New-York tribune., 1842-03-28
Message from the Presiden,

y
III, necessity OF providing he Government with the I,eans
II di,charcng lis debts and maintaining nvlolate tue pub
lie faith III. increasing eoarassmens OF 1re1sury
impose upon tlis Indispensable oh!gaton OF aa I-
ing your attention 70 th. condition o The finances. or.Nh
aefv for myself in us bringing this important SUBJECT to
YOUR view, deliberate and comprehensive examination
in all It's bearings ard trust may add for Hna ADJUST
mea the common advantage oi the "ho nloi'
am permitted 10 approach with perfect freedom and can
dor. As few OF the burdens Tor which provision no" re-
auirei oe made have been brought the coun durng
y short administration affairs hava neither motive
wish make them matter OF cm!nation against any
o nv uredecessors am disposed 10 regard. am
bound 10 treat them facts. which row BE- un'ione
and deeply interesting 20 Us all and eGuaE imposing
uron all h; most solemn duties, and The only would
make Of The pass by careful examination OF
their and character 10 void possible NE repetition
Of them in future.
arrest the conflict OF parties The cOn"cuonseeus al length
have .ade its way the minds OF all mat The di5pro-
portion between the public responsibilities and the Heas
provided for aeeting them Is no casual nor transient ssit
Il the contrary which. tor Sos years 70 come
:riiIs,andns 10 all reasonable -erenctiSies
and the constant progress the country IN population and
productive power, connne 10 increase under existing
laws unless up impair al our deicces
in war and in peace. Bui this ought which, AN far-
-uaded patriotic mind would Tor moment entertain
Without affecting an alarm which 90 not :Sl IN Fe"afu 20
foreign relations, may aeyba affirmed that hey are
critical and involve TOO many Inuen'oGs IS
permit 10 neg!ec; n the least much les 10 aban-
don entirely those means OF asserting our rights "lthoat
which negotiation without dignity and peace without se-
curity.
,e. 10 Congress at the commencement OF te present
sion estimated that, after eNau>ting all HE probable
resources Of the year there will remain deficit OF si+Oeo
oo0 With partly permanent system OF revenue.
AID partly immediate relief from actual embarrassment
that orficer recommended. together with plan tor esta-
bishing Government Exchequer, some eNpedenS OF a
more temporary character, the issuing o Treasury
notes and extension OF the time for which the loan
torised negotiated by the act OF tie last session
should he taken Congress accordingly provdedio IS
OF Treasury notes 10 the amount OF S2pG but sub
es the condition that aey should be pad away be-
10 measure connected with the las, OF the objects
above mentioned introduced until recently into the
House Representatives Should Tue loan bill 10" pend
ing before that body pass into law FOR lis present amount
there would still, remain detcit OF s. o co. requires
no ar u,nen show that such coSdon o; i- Treasury
Incompatible not only with high state OF public credit
public affairs 1t must be osvious. even 10 the most In
experienced minds that TO say nothing t any particular
e1igency actual or imminent there should be Al all times
IN the Treasury OF great baiich win view 10 coaun
gencies OF ordinary occurrence, surplus al eas; equal in
amount, 10 the above deficiency But that ,eicency
rous as wond be in itself w am compelled 20 say
rather be increased than diminished, without the adoption
oneasures adequate 10 correct the evil at once Inc stag
nation trade and business degree lnclden; 10 the
derapgCmel OF the national finances, ana the slate OF the
revenue laws hold out but little prospect OF re!c IN the
ordinary OF things Tor some time 10 come
Under such circumstances am deeply Impressed with
the necessity OF fnceliag the with and decision
winch nerativev demands at the hands all entrusted
with the co,duc public affairs The gravity OF the evil
calls for remedy propcraned ts IL No slight paliiiires
needs such measures on tie sonlrsy VIII in m the s end
manifest 10 all TOO surely multi ply ts cmbarass
mens Rciv;ng as am bound 10 do on the Represents
tives of People rendered lustrious among by
wing paid oil its whole public debt shrink from
the possibility imposed uron ne by the Constitution OF
pointing out such measures is will in my opinion
adequate relief ar the more encouraged 10 recommend
the course which necessity e4ac by the confidence which
have complete The resources OF the
try IN every thing thai CONSTITUTES the wealth and strength
o nations are SO spirit OF most
tic, thatle Government NJ. be without the shadow OF e
barrass !, be not Speedily and etTrctuaiy re.iov[d
From the present indications II is hardly doubtful that
IN
the Government. In the exercise OF sound discrimination
In reference 70 revenue bu nj the sam, time nces..
