can be sustained only by a system which periodically transfers large
amounts from the labor of the many to the coffers of the few. Such a
system is incompatible with the ends for which our republican Government
was instituted. Under a wise policy the debts contracted in our
Revolution and during the War of 1812 have been happily extinguished. By
a judicious application of the revenues not required for other necessary
purposes, it is not doubted that the debt which has grown out of the
circumstances of the last few years may be speedily paid off.

I congratulate my fellow-citizens on the entire restoration of the
credit of the General Government of the Union and that of many of the
States. Happy would it be for the indebted States if they were freed
from their liabilities, many of which were incautiously contracted.
Although the Government of the Union is neither in a legal nor a moral
sense bound for the debts of the States, and it would be a violation of
our compact of union to assume them, yet we can not but feel a deep
interest in seeing all the States meet their public liabilities and pay
off their just debts at the earliest practicable period. That they will
do so as soon as it can be done without imposing too heavy burdens on
their citizens there is no reason to doubt. The sound moral and
honorable feeling of the people of the indebted States can not be
questioned, and we are happy to perceive a settled disposition on their
part, as their ability returns after a season of unexampled pecuniary
embarrassment, to pay off all just demands and to acquiesce in any
reasonable measures to accomplish that object.

One of the difficulties which we have had to encounter in the practical
administration of the Government consists in the adjustment of our
revenue laws and the levy of the taxes necessary for the support of
Government. In the general proposition that no more money shall be