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THURSDAY MORNING. DECEMBERS.. FOR PRESIDENT, _ HENRY CLAY, or ?tzxrvcur. ID* The Weekly Tribune for the present week maybe obtained at the office lhu afternoon. It contain? the PRESIDENT'S MESSAGE; Sketch of Dr. Hawks's beautiful Lecture on Sir WALTER RALEIGH; also a Sketch ?f his Lecture on the Life and Character of JOBS SMITH; Dr. Smith's Seventh Lecture on Geology; Poyntz's Aunt, by N. P. Willis ; Destruction of Life hi China; Interertio^ Cojrre?cond-nce from Philadelphia; Pollrical History ef the United States, prepared for the Tri buue by Edwin Williams ; Parkei's Sixth ?d k?*1 ^r"10" on the Times; Trial of Alexander al Philadelphia ; Gene ral new* of the Day, Poetry, Accidents, Casualties, i.e. ic Money Maikets,etc. XT The New-York Weekly Tribune is one of the largr si papers printed in the United State?. It contains eigbl pages of six cwlnmn? each, ami is ai?brd. d 10 subscribers (invariably In advance) at the low rale ?.f *-' per annum. Single numbers 6* cents. GRE ELE Y k .McELRATH. Tribune Building?, opposite the City Hail. OGr* Tbe Message was read in Congress yester? day at noon?so that a quorum of the Senate mint bave arrived. We have no report of doings in either body later than Tuesday. Death of Mr. Csruthera. A Postscript to a letter from Washington, in the Newark Advertiser, ann-?utices the death of Hon. Mr. Cakuthers of Term., from injuries re? ceived by the overturning of the stage near Zanes ville, Ohio. Our own letters make no mention ol th? fact, and we hop? and trust the rumor is un? founded. We fear the worst, however, as his ?l?? janos were of the most serious kind. Senator Smith, who was also injured, is improving. Feom Philadelphia.?The Letter of our attentive correspondent is crowded out. He pre? dicts for A!exar*der a verdict of guilty of man? slaughter or a disagreement of the Jury. H?? says also, that a gentleman of respectability in that City has seen a letter announcing that Mr. Calhoun has resigned his seat in the Senate. Sutherland and Grund, he thinks, will bo rejected by the U. S. Senate. Collector Smith resign shortly, and Gen. Keim will take his place. BUT* Notices of Brovvnson's Lecture, and of the Lecture nnd Poem before the Lyceum, an; una? voidably crowded out this morning?as well u many advertisement?, our usual City News and Money Market, nnd much miscellaneous matter. Thanksgiving. Another year of blessing and of bounty is draw? ing toa close. Its days have ?eetco bv?luden with peace, comfort and happiness to thousands, and calling upon all for devout acknowledgement am! fervent thanksgiving to Him in whom we ' livo, and move, ?rid have our being.' Most heartily do we rejoice at the increasing disposition to observe, with due solemnity, a day of such acknowledgement Thecustqjjajiad its birth with the first father s of oik people,?the Pilgrims who, amid all their trials and sorrows, found abundant cause of praise and thank ? in Him ?whu had brought them from the land, where their consciences were held in bondage, to the bleak coa-t upon which they landed. For some years ?; has been general among the New-England States : and it is now gradually making its way through the whole Country : and few years will now elapse be fore the peopld of every State in our Confederacy will bow before the Common Ruler of them all in sincere gratitude for his bounty, in profound ac? knowledgement of their dependence .upon hin,. and in humble supplication for his continued good? ness and favor. There is no heart in all tho world which can find nothing in its history for tho past year for which to be desply, fervently thankful to the Father of all. It may have been keenly wounded by the sharp thorns of this world's pussions?or chille! by the winds of cold neglect and harsh adversity. Its own evil desires may have destroyed its peace and turn it with anguish. It may seem desolate, comfortless, and without the slightest joy or hop'" Yetif it will, for but one hour, bu true to itself? look calmly upon its history day by day, nnd cait to mind all tho consolations it has known, all the promptings to Goodness and to Truth it has felt, all the slight whispers of warning and of peace it has heard?fresh flowers will spring up in the path over which it has corne, and bright stars, though from a clouded sky, will seem to hayo watched over it through all its long and wearisome way. The hand of God?as of a Father?swayed by mercy and by love for all thecrcaturcB He has made?will be seen to have sustained it in its houis of weakness and temptation, guiding it thron; li darkness and peril and preserving it uncrushed by tho load of ?in and misery which has fallen upon it, Never sufficiently do we feel and know His goodness; for it is always around us nnd never for one momenthavo wo been allowed to know, by it> being withdrawn, how weak and helpless we are without it. The day of Thanksgiving should be a day con? secrated to these holy memories anil grateful thoughts. As individuals?personally indebted to our Common Father, resting in His hand ai d drawing all the strength and life we have from His boundless store, we should humbly confess out unwortbiness?gratefully acknowledge his bounty, and supplicate, fervently and with faith, it* con? tinuance. As members of Society we have also much for which we ought to bo sincerely grateful. In all our relations?as members of the State and of our Union, in the light of all the political and religious privileges we enjoy?there is great cause for Thanksgiving and praise to the Supreme Ruler of the Universe. Foremost among our national blessings and crowning them all?the eye of every philanthro? pist will discern that of Peace?secured to us, in a good decree, by the international treaty of the year, and promising happiness and rest to the millions that in time to come shall swarm amo,??; our valley, and hills. To the influence of Chris? tian principle is this beneficent result mainlv to be attributed. The Anniversary to-day will be kept, we trust with all that becoming reverence, that