xxu made, in anupation ef ority conferred upon the S Tenty-first, 1841, and of A ad not the unsettled state c

Kison with that Power. 1.

5420, our whole national de

ssioner with the duty of exchanging with the proper authori cations of the treaty lately concluded with the Emperor of e the return of the commissioner to the United States, his en much improved, and he entertains the confident belief oon be able to proceed on his mission. ely, differencs continue to exist among some of the nationsgudent to retain in the treas erica, which, following our example, have established their ; while in others, internal dissensions prevail. It is natural pathies should be warmly enlisted for their welfare; that we that all controversies between them should be amicably add heir governments administered in a manner to protect the romote the prosperity of their people. It is contrary, howsettled policy, to interfere in their controversies, whether ternal.

with Great Britain a the rare and noble sp ad fully discharged every o› as been contracted; and N zens of most other nations. it ale period. Should the s Is foreign relations interpe The moneys in the treasury, t appropriations by Congre being able to congratiato

to the world the benefits of

s of national prosperity, o

s adverted to all the subjects connected with our foreign relah I deem it necessary to call your attention. Our policy is e with all, but good will towards all the Powers of the earth. just to all, we require that all shall be just to us. Excepting s with Mexico and Great Britain, our relations with all civil-oy position which it so I ure of the most satisfactory character. It is hoped that in this ge, these differences may be amicably adjusted. ary of the Treasury, in his annual report to Congress, will free from the bisht, a full statement of the condition of our finances. The im- 4 of Congress is invites to t fiscal year ending on the thirtieth of June last, were of thes and reductions of the hundred and seventeen millions two hundred and fifty-four. The object of post

hundred and sixty-four dollars, of which the amount ex

to pay the necessary expe

the revenue standard.

fteen millions three hundred and forty-six thousand eighty, in the exercise of a thirty dollars-leaving a balance of one hundred and one ears of duty on different a mestic consumption. The exports for the same year were of the support of governmer t

hundred and seven thousand seven hundred and thirty-four

one hundred and fourteen millions six hundred and forty-six hundred and six dollars; of which, the amount of domestic inety-nine millions two hundred and ninety nine thousand

portant to understand d sears, the maximum of which sed. It is conceded, a a

or pr

ed and seventy-six dollars. The receipts into the treasury high as to diminish me year were twenty-nine millions seven hundred and sixty-artie, and thereby lessen d one hundred and thirty-three dollars and fifty-six cents; of would be derived from its

were derived from customs twenty-seven millions five hunenty eight thousand one hundred and twelve dollars and

rates, and are not imposed If Congress levy a duty 1

s; from sales of public lands, two millions seventy-sevenwl produce a given al

twenty-two dollars and thirty cents; and from incidental neous sources, one hundred and sixty-three thousand nine ninety-eight dollars and fifty-six cents. The expenditures

entally and neessarily at 1 e per cent, to the home importer. In the duty

period were twenty-nine millions nine hundred and sixty aunt of money, ala

d two hundred and six dollars and ninety-eight cents; millions five hundred and eighty-eight thousand one hun

to twenty, twenty-five, **eate derived from it is for a

--seven dollars and sixty-two cents were applied to the pay will also be increased; bu -ublic debt. The balance in the treasury on the first of July found that the revenue pl

en millions six hundred and fifty-eight thousand three hundollars and twenty-two cents.

nt of the public debt remaining unpaid on the first of October enteen millions seventy-five thousand four hundred and fortynd fifty-two cents. Further payments of the public debt

, it ceases to be a revenue 29ale of duties at which it is i * greatest, is the maximum t purpose of collecting mon! e duties higher than that

been made, in anticipation of the period of its reimbursement thority conferred upon the Secretary of the Treasury by the twenty-first, 1841, and of April fifteenth, 1842, and March had not the unsettled state of our relations with Mexico mencollision with that Power. In view of such a contingency, it prudent to retain in the treasury an amount unusually large

purposes.

