de ma vive gratitude. C'est avec un zèle éclairé que vous avez coopéré d'une manière efficace au bien-être général; vous avez fidèlement rempli l'objet de votre haute et importante vocation; et prêchant au Peuple la paix et l'union, vous avez plus d'une fois donné à vos co-Etats un exemple qui n'a pas été inutile; savoir, celui de concilier les délibérations de chacun des ordres et de céder sur l'opinion individuelle quand le bien général l'exigeait. Retournez chez vous avec le témoignage d'avoir rempli votre devoir, et continuez à répandre parmi vos Auditeurs les vérités de la Loi Divine, qui est le noble lien de l'union entre les devoirs de la vie et les espérances de l'éternité.

Respectables Membres de la Classe des Citoyens, soyez assurés de ma faveur particulière pour prix de votre conduite et de vos efforts; ils ont souvent été arrêtés par la situation générale des affaires; ils ont retrouvé avec d'autres circonstances leur ancienne activité. Dans l'une comme dans l'autre situation vous avez su distinguer ce qu'il fallait attribuer à votre Roi, qui désire votre bien, et ce qui était le résultat du malheur des tems. Le repos dont le Monde jouit aujourd'hui vous assure des communications avantageuses, et ouvrira des ressources nouvelles et abondantes à ce Pays. Les travaux de l'industrie ne peuvent fleurir au milieu du fracas des armes; la Paix seule leur donne une véritable valeur. Chaque Classe de Citoyens forme un anneau de la chaîne qui réunit l'Etat entier, et à côté de l'épée du Guerrier se place nécessairement le pavillon du Commerçant comme le symbole pacifique de l'industrie.

MESSAGE from the President of The United States to Congress, recommending the passage of a Law to exclude all Foreign Seamen from employment in American Vessels.— 25th February, 1815.

To the Senate and House of Representatives of The United States. PEACE having happily taken place between The United States and Great Britain, it is desirable to guard against incidents, which, during periods of War in Europe, might tend to interrupt it; and, it is believed, in particular, that the navigation of American Vessels exclusively by American Seamen, either natives, or such as are already naturalized, would not only conduce to the attainment of that object, but also to increase the number of our Seamen, and consequently to render our commerce and navigation independent of the service of Foreigners, who might be recalled by their Governments under circumstances the most inconvenient to The United States. I recommend the subject, therefore, to the consideration of Congress; and, in deciding upon it, I am persuaded, that they will sufficiently estimate the policy of mani

festing to the World a desire, on all occasions, to cultivate harmony with other Nations, by any reasonable accommodations which do not impair the enjoyment of any of the essential rights of a free and independent People. The example on the part of the American Government will merit, and may be expected to receive, a reciprocal attention from all the friendly Powers of Europe. Washington, February 25th, 1815.

JAMES MADISON.

LETTER of the Secretary of the Treasury of The United States, relative to the Measures required for the support of the Public Credit, and the Supply of the Treasury.Washington, 20th February, 1815.

SIR,

Treasury Department, 20th February, 1815. I HAVE the honor to acknowledge the receipt of your Letter, dated the 15th Instant, which, in consequence of the termination of the War, requests, in behalf of the Committee of Ways and Means," a view of the probable Receipts from Imports and Tonnage, during the year 1815, and any other information that may enable the Committee to decide on the measures necessary to meet the unexpected and fortunate change, which Peace must produce in the resources of The United States." It has hitherto been my arduous and painful employment, to suggest to your consideration, measures for relieving the embarrassments of the Treasury, with a view to the expenditures of a protracted War. And you will readily believe, that, on every account, personal as well as public, I join you most sincerely, in rejoicing at an event, which brings with it an immediate alleviation of the pressure upon Department, as well as a general assurance of National honor and prosperity.

this

The objects which claimed the attention of the Committee, in my former Communications, were, 1st, the state of the Public Credit; 2nd, the state of the Circulating Medium; and, 3rd, the ways and means to defray the various Expenses of the Government.

1. The Public Credit was depressed during the War, owing to several causes that must now cease to operate. All the circumstances, internal and external, which were calculated to excite doubt as to the duration, or as to the issue, of the contest, in the minds of the cautious and the timid, have passed away; and, in their place, the proofs of confidence begin already to appear, with practical advantage. While it was doubtful to what extent the public exigencies would require the aid of Loans, those Persons who retained the means of lending, either feared, or affected to fear, the eventual security of the Government; and even the exemplary display of the National resources, which has been made during the present Session of Congress, for the benefit of the

Public Creditors, was curtailed of its natural effect, in the resuscitation of Public Credit, by the countervailing influence of causes which it is unnecessary to specify. But when the whole amount of the Public Debt, incurred during the War, is fixed and ascertained; when it is known, that ample provision is made for the punctual payment of the interest, and for the gradual extinguishment of the principal of the Debt; and when, above all, it is seen, that Congress is inflexible in its adherence to the faith and policy of the Legislative pledges; the Public Credit of The United States will stand upon a basis the most durable and the most honourable.

2. The difficulties of the National Circulating Medium remain, however, to be encountered, under circumstances which the Government cannot controul. The effects of the Peace will certainly restore a metallic medium; but until that result be produced, the only resource for all the pecuniary transactions of the Treasury, as well as of Individuals, will be the issues of Treasury Notes, and the Notes of the State Banks. If, indeed, the State Banks were soon to resume their payments in Specie; or if they were again to give credit and circulation to the Notes of each other, throughout The United States; and if they were, moreover, able and willing to accommodate the Fiscal views of the Government, (which I do not permit myself for a moment to doubt), a total dependence upon those Institutions, however impolitic in the abstract, would be practically safe and beneficial. But if, on the other hand, the Notes of the State Banks shall continue limited in circulation and use, to the City, the Town, or the State, in which they are issued, it must be obvious, that they cannot answer the purposes of a National Medium; and that the Receipt of such Notes, in payments for Duties of Import, or Internal Duties, will convert the Public Revenue, which is destined for general uses abroad, as well as at home, into a Local Fund that may not be wanted where it exists, and cannot be applied where it is wanted. It is, nevertheless, in the power of Congress to obviate, in a considerable degree, this difficulty, by authorising the payment of a reasonable rate of exchange, upon the transfer of its Revenue, from the places of collection and deposit, to the places of demand and employment; and I respectfully recommend the expedient to the consideration of the Committee of Ways and Means.