gratitud* for the past and cheerful reliance upon the Father of Good for the future, which belong to its observance. It is an occasioa for social greeting and domestic joy. Familie? long sundered will meet again ; children long absent will return from the world to the bosom o? that home where their happiest hours have been spent ; the joys of the year will be told to the ears of listening affection ; brighi prospects will be spread before exulting parents and friends' ; eyes beaming with the love that is in the heart will glisten with tears of ardent, yet anxious hope ; and the bond* o? affection w?i be more closely drawn by the feelings of the heart that now find utterance. And at some hearths, will be tbe memory of loved ones now departed, ?sitting there, not in the shadow of gloom and despondency, but bringing into the circle of hearts there gathered the sadness which punies the soul acd?e?ds it to look toward that Heaven where .ioved ones have already gone. " Some are away?U>- dead ones dear, Who thmngerf with os the ancient hearth, Aud ?'ave the bour to sail lies? mirth. Fate, with a stern, re?anle* hand, Lookeri In arwi thinned our little twnd; Some like a uif?lK-flVu* pawed away, \ad *ome sunli, lintfrnnir day hy day? We're not all here." But if dear hearts no longer gather with us the their memories are yet fresh and green in soul?breathing hope, consolation and cour; ever all its life. Let the day, then, be consecrated, first to gn tilde for tbe mercies of Heaven, and then to I social enjoyments which those mercies have p vided. Let thoughts of others, too, whose lot i been less bright and joyous than ours?mingle w our emotions,?charily for their errors, pity their sorrows, and sympathy with their suffer! and grita. O?r thoughts and feelings, on such occasion, should be free from that selfishness whi is too apt to mingle with them : and should embrt ia their circle all the hopes and joys, as well as the sorrows arid fears,of our fellow men. Thus rr we become better and happier by its observant and be strengthened for the duties of the life tl Is yet before us. PRESIDENTS MESSAGE To t!iC Senate anil Home of Repr?sentatives oj t/ie United States : \\ e have continued reason to express our pi found gratitude to the great Creator of all thin for numberless benehts conferred upon us as a l'c ?de. Blessed with genial seasons, the husbandm; has his garners filled with abundance, and the c cessaries of life, net to speak of its luxurit abound in every direction. While in some otii nations steady and industrious labor con huid lind the means of subsistence, the greatest & which wo have to encounter is a surplus of piudu lion beyond the home demand, which seeks, at with difficulty finds, a partial market in other r gioiis. The health of the country, with partial e copiions, has fur the past year been well pi ese r ed; and under their free and wise institutions, il United Slates are rapidly advancing towards tl consummation of the high destiny which an ove ruling Providence seems to have marked out fi tiiem. Exempt from domestic convulsion, and ; peace with all the world, we are left free to cousu as to the best mean? of securing and advancii the happiness of the People. Such are the circun siurices under which you now assemble in your n ?pective chambers, m.d which should lead u- I unite in praise anrl thanksgiving to that great Lit ing who made us, and who preserve, us a ratioi 1 coti^ruiuiute you, fellow-citizens, on the hui py change in the SSpect of our foreign ut?airs sine ny last annual message. Causes of complaint t hat time existed between tbe United States an 'ireat Britain, which, attended by irritating cii .?uinstarices, threatened most seriously the pubii ?eace. The difficulty of adjusting amicably th pjestions at issue between tiie two countries, wa 11 no small degree augmented by the lapse of urn ;ince they had their origin. The opinions enter ained by the Executive on several of the ieudin; opics in dispute, were frankly set forth in th1 Message at the opening ofynur late session. Tin ippointment of a special minister by Great Bri ain to the United States, with power to negotiaU ipon most of the point* of difference, indicated ; lesire on her part amicably to adjust them, and bat minister was met by the Executive in the sam< pirit which had dictated his mission. The Trea y consequent thereon, having been duly ratified y tho two Governments, a copy, together win, tie correspondence which accompanied it, is, erewilh, communicated. I trust that whilst yoi nay sec in it nothing objectionable, it may be the aeans of preserving, for an indefinite period, tht imicable relations happily e>:i?ting between the wo Governments The question of peace or wai ?etween the United States and Great Britain, is a [uestion ot the deepest interest not only to them elves, but lo the civilized world, since it is acareo y possible that a war could exist between their vithout endangering the peace of Christendom.? ["he immediate effect of the Treaty upon ourselves vill be felt in the security afforded to mercantile interpriae, which, no longer apprehensive of inter uptiou*, adventures ils ?peculations in the most listant sea; and, freighted with the diversified pro luctions of every land, "returns to bless our own.? I'here is nothing in the 'Ljeaty which, in thcslight >st degree, compromftl the honor or dignity of ri her nation. Next u$IW settlement of the bnuu lary line, which mustWways be a matter of diffi ?ulty between States as between individuals, the piestion which seemed lo thiealen the greater ?mbarrassmr-nt, was that connected with tue Afri ?an slave trade. By the 10th article of the Treaty of Ghent ii was expressly declared that " whereas the traffic in slaves is irreconcible with the principles of hu? manity and justice; and whereas both His Majes and the United States are desirous of continuing their efforts to promole its entire abolition, it i. hereby agreed that both the contracting partie: shall use their best endeavors to accomplish so de? sirable an object." In the