income sufficient for the public wants, and the produce of the year
great beyond example. These, fellow-citizens, are the circumstances
under which we meet, and we remark with special satisfaction those which
under the smiles of Providence result from the skill, industry, and
order of our citizens, managing their own affairs in their own way and
for their own use, unembarrassed by too much regulation, unoppressed by
fiscal exactions.

On the restoration of peace in Europe that portion of the general
carrying trade which had fallen to our share during the war was abridged
by the returning competition of the belligerent powers. This was to
be expected, and was just. But in addition we find in some parts of
Europe monopolizing discriminations, which in the form of duties tend
effectually to prohibit the carrying thither our own produce in our own
vessels. From existing amities and a spirit of justice it is hoped that
friendly discussion will produce a fair and adequate reciprocity. But
should false calculations of interest defeat our hope, it rests with the
Legislature to decide whether they will meet inequalities abroad with
countervailing inequalities at home, or provide for the evil in any
other way.

It is with satisfaction I lay before you an act of the British
Parliament anticipating this subject so far as to authorize a mutual
abolition of the duties and countervailing duties permitted under the
treaty of 1794. It shows on their part a spirit of justice and friendly
accommodation which it is our duty and our interest to cultivate with
all nations. Whether this would produce a due equality in the navigation
between the two countries is a subject for your consideration.

Another circumstance which claims attention as directly affecting the