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DECEMBER, 1843.]
The President's Message.

[28TH CONG. The members were then sworn in, and after- | South Carolina; Mr. PORTER, of Michigan; wards some others who arrived at a later hour and Mr. BERREIN, of Georgia. of the day.

A message was received from the House of A message was received from the Senate by Representatives, (by MATTHEW St. Clair Asbury Dickins, Esq., their Secretary, stating CLARKE, their Clerk,) informing the Senate that a quorum of that body had assembled, and that the House had organized, by the election were ready to proceed to business.

of the Hon. Jous W. Jones, of Virginia, The Speaker then said that the members Speaker, and that they were ready to proceed of the House would be called by States in to business. Also, that they had, under a order to be sworn; which was accordingly resolution adopted for that purpose, appointed done.

Messrs. C. J. INGERSOLL, Wise, and THOMPSON The House being thus organized

of Mississippi, a committee on their part, to Mr. DROMGOOLE offered the following, which join such committee as might be appointed on was considered, and adopted :

the part of the Senate, to wait on the Presi

dent of the United States, and inform him Resolved, That a message be sent to the Senate, that a quorum of the two Houses of Congress to inform that body that a quorum of the House of had assembled and organized for business, and Representatives have assembled, and have elected John W. Jones, of Virginia, their Speaker, and are

were ready to receive any communications he ready to proceed to business.

might be pleased to make to them; and the

Ilouse asked the concurrence of the Senate in Mr. C. J. INGERSOLL offered the follow- the resolution for the appointment of the joint ing resolution; which was considered, and committee. adopted :

Mr. Phelps moved that the Senate concur Resolved, That a committee be appointed, to join ment of a committee to wait on the Presi

in the message of the House for the appointsuch committee as may be appointed on the part dent of the United States; and that the Presiof the Senate, to wait on the President of the United States, and inform him that a quorum of

DENT appoint two Senators a committee on the two Houses of Congress have assembled, and the part of the Senate for that purpose. The are ready to receive any communication that he questions were put, and agreed to ; and may be pleased to make.

The PRESIDENT appointed Mr. Phelps, of

Vermont, and Mr. King, of Alabama, the said The following is the vote for Speaker : committee; who retired for the purpose indiFor Jonn W. JONES

128 cated. * JOHN WHITE

A Message in writing was received from the President of the United States, by the hands of John Tyler, jr., his secretary, at halfpast one o'clock. It was read to the Senate as

follows: TUESDAY, December 5.

To the Senate and The following Senators appeared in their House of Representatives of the United States : seats to-day, viz: Mr. Sevier, of Arkansas; If any people ever had cause to render up thanks Mr. Bayard, of Delaware ; Mr. McDuffie, of to the Supreme Being for parental care and protec





David S. Reed, Edmund Deberry, R. M. Saunders, James Louisiana.—John Slidell, Alcee Labranche, John B. J. McKay, J. R. Daniel, A. H. Arrington, Kenneth Ray. Dawson, P. E. Bossier.

Indiana.--Robt. Dale Owen, Thomas J. Henley, Thomas South Carolina.-James A. Black, Richard F. Simpson, Smith, Caleb B. Smith, Wm. J. Brown, John W. Davis, Joseph A. Woodward, John Campbell, Artemus Burt, Isaac Joseph A. Wright, John Pettit, Samuel C. Sample, Andrew E. Holmes, R. Barnwell Rhett.

Kennedy. Georgia.-E. J. Black, H. A. Haralson, J. H. Lumpkin, Illinois.--Robert Smith, John A. McClernand, Orlando B. Howell Cobb, Wm. H. Stiles, Alexander H. Stephens, A. II. Ficklin, John Wentworth, Stephen A. Douglas, Joseph P. Chappell-1 vacancy.

Hoge, J. J. Hardin. Kentucky-Linn Boyd, Willis Green, Henry Grider, Alabama.-James Dellet, James E. Belser, Dixon H. George A. Caldwell, James Stone, John White, Wm. P. Lewis, William W. Payne, George S. Houston, Reuben Thompson, Garrett Davis, Richard French, J. W. Tibbatts. Chapman, Felix McConnell.

Tennessee - Andrew Johnson, William T. Senter, Julius Mississippi.- William II. Hammett, Jacob Thompson, W. Blackwell, Alvan Cullom, George W. Jones, Aaron V.

