ure years upon the reduced tariff of duties.
The shortened credits on revenue bonds and the cash duties on woolens
which were introduced by the act of 1832, and took effect on the 4th of
March last, have brought large sums into the Treasury in 1833, which,
according to the credits formerly given, would not have been payable
until 1834, and would have formed a part of the income of that year.
These causes would of themselves produce a great diminution of the
receipts in the year 1834 as compared with the present one, and they
will be still more diminished by the reduced rates of duties which take
place on the 1st of January next on some of the most important and
productive articles. Upon the best estimates that can be made the
receipts of the next year, with the aid of the unappropriated amount
now in the Treasury, will not be much more than sufficient to meet the
expenses of the year and pay the small remnant of the national debt
which yet remains unsatisfied. I can not, therefore, recommend to you
any alteration in the present tariff of duties. The rate as now fixed by
law on the various articles was adopted at the last session of Congress,
as a matter of compromise, with unusual unanimity, and unless it is
found to produce more than the necessities of the Government call for
there would seem to be no reason at this time to justify a change.

But while I forbear to recommend any further reduction of the duties
beyond that already provided for by the existing laws, I must earnestly
and respectfully press upon Congress the importance of abstaining from
all appropriations which are not absolutely required for the public
interest and authorized by the powers clearly delegated to the United
States. We are beginning a new era in our Government. The national debt,
which has so long been a burden on the Treasury, will be finally
discharged in the course of the ensuing year. No more money will
afterwards be needed than what may be necessary to meet the ordinary
expenses of the Government. Now, then, is the proper moment to fix our
system of expenditure on firm and durable principles, and I can not
too strongly urge the necessity of a rigid economy and an inflexible
determination not to enlarge the income beyond the real necessities
of the Government and not to increase the wants of the Government by
unnecessary and profuse expenditures. If a contrary course should be
pursued, it may happen that the revenue of 1834 will fall shor