nd stability which would be given to all the operations of industry. It
can not be too often repeated that no system of legislation can be wise
which is fluctuating and uncertain. No interest can thrive under it.
The prudent capitalist will never adventure his capital in manufacturing
establishments, or in any other leading pursuit of life, if there
exists a state of uncertainty as to whether the Government will repeal
to-morrow what it has enacted to-day. Fitful profits, however high, if
threatened with a ruinous reduction by a vacillating policy on the part
of Government, will scarcely tempt him to trust the money which he has
acquired by a life of labor upon the uncertain adventure. I therefore,
in the spirit of conciliation, and influenced by no other desire than to
rescue the great interests of the country from the vortex of political
contention, and in the discharge of the high and solemn duties of the
place which I now occupy, recommend moderate duties, imposed with a
wise discrimination as to their several objects, as being not only
most likely to be durable, but most advantageous to every interest
of society.

The report of the Secretary of the War Department exhibits a very
full and satisfactory account of the various and important interests
committed to the charge of that officer. It is particularly gratifying
to find that the expenditures for the military service are greatly
reduced in amount--that a strict system of economy has been introduced
into the service and the abuses of past years greatly reformed. The
fortifications on our maritime frontier have been prosecuted with much
vigor, and at many points our defenses are in a very considerable state
of forwardness. The suggestions in reference to the establishment of
means of communication with our territories on the Pacific and to the
surveys so essential to a knowledge of the resources of the intermediate
country are entitled to the most favorable consideration. While I would
propose nothing inconsistent with friendly negotiations to settle the
extent of our claims in that region, yet a prudent forecast points out
the necessity of such measures as may enable us to maintain our rights.
The arrangements made for preserving our neutral relations on the
boundary between us and Texas and keeping in check the Indians in that
quarter will be maintained so long as circumstances may require. For
several years angry contentions have grown out of the disposition
di