The alternative, or concurrent resource of Treasury Notes, for a National Circulating Medium, has, on other occasions, been considered. The security of the Government must always, upon every reasonable and candid estimate, be deemed superior to the security of any Private Corporation; and so far as Treasury Notes bear an interest and are receivable in the payment of Duties and Taxes, they are evidently more valuable than Bank Notes, which do not possess those characteristics. But the machinery of a Bank is calculated to give an im

pulse and direction to its issues of Paper, which cannot be imparted by the forms of the Treasury, or any merely Official Institution, to the Paper of the Government. In the operations of a Bank too, the facilities of Bank Credits supply the place in a very important degree, of the issues of Notes; so that a Bank Loan of 30,000,000 of dollars for instance, would, probably, require no greater issue than 6,000,000 of dollars in Notes. On the contrary, the whole amount of whatever sum is to be raised by an issue of Treasury Notes, must be actually sent, in the form of Treasury Notes, into the market, through the various channels of credit or demand. It is however, to be admitted, that an issue of Treasury Notes not greatly exceeding, in amount, the demand created for them by the duties and taxes, for which they are receivable, can be annually sustained; but if the amount exceeds, or even equals, the amount of that demand, the revenue will generally be absorbed by the Notes, before it reaches the Treasury; the Holder of the Treasury Notes being thus paid, in preference, and often to the exclusion of every other Public Creditor; and the other branches of the public service being thus deprived of the contemplated means for their support.

It is proper here to observe, that the actual issue of Treasury Notes on this day (including those due and unpaid, those which are daily becoming due, and those which have been ordered, but are not yet signed) amounts to the sum of 18,637,436 dollars, and the amount will be constantly augmenting. If, therefore, the revenue for the year 1815, enriched by the Duty on Imports, and by the other beneficial effects of the Peace, should amount to 20,000,000, it is still evident, that the whole of the revenue might be expended in the single purpose of paying the Treasury Note Debt; leaving every other object of the Government to be provided for by Loans, or by new issues of Treasury Notes.

Having suggested the difficulty and the danger, I cannot presume to dwell upon any expedient for relief, which Congress has already refused to adopt; but I take the liberty, with deference and respect, to renew the recommendation of the Plan that was submitted to your consideration, in my Letter of the 17th January last, under a belief, that, considering the outstanding amount of Treasury Notes, any new issue should be made to rest upon a basis, that will enable the Government to employ it, both as a circulating medium, and as the means of raising money, in aid of the revenue. How far a power given to fund the Treasury Notes, upon an advanced interest, or to pass them in payment of taxes of duties, will be sufficient for the purposes contemplated, without providing other means of payment by regular instalments, I must submit to the judgment of the Committee.

3. The ways and means to defray the various expenses of the Government, for 1815, will consist of the revenue which will be actu

ally received at the Treasury during that year. It is not intended on the one hand, to take into view the balances due upon the appropriations of preceding years; nor, on the other hand, to take into view the revenue which will accrue in the present year, but which will not be payable until the year 1816.

The direct amelioration of the resources of the Country, in consequence of the Peace, applies principally to the item of the duties on imports and tonnage. The effect, however, must be confined, with immaterial exceptions, for 1815, to two-thirds, or the 8 concluding months of the year. The West India trade will produce little, and the European trade nothing, by way of revenue, before the 1st of May next. Some outstanding adventures beyond the Cape of Good Hope, will hardly be brought home, upon the intelligence of Peace, before the present year has expired. Considering, therefore, that a credit of 8, 10 and 12 months, is allowed for the duties on merchandise imported from Europe; and that a credit of 3 and 6 months is allowed for the duties on marchandise imported from the West Indies; it is evident that whatever may be the amount accruing on merchandise imported from Europe for the year 1815, the actual receipts at the Treasury cannot be great; that the whole of the duties accruing, on merchandise imported from the West Indies before the 1st of July, will be actually received at the Treasury in the year 1815; and that one moiety of the amount of the duties on merchandise imported from the West Indies, between the 1st of July and the 1st of October, will, also, be received at the Treasury in the year 1815.

The average of the net revenue of the Customs which accrued for the 3 years, 1806, 1807, and 1808, was more than 14,000,000 of dollars, for each year; and a similar average for the 3 succeeding years, 1809, 1810, and 1811, was about 9,000,000 of dollars for each year. But the first period was one of uncommon commercial prosperity, when the United States were the only Neutral Nation, and cannot be taken as the basis of an estimate for the present time, when the other Nations of the World are, also, at Peace. The second period was embarrassed by commercial restrictions; but probably, the effect of those embarrassments upon the revenue were counterbalanced by the advantages of our neutrality. It is thought, therefore, upon the whole, that in a state of general peace, the Customs operating upon the single duties, would not have produced, before the American War, more than a sum between 9,000,000 and 10,000,000 of dollars annually. But the comparatively small quantity of foreign merchandise, at present in the American market, would probably, give rise to an extraordinary amount of importations during the first year of peace, equal at least to the supply of 2 years; if the fact, that the double duties are limited in their continuance to a year after the termination