The Congressional Globe, Volume 14: Twenty-Eighth Congress, Second Session Page: 5
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CONGRESSIONAL GLOBE.
been decisively manifested. The question of an-
nexation has been presented nakedly to their con-
sideration. By the treaty itself, all collateral and
incidental issues, which were calculaled to divide
and distract.the public councils, were carefully avoid-
ed. . These were left to the wisdom of the future
to determine. It presented, I repeat, the isolated
question of annexation; and, in that form, it has been
submitted to the ordeal of public sentiment. A con-
trolling majority of the people, and a large majority
t)f the States, have declared in favor of immediate
annexation. Instructions have thus come up to both
branches of Congress, from their respective constit-
uents, in terms the most emphatic. It is the will of
both the people and the States that Texas shall be
annexed to the Union promptly and immediately. It
may be hoped that, in carrying into execution the
public will, thus declared, all collateral issues may be
avoided. Future legislatures can best decide as to
the number of States which should be formed out of
the territory, when the time has arrived for deciding
that question. So with all others. By the treaty
the United States assumed the payment of the debts
of Texas, to an amount not exceeding $10,000,000,
to be paid, wjfh the exception of a sum falling short
of $400,000, exclusively out of the proceeds of the
sales of her public lands. We could not, with hon-
or, take the lands, without assuming the full pay-
ment of all incumbrances upon them.
Nothing has occured since your last session, to
induce a doubt that the dispositions of Texas remain
unaltered. No intimation of an altered determina-
tion, on the part of her government and people, has
been furnished to the executive. She still desires to
throw herself under the protection of our laws, and
to partake of the blessings of our federative system;
while every American interest would seem to require
it. The extension of our coastwise and foreign
trade, to an amount almost incalculable—the en-
largement of the market for our manufactures—a
constantly growing market for our agricultural pro-
ductions—safety to our frontiers, and additional
strength and stability to the Union,—these are the
results which would rapidly develope themselves
upon the consummation of the measure of annex-
ation. In such event, I will not doubt but that
Mexico would find her true interest to consist in
meeting the advances of this government in a spirit
of amity.
- Nor do I apprehend any serious complaint from
any other quarter; no sufficient ground exists for
such complaint. We should interfere in no respect
with the rights of any other nation. There cannot
be gathered from the act any design on our part to
do so with their possessions on this continent. We
have interposed no impediments in the was of such
acquisitions of territory, large and extensive as
many of them are, as the leading powers of Europe
have made, from time to time, in every part of the
world. We seek no conquest made by war. No
intrigue will have been resorted to, or acts of diplo-
macy essayed, to accomplish the annexation of
Texas. Free and independent herself, she asks to
be received into our Union. It is a question for our
own decision whether she shall be received or not.
The two governments having already agreed,
through their respective organs, on the terms of an-
nexation, I would recommend their adoption by
Congress in the form of a joint resolution, or act, to
be perfected and made binding on the two coun-
tries, when adopted in like manner by the govern-
ment of Texas.
, _ In order that the subject may be fully presented
in all its bearings, the correspondence which has'
taken place in reference to it, since the adjourn-
i ment of Congress, between the United States, Texas,:
' and Mexico, is herewith transmitted.
s/.The amendments proposed by the Senate to the
convention concluded between the United States and
Mexico on the 20th of November, 1843, have been
transmitted through our minister, for the concur-
rence of the Mexican government; but, although
urged thereto, no action has yet been had on the
subject; nor has any answer been given which
would authorize a favorable conclusion in the future.
The decree of September, 1843, in relation to the
retail trade, the order for the expulsion of foreign-
ers, and that of a more recent date in regard to pass-
ports—all of which are considered as in violation of
the treaty of amity and commerce between the two
pountries—have led to a correspondence of consid-
erable length between the Minister for Foreign Re-
lations and our representative at Mexico, but with-
CUt any satisfactoryjesult. They remain still un-
adjusted; and many and serious inconveniences have
already resulted to our citizens in consequence of
them.
