The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-26
M Z S S AG e.
To the Senate and House of

|
on more than occasion, felt il my duty to press
upon Congress the necessity of providing the Govern
ment with the of discharging its debts and
maintaining nvioate the public faith, the increasing
embarassments of the Treasury impose upon me the
indispensable obligation of again inviting your most
serious attention to the condition of the finances
Fortunately for myself In thus bringing this mpor-
tant subject to your view, for deliberate and COM
prehensve examination of it in all lis bearings, and
trust may add, for final adjustment OF it, to the
common advantage of the whole Union, am permit
ted to approach it with perfect freedom and candor
AS few OF the burdens for which provision Is now
CURED to be made have been brought upon the coun-
try during my short administration Of its affairs,
have neither motive nor wish to make them matter
of elimination against any of my predecessors. am
disposed to regard, as | am bound to treat them,
facts, which cannot now be undone and as deeply in
eresting to US all, and equally imposing upon ALL the
most solemn duties. And the only use would make
OF the errors Of the past is, by careful examination
OF their causes and character, to avoid if possible,
the repetition of them in future. The condition Of
the country indeed, is such may well arrest the
conflict of parties The conviction seems at length
to have made its way to the minds of all, that the
disproporton between the public responsibilities and
the means provided for meeting them, casual
transient evil 1t the contrary, which must,
Tor some years to come Notwithstanding resort to
all reasonable rerenchments, and the constant pro-
gress OF the country in population and productive
power, continue to increase under existing laws
less consent to give up impair all our detences
| in war and peace. But this is thought which am
| persuaded patriotic mind would, for moment,
| entertain. Without affecting alarm, which do
not feel, in regard to foreign relations, it may
safely be affirmed, that they in state too critical,
and involve too many momentous issues to permit us
to neglect in the least much less to abandon entire
ly, those means Of asserting rights without which
negotiation is without dignity and peace without
curity.
| In the Report of the Secretary of the Treasury,
submitted to Congress at the commencement of the
present session. it is estimated that after exhausting
all the probable resources of the year. there will
main deficit of about Sl4000,0OO With a view
partly to permanent system of revenue, and partly
to immediate relief from actual embarrassment, that
officer recommended, together with plan for estab
fishing a Government Exchequer, some expedients of
temporary character viz the issuing of Trea-
sury notes. and the extension of the time for which
the loan, authorized to be negotiated by the act of
the last session should be taken. Congress accord
ngly provided for issue of Treasury notes to the
amount of 100000, but subject to the condition
that they should not be paid away below par. No
measure connected with the last of the two objects
above mentioned, introduced until recently into
| the House of Representatives. Should the Loan bill
now pending before that body pass into law for its
present amount there would still remain deficit of
81, 100000. 1t requires argument to show that
such condition of the Treasury is incompatible not
only with high state of public credit but with any
thing approaching to efficiency in the conduct of pub
lie affairs. 1t must be obvious to the most in
experienced minds, that to say nothing of any par
ticuar exigency, actual or imminent, there should
be at all times in the Treasury of great nation with
a view to contingencies of ordinary occurrence, a
surplus at least equal in amount to the deficiency
But that deficiency, serious it would be in itself,
WILL ] am compelled to say, rather be increased than
diminished, without the adoption OF measures adj
equate to correct the evil at The stagnaton of
trade and business, in some degree incident to the
arrangement of the national finances and the state
of the laws, holds out but little in prospect
OF relief IN the ordinary of things, for
time to come
Under such circumstances am deeply impressed
with the necessity of meeting the crisis with vigor
and decision which it imperatively demands at the
hands of all entrusted with the conduct Of public af
fairs. The gravity of the evil calls for remedy pro
portioned to it, No slight palliatives, or occasional
expediens, will give the country the relief it needs.
Such measures, on the contrary will in the end is
now manifest to all 40 surely multiply its embarrass
ments Relying, as am bound to do, on the Repre-
seniaves of People rendered ustrious among ma
lions, by having paid off Its whole public debt shall
not shrink from the responsibility imposed upon me
by the Constitution, of pointing out such measures
as will, in my opinion, ensure adequate relief am
the more encouraged to recommend the course which
necessity exacts by the confidence which have in
its complete success. The resources of the country
in every thing that constitutes the wealth and strength
of nations 80 abundant, the spirit of most in
dutrious, enterprIslng and intelligent People is
energetic and elastic, that the Government will be
without the shadow of for its delinquency if
the difficulties which now pep'ex and embarrass it,
be not speedily and clectually removed
From present indications, it is hardly doubtful that
Congress will find necessary to lay additional duties
| on imports in order to meet the ordinary current ex-
| penses of the Government In the exercise of a
sound discrimination having reference to revenue, but
at the same time arily affordng incidental pro-
lection to manufacturing industry, it seems equally
probable that duties articles of Importation
will have to be advanced above 20 per cent Ia perform
ing this important work of revising the tariff of du-
ties which, in The present emergency, would seem to
| be indispensable, | cannot too strongly recommend
the cultivation of spirit of mutual harmony and
cession 10 which the Government self its origin
and without the continued exercise of which jarring
| and discord would universally prevail
An additional for the increase Of duties in
instances beyond the rate of 20 per cent will
list in fulfilling the recommendations already made, and
now repeated of making adequate appropriations for
| the defence Of the country.
By the express provision of the act distributing the
proceeds of the sales of the public lands among the
States its operation Is, ipso tdco, to
the rate Of duties shall exceed the limits prescr bed in
| the act.
In recommending the adoption of means for distr-
buting the proceeds of the public lands among the
States, at the commencement of TIE last session Of
Congress, such distribution urged by arguments
and considerations which appeared to then, and
appear to me now, of great weight and was placed
the condition that it should not render necessary any
departure from the act of 1888. 1t is with sincere
greet that | now perceive the necessity of departing
from that act, because am well that expecta-
TONS justly entertained by of the States will be
disappointed by any occurrence which shall withhold
from them the proceeds of the lands But the condi-
ton was plainly expressed in the Message, and
inserted in terms equally plain in the law ITSELF and
amidst the embarrassmcnts which surround the
| country all sides, and beset both the General and
the State Governments, it appears TO me that the OBJ
jec's first and highest in importance, is to establish
the credit of this Government and to place dura-
bic foundations and thus afford the most ef1ectual
support to the credit of the States, equal least to
what it would receive from direct distribution of
the proceeds of the sales of the pu bic lands.
/ When the Distribution law passed, there was
reason TO anticipate that there soon would be a real
SurpluS io hat