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greatest embarrassment was that will and the ability to enforce their connected with the African slave. own laws, and to protect their flag trade.

from being used for purposes wholly “By the 10th article of the forbidden by those laws and obtreaty of Ghent it was expressly noxious to the moral censure of declared that “whereas the traffic the world. in slaves is irreconcileable with the “ Taking the message as his letprinciples of humanity and justice; ter of instructions, our then Minand whereas both His Majesty and ister at Paris, felt himself required the United States are desirous of to assume the same ground in a continuing their efforts to promote remonstrance which he felt it his its entire abolition, it is hereby duty to present to M. Guizot, and agreed that both the contracting through him to the King of the parties shall use their best endea. French, against what has been vours to accomplish so desirable an called the Quintuple Treaty; and object.” In the enforcement of his conduct in this respect met the laws and treaty stipulations of with the approval of this GovernGreat Britain, a practice had threat. ment. In close conformity with ened to grow up on the part of these views, the 8th article of the its cruisers of subjecting to visita. treaty was framed, which provides tion ships sailing under the Ame- that “ each nation shall keep afloat rican flag, which, while it serious in the African seas a force not less ly involved our maritime rights, than eighty guns, to act separately would subject to vexation a branch and apart, under instructions from of our trade which was increasing their respective governments, and and which required the fostering for the enforcement of their recare of the Government.

spective laws and obligations." “And although Lord Aberdeen, From this it will be seen that the in his correspondence with the ground assumed in the message has American Envoys at London, ex been fully maintained, at the same pressly disclaimed all right to de- time that the stipulations of the tain any American ship on the Treaty of Ghent are to be carried high seas, even if found with a out in good faith by the two coun. cargo of slaves on board, and re tries, and that all pretence is restricted the British pretension to a moved for interference with our mere claim to visit and inquire, commerce for any purpose whatyet it could not well be discerned ever by a foreign government. by the Executive of the United “While, therefore, the United States how such visit and inquiry States have been standing up for could be made without detention the freedom of the seas, they have on the voyage, and consequent in, not thought proper to make that terruption to the trade. It was a pretext for avoiding a fulfilment regarded as the right of search of their treaty stipulations, or a presented only in a new form, and ground for giving countenance to expressed in different words; and a trade reprobated by our laws. I therefore felt it to be my duty A similar arrangement by the other distinctly to declare, in my annual great powers could not fail to sweep message to Congress, that no such from the ocean the slave-trade, concession could be made, and that without the interpolation of any the United States had both the new principle into the maritime

code. We may be permitted to that rivalry which looks to the hope that the example thus set general good in the cultivation of will be followed by one, if not all, the sciences, the enlargement of of them. We thereby also afford the field for the exercise of the suitable protection to the fair tra mechanical arts, and the spread of der in those seas, thus fulfilling at commerce that great civilizer the same time the dictates of a to every land and sea. Carefully sound policy, and complying with abstaining from interference in the claims of justice and humanity. all questions exclusively referring

“ It would have furnished addi. themselves to the political interests tiopal cause for congratulation, if of Europe, we may be permitted the treaty could have embraced all to hope an equal exemption from subjects calculated in future to the interference of European golead to a misunderstanding between vernments in what relates to the the two governments. The terri States of the American continent. tory of the United States, com

« Mexico has thought proper to monly called the Oregon Territory, reciprocate the mission of the lying on the Pacific Ocean, north United States to that Government of the forty-second degree of lati- by accrediting to this a minister of tude, lo a portion of which Great the same rank as that of the repreBritain lays claim, begins to attract sentative of the United States in the attention of our fellow-citizens, Mexico. From the circunstances and the tide of population, which connected with his mission favour. has reclaimed what was so lately able results are anticipated from it. an unbroken wilderness, in more It is so obviously for the interest contiguous regions, is preparing to of both countries, as neighbours flow over these vast districts, which and friends, that all just causes of streteh from the Rocky Mountains mutual dissatisfaction should be to the Pacific Ocean. In advance removed, that it is to be hoped of the acquirements of individual neither will omit or delay the emrights to these lands, sound policy ployment of any practicable and dictates that every effort should be honourable means to accomplish resorted to by the two Govern. that end. ments to settle their respective “The affairs pending between claims.