V Questions growing out of the act of disarming a
body of Texian troops under the command of Major
Snively, by an officer in the service of the United
States, acting under the orders of our government;
and the forcible entry into the custom-house at Bry-
arly's Landing, on Red river, by certain citizens of
the United States, and taking away therefrom the
goods seized by the collector of the customs, as for-
feited under the laws of Texas, have been adjusted,
so far as the powers of the executive extend. The
correspondence between the two governments in
reference to both subjects will be found among the
accompanying documents. It contains a full state-
ment of all the facts and circumstances, with the
views taken on both sides, and the principles on
which the questions have been adjusted. It re-
mains -for Congress to make the necessary appropri-
ation to carry the arrangement into effect; which I
respectfully recommendT^
The greatly improveU' condition of the treasury
affords a subject for general congratulation. The
paralysis which had fallen on trade and commerce,
and which subjected the government to the necessi-
ty of resorting to loans, and the issue of treasury
notes, to a large amount, has passed away; and,
after the payment of upwards of $7,000,000, on ac-
count of the interest, and in redemption of more
than $5,000,000 of the public debt, which falls due
on the 1st of January next, and setting apart up-
wards of §2,000,000 for the payment of outstand-
ing treasury notes, and meeting an instalment of the
debts of the corporate cities of the District of Co-
lumbia—an estimated surplus of upwards of $,7,000,-
000, over and above the existing appropriations,
will remain in the treasury at the close of the fiscal
year. Should the treasury notes continue outstand-
ing, as heretofore, that surplus will be considerably
augmented. Although all interest has ceased upon
them, and the government has invited their return
to the treasury, yet they remain outstanding; af-
fording great facilities to commerce, and establish-
ing the fact that, under a well regulated system of
finance, the government has resources within itself,
which render it independent in time of need, not
only of private loans, but also of bank facilities.
The only remaining subject of regret is, that the
remaining stocks of the government do not fall d«e
at an earlier day; since their redemption would be
entirely within its control. As it is, it may be well
worthy the consideration of Congress, whether the
law establishing the sinking fund—under the opera-
tion of which the debts of the revolution and last
war with Great Britain were, to a great extent, ex-
tinguished—should not, with proper modifications,
(so as to prevent an accumulation of surpluses, and
limited in amount to a specific sum,) be re-enacted.
Such provision, which would authorize the govern-
ment to go into the market for a purchase of its
own stock, on fair terms, would serve to maintain
its credit at the highest point, and prevent, to a
great extent, those fluctuations in the price of its
securities which might, under other circumstances,
affect its credit. No apprehension of this sort is,
at this moment, entertained; since the stocks of the
government, which but two years ago were offered
for sale to capitalists, at home and abroad, at a de-
preciation, and could find no purchasers, are now
greatly above par in the hands of the holders; but a
wise and "prudent forecast admonishes us to place
beyond the reach of contingency the public credit.
It must also be a matter of unmingled gratification,
that, under the existing financial system—resting
upon the act of 1789, and the resolution of 1816,—
the currency of the country has attained a state of
perfect soundness; and the rates of exchange between
different parts of the Union—which,in 184], deno-
ted, by their enormous amount, the great deprecia-
tion, and in fecit worthlessness of the currency in most
of the States—are now reduced to little more than the
mere ^expense of transporting specie from place to
place,"and the risk incidental to the operation. In a
new country like that of the United States—where
so many inducements are held out for speculation—
the depositories of the surplus revenue, consisting of
banks of any description, when it reaches any con-
siderable amount, require the closest vigilance on
the part of the government. All banking institu-
tions, under whatever denomination they may pass,
are governed by an almost exclusive regard to the
interest of the stockholders. That interest consists
in the augmentation of profits, in the form of divi-
dends; and a large surplus revenue entrusted to their
custody is but too apt to lead to excessive loans and
to extravagantly large issues of paper. As a neces-
sary consequence, prices are nominally increased,
and the speculative mania everywhere seizes upon
the public mind. A fictitious state of prosperity for a
season exists; and, in the language of the day, mo-
ney becomes plenty. Contracts are entered into by
individuals, resting on this unsubstantial state of
things; but the delusion speedily passes away, and the
country is overrun by an indebtedness so weighty as
to overwhelm many, and to visit every department of
industry with great and ruinous embarrassment. The
greatest vigilance becomes necessary on.the part of
government to guard against this state of things. The
depositories must be given distinctly to understand
that the favors of the government will be altogether
withdrawn, or substantiaHy diminished, if its reve-
nues shall be regarded as additions to their banking
capital,'or as the foundation of an enlarged circula-
tion. The government through its revenue has, at
all times, an important part to perform in connection
with the currency; ana it greatly depends upon its
vigilance and care whether the country be involved
in embarrassments similar to those which it has had
recently to encounter; or, aided by the action of the
treasury, shall be preserved in a sound and healthy
condition." •> .