enforcement of the law aud treaty stipulations of Great Britain, a prac lice had threatened to grow up on the part of it? cruisers ef subjecting to visitation ships sailing under the American flag, which, while it serious!) involved our maritime rights, would subject te vexation a branch of our trade which was daily increasing, and which required the fostering care of the Government. And although Lord Aber? deen, in his correspondence with the American En? voys at London, expressly disclaimed all right to detain an American ship on the high seas, even :t found with a cargo ot slaves on board, and re? stricted ihe British pretension to a mere claim to visit and inquire, yet it could not well be discern? ed by the Executive of the United States how such visit and inquiry could be mude without detention on the voyage, and consequent interruption to the trade, h wa* regarded as the right of search, presented only in a new form, and expressed in different words; and I therefore felt it to be my duty distinctly to declare, in my annual message to Congress, that no such concession ivuld be made, and that the United States had both the will and the ability to enforce their own laws,and to protect their Hag from being used for purposes wholly forbidden by those law**, and obnoxious to the moral cen.-ure ot the world. Taking the Message as his letter of instructions, our then minister at I'aris felt himself required to assume the same ground in a remonstrance which he feit it to be his duty to present to M. Gttizot, and through him to tho King of the French, against what hits be<rn called the Quintuple treat) ; and his conduct, in this respect, met with the ap? proval of thi-? Government. In close conformity with these views, the eighth article of the Treaty was framed, which provide* that i% each nation shall keep afloat in the African sea* a force not less than eighty guns, to act separately and apart, under instruction* from their respective Govern? ments, and for the enforcement of their respec? tive laws and obligations." From this it will be seen that the grouud assumed in the Message has been fully maintained, at the same time that the stipulations of the Treaty of Ghent are to be car? ried out in good faith by the two countries, and that all pretence is removed for interference with our commerce for any purpose whatever bv a for? eign Government. While, therefore, the" United States-have been standing up for the freedom of the seas, they have not thought proper to make that a pretext for avoiding" a fulfilment of their 1 reaty stipulations, a ground for giving counte? nance to a trndc reprobated by our laws. A simi? lar arrangement bv the other "great powers could not fad to sweep from lhe ?Wan lhe slaNe lrJK?>> without tbe mtei-polruinn Df auv new princicle in? to the maritime code. We may be permitted to hope that the exan pie thus s*twiU be followed fo? s?me, it nut all of them. We thereby also afford I suitable protection to the fair trader in those seas, thus fulfilling at the same time, the dictates of i sound policy, and complying with the claims o justice and humanity. It would have furnished additicnal cause ?b congratulation, if the Treaty could haveemr-racei all subjects calculated in future to lead to a mis anderstai-iding between the two Governments.? The -^rrifi&ry of the United State*, cornraosiy call ed the Cwegon territory, lying uu the Pacific ocean north, of the 4?M degree of latitude, to a portioi of which Great Britain lays claim, begins to at tract the attention of our fellow citizens, and lb tide of population which has leclaimed what wa so lately an unbroken wilderness, in more con tiguous regions, is preparing to flow over thosi vast districts which stretch from the Rocky Moun tains to the Pacific ocean. In advance of the ac quirement of individual rights to these lands, sounc policy dictates that every effort should he resortei to by the two Governments, to settle their respee tive claims. It hi-came manifest at an earlv hou of the hue negotiations, that any attempt for tin time tVing sar ?.?.factor! ly to determine those rights would lead to a protracted discussion, which mieh embrace in its failare other more pressing matters and the Executive did not regard it as proper K waive all the advantages of an honorable adjust ment of other difficulties of great magnitude am importance, because this, not so immediately pr?s sin?;, stood in the way. Although the dimcult; referred to may not for several years to come in volve the peace of the two countries, yet I shal not delay to urge or Great Britain the important of its early settlement. Nor will other matters <* commercial importance to the two countri-s ?if overlooked ; and I havo good reason to believf that it will comport with die policy of England, a: it does with that of the United States, to seize upon this moment, when most of the causes of ir ritation have passed away, to cement the peace and unity of the two countries by wisely removing all grounds of probable future collision. W i t ii :in- oiher powers of Europe our relanon; continue on the most amicable fooling. Treaties now exi-ting with them should be rigidly observed, and every opportunity, compatible with the inter? ests of the United States, should be seized upon t? enlarge the basis of commercial intercourse. !'? tee with all the world is the true foundation o? our policy, which can only be rendered permanent by thd practico of equal and impartial justice to ail. 0,ir great desire should be to enler only into ?i?it rivalry which looks to the general good, in the cultivation of the sciences, the enlargement oi the field for the exercise of the mechanic.d air-, and the spread of commerce?that great civilizer ?ti, every land and sea. Carefully abstaining from interference in all questions exclusively re? ferring themselves to the political interests of Eu? rope, we may bo permitted to hope an equal ex? emption from the interference of European Gov? ernments, in what relate? to the States of the American Continent. On the 23d of April lust, the commissioners on the part of the United States, under the conven? tion with the Mexican Republic, of the l lth of April, 183.9, mude to the proper department a final report in ielation te the proceedings uf the commission. From this it appears that the to? tal amount awarded to the claimants by the coin inis.