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greatest embarrassment was that connected with the African slavetrade.

"By the 10th article of the treaty of Ghent it was expressly declared that "whereas the traffic in slaves is irreconcileable with the principles of humanity and justice; and whereas both His Majesty and the United States are desirous of continuing their efforts to promote its entire abolition, it is hereby agreed that both the contracting parties shall use their best endeavours to accomplish so desirable an object." In the enforcement of the laws and treaty stipulations of Great Britain, a practice had threat ened to grow up on the part of its cruisers of subjecting to visitation ships sailing under the American flag, which, while it serious, ly involved our maritime rights, would subject to vexation a branch of our trade which was increasing, and which required the fostering care of the Government.

"And although Lord Aberdeen, in his correspondence with the American Envoys at London, expressly disclaimed all right to detain any American ship on the high seas, even if found with a cargo of slaves on board, and restricted the British pretension to a mere claim to visit and inquire, yet it could not well be discerned by the Executive of the United States how such visit and inquiry could be made without detention on the voyage, and consequent interruption to the trade. It was regarded as the right of search presented only in a new form, and expressed in different words; and I therefore felt it to be my duty distinctly to declare, in my annual message to Congress, that no such concession could be made, and that the United States had both the

will and the ability to enforce their own laws, and to protect their flag from being used for purposes wholly forbidden by those laws and obnoxious to the moral censure of the world.

"Taking the message as his letter of instructions, our then Minister at Paris, felt himself required to assume the same ground in a remonstrance which he felt it his duty to present to M. Guizot, and through him to the King of the French, against what has been called the Quintuple Treaty; and his conduct in this respect met with the approval of this Government. In close conformity with these views, the 8th article of the treaty was framed, which provides that "each nation shall keep afloat in the African seas a force not less than eighty guns, to act separately and apart, under instructions from their respective governments, and for the enforcement of their respective laws and obligations." From this it will be seen that the ground assumed in the message has been fully maintained, at the same time that the stipulations of the Treaty of Ghent are to be carried out in good faith by the two coun. tries, and that all pretence is removed for interference with our commerce for any purpose whatever by a foreign government.

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"While, therefore, the United States have been standing up the freedom of the seas, they have not thought proper to make that a pretext for avoiding a fulfilment of their treaty stipulations, or a ground for giving countenance to a trade reprobated by our laws. A similar arrangement by the other great powers could not fail to sweep from the ocean the slave-trade, without the interpolation of any new principle into the maritime

code. We may be permitted to hope that the example thus set will be followed by one, if not all, of them. We thereby also afford suitable protection to the fair trader in those seas, thus fulfilling at the same time the dictates of a sound policy, and complying with the claims of justice and humanity. "It would have furnished additional cause for congratulation, if the treaty could have embraced all subjects calculated in future to lead to a misunderstanding between the two governments. The territory of the United States, commonly called the Oregon Territory, lying on the Pacific Ocean, north of the forty-second degree of latitude, to a portion of which Great Britain lays claim, begins to attract the attention of our fellow-citizens, and the tide of population, which has reclaimed what was so lately an unbroken wilderness, in more contiguous regions, is preparing to flow over these vast districts, which stretch from the Rocky Mountains to the Pacific Ocean. In advance of the acquirements of individual rights to these lands, sound policy dictates that every effort should be resorted to by the two Governments to settle their respective claims.

"With the other Powers of Europe our relations continue on the most amicable footing. Treaties now existing with them should be rigidly observed, and every opportunity, compatible with the interests of the United States, should be seized upon to enlarge the basis of commercial intercourse. Peace with all the world is the true foundation of our policy, which can only be rendered permanent by the practice of equal and impartial justice to all. Our great desire should be to enter only into

that rivalry which looks to the general good in the cultivation of the sciences, the enlargement of the field for the exercise of the mechanical arts, and the spread of commerce that great civilizerto every land and sea. Carefully abstaining from interference in all questions exclusively referring themselves to the political interests of Europe, we may be permitted to hope an equal exemption from the interference of European governments in what relates to the States of the American continent.