Robert W. Roberts, Tilghman M. Tucker. Brown, David W. Dickinson, James II. Peyton, Cave John Missouri.—James M. Hughes, James B. Bowlin, James son, John B. Ashe, Milton Brown.

H. Ralfe, John Jameson, Gustavus B. Bower. Ohio.--Alexander Duncan, John B. Weller, Robt. C.

Arkansas.-Edward Cross. Schenck, Joseph Vance, Emery D. Potter, Joseph J. Mc Michigan.-Robert McClelland, Lucius Lyon, James B. Dowell, John I. Vanmeter, Elias Florence, IIeman A.

Hunt. Moore, Jacob Brinkerhoff, Samuel F. Vinton, Perley B.

TERRITORIAL DELEGATES, Johnson, Alexander Harper, Joseph Morris, James Math

Florida.--David Levy. ews, Wm. C. McCauslin, Ezra Dean, Daniel R. Tilden,

Wisconsin.--Henry Dodge. Joshua R. Giddings, H. R. Brinkerhoff.

Iowa.- Augustus C. Dodge.

prosperity of the whole country. I shall be permit

. of I am happy to inform

you that the cases which

1st Sess.)
The President's Message.

[DECEMBER, 1843. tion extended to them in all the trials and difficul- | ated, no doubt, by an earnest desire to adjust the ties to which they have been from time to time ex inatter upon terms mutually satisfactory to both posed, we certainly are that people. From the first countries—have caused to be submitted to the settlement of our forefathers on this continent- British Government propositions for settlement and through the dangers attendant upon the occupation final adjustment, which, however, have not proved of a savage wilderness—through a long period of heretofore acceptable to it. Our Minister at Loncolonial dependence-through the war of the Revo- don has, under instructions, again brought the lution—in the wisdom which led to the adoption of subject to the consideration of that Government; the existing republican forms of government–in and while nothing will be done to compromit the the hazards incident to a war subsequently waged rights or honor of the United States, every proper with one of the most powerful nations of the earth expedient will be resorted to, in order to bring the -in the increase of our population—in the spread negotiation now in the progress of resumption to a of the arts and sciences, and in the strength and du- speedy and happy termination. In the mean time it rability conferred on political institutions emanating is proper to remark that many of our citizens are from the people and sustained by their will, the su either already established in the territory, or are on perintendence of an overruling Providence has been their way thither, for the purpose of forming permaplainly visible. As preparatory, therefore, to en nent settlements, while others are preparing to foltering once more upon the high duties of legislation, low; and in view of these facts, I must repeat the it becomes us humbly to acknowledge our depend- recommendation contained in previous messages, ence upon Him as our guide and protector, and to for the establishment of military posts at such implore a continuance of His parental watchfulness places on the line of travel, as will furnish security over our beloved country. We have new cause for and protection to our hardy adventurers against the expression of our gratitude in the preservation hostile tribes of Indians inhabiting those extensive of the health of our fellow-citizens, with some par- regions. Our laws should also follow them, so tial and local exceptions, during the past season modified as the circumstances of the case may seem for the abundance with which the earth has yielded to require. Under the influence of our free system up its fruits to the labors of the husbandman-for of government, new republics are destined to spring the renewed activity which has been imparted to up, at no distant day, on the shores of the Pacific, commerce—for the revival of trade in all its depart- similar in policy and feeling to those existing on ments--for the increased rewards attendant on the this side of the Rocky Mountains, and giving a exercise of the mechanic arts—for the continued wider and more extensive spread to the principles

reviving ted to exchange congratulations with you, gentle have arisen from time to time, of the detention of men of the two Houses of Congress, on these aus. American vessels by British cruisers on the coast of picious circumstances, and to assure you, in, ad- Africa, under pretence of being engaged in the slavevance, of my ready disposition to concur with you trade, have been placed in a fair train of adjustment. in the adoption of all such measures as shall be cal- In the case of the William and Francis, fuü satisfacculated to increase the happiness of our constitu- tion will be allowed. In the cases of the Tygris and ents, and to advance the glory of our common Seamew, the British Government admits that satiscountry.

faction is due. In the case of the Jones, the sum Since the last adjournment of Congress, the Ex- accruing from the sale of that vessel and cargo will ecutive has relaxed no effort to render indestruc- be paid to the owners, while I cannot but flatter tible the relations of amity which so happily exist myself that full indemnification will be allowed for between the United States and other countries. The all damages sustained by the detention of the vestreaty lately concluded with Great Britain has sel; and in the case of the Douglass, Her Majesty's tended greatly to increase the good understanding Government has expressed its determination to which a reciprocity of interest is calculated to en make indemnification. Strong hopes are therefore courage, and it is most ardently to be hoped that entertained that most, if not all of these cases, will nothing may transpire to interrupt the relations of be speedily adjusted. No new cases have arisen amity which it is so obviously the policy of both since the ratification of the treaty of Washington; nations to cultivate.