-iwners and the umpire ftppoin'cd under that convention, was two millions twenty-six thousand and seventy-nine dollars nnd sixry-eigbt. cents.? The arbiter having considered that his functions were required by the convention lo terminate at i!?<- same time with those of the commissioners, returned to the board, undecided for wain, of time, claims which had ben allowed by the American Commissioners, to the amount of nine hundred and twenty-eight thousand six hundred and twenty dollars und eighty-eight cents. Other claims, in which tin* amount sought to be recovered was three millions three hundred and thirty-six thou? sand eight hundred and thirty-seven dollars und five cents, were submitted to the board too late for its consideration. The Minister of the United ispi'i's at Mexico, has been duly authorized to make demand for the payment of the awards according to the terms of the convention, and the provisions of the act of Congress of the 12th of June, 1840. He has also been instructed to communicate to that government the expectations of the Govern? ment of the United States in relation to those claims which were not disposed of according to the pro? visions of the convention, and all others of citizens of the United States against the Mexican Govern? ment. He has also been furnished with other instruc? tions, to be followed by him in case the Govern? ment of Mexico should not find itself in a condi? tion to muke present payment of the amount ol the awards, in specie er its equivalent. I am happy to bo able to say that, information, which is esteemed favorable, both te n just satis? faction of the awards, und a reasonable provision for other claims, has been recently received from Mr. Thompson, the Minister of the United States, who lias promptly and efficiently executed the in? structions of liis Government, in regard to this important .subject. The citizens of the United States who accom? panied the late Texan expedition to Santa Fe, and who were wrongfully taken und held us prisoners of war in Mexico, have all been libetated. A correspondence has taken place between the D-partment of State and the Mexican Minister of Foreign Affairs, upon the complaint of Mexico that citizens of the United States were permitted to give ?id to the inhabitants of Texas in the war ex lsiiug between her and that Republic. Copies of this correspondence are herewith communicated to Congress, together with copies of letters on the * une subject, addressed to the Diplomatic corps at Mexico, by the American Minister and the Mexi? can Secretary of State. Mexico bas thought proper to reciprocate the mission of the United Slates to that Government by accrediting to tins a Minister ot the same rank as that of the representative of the United States in Mexico. From the circumstances connected with his mission, favorable results are anticipated from it. It is so obviously for the interest of both countries as neighbors and friends that all ju.-t causes of mutual dissatisfaction should be removed. that it is tobe hoped neither will emit or delay the employment of any practicable and honorable r : 11 ?. : : j ? to accomplish that end. The affairs pending between this Government and several others of the States of this hemisphere formerly under the dominion of Spain, have a^uin. within the past year, been materially obstructed by the military revolutions and conflicts in those countries. The ratifications of the Treaty between the United Stiles and the Republic of Ecuador, of the 13th of June, 1?J3?, have been exchanged, and that instrument has been duly promulgated on the part of this Government. Copies are now communi? cated to Congress with a view to enable that body to muke such changes in the laws applicable to our intercourse with that Republic, as may be deemed requisite. Provision has been made by the Government of Chili for the payment of the claim on account ot the illegal detention of the brig Warrior at Co? quimbo, in 18*20. This Government has reason to expect that other claims of our citizens against Chili, will be hastened to a final and satisfactory close. The Empire of Brazil has not been altogether exempt from those convulsions which so constant? ly afflict the neighboring republics. Disturbances which recently broke out are, however, now un? derstood to be qu'eted. But these occurrences, by threatening the stability of the Governments, or by causing incessant and violent changes in them, cr in the persons who administer them, tend greatly to retard previsions for a just indemnity for losses and injuries suffered by individual subjects or citi? zens of other States. The Government of the Uni? ted Stales will feel it to be its duty, however, to consi-nt to no delay, no: unavoidable in making satisfaction for wrongs and injuries sustained by it* own citixens. Many years having, in some ca*es, elapsed, a decisive and effectuai course of proceeding will be demanded of the respective W????????????I????????????????????????? governments against whom claims have been fer red. The vexatious, harassing, and expensive which so long prevailed with the Indian tribe: habiting tbe peninsula of Florida, has hap been terminated : whereby our army has been lieved from a service of the most disagree character, and the Treasury from a large expe ture. Some casual outbreaks may occur, ?ucl are incident to the close proximity o? border tiers and the Indians ; but these, as in ail o cases, mny be left to the care of the local au rities, aided, whan occasion may require, by forces of the United State?. A s efficient nun of troops will be maintained in Florida, so Ion the remotest apprehensions or" danger ?hall c? vet their duties will be limited rather to the gi sorting of the necessary posts, than to tbe m