this Government and several others « With the other Powers of Eu. of the States of this hemisphere rope our relations continue on the formerly under the dominion of most amicable footing. Treaties Spain, have again within the past now existing with them should be year been materially obstructed by rigidly observed, and every oppor- the military revolutions and contunity, compatible with the inter Alicts in those countries. ests of the United States, should “ The vexatious, harassing, and be seized upon to enlarge the basis expensive war which so long preof commercial intercourse. Peace vailed with the Indian tribes in. with all the world is the true habiting the peninsula of Florida, foundation of our policy, which has happily been terminated, wherecan only be rendered permanent by our army has been relieved from by the practice of equal and im- a service of the most disagrecable partial justice to all. Our great character, and the Treasury from desire should be to enter only into a large expenditure. Some casual

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outbreaks may occur, such as are dollars) will leave an actual ba. incident to the proximity of border lance of about 224,000 dollars in settlers and the Indians, but these, the Treasury. Among the expenas in all other cases, may be left to ditures of the year, are more than the care of the local authorities, 8,000,000 dollars for the public aided, when occasion may require, debt, and 600,000 dollars on acby the forces of the United States. count of the distribution to the A sufficient number of troops will States of the proceeds of sales of be maintained in Florida, so long the public lands. as the remotest apprehensions of “The present tariff of duties danger shall exist; yet their duties was somewhat hastily and hurwill be limited to the garrisoning of riedly passed near the close of the the necessary posts, rather than to late Session of Congress. That it the maintenance of active hostilities should have defects can, therefore, It is to be hoped, that a territory be surprising to no one.

To reso long retarded in its growth will medy such defects as may be found now speedily recover from the to exist in many of its numerous evils incident to a protracted war, provisions will not fail to claim exhibiting, in the increased amount your serious attention. of its rich productions, true evi- well merit inquiry, whether the dences of returning wealth and exaction of all duties in cash does prosperity.

not call for the introduction of a “The balance in the Treasury system which has proved highly on the 1st of January, 1842, (ex- beneficial in countries where it has clusive of the amount deposited been adopted. I refer to the warewith the state, trust funds, and housing system. The first and indemnities,) was dirs. 230,483 68. most prominent effect which it The receipts into the Treasury would produce would be to protect during the three first quarters of the market alike against redundant the present year from all sources, or deficient supplies of foreign faamount to dlrs. 26,616,594 18, of brics, both of which, in the long which 14,000,000 dollars were re run, are injurious as well to the ceived from customs, and about manufacturer as the importer. 1,000,000 dollars from the public “The quantity of goods in store lands. The receipts for the fourth being at all times readily known, quarter are estimated at nearly it would enable the importer, with 8,000,000 dollars, of which an approach to accuracy, to ascer4,000,000 dollars are expected tain the actual wants of the marfrom customs, and 3,500,000 dol. ket, and to regulate himself aclars from loans and treasury notes. cordingly. If, however, he should The expenditures of the first three fall into error by importing an quarters of the present year exceed excess above the public wants, he 26,000,000 dollars, and those esti could readily correct its evils by mated for the fourth quarter availing himself of the benefit and amount to about 8,000,000 dol- advantages of the system thus lars, and it is anticipated there established. In the storehouse the will be a deficiency of 5,000,000 goods imported would await the dollars on the 1st of January next, demands of the market, and their but that the amount of outstanding issues would be governed by the warrants (estimated at 800,000 fixed principles of demand and

supply. Thus an approximation effect of the measure would be to would be made to a steadiness and supersede the system of drawbacks, uniformity of price, which if at- thereby effectually protecting the tainable, would conduce to the de Government against fraud, as the cided advantage of mercantile and right of debenture would not almechanical operations.

