The time at which I stand before you is full of interest. The eyes of
all nations are fixed on our Republic. The event of the existing crisis
will be decisive in the opinion of mankind of the practicability of our
federal system of government. Great is the stake placed in our hands;
great is the responsibility which must rest upon the people of the
United States. Let us realize the importance of the attitude in which we
stand before the world. Let us exercise forbearance and firmness. Let us
extricate our country from the dangers which surround it and learn
wisdom from the lessons they inculcate.

Deeply impressed with the truth of these observations, and under the
obligation of that solemn oath which I am about to take, I shall
continue to exert all my faculties to maintain the just powers of the
Constitution and to transmit unimpaired to posterity the blessings of
our Federal Union. At the same time, it will be my aim to inculcate by
my official acts the necessity of exercising by the General Government
those powers only that are clearly delegated; to encourage simplicity
and economy in the expenditures of the Government; to raise no more
money from the people than may be requisite for these objects, and in
a manner that will best promote the interests of all classes of the
community and of all portions of the Union. Constantly bearing in mind
that in entering into society "individuals must give up a share of
liberty to preserve the rest," it will be my desire so to discharge my
duties as to foster with our brethren in all parts of the country a
spirit of liberal concession and compromise, and, by reconciling our
fellow-citizens to those partial sacrifices which they must unavoidably
make for the preservation of a greater good, to recommend our invaluable
Government and Union to the confidence and affections of the American
people.