which there is no equivalent. The
rapidity with which many of the States are apparently approaching
to this condition admonishes us of our own duties in a manner too
impressive to be disregarded. One, not the least important, is to keep
the Federal Government always in a condition to discharge with ease and
vigor its highest functions should their exercise be required by any
sudden conjuncture of public affairs--a condition to which we are always
exposed and which may occur when it is least expected. To this end
it is indispensable that its finances should be untrammeled and its
resources as far as practicable unencumbered. No circumstance could
present greater obstacles to the accomplishment of these vitally
important objects than the creation of an onerous national debt. Our
own experience and also that of other nations have demonstrated the
unavoidable and fearful rapidity with which a public debt is increased
when the Government has once surrendered itself to the ruinous practice
of supplying its supposed necessities by new loans. The struggle,
therefore, on our part to be successful must be made at the threshold.
To make our efforts effective, severe economy is necessary. This is the
surest provision for the national welfare, and it is at the same time
the best preservative of the principles on which our institutions rest.
Simplicity and economy in the affairs of state have never failed to
chasten and invigorate republican principles, while these have been
as surely subverted by national prodigality, under whatever specious
pretexts it may have been introduced or fostered.

These considerations can not be lost upon a people who have never been
inattentive to the effect of their policy upon the institutions they
have created for themselves, but at the present moment their force is
augmented by the necessity which a decreasing revenue must impose. The
check lately given to importations of articles subject to duties, the
derangements in the operations of internal trade, and especially the
reduction gradually taking place in our tariff of duties, all tend
materially to lessen our receipts; indeed, it is probable that the
diminution resulting from the last cause alone will not fall short of
$5,000,000 in the year 1842, as the final reduction of all duties to
20 per cent then takes effect. The whole revenue then accruing from
the customs and from the sales of public lands, if not more, will
undoubtedly be wanted to defra