Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-04-09
To the senate and House of
representative of the United states

its debts, aud maintaining Invfolate the pubic
faith, the increasing embarrassmenis to me treas
ury, impose upon me the Indispensable Obligation
Of again inviting your most serious aiten-
ton to the condition Of the finances. Fortunate
w for myself, 10 thus bringing this important sub
Iect 10 your view, for a deliberate and compre-
hensiye examination Of II, 10 the common adVan-
tape Of tho whole union, l am permitted TO ap-
proaeh it with perfect freedom aud candor. As
few Of the burdens for which provision is now
required to be made, have been brought upon the
country during my short administration Of its at
fairs, have neither motive nor wish to make them
n matter Of elimination against any OF my pre-
decessors. | am disposed To regard, as | am bound
to treat them, as facts, which cannot now be un>
done, and as deeply interesting 20 us all, and c.
uually imposing upon all, the mos. solemn duties.
And the only use | would make of the errors OF
the past, is, by u careful examination Of their eau
sos and character, to avoid, If possible, the rcpeti-
ton Of them in future. The condition OF the
country indeed, is such rs may well arrest the
conflict of parties. The conviction seems at
length to have made its way TO the minds Of all,
that the disprop0rtion between the public respon-
sibilities, and tho means provided for meeting
them, Is no casual nor transient evil. Ii is on
The contrary. one which must, for some years to
come, notwithstanding n resor, 10 all reasonable
retrenchmcn's, and the constant progress OF the
country in population and productive power, con
tinue to increase under existing IA VS., unless we
consent 10 give up or impair all orr deiences IN
war ana peace. Dut ms Is Il tnOuPut WHICH 1
am persuaded no patriotic mind would, Tor Il mo
ment, entertain. Without affecting an alarm,
which do not feel, in regard to our foreign rela-
tons, it may safely be affirmed, that they are in
n state too critical. and involve too many momen-
tous issues TO permit us 10 neglect in the least.
much less TO abandon entirely. those means OF as
sorting our rights, without which negotiation Is
withou, dignity, and peace withou, security.
In the Report Of the Secretary of tho Treasu-
~, submitted to Congress at the commencement
of the present session, II Is estimated that after
exhausting all the probable resources of the year,
there will remain a deficit Of abou, 81 100000.
With a view partly 10 a permanent, system OF rev.
enue, and partly 10 immediate relief from actual
embarrassment, that officer recommended, 10.
gethcr with a plan for establishing a Govern
ment EXcheqnor, some eXpcdlenis OF a more tenn
porary character, VIZ: tho issuing of Treasury
notes, and the extension Of the time for which the
loan, authorized TO be tho negotiated by the act OF
the last session should be taken Congress ac-
cordingly provided for an issue OF Treasury notes
TO the amount Of s.. 900 600, bat subject TO the
condition that they should not be paid away be.
low par. No measure connected with the last of
the two objects above mentioned. was introduced
until recently into the House of representatives.
Should the Lonn bull aow pending before that bodv
pass into law for lis present amount. there would
still remain n deficit Of about s2,30o,O0o' ire
uuires no aroumen TO show that such a condition
Of the Treasury is incompatible not only with a
ninn Stitt VI DtpfiC ittit p"t "'' way '''-
approaching to efficiency IN the conduct OF public
atfairs. 1t must be obvious, even to tho most IN
experienced minds that, 10 say nothing oil any
particular exipency, actual or imminent, there
should be at all times IN the Treasury OF Il great
milton, with u view to contingencies OF ordinary
occurrence, a surplus at least equal IN amount 10
the deficiency. But that deficiency, serious as
j, would be Ill Itself, will. | am compelled TO say,
rather be increased than diminished. without the
adoption of measures adequate 20 correct the evil
at once. The stagnation of trade and business IN
some degree, incident TO the arrangement OF the
national finances and the state OF the revenue
laws. holds out but little IN prospect OF relief, IN
the ordinary course Of things, fer some tune to
come.
Under such circumstances, | am deeply impress
ed with the necessity of meeting the crisis WIN
II vieor and decision which IT imperattvely &C.
mands at the hands of all entrusted with the con
due; of public affairs. The gravity of the evil
calls for q remedy proportioned TO 1t. No slight
palliatives, or occasional oXpedienis. Will give the
country tho relief i, needs. Such measures. on
the contrary, will, in ihe end, as is now manifest
to oil. too surely multiply ITS embarfassnents.-
Relying, as | am bound to do, on the Representa-.
t,vcs of n People rendered iliustrIous among ma
tons, by having paid off its whole public debt. ]
shall no, shrink from the responsibility imposed
upon me by tho Constitution, OF pointing out
such measures as will, in my oPinion, ensure adj
cquate relief. | am the more encouraged to re-
commend the course which necessity eNacis, by
tho confidence which have IN It's complete sue
cess. The resources Of The country, IN every
thing that constitutes the wealth and strength OF
nations, are so abundant, the spiTit OF a most m
Gusirious, enterprising aud intelligent people, Is so
energetic and elastic, that the Government will
be without the shadow of excuse for lis delInquen-
cv, if the difficulties which now perplex and EN-
barrass it, be no, speedily and etfectua'ly remov-
cd.
From present Indications, IT is hardly doubtful
that Congress will find 1t necessary 10 lay addi-
fional duties on imports IN order 10 meet The or
diuerv current expenses of The Government In
the exercise of q sound Discrimination. having re-
ference to revenue, but at the same time neces-
sarily affordirg incidental protection 10 mauutic-
turing industry, II seems equally probable mat