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dentally. much facility to the commercial
operations of the country. But different
direction was given, and when the alternative
was presented Off loan, or the withholding
the fourth instalment from the States, did not
hesitate to give decided vote for withholding
il. NV aversion to public debts deep q du-
rable. :. It is, in my opinion, perriclous, and
IS little short Of fraud on the public. saw
too much of it during the late war not to nn-
derstand something of the nature and cna-
racter Of public loans. Never was country
more egregiously imposed on. -,


Having now presented my views OF the
course and the measures, which the perma-
nent policy of the country, looking to It's lid
erty and lasting prosperity, requires, come
finally to the question of relief Ihaye plac-
ed this last, not that am devoid of sympa-
thy for the country in the pecuniary distress,
which now pervades it. No one struggled
earlier or longer to prevent it, than myself
nor can any one more sensibly feel the wide
spread blight, which has suddenly blasted
the hopes of so many, and precipitated thou
sands from affluence to poverty. The desc
lation has fallen mainly on the mercantile
class-a class which have ever held in the
highest estimation. No country ever had a
superior body of merchants, ofhigher honor,
of more daring enterprise, or of greater skill
and energy. The ruin of such class is a
heavy calamity, and I am solicitous among
other things, to- give snch stability to our
currency, as to prevent the recurrence OF a
similar calamity hereafter. But it was first
necessary, in the order of things, that we
should determine what sound policy, looking
to the future, demands to be done, at the pre-
sent juncture, before we consider the ques-.
tion of relief; which, as urgent as it may be,
is subordinate & must yield to the former.
The patient lies under dangerous disease,
with burning thirst and other symptoms,
which distresses him more than the vital Or
gans which are attacked. The skilful ply
sician first makes himself master of the ma
ture of the disease, and then determines on
the treatment necessary for the restoration
of health. This done, he next aheviates
the distressing symptoms as far as is consis-
tent with the restoration of health, and no
farther. Such shall be my course. AS far
as | possibly can, consistently with the
views | entertain, and what | believe to be
necessary to restore the body polite to health,
| will do every thing in my power to mitigate
the present distress. Farther cannot 60.


After the best reflection, am of opinion,
that the Government can do but little in the
way of relief; and that it is case which
must be mainly left to the constitution of
the patient, who, thank God is young, vi
gorous and robust, with constitution suf-
ticient to sustain and overcome the severest
attack. i dread the doctor and his drugs
much more than the disease itself The
distress of the country consists in its in
debtness and can only be relieved by pay
ment of its debts.-To effect this, industry,
frugality, economy and time, are necessary.
l rely more on the growing crop-on the cot
ton, rice, and tobacco of the south, than on
all the projects or devices of politicians. l
am utterly opposed to all coercion by this
Government. But Government may do
something to relieve the distress. 1t is out
of debt, and is one of the principal creditors
both of the banks and of the merchants, and
This am willing to give freely. I am also
ment credit in some safe form, to supply
any deficit in the circulation, during the pro-
cess of recovery, as far as its financial wants
will permit. | see not what more can be
safely done But my vision may be obtuse
upon this subject. Those who differ from
me, and who profess so much sympathy
for the public, seem to think that much re-
lief may be afforded. l hope they will pre-
sent their views. am anxious to hear their
prescriptions, and assure them, that what
ever they may propose, if it shall promise
relief, and be not inconsistent with the
course, which l deem absolutely necessary
for the restoration Of the country to perfect
health, shall cheerfully receive my support.
They may be more keen sighted than l am,
as to the best means of relief, but cannot
have stronger disposition to afford it.


We have, Mr.. President, arrived at re-
markable era in our political history. The
days of Legislative and Executive encroach-
ments, of tariffs, and surplusses, of bank
and public debt, and extravagent expendi-
ture, are past for the present. The Govern
ment stands in position disentagled from
the past and freer to chose its future course,
than it ever has been since its commence
ment. We are about to take a fresh start.
move off under the States right banner, &
go in the direction, which have been so
long moving. l seize the opportunity tho
it back to its original principles; to retrench
countability 1 shall oppose, strenuously,
all attempts to originate a new debt to
create national Bank; to reunite the poll
tical and money powers (more dangerous
than church and state) in any form or shape
to prevent the disturbances of the compro-
mise, which is gradually removing the last


vestige Of the tariff system; and mainly,


shall use my best efforts to give an ascen-


dency to the great conservative principle Of


State sovereignty, over the dangerous and


despotic doctrine of consolidation. Irejoice


to think, that the Executive Department ot


the Government is now so reduced in powe,


and means, that it can no longer rely on its


influence and patronage to secure majority


Henceforward il can have no hope Of sup.


porting itself but on wisdom, moderation
1 patriotism, and devoted attachment to the