and it is confidently anticipated that the slave-trade, A question of much importance still remains to be under the operation of the eighth article of that adjusted between them. The territorial limits of the treaty, will be altogether suppressed. two countries in relation to what is commonly The occasional interruption experienced by our known as the Oregon Territory, still remain in dis- fellow-citizens engaged in the fisheries on the neighpute. The United States would be at all times in boring coast of Nova Scotia, has not failed to claim disposed to aggrandize themselves at the expense the attention of the Executive. Representations of any other nation; but while they would be re- upon this subject have been made; but, as yet, no strained by principles of honor which should govern definite answer to those representations has been the conduct of nations as well as that of individuals, received from the British Government. from setting up a demand for territory which does Two other subjects of comparatively minor imnot belong to them, they would as unwillingly con- portance, but nevertheless of too much consequence sent to a surrender of their rights. After the niost to be neglected, remain still to be adjusted between rigid, and, as far as practicable, unbiassed examina- the two countries. By the treaty between the Unittion of the subject, the United States have always ed States and Great Britain, of July, 1815, it is procontended that their rights appertain to the entire vided that no higher duties shall be levied in either region of country lying on the Pacific, and embraced country on articles imported from the other, than within 42° and 50° 40' of north latitude. This on the same articles imported from any other place. claim being controverted by Great Britain, those In 1836, rough rice, by act of Parliament, was adwho have preceded the present Executive-actu- mitted from the coast of Africa into Great Britain

The repre

DECEMBER, 1843.]
The President's Message.

[28TH Cosa. on the payment of a duty of one penny a quarter; / vantages to the agricultural interests of the United while the same article from all other countries, in- States, and a more free and expanded field for comcluding the United States, was subjected to the pay- mercial operations, will affect injuriously no existing ment of a duty of twenty shillings a quarter. Our interest of the Union. Should the negotiation be Minister at London has, from time to time, brought crowned with success, its results will be communithis subject to the consideration of the British Gov- cated to both Houses of Congress. ernment, but, so far, without success. He is in I communicate herewith certain despatches te structed to renew his representations upon it. ceived from our Minister at Mexico, and also a cor

Some years since, a claim was preferred against respondence which has recently occurred between the British Government on the part of certain Amer- the Envoy from that Republic and the Secretary of ican merchants, for the return of export duties paid State. It must be regarded as not a little extraor. by them on shipments of woollen goods to the dinary that the Government of Mexico, in anticipa. United States, after the duty on similar articles ex tion of a public discussion, which it has been ported to other countries had been repealed, and pleased to infer, from newspaper publications, as consequently in contravention of the commercial likely to take place in Congress, relating to the convention between the two nations, securing to us annexation of Texas to the United States, should eq ity in such cases. The principle on which the have so far anticipated the result of such discussion claim rests has long since been virtually admitted by as to have announced its determination to visit any Great Britain; but obstacles to a settlement have such anticipated decision by a formal declaration from time to time been interposed, so that a large of war against the United States. If designed to portion of the amount claimed has not yet been re- prevent Congress from introducing that question as funded. Our Minister is now engaged in the prose a fit subject for its calm deliberation and final cution of the claim, and I cannot but persuade my judgment, the Executive has no reason to doubt self that the British Government will no longer de that it will entirely fail of its object. lay its adjustment.

sentatives of a brave and patriotic people will suffer I am happy to be able to say that nothing has oc. no apprehension of future consequences to emcurred to disturb in any degree the relations of amic barrass them in the course of their proposed dety which exist between the United States and liberations. Nor will the Executive Department France, Austria, and Russia, as well as with the of the Government fail, for any such cause, to other powers of Europe since the adjournment of discharge its whole duty to the country. Congress. Spain has been agitated with internal The war which has existed for so long a time beconvulsions for many years, from the effects of tween Mexico and Texas has, since the battle of which it is to be hoped she is destined speedily to San Jacinto, consisted for the most part of predatory recover; when, under a more liberal system of com- incursions, which, while they have been attended mercial policy on her part, our trade with her may with much of suffering to individuals, and have kept again fill its old, and, so far as her continental pos- the borders of the two countries in a state of consessions are concerned, its almost forsaken channels; stant alarm, have failed to approach to any definithereby adding to the mutual prosperity of the two tive result.' Mexico has fitted out no formidable countries.

