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as may be found to exist in many of its nu- merous provisions, will not fail to claim 1 your serious attention. It may we'll merit enquiry, whether the exaction of all duties in cash does not call for the introduction of a system which has proved highly benefi- cial in countries where it has been adopted. refer to the Warehousing system. The first and most prominent effect which it

 would produce, would be to protect the mar

 ket alike against redundant or deficient SUD-

 plies of foreign fabrics-hoth of which, in

 the long run, are injurious as we'll 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: howe- yer, he should fall into error, by importing

 an excess above the public wants, he could

 readily correct it's evils by availing himself

 of the benefit and advantages of the system

 thus established. In the storehouse the

 goods imported would await the demand

 and supply. Thus an approximation would

 be made to Steadiness and uniformity of

 price, which, if attainable, would conduce

 to the decided advantage of mercantile and

 mechanical operations.

 The apprehension may be well entertain

 ed that without something to ameliorate the

 rigor of cash payments, the entire import

 trade may fall into the hands of 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 10 pay

 the smallest duty, would have to subduct in

 advance portion of his funds in order to pay the duties, and would lose the interest l upon the amount thus paid for all the time | the goods might remain unsold, which might

 absorb his profits. The rich capitalists

 abroad, as we'll as at home, would thus pos seSs, after short time, an almost exclusive

 monopoly of the import trade, and laws de- signed for the benefit of all would thus operate for the benefit of few-a result

 wholly uncongenial with the spirit of our

 institutions, and anti-republican in all its tendencies.

 The warehousing system would enahle l the importer 10 watch the market, and to se- lect his own time for offering his goods for 1 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 l would have a safe resource to the public l 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 sys- tenn of drawbacks, thereby effectualy pro- tecting the government against fraud, as the | right of debenture would not attach to goods l after their withdrawal from the public stores |

 In reviewing the existing tariff of duties, should you deem it proper to do so at your 1 present session, can only repeat the sugges- tions and recommendations which, upon se- 1 veral occasions, have heretofore felt it to be my duty to offer to Congress. The great, primary, and controlling interest of the American people is union-union not only | in the mere forms of government, forms which may be broken-but union founded in | an attachment of states and individuals for each other. This union in sentiment and l feeling can only be preserved by the adop- tion of that course of policy which, neither l giving exclusive benefits to some, nor impo- 1 posing unnecessary burdens upon others, 1 shall consult the interests of all, by pursuing a course of moderation, and thereby seeking | to harmonize public opinion, and causing the people everywhere to feel and to know that the government is careful of the inte- rests of all alike. Nor is there any subject in regard to which moderation, connected with wise discrimination, is more neces- sary than in the imposition of duties on im- ports.

 Whether reference be had to revenue, the primary object in the imposition of taxes, or 10 the incidents which necessarily flow from heir imposition, this is entirely true. Extra. vagant duties defeat their end and object, not only by exciting in the public mind hostility to the manufacturing interests, but by inducing system of smuggling on an extensive scale, and the practice of every manner of fraud upon the revenue, which the utmost vigilance of the government can- ( not effectualy suppress. An opposite course of policy would be attended by results essen- ia4ly different, of which every interest of society, and none more than those of the ma- nufacturer, would reap important advanta- { ges. Among the most striking of it's benefits ; would be that derived from the general ac- 1uiescence of the country in it's support, and ( the consequent permanency and stability which would be given to all the operations of industry. It cannot be too often repeat ed, that no system of legislation can be wise ( which is fluctuating and uncertain. No in- terest can thrive under it.

 The prudent capitalist will never adven- ( ture his capital in manufacturing establish ments, or in any other leading pursuit of , life, if there exists a state of uncertainty as to whether the government will repeal to- what it has enacted today. Fitful profits, however high, if threatened with a ( ruinouS reduction by vacillating policy 1 on the part of the government, will scarce ( ly tempt him to trust the money which he has acquired by life of labor, upon the uncertain adventure. l, therefore in the 1; spirit of concilation, and influenced by no other desire than to rescue the great inte- rests of the country from the vortex of poli-