y
producing a healthy action in the central Government, and the history of
the present day fully establishes the fact that an increase in the value
of the stocks of this Government will in a great majority of instances
be attended by an increase in the value of the stocks of the States. It
should therefore be a matter of general congratulation that amidst all
the embarrassments arising from surrounding circumstances the credit
of the Government should have been so fully restored that it has been
enabled to effect a loan of $7,000,000 to redeem that amount of Treasury
notes on terms more favorable than any that have been offered for many
years. And the 6 per cent stock which was created in 1842 has advanced
in the hands of the holders nearly 20 per cent above its par value. The
confidence of the people in the integrity of their Government has thus
been signally manifested. These opinions relative to the public lands
do not in any manner conflict with the observance of the most liberal
policy toward those of our fellow-citizens who press forward into the
wilderness and are the pioneers in the work of its reclamation. In
securing to all such their rights of preemption the Government performs
but an act of retributive justice for sufferings encountered and
hardships endured, and finds ample remuneration in the comforts which
its policy insures and the happiness which it imparts.

Should a revision of the tariff with a view to revenue become necessary
in the estimation of Congress, I doubt not you will approach the subject
with a just and enlightened regard to the interests of the whole Union.
The principles and views which I have heretofore had occasion to submit
remain unchanged. It can, however, never be too often repeated that the
prominent interest of every important pursuit of life requires for
success permanency and stability in legislation. These can only be
attained by adopting as the basis of action moderation in all things,
which is as indispensably necessary to secure the harmonious action of
the political as of the animal system. In our political organization no
one section of the country should desire to have its supposed interests
advanced at the sacrifice of all others, but union, being the great
interest, equally precious to all, should be fostered and sustained by
mutual concessions and the cultivation of that spirit of compromise from
which the Constitution itself proceeded.

You will be informed by the r