tenance o? active hostilities. It is to be ho thnt a territory, so long retarded in its groi will now speedily recover from the evils incic to a protracted war, exhibiting, in the mere: amount of its rich productions, true evidence returning wealth and prosperity. By the prac of rigid justice towards the numerous Indian tri residing within our territorial limits, and the ??: eise o? a parental vigilance over their irtere protrcting them against fraud nnd intrusion, at the same time using every proper exp?dies introduce among them the arts of civilized life, mav fondly hope not onlv to wean them from ti love for war, but to inspire them with a lovi peace and ail its avocations. With several of tribes errat progress in civilizing them has aire been made. The schoolmaster and the mission are found sid? by side, and the remnants of w were once numerous and powerful nations may be preserved as the builders up of a new name themselves and their posterity. The balance in the Treasury on the first of J uarv, 1840, (exclusive of the amount deposi wilh the Sta'es, Trust Funds and Ir.demniti was $-230.483 68. The receipts into the Titas during the three first quarter* of the present m from ail sources, amount to $26,616,593 78; which more than fourteen millions were recei frcm customs, and about one million from the p lie lands. The receipt* for the fourth quarter estimated at nearly eight millions ; of which f millions are expected from customs, and. th millions and a half from Loan.? and Treasury Not The expenditures of the first three quartets of present year exceed twenty-six millions, and th estimated for the fourth quarter amount to ab eight millions: and it is anticipated there will a deficiency o? half a million on the 1st of Jar.u next?but that the amount of outstanding warm (estimated at $800,000) will leave an actual t anee of about $224,000 in the Treasury. Ami the expenditures of the year, are more than et millions for the public debt, and $oUU,0U0 on count of the distribution to the States of the p ceeds of sales of the public lands. The present tariff of duties was somewhat ha ly and hurriedly passed near the close of the 1 session of Congress. That it should have defe can, therefore, bo surprising to no one. To retm such defects as may be found to exist in many its numerous provisions, will not fail to claimy? serious attention. It may well merit inqui whether the exaction of all duties in cash does i call for the introduction of a system which 1 proved highly beneficial iu countries where it I adopted. I refer to the Warehousing System. 1 first and mostprominent effect which it would p duce would be to protect the market alike agai redundant or deficient supplies of foreign fabrics both of which, in the long run, are injurious as v. to the manufactureras the importer. Tin; quant of goods in store bring at all times readily knov it would enable the importer, with an approach accuracy, to ascertain the actual wants of the mi ket, and to regulate himself accordingly. If, ho ever, he should fall into error, by importing an c cess above the public wants, he could readily ci rect its evils by availing himself of the benefits a advantages of the system thus established. In t storehouse the goods imported would await the e mands of the market, and their issue* would governed by the fixed principles of demand ai supply. Thus an approximation would Ik? ma? to a steadiness and uniformity of price, which, attainable, would conduce to the decided advantti; of mercantile and mechanical operations. The apprehension may be well entertained th: without something to ameliorate the rigor of cai payments, the entire import trade may fall into tl hands of a few wealthy capitalists in this countr and in Europe. The small importer, who requin all the money he can raise for investments abroa? and who can but ill afford to pay the lowest dut; would have to subduct in advance a portion of h funds in ?rder to pay the duties, and would lo? the interest upon the amount thus paid for ail th time the goods might remain unsold, which migl absorb his profits. The rich capitalist abroad, i well as at home, would thus possess, after a sfloi time, an almost exclusive monopoly of the impoi trade, and laws designed for the benefit of al would thus operate for the benefit of the few? result wholly uncongenial with the spirit of our ir solutions, and anti-republican in all its tendencie. The Warehousing System would enable the in porter to watch the market, and to select his ow time for offering his goods for sale. A profitabl portion of the carrying trade in articles entered to th" benefit of drawback, must also be most seri ously affected, without the adaption of some expe dient to relieve the cash system. The Warehous ing System would afford that relief, since the ca? rier would have a safe recourse to the public store houses, and might, without advancing the duty reship within some reasonable period to forcig ports. A further effect of the measure would b to supersede the system of drawbacks, thereby et fectually protecting the Government against fraud as the right of debenture would not attach to good, after their withdrawal from the public stores. In revising the existing tariff of duties, shouh you deem it proper to d* so at your [?resent ses sion, 1 can only repeat the suggestions and recum mendaiions which, upon several occasion*, 1 havt heretofore felt it to be my duty to offer to Con gress. The great, primary and controlling inter est of the American People is union?union noi only in the mere forms nf government?form: which may be broken?but union founded in ar attachment of States and individuals for each oth er. This union in sentiment and feeling can oui} be preserved by the adoption o? that course of poli? cy which, neither giving exclusivo benefits to some, nor imposing unnecessary burdens up;.n others, shall consult the interests of all, by pursuing a course of moderation, and thereby seeking to har? monise public opinion, and causing the Peopk every where to feel and to know that the Govern? ment