s ago, our whole national debt growing out of the Revolution of 1812 with Great Britain was extinguished, and we preworld the rare and noble spectacle of a great and growing ad fully discharged every obligation. Since that time, the has been contracted; and small as it is, in comparison with urdens of most other nations, it should be extinguished at the cable period. Should the state of the country permit, and, our foreign relations interpose no obstacle, it is contemplated he moneys in the treasury, as they accrue beyond what is he appropriations by Congress, to its liquidation. I cherish oon being able to congratulate the country on its recovering e lofty position which it so recently occupied. Our country, ts to the world the benefits of self-government, in developing es of national prosperity, owes to mankind the permanent nation free from the blighting influence of a public debt. on of Congress is invited to the importance of making suitaons and reductions of the rates of duty imposed by our pre7s. The object of imposing duties on imports should be to to pay the necessary expenses of government. Congress tedly, in the exercise of a sound discretion, discriminate in rates of duty on different articles; but the discriminations hin the revenue standard, and be made with the view to or the support of government.

important to understand distinctly what is meant by a rev1, the maximum of which should not be exceeded in the imposed. It is conceded, and experience proves, that duties o high as to diminish or prohibit altogether the importation article, and thereby lessen or destroy the revenue which, at ould be derived from its importation. Such duties exceed ates, and are not imposed to raise money for the support of If Congress levy a duty for revenue of one per cent. on a it will produce a given amount of money to the treasury, dentally and necessarily afford protection or advantage to the e per cent. to the home manufacturer of a similar or like he importer. If the duty be raised to ten per cent., it will iter amount of money, and afford greater protection. If it to twenty, twenty-five, or thirty per cent., and if, as it is enue derived from it is found to be increased, the protection will also be increased; but if it be raised to thirty-one per s found that the revenue produced at that rate is less than at ., it ceases to be a revenue duty. The precise point in the le of duties at which it is ascertained from experience that greatest, is the maximum rate of duty which can be laid for purpose of collecting money for the support of government.

thas Saint and thereby

high the

ending to Congress a re on and modification of the unfriendly to the manu * prosperous, as far as the s on other interests. Th on, even within the reve ng interest; and of this, t end to Congress the abol trary, and false values, t their place of ad valorem di which can be impose1. ed according to their cos , or of small cost, bear

troduction of minimums, or assumed and false values, and by on of specific duties, the injustice and inequality of the act of practical operations on different classes and pursuits are seen any of the oppressive duties imposed by it under the operation nciples, range from one per cent. to more than two hundred They are prohibitory on some articles, and partially so on bear most heavily on articles of common necessity, and but rticles of luxury. It is so framed that much the greatest burit imposes is thrown on labor and the poorer classes who are bear it, while it protects capital and exempts the rich from r just proportion of the taxation required for the support of t. While it protects the capital of the wealthy manufacturer, ses his profits, it does not benefit the operatives or laborers in ment, whose wages have not been increased by it. Articles of ssity or of coarse quality and low price, used by the masses of are, in many instances, subjected by it to heavy taxes, while iner quality and higher price, or of luxury, which can be used opulent, are lightly taxed. It imposes heavy and unjust bure farmer, the planter, the commercial man, and those of all uits except the capitalist who has made his investments in manAll the great interests of the country are not, as nearly as may ble, equally protected by it.

rernment in theory knows no distinction of persons or classes, 1 not bestow upon some favors and privileges which all others njoy. It was the purpose of its illustrious founders to base the s which they reared upon the great and unchanging principles and equity, conscious that if administered in the spirit in which conceived, they would be felt only by the benefits which they nd would secure for themselves a defence in the hearts of the peoowerful than standing armies, and all the means and appliances o sustain governments founded in injustice and oppression. l-known fact that the tariff act of 1812 was passed by a majority e in the Senate, and two in the House of Representatives, and of those who felt themselves constrained, under the peculiar cirs existing at the time, to vote in its favor, proclaimed its defects, ssed their determination to aid in its modification on the first opaffords strong and conclusive evidence that it was not intended anent, and of the expediency and necessity of its thorough re

