The agreeable and responsible duty of developing and regulating the most important discovery of modern times, and the greatest material force known to men, has been committed to the present generation. The progress of Steam, from the days of its first application to lifting purposes, through all of its gradations of application to railway locomotion and steamboat and steamship propulsion down to the present time, has been a series of splendid and highly useful triumphs, alike creditable to the genius of its promoters, and profitable to the nations which have adopted it. However great the progress of the world, or the prosperity of commercial nations prior to its introduction, it can not be doubted that it now constitutes the largest, surest, and most easily available means of progress, prosperity, and power known to civilized nations; or that the development, wealth, and independence of any country will be in the ratio of the application of steam to all of the ordinary purposes of life. It has been canonized among the sacred elements of national power, and commissioned as the great laborer of the age. Every civilized nation has adopted it as the best means of interior development, and as almost the only forerunner of commerce and communication with the outer world. It has thus become an indispensable necessity of every day life, whether by land or by sea, to the producer, the consumer, the merchant, the manufacturer, the artisan, the pleasure-seeker, the statesman, and the state itself, to public liberty, and to the peace of the world. The existence of an agent of so great power and influence, is necessarily a fact of unusual significance to a nation like the United States, which combines within itself in a high degree, the three most important interests, of large Agricultural and Mineral Productions, extensive and increasing Manufactures, and an immense Foreign Commerce and Domestic Trade. Our country is essentially commercial in its tastes and tendencies; our people are, as a result of our common schools, bold, inquiring, and enterprising; and our constitution and laws are well calculated to produce a nation of restless and vigorous merchants, traders, and travellers. Foreign commerce is a necessity of our large and redundant agricultural production. Our extended sea-coast, and necessarily large coasting-trade between the States, have begotten an unbounded spirit of maritime adventure. The ample material, and other facilities for building vessels, have also contributed to this end. As capable as any people on earth of running vessels and conducting mercantile enterprise, we have found foreign commerce a profitable field for the investment of labor, intelligence, and capital.