their revenue, to command their forces, and, by communications to the
Legislature, to watch over and to promote their interests generally.
And the principles of action by which I shall endeavor to accomplish
this circle of duties it is now proper for me briefly to explain.

In administering the laws of Congress I shall keep steadily in view the
limitations as well as the extent of the Executive power, trusting
thereby to discharge the functions of my office without transcending
its authority. With foreign nations it will be my study to preserve
peace and to cultivate friendship on fair and honorable terms, and in
the adjustment of any differences that may exist or arise to exhibit
the forbearance becoming a powerful nation rather than the sensibility
belonging to a gallant people.

In such measures as I may be called on to pursue in regard to the
rights of the separate States I hope to be animated by a proper respect
for those sovereign members of our Union, taking care not to confound
the powers they have reserved to themselves with those they have
granted to the Confederacy.

The management of the public revenue - that searching operation in all
governments - is among the most delicate and important trusts in ours,
and it will, of course, demand no inconsiderable share of my official
solicitude. Under every aspect in which it can be considered it would
appear that advantage must result from the observance of a strict and
faithful economy. This I shall aim at the more anxiously both because
it will facilitate the extinguishment of the national debt, the
unnecessary duration of which is incompatible with real independence,
and because it will counteract that tendency to public and private
profligacy which a profuse expenditure of money by the Government is