pedient of issuing Treasury notes, and finally of funding them, in
order to supply deficiencies. I can not, however, withhold the remark
that it is in no way compatible with the dignity of the Government that
a public debt should be created in time of peace to meet the current
expenses of the Government, or that temporary expedients should be
resorted to an hour longer than it is possible to avoid them. The
Executive can do no more than apply the means which Congress places in
its hands for the support of Government, and, happily for the good of
the country and for the preservation of its liberties, it possesses
no power to levy exactions on the people or to force from them
contributions to the public revenue in any form. It can only recommend
such measures as may in its opinion be called for by the wants of the
public service to Congress, with whom alone rests the power to "lay and
collect taxes, duties, imposts, and excises." This duty has upon several
occasions heretofore been performed. The present condition of things
gives flattering promise that trade and commerce are rapidly reviving,
and, fortunately for the country, the sources of revenue have only to
be opened in order to prove abundant.

While we can anticipate no considerable increase in the proceeds of the
sales of the public lands, for reasons perfectly obvious to all, for
several years to come, yet the public lands can not otherwise than be
regarded as the foundation of the public credit. With so large a body
of the most fertile lands in the world under the control and at the
disposal of this Government, no one can reasonably doubt the entire
ability to meet its engagements under every emergency. In seasons of
trial and difficulty similar to those through which we are passing the
capitalist makes his investments in the Government stocks with the most
assured confidence of ultimate reimbursement; and whatever may be said
of a period of great financial prosperity, such as existed for some
years after 1833, I should regard it as suicidal in a season of
financial embarrassment either to alienate the lands themselves or the
proceeds arising from their sales. The first and paramount duty of those
to whom may be intrusted the administration of public affairs is to
guard the public credit. In reestablishing the credit of this central
Government the readiest and most obvious mode is taken to restore
the credit of the States. The extremities can only be made sound b