PRESIDENTS MESSAGE.
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of the most important foreign relations of our overnment-embracing the annexation of Texas to the Union, and our occupancy Of Oregon.

 That portion of the message which treats of our domestic afairs-embracing the Re venue and Currency, now claims few mo- ments of attention.

 Of the present condition of the Treasury, the message draws a somewhat sorry picture; representing 1t as empty, and many millions in debt But, by way of offset to this, and encouragement to hope for better times, high, and deserved, eulogy is passed upon the resuscitated and improving credit of the government It Is comfortable, doubtless, to our national pride, and cheering to our hopes of national glory, to know that we are not without money, and credit too; and that we can borrolr, if we like. Yet, we apprehend, 1t would be rather more creditable to our go- gernment if she had more money and less use for credit; and had no necessity for borrowing. And we do not hesitate to say, for facts sus- tain Us, that if the policy advocated by the Democratic party had prevailed, such would now be our situation. If the Tariff laws had been adjusted, upon the constitutional and equitable principle of equality, by which the impost duties, alaeays paid by the conSu- mer, are borne in equal and fair proportion by every class of the people, ample means would now be in the Treasury to pay all the legitimate expenses of the government. And this, not only. without any increase, but with an actual diminution of the burdens of taxation; because the small and insuffci- ent amount, now levied, Is paid by only portion of the people, and therefore Is unjust and 0ppressire whereas, the increased and sufficient amount would be divided equally among all the people, and in such small sums from each individual, as not to amount to a burden, and would be paid without in- i convenience or serious privation. This principle of equality, Is the one contend ed for by the Democratic party. It is the principle of tie Constitution. It IS the principle of justice. And until it be adopted by our national legislature, and fairly and faithfully observed, our whole system of re- venue laws, founded upon injustice, will ever be unstable, vascillating, and oppressive.

 The present Tariff law was made by a Whig Congress, and approved by AIr. Tyler. We believe, for the reasons already given, that 1t is a very unwise, bad, and oppressive law. But 1t is not our purpose to censure the President for it. We believe he was ac- tuated by good motives, but mistaken views, in approving such law. And, we doubt not, he Is now convinced of 1t, and would readi- ly co-operate with Congress for its intire re- adjustment in accordance with the true prin- ciples of the Constitution. He evidently ex- poets and desires a revision of the present Tariff; and in reference to 1t makes this ge- neral yet just remark:

 :. In our political organization, no one sec- ton of the country should desire to have it's supposed interests advanced at the sacrifice of all others"

 Which we consider mild, yet clear intma- ton that the monopolist, and protection par ty will find no favor in his eyes, and no help from his hands.

 To enable the government, in the present exhausted and crippled state of its finances, to pay its current expenses, resort has been had, under the act of the last make-shift Congress, to the issuance of Treasury notes 1 This has been no fault of the Executive The expenses of government were to be paid; and as he had no power to originate means, he could only use such as Congress had provided for him. That he has used those means with due discretion and econo- my, and with patriotic regard to the interests ot the whole country, there Is no reasou to doubt. Of the issuing of Treasury notes, we shall only remark, here, that while we do not approve of 1t as the settled policy of the Government, we deem It preferable to the system of permanent loans. That it might be made useful, and probably proper, in time to come, for transporting government funds from one distant part of the country to ano- ther, we readily admit; but even that would require such close restrictions as to prevent all temptation, and withhold all power, to make excessive issues, and, thus, preserve the legitimate currency of the country from deteriorating admixture and imitation.

 The President again feels it incumbent up- on him 10 recommend to Congress what is familiarity known as his Exehequer plan. We do not understand him, however, as insisting very strongly upon its adoption; certainly not in the precise form of his original re- commendation. Indeed, he admits that the