The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-28
PRESIDENTS MESSAGE.
". STATES:

with the means of dischargng its debts and msint
involate tn public faith, the increasing embarrass
mon.s of the Treasury impose upon the indspensa-
BILE obligation Of again inviting your most serious stten
ton to the cordon OF me finances f05t;unaey ,or
view, for deliberate and comprehensive examinatien
in all its bearings, and trust may add for final I'D
justment Of it. 10 the common advantage OF the whole
Union am permitted to apprsech it with perfect free
dom and candor Asfew of the burdens for which prov
sion is now required made have been brought up
on the country during my short admin stratio1 of its
affairs have neither motive nos wish to make them
matter of elimination against any OF my
disposed to regard a. am bound to treat them, as
facts which cannot be undoney and deeply inter-
esng to all and equally imposing upon all the most
solemn duties and the only use would make of the
errors oft past is by careful examination Of their
causes and character to avoid II possible the repetition
of them III future.
The condition Of the country, indeed is such may
well arrest the conflict Of parties The conviction
length to have made its way to the minds Of all
ties and the provided for meeting thems
al transient evil it, on the contrary, one which,
for some years come Notwithstanding resort to all
reasonable and the constant progress
the country in populotion and productive power must
continue to increase under existing laws, unless we
consent give up impair all defences in war and
peace. But this thought which, am persuaded, no
patriotic mind would for moment entertain Without
affecting alarm which do not feel in regard to
foreign relations may safely be affirmed that they are
in state critical and involve too many momentous
issues to permit gec in the least much less to
abandon entirely those means Of asserting our rights
without which negotiation is without dignity and peace
without security.
mitted Congress the commencement Of the present
session. estimated that after exhausng all the pro-
Of sl4 900 OoO With view partly to permanent sys.
TEN Of revenue and partly to immediate relief from &C
ual embarrassment, that oihcer Recommended togeth
with plan for establishing q Government Exche.
quer some expedients Of more temporary character
viz the issuing Of Treasury notes and the extension Of
by the act the last session should be taken Congress
accordingly provided for an Of Treasury notesto
the amount Of $50 0o0 but subject to the condition
at ahOuId mt he maid " mar
No connected with the last Of the two objects
above mentioned introduced until recently into the
House Of Representatives Should the loan bill now
pending bstre that body pass into law for its present
amount there would still remain deficit Of 81 00o
II requires argument to show that such condition OF
the Treasury is Incompatible not only with high state
of public credit bat with anything approaching to e
cheney in the conducto Of public affairs must be obvi
nothing Of any particular exigency, actual or imminent,
there should be at all times in the Treasury of great
nation, with view to contingencies Of ordinary occur.
renee surplus at least equal in amount to the above
deficiency But that deficiency serious as it would be in
itself viii compelled to rather be increased than
to correct the evil at once. The stagnation OF trade
and business in some degree incident to the derange-
of the national finances and the state of the
laws holds out but little prospect Of relief in theoT
binary course of things for some time to come.
Under such circumstaRees am deeply impressed with
the necessity of meeting the crisis with vgor and de-
cision which mperatvely demands at the hands Of all
entrusted with the conduct of public affairs The gra-
vity of the evil calls for remedy proportional to it,
No slight paliatives or occaional expedents will give
the country the relief needs Such measures on the
contrary, WILL in the end, as is now manifest to all too
surely multiply its embarrassments. Relying as am
bonnd to do the Of People rendered
nse 'nGn
posed upon by the Constitution Of pointing out such
measures will my opinion ensure adequate relief
am the more encouraged to recommend the course
which necessity exacs, BY the confidence which have
in its complete success The resources Of the country,
in eyery thing that the wealth and strength
Of nations abundsnt-the spirit Of most indus.
trious enterprisDg and people is so emerge
tic and elastic that the e. WY De aoues
which embarrass 1t be not speedily and ehectualy
removed
Congress will fad it necessary to lay additional duties
on imports in order to meet the ordinary current ex
penses of the In the exercise of sound
DISCRIMINATORY having reference revenue but at the
same necessarily aaerdiug incidental protection to
manufacturing industry it seems equally probable sna
work revising the tariff Of duties; which il the
too strongly the cuv alton Of spirit
Of mutual harmony and concession, to which the gov.
eminent itself its origin and without the contnu.
ed exercise Of which Earring and discord would unver
sally prevail
instances beyond the rate of 20 per cent will exist in
fulfilling the recommendations already made and now
repeated making adequate appropriations for the de-
IN the express provision Of the act distributing the
of the sales of the pubcsnds among States
It's operation is pso facto to the rate Of
the duties shall exceed the limits prescribed in the act
In recommending the adoption Of measures for dstri
buting the Of the anas .ne
distribution urged by arguments aud
which appeared to me then and appear to me now OF
great weight and placed on the condition that it
should not render necessary departure from the act
of 1889 Iii with sincere regret that no perceive the
necessity of departing from that act because am well
that justly entertained by of the
States will be disappointed by any occasion which shall
withhold from them the proceeds Of the lands Blu, the
condition was plainly expressed in the message and was
inserted IN terms equally plain the law itself; and
amidst the endorsements which ound the country
all Sides and bese both the General and the state go
yernments 1t appears to me that the object first and
highest importance is to establish the credit Of THIS
Government and to place it on durable and
thus afford the eectual support to the credit OF the
States equal at least to what it would receive form d.
rect distribution proceeds Of the sales ofthe public
When the distribution law passed there was rea,
son to anticipate that there soon would be real surplus
to distribute On that hn ~ co%tinus
il in force while there h no such surplus to distribute
and when nanifesty NOT only 70
der 10 ouidate the public debt and disem6arrass the
public treasury would cause it to be regarded as an
wise ohe best security public creditor
which would with difficulty be excufed, and could not
be justified. h,r. rooon,,,, ao
pressed American credit in the stock market Of the
worId TO degree quite unprecedented. need scarcely
mention the condition OF the banking institutions
some Of the States the vast amount OF foreign debt con
tracted during period Of wild speculation by corpora
tions and individuals, and above ALL the doctrine Of re
which, though as yet applied only under circuastsnce
Of peculiar and generally rebuked with sc
verify by the moral sense Of the community, vets
verv icentous and In government depending wholly
on opinon so very alarming that the impression mad
| by il 10 our dsadv antage as people, 10 any thnl
| but surprising Undsr such circumstances, 1t Is I'm
peraiveiy due from to the people whom we rer
| resent that when 60 into the money market Il
contract loan, we should tender such securities q
feel tn the most propious opportunity is afforded hin
Of investing proataby and judciously his capital
wsged with the most powerful nation of modern tipe
should not be brought to the necessity Of chsdsring 10
terms in the money market. Under such circumtance
as have adverted to- object should be to produc
with the capitalist feeling Of entire confidence, by
tender Of that of security which in all times pa
has been esteemed sufficient, and which Tor the sma
amount Of our proposed indebtedness will
be regarded amply adequate. While ariedge OF all
revenues amount to no more than - pned every