mending to Congress a reduction of the present rates of duty, sion and modification of the act of 1842, I am far from entertainns unfriendly to the manufacturers. On the contrary, I desire m prosperous, as far as they can be so, without imposing uneens on other interests. The advantage under any system of intion, even within the revenue standard, must be in favor of the ring interest; and of this, no other interest will complain. mend to Congress the abolition of the minimum principle, or asbitrary, and false values, and of specific duties, and the substiheir place of ad valorem duties, as the fairest and most equitable x which can be imposed. By the ad valorem principle, all artixed according to their cost or value, and those which are of inity, or of small cost, bear only the just proportion of the tax with

of superior quality or greater cost. The articles con-
axed at the same rate. A system of ad valorem revenue
er discriminations and proper guards against frauds in
is not doubted, will afford ample incidental advantages
ers, and enable them to derive as great profits as can be
other regular business. It is believed that such a sys-
in the revenue standard, will place the manufacturing
le footing, and inure to their permanent advantage; while
is may be practicable, extend to all the great interests of
adicental protection which can be afforded by our reve-
a system, when once firmly established, would be per-
be subject to the constant complaints, agitations, and
ust ever occur when duties are not laid for revenue,
a merely" of a favored interest.

but

ions of Congress on this subject, it is hoped that a spirit sion and compromise between conflicting interests may the result of their labors may be crowned with the hap

S.

tion of the United States it is provided, that "no money rom the treasury but in consequence of appropriations A public treasury was undoubtedly contemplated and eated, in which the public money should be kept from ection until needed for public uses. In the collection and the public money, no agencies have ever been employed h as were appointed by the government, directly responnder its control. The safe keeping of the public money ed to a public treasury created by law, and under like I control. It is not to be imagined that the framers of could have intended that a treasury should be created as te and safe keeping of the public money which was irregovernment. The first Congress under the constitution, second of September, 1789, "to establish the Treasury ovided for the appointment of a treasurer, and made it his and keep the moneys of the United States," and "at all o the Secretary of the Treasury and the Comptroller, or me inspection of the moneys in his hands."

d the public credit seriously
ston to pay, on demand, t
serguised by the constitutio
e, and great inconvenience
Had the country been inv
nd loss would have been mu
public calamity. The p
rate funds of banks or ind
When it is placed in hanks fo
ut interest, and is loaned
them. The public mone
and loaned out for the pr
TA, as was the case in 1

ational or state, could not have been intended to be used r the treasury spoken of in the constitution, as keepers of , is manifest from the fact, that at that time there was no d but three or four State banks of limited capital existed Their employment as depositories was at first resorted to, ent, but with no avowed intention of continuing them place of the treasury of the constitution. When they from time to time employed, it was from motives of sup

ce.

the banks, instead of '

e constitution. The frau
that the money paid
rate use, and placed beyo
kh hold the public mor
read their loans, increase t
are a spirit of speculation

it in ruin to thousands.

te thus used, but be kept
sin gold and silver, the

is an undue expansion of
nt of the constitution
by its employment in t
the banks themselves wo
ander condition.

. State banks are employ
on of law, whereby the
res and excesses, revulsion
verissues, overtrading, a
Se constantly exposed.
Then it was practicable, ta
•rld, by the pledge of st

as were in good credit. S
Son of security, and other
r the opinion that the
banking institutions i
Vite government and the ri
at provision be made by
treasury be created for
tional treasury recomm
public money, without a
any paper whatever as 1
rh a treasury as was co
ent of all banking corp
in the treasury of the
gents of the people che
he constitution: agents w
The are under adequate f
aishments for any emb

has shown, that when banking corporations have been he public money, and been thereby made in effect the ernment can have no guarantee that it can command the oney for public purposes. The late Bank of the United be faithless. The State banks which were afterwards aithless. But a few years ago, with millions of public keeping, the government was brought almost to bank