounds
OF these have been heretofore 81 fully ex-
planned as To require no recapitulation. In
respect to the facility and convenience it az
fords in conducting the public service, and
the ability of the Government TO discharge
through lis agency every duty attendant on
the collection, transfer, and disbursement Of
tic public money with pronnptitude and sue
Cess. ! can SAT-. with confidence. that the ap-
prchcns!on oi those who felt it to be their
duty io oppose It's adoption have proved to
he uniouEdcd. On the contrary, this branch
o! the fiscal affairs of the CO ernmsnt has
been. and II is believed nav ALWAYS be, thus
carried ~ w!'h every desirable facility and
security. \ iew changes aud improvements
in tie details of the system. without effect
ING any principles involved in it, will be
submitted IL You bv the Secretary of the
Treasury. and will am sure. receive at your
hands that attention To which they NAV, on
rx1m,nItirn, be found to be entitled.
| have deemed this brief summary Of our
fiscal affairs necessary to the due perform
ance of i duty specially enioined upon me by
tie constitution. |, viii serve. also, to H.
~iustra:c more fully the principles by which
| have been guided in reference to two con-
tested points in our public policy, which
were earliest in their development, and have
been more important IN their consequences,
than any that have arisen under our com
pllcated and difficult. yet admirable system
of government: | allude to 4 national debt,
and Il national bank. 1t was in these that
the political contests by which the country
has been agitated ever since the adoption Of
the constitution, in a great measure origina-
ted; and there is too much reason to appre-
hend that the conflicting interests and OPP
posing principles thus marshaIIed, will con-
rs heretofore, 10 produce similar, if
not aggravated, consequences.
Coming into office the declared enemy of
both, | have earnestly endeavored to prevent
resort TO either.
The consideration that a large public debt
afiords an apology, and produces, in some de-
gree, i necessity also, for resorting 10 sy-
and extent of taxation which is not only
oppressive throughout, but likewise so apt
TO lead, in the end, TO the comission Of
that most odious Of all offences against the
principles Of republican government-the
prostitution of political power, conferred for
The general benefit, 10 the agrandizement of
particular classes, and the qualification Of in
lividual cupidity, is alone sufficient, in
iependently OF the weighty objections which
nave already been urged, TO render its crea-
ion and existence the sources Of bitter and
lnappeasable discord.
If we add to this, its inevitable tendency
10 produce and foster extravagant expendi-
lures of the public money, by which a neces-