rv aordiny incidena! protection manufacturing indus
try II equally probable iia duties on some articles
omporaton will have 10 bs advanced above 20 per cent
In performing this important work OF revising the tariff OF
uteS which the present emergency would seem 10 be
Indispensable, Cannot strongly recommend the culva
lion Of spirit OF mutual harmony and concession To which
The iisc lis origin and without the
nued exercise OF which arrinc and di>cord would unvcr
sally prevail
An additional reason Tor the increase Of duties in some
instances beyond the OF 20 per will exist full
filling the Recommendation already made and now repeat
ed omaking adequate appropriations for the deences of
the country nm oc ,,o -,
ceeds Of the sales OF the public asds ano the states It's
operation is pso aco the rate of the du
ties shall exceed the limits pre.criiledin in the act
In recommending the adoption Of measure, Tor dsrbut-
ing the proceeds the public lands among the states
rbu,icn was M ed Ty arguments and Which
appeared 10 re lhen and appear 10 OF great
weight and placed on the condition that IL should not
render necessary departure from the act o 1883 Ii is
with regret that now perceive the necessity OF de-
ations Justly entertained y OF The States will be dis
appointed by any occasion which shall withhold from them
the proceeds OF the lands But the condition plainly
expressed III the message and was nSeretin terms equally
plain in the law ITSELF and amidst the eInbarrnents which
surround the country all sides. and bee both the gene
raj and The state governments 1t appears To me tia, the
oIec first and highest in importance is 20 establish the
and thus afford the most elieca support 10 the credit
olhe States, equal ii least TO what would receive from
direct distribution OF The proceeds OF the sales OF the pub
lie lands
When the distribution law passed there reason
anticipate that there would soon he real surplus DIS
tribute On that assumption il was my opinion, wse,
a lust, and beneficial measure But ntinue ii in
force while there is such surplus 10 distribute and when
il maniiestv nee esSary not the duties but
the borrow money order 10 liquidae the
public debt and disembarrass the public treasury would
il be regarded unwisc alienation OF TIE best
security the public creditor which would with difficulty
br excused and could not be Justified
Causes OF no ordinary recently depressed
American credit in the stock market of the world to de-
gree quite Unprecedented. need scarcely
don of the banking institutions OF some OF the States the
oil foreign debt contracted during period OF
wild speculation by corporations and individuals, and above
ALL the doctrine of reputation o contracts soemn entered
by States which, though applied only under Cir
runauce, OF peculiar character and generally reouked
with severity by the moral sense OF the community isyet so
ccntious, and in government depending wholly on
opinion very aarmng that The Impression made by 10
disadvantage people. is any thing but surprising.
Under such circumstances Il Is Merarey due from Us 10
the people whom represent, thai when go into The
money narhe, 10 contract loan should tender such
cur!ties as 10 cause the money lender well AZ home
abroad 10 ee that the most roplou: opportunity afforded
him OF investing proitAbly and uiceusy his capital a
Government which has paid OF the d. hts OF Two waged
with the most powerful nation OF modern times should no;
be brought The Necessity OF caierng e-
rerted obec, should be produce with The capitalist
feeling OF entire confidence by tender 0! that
cur!ty which IN all times past has been esested sufficient,
aud which for the suia amount OF proposed ndebed.
will uEhesita;in-ly be regarded amply adequate
While pledge OF all the revenues amounts 10 than
implied in every instance when the Government contracts
debt and although ought IN ordinary circumstances 10
would feel better satisfied with the pledge OF specified
iut ample ~ magnitude 10 the payment OF his interest and