ederal Constitution it will devolve on me for
a stated period to execute the laws of the United States, to superintend
their foreign and their confederate relations, to manage their revenue,
to command their forces, and, by communications to the Legislature, to
watch over and to promote their interests generally. And the principles
of action by which I shall endeavor to accomplish this circle of duties
it is now proper for me briefly to explain.

In administering the laws of Congress I shall keep steadily in view
the limitations as well as the extent of the Executive power, trusting
thereby to discharge the functions of my office without transcending its
authority. With foreign nations it will be my study to preserve peace
and to cultivate friendship on fair and honorable terms, and in the
adjustment of any differences that may exist or arise to exhibit the
forbearance becoming a powerful nation rather than the sensibility
belonging to a gallant people.

In such measures as I may be called on to pursue in regard to the rights
of the separate States I hope to be animated by a proper respect for
those sovereign members of our Union, taking care not to confound the
powers they have reserved to themselves with those they have granted to
the Confederacy.

The management of the public revenue--that searching operation in all
governments--is among the most delicate and important trusts in ours,
and it will, of course, demand no inconsiderable share of my official
solicitude. Under every aspect in which it can be considered it would
appear that advantage must result from the observance of a strict and
faithful economy. This I shall aim at the more anxiously both because it
will facilitate the extinguishment of the national debt, the unnecessary
duration of which is incompatible with real independence, and because it
will counteract that tendency to public and private profligacy which
a profuse expenditure of money by the Government is but too apt to
engender. Powerful auxiliaries to the attainment of this desirable end
are to be found in the regulations provided by the wisdom of Congress
for the specific appropriation of public money and the prompt
accountability of public officers.

With regard to a proper selection of the subjects of impost with a view
to revenue, it would seem to me that the spirit of equity, caution, and
compromise in which the Constitution was formed requires that the great
interests of agriculture, co