"Mexico has thought proper to reciprocate the mission of the United States to that Government by accrediting to this a minister of the same rank as that of the representative of the United States in Mexico. From the circumstances connected with his mission favourable results are anticipated from it. It is so obviously for the interest of both countries, as neighbours and friends, that all just causes of mutual dissatisfaction should be removed, that it is to be hoped neither will omit or delay the employment of any practicable and honourable means to accomplish that end.

"The affairs pending between this Government and several others of the States of this hemisphere formerly under the dominion of Spain, have again within the past year been materially obstructed by the military revolutions and conflicts in those countries.

"The vexatious, harassing, and expensive war which so long prevailed with the Indian tribes inhabiting the peninsula of Florida, has happily been terminated, whereby our army has been relieved from a service of the most disagreeable character, and the Treasury from a large expenditure. Some casual

outbreaks may occur, such as are incident to the proximity of border settlers and the Indians, but these, as in all other cases, may be left to the care of the local authorities, aided, when occasion may require, by the forces of the United States. A sufficient number of troops will be maintained in Florida, so long as the remotest apprehensions of danger shall exist; yet their duties will be limited to the garrisoning of the necessary posts, rather than to the maintenance of active hostilities. It is to be hoped, that a territory so long retarded in its growth will now speedily recover from the evils incident to a protracted war, exhibiting, in the increased amount of its rich productions, true evidences of returning wealth and prosperity.

"The balance in the Treasury on the 1st of January, 1842, (exclusive of the amount deposited with the state, trust funds, and indemnities,) was dlrs. 230,483 68. The receipts into the Treasury during the three first quarters of the present year from all sources, amount to dlrs. 26,616,594 18, of which 14,000,000 dollars were received from customs, and about 1,000,000 dollars from the public lands. The receipts for the fourth quarter are estimated at nearly 8,000,000 dollars, of which 4,000,000 dollars are expected from customs, and 3,500,000 dollars from loans and treasury notes. The expenditures of the first three quarters of the present year exceed 26,000,000 dollars, and those estimated for the fourth quarter amount to about 8,000,000 dollars, and it is anticipated there will be a deficiency of 5,000,000 dollars on the 1st of January next, but that the amount of outstanding warrants (estimated at 800,000

dollars) will leave an actual balance of about 224,000 dollars in the Treasury. Among the expenditures of the year, are more than 8,000,000 dollars for the public debt, and 600,000 dollars on account of the distribution to the States of the proceeds of sales of the public lands.

"The present tariff of duties was somewhat hastily and hurriedly passed near the close of the late Session of Congress. That it should have defects can, therefore, be surprising to no one. To remedy such defects as may be found to exist in many of its numerous provisions will not fail to claim your serious attention. It may well merit inquiry, whether the exaction of all duties in cash does not call for the introduction of a system which has proved highly beneficial in countries where it has been adopted. I refer to the warehousing system. The first and most prominent effect which it would produce would be to protect the market alike against redundant or deficient supplies of foreign fabrics, both of which, in the long run, are injurious as well to the manufacturer as the importer.

"The quantity of goods in store being at all times readily known, it would enable the importer, with an approach to accuracy, to ascertain the actual wants of the market, and to regulate himself accordingly. If, however, he should fall into error by importing an excess above the public wants, he could readily correct its evils by availing himself of the benefit and advantages of the system thus established. In the storehouse the goods imported would await the demands of the market, and their issues would be governed by the fixed principles of demand and

supply. Thus au approximation would be made to a steadiness and uniformity of price, which if attainable, would conduce to the decided advantage of mercantile and mechanical operations.

"The apprehension may be well entertained, that without something to ameliorate the rigour of cash payments, the entire import trade may fall into the hands of a few wealthy capitalists in this country and in Europe. The small importer, who requires all the money he can raise for investments abroad, and who can but ill-afford to pay the lowest duty, would have to subduct in advance a portion of his funds in order to pay the duties, and would lose the interest upon the amount thus paid for all the time the goods might remain unsold, which might absorb his profits. The rich capitalist abroad, as well as at home, would thus possess, after a short time, an almost exclusive monopoly of the import trade, and laws designed for the benefit of all, would thus operate for the benefit of a few a result wholly uncongenial with the spirit of our institutions, and anti-republican in all its tenden

cies.

