The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1853-12-15


of its interests, devolves upon me: the ALE
Walton of which, so far as relates to the inn
mediate conduct of the public business is,
first in my reliance on the wisdom and pat
riotism of the two Houses Of Congress; and,
secondly in the directions afforded me by the
principles of public polity, affirmed by our
fathers of the epoch of 1898, sanctioned by
long experience, and consecrated anew by
the Overwhelming voice of the people of the
United States
Recurring to these principles, which con-
stitute the organic basis of union, we per-
ceive that, vast as are the functions and du-
ties of the federal government, vested in, or
entrusted to, its three great departments,
the legislative, executive and judicial, yet the
substantive power, the popular force, and the
popular force, and the large capacities for
social and material developement, exist in
the respective States, which all being OF
themselves well constituted republics, as they
preceded, so they alone are capable of main
tanning and perpetuating the American T.
Mon. The federal government has its ap-
propriate line of action in the specific and
limited powers conferred on it by the consti-
tuition, chiefly as to those things i'll which the
States have a common interest in their rela-
tions to one another, and to foreign govern
ments; while the great mass ofinterests which
belong to cultivated men,. the ordinary buSi
ness of life, the springs of industry, all the
diversified personal and domestic affairs OF
society, rest securely upon the general reser
we'd powers of the people of the several
States There is the effective democracy ol
the nation and the vital essence of its being
and its greatness.
OF the practical consequences which flow
from the nature of the federal government
the primary one is the duty of administering
with integrity and fidelity the high trust re-
posed in it by the constitution, especially the
people, and appropriated to specific objects
by Congress. Happily l have no occasion
to suggest any radical changes in the finan-
cial policy of the government Ours is al
most if not absolutely, the solitary power
of Christendom having surplus revenue,
drawn Immediately from imports on COM
merce, and therefore measured by an indi-
rect relation to agriculture, manufactures,
and the products of the earth and sea, as to
violate no constitutional doctrine, and yet
vigorously promote the general welfare
Neither as to the sources of the public trea-
snre, nor as to the manner of keeping and
managing it, does any grave controversy
now prevail, there being general acquies-
ence in the wisdom of the present system.
The report of the Secretary Of the Treasury
viii exhibit in detail, the state of the public
finances, and the condition Of the various
branches of the public service administered
by that department of the government.
The revenue of the country levied almost
insensibly to the tax payer, goes on from
year to year increasing beyond either the
interests or the prospective wants of the
government
At the close of the fiscal year ending June
80, 1852, there remained in the Treasury a
balance of fourteen millions six hundred and
thirty-two thousand one hundred and thirty
six dollars The public revenue for the fiscal
year ending June 80, 1853, amounted to fifty
eight millions nine hundred and thirty-one
thousand eight hundred and Sixty-fve dollars
from customs, and two millions four hundred
and five thousand seven hundred and eight
dollars from public lands and other miscella-
ncous sources, amounting together to sixty
one millions three hundred and thirty-seyen
thousand five hundred and seventy-four dol
lars; while the public expenditures for the
same period, exclusive ofpayments on account
of the public debt, amounted to forty-three
millions five hundred and fifty-four thousand
two hundred and sixty-two dollars; leaving
balance of th;rty-two millions four hundred
and twenty-five thousand four hundred and
forty-seven dollars Of receipts above expendi-
lures
This fact, Of increasing surplus in the trea-
sury, became the subject Of anxious consider
ations at a very early period of my admins
tration and the path of duty in regard to it
seemed to me obvious and clear, namely: first,
to apply the surplus revenue to the discharge
of the public debt, so far as it could judcious-
ly be done; and secondly, to devise means for
the gradual reduction of the revenue to the
of the public exigencies.
Of these objects, the first has been in the
course of accomplishment in a manner and to
a degree highly satisfactory. The amount of
the public debts of all classes, was, on the 4th
of March, 1858, sixty-ninc million one hum
dred and ninety thousand and thrty-seven
dollars; payments on account OF which have
been made, since that period, to the amount
of twelve million seven hundred and three
three hundred and twenty-nine
dollars, leaving unpaid, andin the continuous
course ofliquidation, the sum Of fifty-six mil
lion four hundred and eighty-six thousand
seven hundred and eight dollars These pay
ments, although made at the market price of
the respective classes of stocks, have been
effected readily, and to the general advantage
of the treasury, and have at the same time
proved Of signal utility in the relief they have
afforded to the money market and
to the industrial and commercial pursuits of
the country.
The second the aforementioned objects,
that of the reduction of the tariff, is of great
Importance, and the plan suggested by the