But of this universal acquiescence, and the harmony and confidence and the many other benefits that will certainly result from it, I regard the suspension of the law for distributing the proceeds of the sales of the public lands as an indispensable condition. This measure is, in my judgment, called for by a large number, if not a great majority, of the people of the United States; by the state of the public credit and finances; by the critical posture of our various foreign relations; and, above all, by that most sacred of all duties--public faith. The act of September last, which provides for the distribution, couples it inseparably with the condition that it shall cease--first, in case of war; second, as soon and so long as the rate of duties shall for any reason whatever be raised above 20 per cent. Nothing can be more clear, express, or imperative than this language. It is in vain to allege that a deficit in the Treasury was known to exist and that means were taken to supply this deficit by loan when the act was passed. It is true that a loan was authorized at the same session during which the distribution law was passed, but the most sanguine of the friends of the two measures entertained no doubt but that the loan would be eagerly sought after and taken up by capitalists and speedily reimbursed by a country destined, as they hoped, soon to enjoy an overflowing prosperity. The very terms of the loan, making it redeemable _in three years_, demonstrate this beyond all cavil. Who at the time foresaw or imagined the possibility of the present real state of things, when a nation that has paid off her whole debt since the last peace, while all the other great powers have been increasing theirs, and whose resources, already so great, are yet but in the infancy of their development, should be compelled to haggle in the money market for a paltry sum not equal to one year's revenue upon her economical system? If the distribution law is to be indefinitely suspended, according not only to its own terms, but by universal consent, in the case of war, wherein are the actual exigencies of the country or the moral obligation to provide for them less under present circumstances than they could be were we actually involved in war? It appears to me to be the indispensable duty of all concerned in the administration of public affairs to see that a state of things so humiliating and so perilous should not last a moment longer than is absolutely unavoidable. Much less excusable should we be in parting with any portion of our available means, at least until the demands of the Treasury are fully supplied. But besides the urgency of such considerations, the fact is undeniable that the distribution act could not have become a law without the guaranty in the proviso of the act itself.