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promise that trade and commerce are rapidly revsng, and fortunately for the country, the sources of revenue have only to be opened, to prove abundant.

 While we can anticipate no considerable crease in the proceeds of the sales of the public lands, for reasons perfectly obvious to all, for several years to come, yet the public lands cannot otherwise than be regarded as the foundation of the public credit. With so ', large body of the most fertile lands in the world, under the control and at the disposal of the Government, no one can reasonably doubt the entire ability of the Government to meet its engagements under every emergen- cy. In seasons of trial and difficulty similar to those through which we are passing, the capitalist makes his investment in the Go- yernment stocks with the most assured conf dence of ultimate reimbursement; and what ever may be said in a period of great financial prosperity, such as existed for some years al- ter 1883, should regard it as suicidal, in a season of financial embarrassment, either to alienate the lands themselves, or the proceeds arising from their sales.

 The first and paramount duty of those to whom may be entrusted the administration of public affairs, is to guard the public cred it. In the re-establishing the credit of this central government, the readiest and most obvious mode is taken to restore the credit of the States. The extremities can only be made sound by producing healthy action in the central government, and the history of the present day fully establishes the fact that an increase in the value Of the stocks of this Government will, in ma jority of iii- stances, be attended by an increase in the value of the stocks of the States. It should therefore, be matter of general congratula- ton that amidst all the endorsements aris- ing from surrounding circumstances, the credit of the government should have been so fully restored that it has been enabled to effect a loan of seven millions of dollars to redeem the amount of Treasury notes, on terms more favorable than any. that have been offered for many years And the 6 per cent. stock which was created in lS42, has advanced in the hands of the holders to near- ly twenty per cent. above it's par value.- The confidence of the people in the integri- ty of their government has thus been signal ly manifested. These opinions relative to the public lands do not ln any manner con- flict with the observance of the most liberal policy to those of our fellow citizens who press forward into the wilderness and are the pioneers in the work of its reclamation In securing to all such their rights of pre-emp- tion, the government performs but an act ol justice for suflerings encountered and hard ships endured, and finds ample remuneration in the comforts which it's policy ensures and the happiness which it imparts.

 Should revision of the tariff, with view to revenue, become necessary in the estima ton of Congress doubt not you will ap proach the subject with a just and enlight ened regard to the interests of the wholt Union. The principles and views which have heretofore had occasion to submit, re- main unchanged. It can, however, never b' too often repeated, that the prominent inter est of every important pursuit of life, requires for success, permanency and stability in le gislation. These can only be attained by adopting as the basis of action, moderation in all things, which is as indispensably ne- cessary to secure the harmonious action oi the political as of the animal system In our political organization, no one section ol the country should desire to have its suppo- sed interests advanced at the sacrifice of al f others but Union being the great interest equally precious to all, should be fosteret and sustained by concessions and the cuti vaton of that spirit of compromise iron which the Constitution itself proceeded.

 You will be informed, by the report iron the Treasury Department, of the measures [ taken under the act of the last session, au thorzng the reissue of Treasury notes il lieu of those then outstanding. The systen adopted in pursuance of existing laws, seem well calculated to save the country a larg amount of interest, while it affords conve niences and obviates dangers and expense il the transmission offunds to disbursing agents I refer you also to that report for the means proposed by the Secretary to increase the re- venue, and particularly to that portion of il which relates to the subject of the ware housing system, which earnestly urged up on Congress at its last session, and as to the importance of which my opinion has under gone no change.

 In view of the disordered condition of tho currency at the time, and the high rates O exchange between different parts of the coun l try felt Ii incumbent on me, to present tc the consideration of your predecessors, a proposition conflicting in no way with the Constitution, or with the rights of the States and having the sanction not in detail, but ir principle, of some of the eminent men who had preceded me in the Executive office That proposition contemplated the issuing o Treasury notes of denominations not less than five nor more than one hundred dol lars, to be employed in payment of the obli- gations of the Government in lieu of gold and silver,a. the option of the public credi- tor, and to an amount not exceeding S15,- 000,000 Ii was proposed to make them receivable every where and to establish al various points Repositories of gold and silver to be held in trust for the redemption of such notes, so as to ensure their conyertibility in- to specie. No doubt was entertained tha such notes would have maintained a par va lue with gold and silver, thus furnishing a paper currency of equal value over the Union | 4 | .l. <Sf sl,<