The objects of finance in the United States have hitherto been very simple; merely to provide for the support of the government on its peace establishment, and to pay the debt contracted in the revolutionary war, a war which will be sanctioned by the approbation of posterity through all future ages. The means provided for these objects were ample, and resting on a consumption which little affected the poor, may be said to have been sensibly felt by none. The fondest wish of my heart ever was that the surplus portion of these taxes, destined for the payment of that debt, should, when that object was accomplished, be continued by annual or biennial re-enactments, and applied, in time of peace, to the improvement of our country by canals, roads and useful institutions, literary or others; and in time of war to the maintenance of the war. And I believe that keeping the civil list within proper bounds, the surplus would have been sufficient for any war, administered with integrity and judgment. For authority to apply the surplus to objects of improvement, an amendment of the constitution would have been necessary. I have said that the taxes should be continued by annual or biennial re-enactments, because a constant hold, by the nation, of the strings of the public purse, is a salutary restraint from which an honest government ought not to wish, nor a corrupt one to be permitted to be free. No tax should ever be yielded for a longer term than that of the congress wanting it, except when pledged for the reimbursement of a loan. On this system, the standing income being once liberated from the revolutionary debt, no future loan nor future tax would ever become necessary, and wars would no otherwise affect our pecuniary interests than by suspending the improvements belonging to a state of peace. This happy consummation would have been achieved by another eight years' administration, conducted by Mr. Madison, and executed in its financial department by Mr. Gallatin, could peace have been so long preserved. So enviable a state in prospect for our country, induced me to temporize, and to bear with national wrongs which under no other prospect ought ever to have been unresented or unresisted. My hope was, that by giving time for reflection, and retraction of injury, a sound calculation of their own interests would induce the aggressing nations to redeem their own character by a return to the practice of right. But our lot happens to have been cast in an age when two nations to whom circumstances have given a temporary superiority over others, the one by land, the other by sea, throwing off all restraints of morality, all pride of national character, forgetting the mutability of fortune and the inevitable doom which the laws of nature pronounce against departure from justice, individual or national, have dared to treat her reclamations with derision, and to set up force instead of reason as the umpire of nations. Degrading themselves thus