growing people who had fully discharged every obligation. Since that
time the existing debt has been contracted, and, small as it is in
comparison with the similar burdens of most other nations, it should be
extinguished at the earliest practicable period. Should the state of the
country permit, and especially if our foreign relations interpose no
obstacle, it is contemplated to apply all the moneys in the Treasury as
they accrue, beyond what is required for the appropriations by Congress,
to its liquidation. I cherish the hope of soon being able to
congratulate the country on its recovering once more the lofty position
which it so recently occupied. Our country, which exhibits to the world
the benefits of self-government, in developing all the sources of
national prosperity owes to mankind the permanent example of a nation
free from the blighting influence of a public debt.

The attention of Congress is invited to the importance of making
suitable modifications and reductions of the rates of duty imposed by
our present tariff laws. The object of imposing duties on imports should
be to raise revenue to pay the necessary expenses of Government.
Congress may undoubtedly, in the exercise of a sound discretion,
discriminate in arranging the rates of duty on different articles, but
the discriminations should be within the revenue standard and be made
with the view to raise money for the support of Government.

It becomes important to understand distinctly what is meant by a revenue
standard the maximum of which should not be exceeded in the rates of
duty imposed. It is conceded, and experience proves, that duties may be
laid so high as to diminish or prohibit altogether the importation of
any given article, and thereby lessen or destroy the revenue which at
lower rates would be derived from its importation. Such duties exceed
the revenue rates and are not imposed to raise money for the support of