James Buchanan: “Without this the Treasury will be exhausted before the 1st of January and the public credit will be seriously impaired.”

Had I refused to adopt this precautionary measure, and evil consequences, which many good men at the time apprehended, had followed, I should never have forgiven myself.

The peace and order of the city itself and the security of the inauguration of the President elect, were objects of such vast importance to the whole country that I could not hesitate to adopt precautionary defensive measures.

I deem it proper to invite the attention of the Senate to the fact that with this day expires the limitation of time for the exchange of the ratifications of the treaty with Costa Rica of 2d July, 1860.

There is but one mode left of settling the dispute, and that is by submitting it to the arbitration of some friendly and impartial power.