inary annual augmentation of impost from increasing population and
wealth, the augmentation of the same revenue by its extension to the new
acquisition, and the economies which may still be introduced into our
public expenditures, I can not but hope that Congress in reviewing their
resources will find means to meet the intermediate interest of this
additional debt without recurring to new taxes, and applying to this
object only the ordinary progression of our revenue. Its extraordinary
increase in times of foreign war will be the proper and sufficient fund
for any measures of safety or precaution which that state of things may
render necessary in our neutral position.

Remittances for the installments of our foreign debt having been found
practicable without loss, it has not been thought expedient to use the
power given by a former act of Congress of continuing them by reloans,
and of redeeming instead thereof equal sums of domestic debt, although
no difficulty was found in obtaining that accommodation.

The sum of $50,000 appropriated by Congress for providing gunboats
remains unexpended. The favorable and peaceable turn of affairs on the
Mississippi rendered an immediate execution of that law unnecessary,
and time was desirable in order that the institution of that branch of
our force might begin on models the most approved by experience, The
same issue of events dispensed with a resort to the appropriation of
$1,500,000, contemplated for purposes which were effected by happier
means.

We have seen with sincere concern the flames of war lighted up again
in Europe, and nations with which we have the most friendly and useful
relations engaged in mutual destruction. While we regret the miseries
in which we see others involved, let us bow with gratitude to that
kind Providence which, inspiring with wisdom and moderation our late
legislative councils while placed under the urgency of the greatest
wrongs, guarded us from hastily entering into the sanguinary contest and
left us only to look on and to pity its ravages. These will be heaviest
on those immediately engaged. Yet the nations pursuing peace will not
be exempt from all evil. In the course of this conflict let it be our
endeavor, as it is our interest and desire, to cultivate the friendship
of the belligerent nations by every act of justice and of innocent
kindness; to receive their armed vessels with hospitality from the
distresses of the sea, but to administer th