tach to goods after their with“The apprehension may be well drawal from the public stores. entertained, that without some “ The report of the Secretary thing to ameliorate the rigour of of the Navy will bring you accash payments, the entire import quainted with

with that important trade may fall into the hands of a branch of the public defences. few wealthy capitalists in this Considering the already vast and country and in Europe. The small daily increasing commerce of the importer, who requires all the country, apart from the exposure money he can raise for investments to hostile inroad of an extended abroad, and who can but ill-afford seaboard, all that relates to the to pay the lowest duty, would have navy is calculated to excite parto subduct in advance a portion of ticular attention. Whatever tends his funds in order to pay the du to add to its efficiency, without ties, and would lose the interest entailing unnecessary charges upon upon the amount thus paid for all the treasury, is well worthy of the time the goods might remain your serious consideration. It will unsold, which might absorb his be seen, that while an appropriaprofits. The rich capitalist abroad, tion exceeding by less than a milas well as at home, would thus lion the appropriations of the prepossess, after a short time, an al sent year is asked by the secretary, most exclusive monopoly of the yet that in this sum is proposed to import trade, and laws designed be included 400,000 dollars for for the benefit of all, would thus the purchase of clothing, which, operate for the benefit of a few- when once expended, will be ana result wholly uncongenial with nually reimbursed by the sale of the spirit of our institutions, and the clothes, and will thus constianti-republican in all its tenden. tute a perpetual fund, without any cies.

new appropriation to the same ob“The warehousing system would ject. enable the importer to watch the “ To this may also be added market and to select his own time 50,000 dollars asked to cover the for offering his goods for sale. A arrearages of past years; and profitable portion of the carrying 250,000 dollars in order to maintrade in articles entered for draw- tain a competent squadron on the back must also be most seriously coast of Africa ; all of which when affected, without the adoption of deducted will reduce the expendisome expedient to relieve the cash tures nearly within the limits of system. The warehousing system those of the current year. While, would afford that relief, since the however, the expenditure will thus carrier would have a safe recourse remain very nearly the same as in to the public storehouses, and the antecedent year, it is proposed might, without advancing the du- to add greatly to the operations of ty, reship within some reasonable the marine, and in lieu of only period to foreign ports. A further twenty-five ships in commission,

and but little in the way of build the country; an overissue which ing, to keep, with the same ex was attended, as a necessary consependiture, forty-one vessels afloat quence, by an extravagant increase and to build eleven ships of a of the prices of all the articles of small class.

property, the spread of a specula“At peace with all the world tive mania all over the country, -the personal liberty of the citi. and has finally ended in a general zen maintained, and his rights indebtedness on the part of the secured under political institu. states and individuals, the prostrations deriving all their authority tion of public and private credit, from the direct sanction of the a depreciation in the market value people, with a soil fertile almost of real and personal estate, and beyond cxample, and a country has left large distriets of country blessed with every diversity of almost entirely without any circlimate and production, what culating medium. remains to be done in order to "In view of the fact that, in advance the happiness and pros. 1830, the whole of the bank-note perity of such a people? Under circulation within the United ordinary circumstances this in States amounted to but 61,323,893 quiry could be readily answered. dollars according to the Treasury

“ The best that could probably statements, and that an addition be done for a people inhabiting had been made thereto of the such a country would be to fortify enormous sum of 88,000,000 doltheir peace and security in the lars, in seven years (the circulation prosecution of their various pur on the 1st of January, 1837, being suits, by guarding them against stated at 149,185,890), aided by invasion from without and vio. the great facilities in obtaining lence from within. The rest, for loans from European capitalists, the greater part, might be left to who were seized with the same their own energy and enterprise. speculative mania which prevailed The chief embarrassments which in the United States, and the at the moment exhibit themselves large importations of funds from have arisen from overaction; and abroad, the result of stock sales the most difficult task that remains and loans, no one can be surprised to be accomplished is that of cor. at the apparent, but unsubstantial recting and overcoming its effects. state of prosperity which every. Between the years 1833 and 1838 where prevailed over the land ; additions were made to bank capi- and while little cause of surprise tal and bank issues, in the form of should be felt at the present prosa notes designed for circulation, to tration of everything, and the an extent enormously great. The ruin which has befallen so many question seemed to be not how the of our fellow-citizens in the sudbest currency could be provided, den withdrawal from circulation but in what manner the greatest of so large an amount of bank amount of bank paper could be issues since 1837, exceeding, as beput in circulation,

lieved, the amount added to the “ Thus a vast amount of what paper currency for a similar period was called money--since, for the antecedent to 1837, it ceases to be time being, it answered the pur- a matter of astonishment that such pose of money-was thrown upon extensive shipwreck should have

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