The year 1820 marked a period of financial distress in the country, which soon became that of the government. The army was reduced, and the general expenses of the departments cut down, despite which measures of economy the Congress deemed it necessary to authorize the President to contract for a loan of five million dollars. Distress was the cry of the day; relief the general demand, the chief demand coming from debtors to the Government for public lands purchased under the then credit system, this debt at that time aggregating twenty-three millions of dollars. The banks failed, money vanished, instalments were coming due which could not be met; and the opening of Congress in November, 1820, was saluted by the arrival of memorials from all the new States praying for the relief to the purchaser of the public lands. The President referred to it in his annual message of that year, and Congress passed a measure of relief by changing the system to cash sales instead of credit, reducing the price of the lands, and allowing present debtors to apply payments already made to portions of the land purchased, relinquishing the remainder. Applications were made at that time for the establishment of the preemptive system, but without effect; the new States continued to press the question and finally prevailed, so that now the preemptive principle has become a fixed part of our land system, permanently incorporated with it, and to the equal advantage of the settler and the government. The session of 1820–21, is remarkable as being the first at which any proposition was made in Congress for the occupation and settlement of our territory on the Columbia river—the only part then owned by the United States on the Pacific coast. It was made by Dr. Floyd, a representative from Virginia, who argued that the establishment of a civilized power on the American coast of the Pacific could not fail to produce great and wonderful benefits not only to our own country, but to the people of Eastern Asia, China and Japan on the opposite side of the Pacific Ocean, and that the valley of the Columbia might become the granary of China and Japan. This movement suggested to Senator Benton, to move, for the first time publicly in the United States, a resolution to send ministers to the Oriental States. At this time treaties with Mexico and Spain were ratified, by which the United States acquired Florida and ceded Texas; these treaties, together with the Missouri compromise—a measure contemporaneous with them—extinguished slave soil in all the United States territory west of the Mississippi, except in that portion which was to constitute the State of Arkansas; and, including the extinction in Texas consequent upon its cession to a non-slaveholding power, constituted the largest territorial abolition of slavery that was ever up to that period effected by any political power of any nation.