h held out to
them the strong probability, if not the certainty, of receiving this
installment, they have in some instances adopted measures with which
its retention may seriously interfere. That such a condition of things
should have occurred is much to be regretted. It is not the least among
the unfortunate results of the disasters of the times; and it is for
Congress to devise a fit remedy, if there be one. The money being
indispensable to the wants of the Treasury, it is difficult to conceive
upon what principle of justice or expediency its application to that
object can be avoided. To recall any portion of the sums already
deposited with the States would be more inconvenient and less efficient.
To burden the country with increased taxation when there is in fact a
large surplus revenue would be unjust and unwise; to raise moneys by
loans under such circumstances, and thus to commence a new national
debt, would scarcely be sanctioned by the American people.

The plan proposed will be adequate to all our fiscal operations during
the remainder of the year. Should it be adopted, the Treasury, aided by
the ample resources of the country, will be able to discharge punctually
every pecuniary obligation. For the future all that is needed will be
that caution and forbearance in appropriations which the diminution of
the revenue requires and which the complete accomplishment or great
forwardness of many expensive national undertakings renders equally
consistent with prudence and patriotic liberality.

The preceding suggestions and recommendations are submitted in the
belief that their adoption by Congress will enable the executive
department to conduct our fiscal concerns with success so far as their
management has been committed to it. Whilst the objects and the means
proposed to attain them are within its constitutional powers and
appropriate duties, they will at the same time, it is hoped, by their
necessary operation, afford essential aid in the transaction of
individual concerns, and thus yield relief to the people at large in
a form adapted to the nature of our Government. Those who look to the
action of this Government for specific aid to the citizen to relieve
embarrassments arising from losses by revulsions in commerce and credit
lose sight of the ends for which it was created and the powers with
which it is clothed. It was established to give security to us all
in our lawful and honorable pursuits, under the lastin