ain a deficit of $2,500,000. It
requires no argument to show that such a condition of the Treasury is
incompatible not only with a high state of public credit, but with
anything approaching to efficiency in the conduct of public affairs.
It must be obvious even to the most inexperienced minds that, to say
nothing of any particular exigency, actual or imminent, there should
be at all times in the Treasury of a great nation, with a view to
contingencies of ordinary occurrence, a surplus at least equal in amount
to the above deficiency. But that deficiency, serious as it would be in
itself, will, I am compelled to say, rather be increased than diminished
without the adoption of measures adequate to correct the evil at once.
The stagnation of trade and business, in some degree incident to the
derangement of the national finances and the state of the revenue laws,
holds out but little prospect of relief, in the ordinary course of
things, for some time to come.

Under such circumstances I am deeply impressed with the necessity of
meeting the crisis with a vigor and decision which it imperatively
demands at the hands of all intrusted with the conduct of public
affairs. The gravity of the evil calls for a remedy proportioned to it.
No slight palliatives or occasional expedients will give the country the
relief it needs. Such measures, on the contrary, will in the end, as is
now manifest to all, too surely multiply its embarrassments. Relying,
as I am bound to do, on the representatives of a people rendered
illustrious among nations by having paid off its whole public debt,
I shall not shrink from the responsibility imposed upon me by the
Constitution of pointing out such measures as will in my opinion insure
adequate relief. I am the more encouraged to recommend the course which
necessity exacts by the confidence which I have in its complete success.
The resources of the country in everything that constitutes the wealth
and strength of nations are so abundant, the spirit of a most
industrious, enterprising, and intelligent people is so energetic and
elastic, that the Government will be without the shadow of excuse for
its delinquency if the difficulties which now embarrass it be not
speedily and effectually removed.

From present indications it is hardly doubtful that Congress will find
it necessary to lay additional duties on imports in order to meet the
ordinary current expenses of the Government. In the exercise of a sound