armament, by land or by sea, for the subjugation The Germanic Association of Customs and Com- of Texas. Eight years have now elapsed since Texas merce, which, since its establishment in 1833, has declared her independence of Mexico, and during been steadily growing in power and importance, and that time she has been recognized as a sovereign consists at this time of more than twenty German power by several of the principal civilized States. States, and embraces a population of 27,000,000 of Mexico, nevertheless, perseveres in her plans of repeople, united for all the purposes of commercial conquest, and refuses to recognize her independence. intercourse with each other and with foreign States, The predatory incursions to which I have alluded, offers to the latter the most valuable exchanges on have been attended, in one instance, with the breakprinciples more liberal than are offered in the fiscal ing up of the courts of justice, by the seizing upon system of any other European power. From its the persons of the judges, jury, and officers of the origin, the importance of the German Union has court, and dragging them along with unarmed, and never been lost sight of by the United States. The therefore non-combatant citizens, into a cruel and industry, morality, and other valuable qualities of oppressive bondage; thus leaving crime to go unthe German nation, have always been well known punished, and immorality to pass unreproved. A and appreciated. On this subject I invite the atten- border warfare is evermore to be deprecated, and tion of Congress to the report of the Secretary of over such a war as has existed for so many years State, from which it will be seen that, while our between these two States, humanity has had great cotton is admitted free of duty, and the duty on cause to lament. Nor is such a condition of things rice has been much reduced, (which has already to be deplored only because of the individual sufled to a greatly increased consumption,) a strong fering attendant upon it. The effects are far more disposition has been recently evinced by that great extensive. The Creator of the Universe has given body to reduce, upon certain conditions, their man the earth for his resting-place, and its fruits for present duty upon tobacco. This being the first his subsistence. Whatever, therefore, shall make intimation of a concession on this interesting sub- the first, or any part of it, a scene of desolation, ject ever made by any European power, I cannot affects injuriously his heritage, and may be regarded but regard it as well calculated to remove the only as a general calamity. Wars may sometimes be impediment which has so far existed to the most necessary; but all nations have a common interest liberal commercial intercourse between us and them. in bringing them speedily to a close. The United In this view, our Minister at Berlin, who has here- States have an immediate interest in seeing an end tofore industriously pursued the subject, has been put to the state of hostilities existing between Mexinstructed to enter upon the negotiation of a com- ico and Texas. They are our neighbors, of the mercial treaty, which, while it will open new ad- I same continent, with whom we are not only de

Ist Sess.)
The President's Message.