The dangers to be guarded against are greatly aug-
mented by too large a surplus"" of .revenue. When
that surplus greatly exceeds in amount what shall
be required by a wise and prudent forecast to "meet
unforseen contingencies, the legislature itself may
come to be seized with a disposition to indulge in ex-
travagant appropriations to objects, many of which
may—and most probably would—be found to conflict
with the constitution. A fancied expediency is ele-
vated above constitutional authority; and a reckless
and wasteful extravagance but too certainly follows.
The important power of taxation, which, when ex-
ercised in its most restricted form, is a burden on la-
bor and production, is resorted to, under various
pretexts, for purposes having no affinity to the mo-
tives which dictated its grant, and the extravagance
of government stimulates individual extravagance,
until the spirit of a wild and ill-regulated specula-
tion involves one and all in its unfortunate results.
In view of such fatal consequences, it may be laid
down as an axiom, founded an moral and political
truth, that no greater taxes should be imposed than
are necessary for an economical administration of
the government; and that whatever exists beyond,
should be reduced or modified. This doctrine does
in no way conflict with the exercise of a sound dis-
crimination in the selection of the articles to be
taxed, which a due regard to the public weal would
at all times suggest to the legislative mind. It leaves
the range of selection undefined; and such selection
should always be made with an eye to the great in-
terests of the country. Composed as is the Union,
of separate and independent States, a patriotic legis-
lature will not fail, in consulting'the interests of the
parts, to adopt such course as will be best calcu-
lated to advance the harmony of the whole, and
thus insure that permanency in the policy of the
government without which all efforts to advance
the public prosperity are vain and fruitless. This
great and vitally important task rests with Congress;
and the executive can do no more than recommend
the general principles which should govern in its
execution.
I refer you to the report of the Secretary of War,
for an exhibition of the condition of the army; and
recommend to you, as well worthy your best con-
sideration, many of the suggestions it contains. The
secretary in no degree exaggerates the great import-
ance of pressing forward, without delay, in the
work of erecting and finishing the fortifications, to
which he particularly alludes. Much has been
done towards placing oflr cities and roadsteads in a
state of security against the hazards of hostile attack,
within the last four years; but considering the new
elements which have been, of late years, employed
in the propelling of ships, and the formidable imple-
ments of destruction which have been brought into
service, we cannot be too active or vigilant in pre-
paring and perfecting the means of defence. I refer
you, also, to his report for a full statement of rhe
condition of the Indian trihes within our jurisdiction.
The executive has abated no effort in carrying into
effect the well-established policy of the government,
which contemplates a removal of all the tribes resi-
ding within the limits of the several States, beyond
those limits; and it is now enabled to congratulate
the country at the prospect of an early consumma-
tion of this object. Many of the tribes have already
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United States. Congress. The Congressional Globe, Volume 14: Twenty-Eighth Congress, Second Session, legislative document, 1845; Washington D.C.. (https://texashistory.unt.edu/ark:/67531/metapth2366/m1/21/: accessed March 29, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.