Our
great resources therefore remain untouched for any purpose which may
affect the vital interests of the nation. For all such purposes they are
inexhaustible. They are more especially to be found in the virtue,
patriotism, and intelligence of our fellow-citizens, and in the devotion
with which they would yield up by any just measure of taxation all their
property in support of the rights and honor of their country.
Under the present depression of prices, affecting all the productions of
the country and every branch of industry, proceeding from causes
explained on a former occasion, the revenue has considerably diminished,
the effect of which has been to compel Congress either to abandon these
great measures of defense or to resort to loans or internal taxes to
supply the deficiency. On the presumption that this depression and the
deficiency in the revenue arising from it would be temporary, loans were
authorized for the demands of the last and present year. Anxious to
relieve my fellow-citizens in 1817 from every burthen which could be
dispensed with, and the state of the Treasury permitting it, I
recommended the repeal of the internal taxes, knowing that such relief
was then peculiarly necessary in consequence of the great exertions made
in the late war. I made that recommendation under a pledge that should
the public exigencies require a recurrence to them at any time while I
remained in this trust, I would with equal promptitude perform the duty
which would then be alike incumbent on me.
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