In presenting the foregoing views I can not withhold the expression of
the opinion that there exists nothing in the extension of our Empire
over our acknowledged possessions to excite the alarm of the patriot for
the safety of our institutions. The federative system, leaving to each
State the care of its domestic concerns and devolving on the Federal
Government those of general import, admits in safety of the greatest
expansion; but at the same time I deem it proper to add that there will
be found to exist at all times an imperious necessity for restraining
all the functionaries of this Government within the range of their
respective powers, thereby preserving a just balance between the powers
granted to this Government and those reserved to the States and to the
people.

From the report of the Secretary of the Treasury you will perceive that
the fiscal means, present and accruing, are insufficient to supply the
wants of the Government for the current year. The balance in the
Treasury on the 4th day of March last not covered by outstanding drafts,
and exclusive of trust funds, is estimated at $860,000. This includes
the sum of $215,000 deposited in the Mint and its branches to procure
metal for coining and in process of coinage, and which could not be
withdrawn without inconvenience, thus leaving subject to draft in the
various depositories the sum of $645,000. By virtue of two several acts
of Congress the Secretary of the Treasury was authorized to issue on and
after the 4th day of March last Treasury notes to the amount of
$5,413,000, making an aggregate available fund of $6,058,000 on hand.

But this fund was chargeable, with outstanding Treasury notes redeemable
in the current year and interest thereon, to the estimated amount of
$5,280,000. There is also thrown upon the Treasury the payment of a