[DECEMBER, 1843. sirous of cultivating the relations of amity, but of high obligations of public duty may enforce from the most extended commercial intercourse, and to the constituted authorities of the United States a practise all the rights of a neighborhood hospitality policy, which the course persevered in by Mexico Our own interests are deeply involved in the matter, will have mainly contributed to produce; and the since, however neutral may be our course of policy, Executive, in such a contingency, will, with confiwe cannot hope to escape the effects of a spirit of dence, throw itself upon the patriotism of the jealousy on the part of both of the powers. Nor people to sustain the Government in its course of can this government be indifferent to the fact, that action. a warfare, such as is waged between those two na Measures of an unusual character have recently tions, is calculated to weaken both powers, and been adopted by the Mexican Government, calculatfinally to render them, and especially the weaker ed in no small degree to affect the trade of other of the two, the subjects of interference on the part nations with Mexico, and to operate injuriously to of stronger and more powerful nations, which, in the United States. All foreigners, by a decree of tent only on advancing their own peculiar views, the 23d day of September, and after six months may sooner or later attempt to bring about a com- from the day of its promulgation, are forbidden to pliance of terms, as the condition of their interpo carry on the business of selling by retail any goods sition, alike derogatory to the nation granting them, within the confines of Mexico. Against this deand detrimental to the interests of the United cree our Minister has not failed to remonstrate. States. We could not be expected quietly to per The trade heretofore carried on by our citizens mit any such interference to our disadvantage. with Santa Fe, in which much capital was already Considering that Texas is separated from the United invested, and which was becoming of daily increasStates by a mere geographical line ; that her terri- ing importance, has suddenly been arrested by a tory, in the opinion of many, formed a portion of decree of virtual prohibition on the part of the Mexithe territory of the United States; that it is homo- can Government. Whatever may be the right of geneous in its population and pursuits with the ad- Mexico to prohibit any particular course of trade to joining States, and makes contributions to the coin the citizens or subjects of foreign powers, this late merce of the world in the same articles with them; procedure, to say the least of it, wears a harsh and and that most of her inhabitants have been citizens unfriendly aspect. of the United States; speak the same language, and The instalments on the claims recently settled by live under similar political institutions with ourselves the convention with Mexico have been punctually —this Government is bound, by every considera- paid as they bave fallen due, and our Minister is tion of interest, as well as of sympathy, to see that engaged in urging the establishment of a new comshe shall be left free to act, especially in regard to mission, in pursuance of the convention for the sether domestic affairs, unawed by force, and unre- tlement of unadjusted claims. strained by the policy or views of other countries. With the other American States our relations of In full view of all these considerations, the Executive amity and goodwill have remained uninterrupted. has not hesitated to express to the Government of Our Minister near the Republic of New Grenada Mexico how deeply it deprecated a continuance of has succeeded in effecting an adjustment of the the war, and how anxiously it desired to witness its claim upon that Government for the schooner “By termination. I cannot but think that it becomes Chance," which has been pending for many years. the United States, as the oldest of the American The claim for the brig“Morris," which had its Republics, to hold a language to Mexico upon this origin during the existence of the republic of Cosubject of an unambiguous character. It is time lombia, and indemnification for which, since the disthat this war had ceased. There must be a limit to solution of that republic, has devolved on its severall wars; and if the parent State, after an eight al members, will be urged with renewed zeal. years' struggle, has failed to reduce to submission I have much pleasure in saying that the Governa portion of its subjects standing out in revolt ment of Brazil has adjusted the claim upon that against it, and who have not only proclaimed them- Government in the case of the schooner “John S. selves to be independent, but have been recognized Bryan,” and that sanguine hopes are entertained as such by other powers, she ought not to expect that that the same spirit of justice will influence its counother nations will quietly look, to their obvious in- cils in arriving at an early decision upon the rejury, upon a protraction of hostilities. These Unit- maining claims; thereby removing all cause of dised States threw off their colonial dependence, and sension between two powers whose interests are, established independent governments; and Great to some extent, interwoven with each other. Britain, after having wasted her energies in the Our Minister at Chili has succeeded in inducing a attempt to subdue them for a less period than Mex- recognition by that Government of the adjustment ico has attempted to subjugate Texas, had the wis-effected by his predecessor of the first claims in the dom and justice to acknowledge their independ- case of the “ Macedonian.” The first instalment ence; thereby recognizing the obligation which has been received by the claimants in the United rested on her as one of the family of nations. An States. example thus set by one of the proudest, as well as Notice of the exchange of ratifications of the treamost powerful nations of the earth, it could in no ty with Peru, which will take place at Lima, has way disparage Mexico to imitate. While, there- not yet reached this country, but is expected shortly fore, the Executive would deplore any collision to be received, when the claims upon that republic

or any disturbance of the friendly will doubtless be liquidated and paid. relations which exist between the two countries, it In consequence of a misunderstanding between cannot permit that Government to control its policy, this Government and that of Buenos Ayres, occurwhatever it may be, towards Texas; but will treat ring several years ago, this Government has reher—as by the recognition of her independence, mained unrepresented at that court, while a ministhe United States have long since declared they ter from it has been constantly resident here. The would do—as entirely independent of Mexico. The causes of irritation have, in a great measure, passed

with Mexico,

DECEMBER, 1843.]
The President's Message.

[28th Cosg. away; ard it is in contemplation, in view of impor- | cargo in a currency of greatly less value than that tant interests which have grown up in that country, in Europe, but fully available here in the purchase at some early period during the present session of of our agricultural productions, their profits being Congress, with he concurrence of the Senate, to immeasurably augmented by the operation, the shiprestore diplomatic relations between the two coun ments were large, and the revenues of the Governtries.

ment became superabundant. But the change in Under the provisions of an act of Congress of the the character of the circulation from a nominal and last session, å minister was despatched from the apparently real value, in the first stages of its er United States to China, in August of the present | istence, to an obviously depreciated value in its year; who, from the latest accounts we have from second, so that it no longer answered the purposes him, was at Suez, in Egypt, on the 25th of Septem- of exchange or barter, and its ultimate substitution ber last, on his route to China.

