The chief embarrassments which at the moment exhibit themselves have arisen from overaction, and the most difficult task which remains to be accomplished is that of correcting and overcoming its effects.

I can not forego the occasion to urge its importance to the credit of the Government in a financial point of view.

Peace with all the world is the true foundation of our policy, which can only be rendered permanent by the practice of equal and impartial justice to all.

I therefore, in the spirit of conciliation, and influenced by no other desire than to rescue the great interests of the country from the vortex of political contention, recommend moderate duties, imposed with a wise discrimination as to their several objects, as being not only most likely to be durable, but most advantageous to every interest of society.

Extravagant duties defeat their end and object, not only by exciting in the public mind an hostility to the manufacturing interests, but by inducing a system of smuggling on an extensive scale and the practice of every manner of fraud upon the revenue, which the utmost vigilance of Government can not effectually suppress.

My convictions are most strong that these benefits would flow from the adoption of this measure; but if the result should be adverse there is this security in connection with it--that the law creating it may be repealed at the pleasure of the Legislature without the slightest implication of its good faith.

I recommend to Congress to take into consideration the propriety of reimbursing a fine imposed on General Jackson at New Orleans at the time of the attack and defense of that city, and paid by him.

The credit of the Government may be regarded as the very soul of the Government itself--a principle of vitality without which all its movements are languid and all its operations embarrassed.

I protest against this whole proceeding of the House of Representatives as ex parte and extrajudicial.

If in assigning my objections to the bill I had so far forgotten what was due to the House of Representatives as to impugn its motives in passing the bill, I should owe, not only to that House, but to the country, the most profound apology.

What may happen to an individual is of little importance, but the Constitution of the country, or any one of its great and clear principles and provisions, is too sacred to be surrendered under any circumstances whatever by those who are charged with its protection and defense.