is careful of the interests of all alike. N'or is there any subject in regard to which moderation, connected with a wise discriminarlo:!, is more ne? cessary than in the imposition of duties on imports. Whether reference be had to revenue, the primary object in the imposition of taxes, or to the inci? dents which necessarily flow from their imposition, this is entirely true. Extravagant duties defeat their end and object, cot only by exciting in the public mind an hostility to the manufacturing in? terest?, but by inducing a system of smuggling on an extensive scale, and the practice o? every man? ner of fraud upon the revenue, which the utmost vigilance of Government cannot effectually sup? press. An opposite course of policy would be attended by results eisentially different, of which every interest of society, and none more than those of the manufacturer, would reap im? portant advantages. Among the most striking of its benefits would be that derived from the gene? ral acquiescence of the country in its support, and the consequent permanency and stability which would be givpn to all the operations of industry. It cannot bee too often repeated that no system of legislation can be wise which is fluctuatin? and uncertain. No interest can thrive under it. The prurient capitalist will never adventure his capital in manufacturing establishments, or in any other leading pursuit of life, if there exists a state of uncertainty as to wheihertbe Government will re peal to-morrow what it has enacted to-day. ful profits, however high, if threatened wrih i inous reduction by a vacillating policy on the of Government, will scarcely tempt him_ to l the money which he has acquired by a lite *f li upon the uncertain adventure. I. therefore the spirit of c*nciliation, and influenced by no er desire than to rescue the great interests of country from the voit? of political conten? and in tho dischargo ot the high and solemn ties of the place which i now occupy, recomrr moderate duties imposed with a wise discrim tion as to their several objects, as being not - most likely to be durable, but most advantag? to every inter?s: of society. The report of the Secretary of the War partment exhibits a very full and satisfactory count of the various and important interests c mined to the charge of that off.cer. It is part lariy gratifying to find that the expenditures the military service are -rreatly reduced iu ami ?that a strii-t system o? economy has been in duced into the service, and the abuses of | vears greatly reformed. The fortification? on maritime frontier have been prosecuted with m vi;or, and at many points our defences are very considerable state of forwardness. The ? gestions in reference to the establishment of me of communication with our territories on the P tic. and to the surveys so essential to a knowle of the resources of the intermediate country, entitled t? the most favorable considerati While I would propose nothing inconsistent v friendly negotiations to settle the extent of claims in that region, yet a prudent forecast po out the necessity of such measures as may ena us to maintain our rights. The arrangemc made for preserving our neutral relations on boundaiy between us and Texas, and keeping check the Indians in that quarter, will be mi tained so long as circumstances may require. For several vears a::gry contentions havegro out of the disposition directed by law to be mi of the mineral lands held by the Governtnen severalof the States. The Government is con tuted the landlord, and the citizens of the Sta wherein lie tho lands, are iri tenants. Therelat is an unwise one, and it would be much mote c ducive of the public interest that a sale of tho lai should be made than that they should remain their present condition. The supply of the would be more abundantly and certainly furnisL when to be drawn from the enterprise ami the dus try of the proprietor, than under the pr?s; system. The recommendation of the Secretary in regt t?> the improvement of Western waters and certi prominent harbors on the lakes,merits, and I dot not will receive, your serious attention. The gr< importance of these subjects to the prosperity the extensive region referred to, and the secut of the whole country in timo of war, cannot cape observation, 'ibe losses of life and prepe which annually occur in tho navigation of the M sissippi alone, b<?c?iuse of the dangerous obstr ti?oa in the rivet, make a loud demand upon C? gress for the adoption of efficient measures their removal. The Report of the Secretary of the Navy v brin-*- you acquainted with that important bran of the public defences. Considering tho ulrec vast and daily increasing commerce of the count apatt from the exposure to hostilo inroad of extended sea-beard, all that relates to the Navy calculated to excite particular attention. Wh ever tends to add to its efficiency, without entt ing unnecessary charges upon the Treasury, is v\ worthy of your serious consideration. It will seen that while an appropriation exceeding by 1 than a million the appropriations of the pr?s, year is asked by the Secretary, yet t bat in this si is proposed to be included $400,000 for the p chase of clothing, which, when once expend? will be annually reimbursed by the sale of t clothes, and will thus constitute a perpetual fun without any new appropriation to the sume obje. To this may also be added $50,000 to cove the arrearages of past years, and $250,000 in c der to maintain a competent squadron on the con of Africa ; all of which, when deducted, will r due* the expenditures nearly within the limits those of tho current year. While, however, tl expenditures will thus remain very nearly the san as of the antecedent year, it ?3 proposed to v.r. greatly to the operations of the Marine, and lieu of only 2.3 ships in commission, and but litt in the way of building, to keep, with the same e. penditure, 41 vessels afloat, and to build 12 shij of a small class. A strict system of accountability is establishei and great pains are taken to ?usure industry, fide ity