At home, a sound credit had been created; an immense floating debt had been funded in a manner perfectly satisfactory to the creditors: an ample revenue had been provided; those difficulties which a system of internal taxation, on its first introduction, is doomed to encounter, were completely removed; and the authority of the government was firmly established. Funds for the gradual payment of the debt had been provided; a considerable part of it had been actually discharged; and that system which is now operating its entire extinction, had been matured and adopted. The agricultural and commercial wealth of the nation had increased beyond all former example. The numerous tribes of warlike Indians, inhabiting those immense tracts which lie between the then cultivated country and the Mississippi, had been taught, by arms and by justice, to respect the United States, and to continue in peace. This desirable object having been accomplished, that humane system was established for civilizing, and furnishing them with the conveniences of life which improves their condition, while it secures their attachment. Abroad, the differences with Spain had been accommodated; and the free navigation of the Mississippi had been acquired, with the use of New Orleans as a place of deposit for three years, and afterwards, until some other equivalent place should be designated. Those causes of mutual exasperation which had threatened to involve the United States in a war with the greatest maritime and commercial power in the world, had been removed; and the military posts which had been occupied within their territory, from their existence as a nation, had been evacuated. Treaties had been formed with Algiers and with Tripoli, and no captures appear to have been made by Tunis; so that the Mediterranean was opened to American vessels. This bright prospect was indeed, in part, shaded by the discontents of France. Those who have attended to the particular points of difference between the two nations, will assign the causes to which these discontents are to be ascribed, and will judge whether it was in the power of the President to have avoided them, without surrendering the real independence of the nation, and the most invaluable of all rights --the right of self-government. Such was the situation of the United States at the close of Washington's administration. Their circumstances at its commencement will be recollected; and the contrast is too striking not to be observed.