during the last-mentioned period will not only
be maintained, but that it will progressively increase through the next
and several succeeding years, so as to realize the results which were
presented upon that subject by the official reports of the Treasury at
the commencement of the last session of Congress.

Under the influence of the most unfavorable circumstances the revenue
for the next and subsequent years to the year 1825 will exceed the
demands at present authorized by law.

It may fairly be presumed that under the protection given to domestic
manufactures by the existing laws we shall become at no distant period a
manufacturing country on an extensive scale. Possessing as we do the raw
materials in such vast amount, with a capacity to augment them to an
indefinite extent; raising within the country aliment of every kind to
an amount far exceeding the demand for home consumption, even in the
most unfavorable years, and to be obtained always at a very moderate
price; skilled also, as our people are, in the mechanic arts and in
every improvement calculated to lessen the demand for and the price of
labor, it is manifest that their success in every branch of domestic
industry may and will be carried, under the encouragement given by the
present duties, to an extent to meet any demand which under a fair
competition may be made upon it.

A considerable increase of domestic manufactures, by diminishing the
importation of foreign, will probably tend to lessen the amount of the
public revenue. As, however, a large proportion of the revenue which is
derived from duties is raised from other articles than manufactures, the
demand for which will increase with our population, it is believed that
a fund will still be raised from that source adequate to the greater
part of the public expenditures, especially as those expenditures,
should we continue to be blessed with peace, will be diminished by the
completion of the fortifications, dockyards, and other public works, by
the augmentation of the Navy to the point to which it is proposed to
carry it, and by the payment of the public debt, including pensions for
military services.

It can not be doubted that the more complete our internal resources and
the less dependent we are on foreign powers for every national as well
as domestic purpose the greater and more stable will be the public
felicity. By the increase of domestic manufactures will the demand for
the rude materials