and economy, in every department of duty. Experiments have been instituted to test the qualit ?f various materials, particularly copper, iron an coal, so us to prevent fraud and imposition. It will appear by the report of the Pustmaste General, that the great point which, for seven years, has been so much de.ired, hus, during lb current year, been fully accomplished. The e> penditures of the Department, for the current yeai have been brought within its income without lei sening its general usefulness. There has been a, increase of revenue equal to $166,000 for tho yea 1342 over that of 1841, without, us it is believed any addition having been made to the number e letters and newspapers transmitted through thi mails. Tho Post Office laws have bean honest! administered, and fidelity has been observed in ac counting for, and paying over by the subordinate of the Department, the moneys which have beei received. For the details of the service, I refei you to the report. I flatter myself that the exhibition thus made o the condition of the public administration wil serve to convince you that every proper aftentioi has been paid to the interests of the country b\ those who have been called to the heads of th*. different Departments. The reduetion in the an* nual expenditures of the Government already ac complished, furnishes a sure evidence that econo? my in the application of the public moneys, is re? garded as a paramount duty. At peace with all the world?the personal lib? erty of the citizen sacredly maintained, and hi? rights secured under political institutions deriving ail their authority from the direct sanction of the people?with a soil fertile almost beyond exam? ple ; and a country blessed with every diversitv o! climate and production, what nimains to be dont in order to advanc? the happiness and prosperity of such a people ? Under ordinary circumstances this inquiry could readily be answered. The best that, propably could be done for a people inhabiting *.ucb a country, would be lo fortify their peace and security in the prosecution of their various pur? suit?;, by guarding them against invasion from without, and violence from within. The rest, for the greater part, might be left to their own energy and enterprise. The chief embarrassments which at the mornrni exhibit themselves, have arisen from over-action ; -and the most difficult task which remains to be accomplished, is that of cor? recting and overcoming its effects. Between the years 1333 and 1338, additions were made Co bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question seemed to be, not how the be'-t currency cot* Id be provided, but in what manner the greatest amount of bank paper could be put in circulation. Thus a vast amount of what was called money?since, for the time being, it answered the purposes of money?was throw upon the country ; an over issue which was attended, as a accessary consequence, by an extravagant increase of the prices of all articles of propeity.the spread of a speculative mania all over the country, and has fi? nally ended in a general indebtedness on the part of States and individuals, the prostration of public and private credit, a depreciation in the market value of real and personal estate, and has left large districts of country almost entirely without any [ circulating medium. In view of the fact that, in 1830, the whole bank now circulation within the United States amounted to but $61,323.803, ac? cording to the Treasury statements, and that an I addition had been made thereto of the eaormeas sum of $88,000,000 in seven'years, (the circul?t on the first January, 1837, being stated at $14 185,890.) aided by the great facilities afforded obtaining loans from European capitali-is, ? were seized with the same speculative inania wh prevailed in the United Siates?and the large i porutions of funds frem abroad, the result of stt sales and loans?no one can be surprised at i apparent, but unsubstantial state of prosper which every where prevailed over the land; wb as little cause of surprise should be felt at i ntprese prostration of every thing, and the r which has befallen so many of our fellow citiz? in the sudden withdrawal from circalation of large an amount of bank issues, since 1S37?-< ceeding, as is believed, the amount added to t paper currency for a simiiar period antecedent 1837, it ceases to be a matter of astonishment tl such extensivo shipwreck should have been ma of private fortunes, or that difficulties should ex in meeting their engagements on the part of i debtor States. Apart from which, if there betak into accounttheimmense losses sustained in thed honor of numerous banks, it is less a matter of si prise that insolvency should have visited manycf o fellow-citizens, than that so many should have , caped the blighting influences of the times. In tho solemn conviction oi these truths, ai with au ardent desire to meet the pressing neee sities of the country, 1 felt it to be my duty to cau to be submitted to you, at the commencement your late session, the plan of an Exchequer, f whole power and duty of maintaiuiog which, purity and vigor, was to bo exercised by tho Re resentatives of the People and the States, an therefore, virtually by the People themselves. was proposed io place it under the contrel and c rectionofa Treasury Board, to censist of thn Commissioners, whose duty it should be to si that tho law of its creation was faithfully execut? and that the great end of supplying a paper me<?i urn of exchange, at all times' convenio)? into gol and silver, should be attained. The Hoard thi constituted, was given as much permanency ? could be imparted toit, without endangering tl proper share of responsibility which should attac to all public agents. In order to insure all tuca vantages of a well-matured experience, the Commi sioners were to hold their offices for the respecta periods of two, four, and six years, thereby ?ecu ingat all times in th-*; managomentof the Excheque the sendees of two men of experience ; and t place them in a condition to exercise perfect