The presidential message contained no new recommendations, but referred to those previously made, and not yet acted upon; among which internal improvement, and the encouragement of home industry, were most prominent. It gave an account of the failure of the proposed congress of Panama; and, consequently, of the inutility of all our exertions to be represented there. And, as in this final and valedictory notice by Mr. Adams of that once far-famed congress, he took occasion to disclaim some views attributed to him, I deem it just to give him the benefit of his own words, both in making the disclaimer, and in giving the account of the abortion of an impracticable scheme which had so lately been prosecuted, and opposed, with so much heat and violence in our own country. He said of it:
"Disclaiming alike all right and all intention of interfering in those concerns which it is the prerogative of their independence to regulate as to them shall seem fit, we hail with joy every indication of their prosperity, of their harmony, of their persevering and inflexible homage to those principles of freedom and of equal rights, which are alone suited to the genius and temper of the American nations. It has been therefore with some concern that we have observed indications of intestine divisions in some of the republics of the South, and appearances of less union with one another, than we believe to be the interest of all. Among the results of this state of things has been that the treaties concluded at Panama do not appear to have been ratified by the contracting parties, and that the meeting of the Congress at Tacubaya has been indefinitely postponed. In accepting the invitations to be represented at this Congress, while a manifestation was intended on the part of the United States, of the most friendly disposition towards the Southern republics by whom it had been proposed, it was hoped that it would furnish an opportunity for bringing all the nations of this hemisphere to the common acknowledgment and adoption of the principles, in the regulation of their international relations, which would have secured a lasting peace and harmony between them, and have promoted the cause of mutual benevolence throughout the globe. But as obstacles appear to have arisen to the reassembling of the Congress, one of the two ministers commissioned on the part of the United States has returned to the bosom of his country, while the minister charged with the ordinary mission to Mexico remains authorized to attend at the conferences of the Congress whenever they may be resumed."
This is the last that was heard of that so much vaunted Congress of American nations, and in the manner in which it died out of itself, among those who proposed it, without ever having been reached by a minister from the United States, we have the highest confirmation of the soundness of the objections taken to it by the opposition members of the two Houses of our Congress.
In stating the condition of the finances, the message, without intending it, gave proof of the paradoxical proposition, first, I believe, broached by myself, that an annual revenue to the extent of a fourth or a fifth below the annual expenditure, is sufficient to meet that annual expenditure; and consequently that there is no necessity to levy as much as is expended, or to provide by law for keeping a certain amount in the treasury when the receipts are equal, or superior to the expenditure. He said:
"The balance in the treasury on the first of January last was six millions three hundred and fifty-eight thousand six hundred and eighty-six dollars and eighteen cents. The receipts from that day to the 30th of September last, as near as the returns of them yet received can show, amount to sixteen millions eight hundred and eighty-six thousand five hundred and eighty-one dollars and thirty-two cents. The receipts of the present quarter, estimated at four millions five hundred and fifteen thousand, added to the above, form an aggregate of twenty-one millions four hundred thousand dollars of receipts. The expenditures of the year may perhaps amount to twenty-two millions three hundred thousand dollars, presenting a small excess over the receipts. But of these twenty-two millions, upwards of six have been applied to the discharge of the principal of the public debt; the whole amount of which, approaching seventy-four millions on the first of January last, will on the first day of next year fall short of sixty-seven millions and a half. The balance in the treasury on the first of January next, it is expected, will exceed five millions four hundred and fifty thousand dollars; a sum exceeding that of the first of January, 1825, though falling short of that exhibited on the first of January last."
In this statement the expenditures of the year are shown to exceed the income, and yet to leave a balance, about equal to one fourth of the whole in the treasury at the end of the year; also that the balance was larger at the end of the preceding year, and nearly the same at the end of the year before. And the message might have added, that these balances were about the same at the end of every quarter of every year, and every day of every quarter—all resulting from the impossibility of applying money to objects until there has been time to apply it. Yet in the time of those balances of which Mr. Adams speaks, there was a law to retain two millions in the treasury; and now there is a law to retain six millions; while the current balances, at the rate of a fourth or a fifth of the income, are many times greater than the sum ordered to be retained; and cannot be reduced to that sum, by regular payments from the treasury, until the revenue itself is reduced below the expenditure. This is a financial paradox, sustainable upon reason, proved by facts, and visible in the state of the treasury at all times; yet I have endeavored in vain to establish it; and Congress is as careful as ever to provide an annual income equal to the annual expenditure; and to make permanent provision by law to keep up a reserve in the treasury; which would be there of itself without such law as long as the revenue comes within a fourth or a fifth of the expenditure.
The following members composed the two Houses at this, the first session of the twentieth Congress:
SENATE.
Maine—John Chandler, Albion K. Parris.
New Hampshire—Samuel Bell, Levi Woodbury.