by a sound metallic and paper circulation combined, In regard to the Indian tribes residing within our has been attended by diminished importations, and jurisdictional limits, the greatest vigilance of the a consequent falling off in the revenue. This has Government has been exerted to preserve them induced Congress, from 1837, to resort to the exat peace among themselves, and to inspire them with pedient of issuing treasury notes, and finally of feelings of confidence in the justice of this Govern- funding them, in order to supply deficiencies. I ment, and to cultivate friendship with the border cannot, however, withhold the remark, that it is in inhabitants. This has happily succeeded to a great no way compatible with the dignity of the Govern. extent; but it is a subject of regret that they suffer ment that a public debt should be created in time themselves, in some instances, to be imposed upon of peace to meet the current expenses of the Gov. by artful and designing men—and this, notwith-ernment, or that temporary expedients should be standing all the efforts of the Government to pre-resorted to an hour longer than it is possible to vent it.

avoid them. The Executive can do no more than The receipts into the treasury for the calendar apply the means which Congress places in its hands year 1843, exclusive of loans, were little more than for the support of Government; and happily for eighteen millions of dollars; and the expenditures, the good of the country, and for the preservation exclusive of payments on the public debt, will have of its liberties, it possesses no power to levy exacbeen about twenty-three millions of dollars. By tions on the people, or to force from them contrithe act of 1842, a new arrangement of the fiscal year butions to the public revenue in any form. It can was made, so that it should commence on the 1st only recommend such measures as may, in its day of July in each year. The accounts and esti- opinion, be called for by the wants of the public mates for the current fiscal year will show that the service, to Congress, with whom alone rests the loans and treasury notes made and issued before the power to "lay and collect taxes, duties, imposts, close of the last Congress, to meet the anticipated and excises." This duty has upon several occasions deficiency, have not been entirely adequate. Al heretofore been performed. The present condition though, on the 1st of October last, there was a of things gives a flattering promise that trade and balance in the treasury, in consequence of the pro- commerce are rapidly reviving, and, fortunately for vision thus made, of $3,914,082 77, yet the appro- the country, the sources of revenue have only to priations already made by Congress will absorb be opened, in order to prove abundant. that balance, and leave a probable deficiency of While we can anticipate no considerable increase two millions of dollars at the close of the present in the proceeds of the sales of the public lands, for fiscal year. There are outstanding treasury notes reasons perfectly obvious to all, for sereral years to to about the amount of four million six hundred come, yet the public lands cannot otherwise than thousand dollars; and should they be returned upon be regarded as the foundation of the public credit. the treasury during the fiscal year, they will require With so large a body of the most fertile lands in provision for their redemption. I do not, however, the world under the control, and at the disposal of regard this as probable, since they have obriously the Government, no one can reasonably doubt the entered into the currency of the country, and will entire ability of the Government to meet its encontinue to form a portion of it, if the system now gagements under every emergency. In seasons of adopted be continued. The loan of 1841, amount trial and difficulty similar to those through which ing to $5,672,976 88, falls due on the 1st of we are passing, the capitalist makes his investment January, 1845, and must be provided for, or post in the Government stocks, with the most assured poned by a new loan. And unless the resources confidence of ultimate reimbursement; and whatof the revenue should be materially increased by ever may be said in a period of great financial you, there will be a probable deficiency for the prosperity, such as existed for some years after service of the fiscal year ending June 30th, 1845, 1833, I should regard it as suicidal, in a season of of upwards of four millions of dollars.

financial embarrassment, to alienate either the lands The delusion incident to an enormously excessive themselves, or the proceeds arising from their sales. paper circulation, which gave a fictitious value to The first and paramount duty of those to whom every thing, and stimulated adventure and specula- may be intrusted the administration of public affairs, tion to an extravagant extent, has been happily is to gnard the public credit. In re-establishing succeeded by the substitution of the precious the credit of this Central Government, the readiest metals, and paper promptly redeemable in specie; and most obvious mode is taken to restore the and thus false values have disappeared, and a sounder credit of the States. The extremities can only be condition of things has been introduced. This made sound by producing a healthy action in the transit although intimately connected with the Central Governinent; and the history of the present prosperity of the country, has nevertheless been day fully establishes the fact, that an increase in attended with much embarrassment to the Govern- the value of the stocks of this Government will, in ment in its financial concerns. So long as the a majority of instances, be attended by an increase foreign importers could receive payment for their in the value of the stocks of the States. It should,

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