indi pendenceof mind and action, it was provided th; their removal should only take placo for actual ii capacity or infidelity to the trust, and to be lo lowed by the President with an exposition of tl causes of such removal, should it occur. It wri proposed to establish subordinate boards in eac of the States, under the ?ame restrictions and lin dations of the power of removal, which, with th central board, should re?oive, safely keep and dis burse the public moneys; and in order to turni a sound paper medium of exchange, tho Excbeque should retain of the revenues of the Goveromei a sum not to exceed $5,000,000 in specie, to b set apart as required by its operations, and to pa tho public creditor at his own option, either insp< cie or Treasury notes, of denominations not les than five, nor exceeding one hundred dollars, whic notes should bo redeemed ut the several place? o issue, and to be receivable at all times and ever where in payment of Government dues ; witVi restraint upon inch issue of bills that the earn should not exceed the maximum of $15,000.000 in order to guard against all the hazards incident t fluctuations in trade, the Secretary of the Treasur was invested with authority to Issue $5.000,000 o tiroyernmont stock, should the. same at any tim, be regarded as necessary, in order to place beyont hazard tho prompt redemption of the bills whicl might be thrown into circulation. Thus in fad making the issue of $15,000,000 of Exchequer bHI?, J rest substatiaiiy on $10,000,000; and keeping in circulation never more than one and one-half dol? lars for every dollar in specie. When to this it is added that the bills are not only every where re? ceivable in Government dues, but that tho Govern? ment itself would be hnund for their ultimate re? demption, no rational doubt can exist that the pa? per which tho Exchequer would furnish, would readily enter into general circulation, and be main? tained at all timos at or above par with gold and silver; thereby realizing the great want of the age, and fulfilling the wishes of the People. In order to reimburse ths Government the expenses of tho plan, it was proposed to invest the Exchequer with the limited authority to deal in bills of exchange, unless prohibited by the Statu in which an agency might be situated, having only thirty day? to run, and resting on a fair and bona fide basis. The Legislative will on this point might be ho plainly announced as to avoid all pretext for partiality or favoritism. It was furthermore proposed to invest this Treasury agent with authority to receive on deposite, toa limited amount, the specie funds of individuals, and to grant certificates iherefwr, tobe redeemed on presentation, under the idea, which is believed to be well founded, that such certificates would come in aid of the Exchequer bills in sup? plying a safe and ample paper circulation. Or, if in place of the contemplated dealings in exchange, the Exchequer should be authorized not only to exchango its bills for actual deposites of specie, but for specie or its equivalent to sell drafts, charg? ing therefor a small but reasonable premium, I cannot doubt but that the benefits of the law would be speedily manifested in the revival of the credit, trade and business ef the whole country. Enter? taining this opinion it becomes my duty to urge its adoption upon Congress, by reference to the strongest considerations of the public -interests, with such alterations in its details as Congress may in its wisdom see fit to make. I am well aware that this proposed alterntion and amendment of tho laws establishing the Trea? sury Department has encountered various objec tions, und that among others it ha? been proclaim? ed a Government Bank of fearful and dangerous import. It is proposed to confer upon it no ex? traordinary powers. It purports to do no rr.oro than pay the debts of the Government with the re? deemable paper ef the Government?in which re? spect it accomplishes precisely what the Treasury does daily at this time, in issuing to the public creditors the Treasury notes which, under law, it is authorized to ifeue. ?it has no resemblance to an ordinary Bank, as it furnishes no profits to private stockholders, and lends no capital to indi? viduals. If it be objected to as a Government Bank, and th? objection be available?then should all the laws in relation to the Treasury be repealed, and the capacity of th;; Government to collect what is due to it, or pay what it owes, be abrogated. This is the chief purpose of tho proposed Ex? chequer ; and surely if, in the accomplishment of a purpose so essential, it affords a sound circulat? ing medium to the country and facilities to trade, it should be regarded as no slight recommenda? tion of it to public consideration. Properly guarded by the provisions of law, it can run into - no dangerous evil, nor can any abuse arise under it but such as the Legislature'itself will be answer? able for, if it be tolerated ; since it is bur. the creature of the law, and is susceptible at ail times of modification, amendment or repeal, at the plea? sure of Congress. I know that it has been ob? jected that the system would be liable to be abused by the Legislature, by whom alone it could be abused, in the party conflict* of the day. T*?1 such abuse would manifest itself in a ehange of the law which would authorize an excessive is**** of paper for the purpose of inflating prices sed w inning popular favor. To that it may be an? swered that the ascription of such a motive to Congress is altogether gratuitous and inadmissi? ble. The theory of our institutions would lead t? to a different conclusion. But a perfect security against a proceeding so reckless would be found to exist in the very nature of things. The political party which should be so blind to the true inter? ests o? the country as to resort to such an exp-at* ent,4would inevitably meet with a final overthrow? the fact that, the moment the paper ceased to be convertible into specie, or otherwise promptly re? deemed, it would become worthless, and would,"?