"The warehousing system would enable the importer to watch the market and to select his own time for offering his goods for sale. A profitable portion of the carrying trade in articles entered for drawback must also be most seriously affected, without the adoption of some expedient to relieve the cash system. The warehousing system would afford that relief, since the carrier would have a safe recourse to the public storehouses, and might, without advancing the duty, reship within some reasonable period to foreign ports. A further

effect of the measure would be to supersede the system of drawbacks, thereby effectually protecting the Government against fraud, as the right of debenture would not attach to goods after their withdrawal from the public stores.

"The report of the Secretary of the Navy will bring you acquainted with that important branch of the public defences. Considering the already vast and daily increasing commerce of the country, apart from the exposure to hostile inroad of an extended seaboard, all that relates to the navy is calculated to excite particular attention. Whatever tends to add to its efficiency, without entailing unnecessary charges upon the treasury, is well worthy of your serious consideration. It will be seen, that while an appropriation excceding by less than a million the appropriations of the present year is asked by the secretary, yet that in this sum is proposed to be included 400,000 dollars for the purchase of clothing, which, when once expended, will be annually reimbursed by the sale of the clothes, and will thus constitute a perpetual fund, without any new appropriation to the same object.

"To this may also be added 50,000 dollars asked to cover the arrearages of past years; and 250,000 dollars in order to maintain a competent squadron on the coast of Africa; all of which when deducted will reduce the expenditures nearly within the limits of those of the current year. While, however, the expenditure will thus remain very nearly the same as in the antecedent year, it is proposed to add greatly to the operations of the marine, and in lieu of only twenty-five ships in commission,

and but little in the way of building, to keep, with the same expenditure, forty-one vessels afloat and to build eleven ships of a small class.

"At peace with all the world -the personal liberty of the citi zen maintained, and his rights secured under political institutions deriving all their authority from the direct sanction of the people-with a soil fertile almost beyond example, and a country blessed with every diversity of climate and production, — what remains to be done in order to advance the happiness and prosperity of such a people? Under ordinary circumstances this inquiry could be readily answered.

"The best that could probably be done for a people inhabiting such a country would be to fortify their peace and security in the prosecution of their various pursuits, by guarding them against invasion from without and violence from within. The rest, for the greater part, might be left to their own energy and enterprise. The chief embarrassments which at the moment exhibit themselves have arisen from overaction; and the most difficult task that remains to be accomplished is that of correcting and overcoming its effects. Between the years 1833 and 1838 additions were made to bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question seemed to be not how the best currency could be provided, but in what manner the greatest amount of bank paper could be put in circulation.

"Thus a vast amount of what was called money-since, for the time being, it answered the purpose of money-was thrown upon

the country; an overissue which was attended, as a necessary consequence, by an extravagant increase of the prices of all the articles of property, the spread of a speculative mania all over the country, and has finally ended in a general indebtedness on the part of the states and individuals, the prostration of public and private credit, a depreciation in the market value of real and personal estate, and has left large districts of country almost entirely without any circulating medium.

"In view of the fact that, in 1830, the whole of the bank-note circulation within the United States amounted to but 61,323,893 dollars according to the Treasury statements, and that an addition had been made thereto of the enormous sum of 88,000,000 dollars, in seven years (the circulation on the 1st of January, 1837, being stated at 149,185,890), aided by the great facilities in obtaining loans from European capitalists, who were seized with the same speculative mania which prevailed in the United States, and the large importations of funds from abroad, the result of stock sales and loans, no one can be surprised at the apparent, but unsubstantial state of prosperity which everywhere prevailed over the land; and while little cause of surprise should be felt at the present prostration of every thing, and the ruin which has befallen so many of our fellow-citizens in the sudden withdrawal from circulation of so large an amount of bank issues since 1837, exceeding, as believed, the amount added to the paper currency for a similar period antecedent to 1837, it ceases to be a matter of astonishment that such extensive shipwreck should have

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