Given under my hand, at the city of Washington, this 4th day of May, A.D. 1820, and forty-fourth year of the Independence of the United states.

JAMES MONROE.

By the President: 
  JOHN QUINCY ADAMS,
    Secretary of State.

FOURTH ANNUAL MESSAGE.

WASHINGTON, November 14, 1820.

Fellow-Citizens of the Senate and of the House of Representatives: 

In communicating to you a just view of public affairs at the commencement of your present labors, I do it with great satisfaction, because, taking all circumstances into consideration which claim attention, I see much cause to rejoice in the felicity of our situation.  In making this remark I do not wish to be understood to imply that an unvaried prosperity is to be seen in every interest of this great community.  In the progress of a nation inhabiting a territory of such vast extent and great variety of climate, every portion of which is engaged in foreign commerce and liable to be affected in some degree by the changes which occur in the condition and regulations of foreign countries, it would be strange if the produce of our soil and the industry and enterprise of our fellow-citizens received at all times and in every quarter an uniform and equal encouragement.  This would be more than we would have a right to expect under circumstances the most favorable.  Pressures on certain interests, it is admitted, have been felt; but allowing to these their greatest extent, they detract but little from the force of the remarks already made.  In forming a just estimate of our present situation it is proper to look at the whole in the outline as well as in the detail.  A free, virtuous, and enlightened people know well the great principles and causes on which their happiness depends, and even those who suffer most occasionally in their transitory concerns find great relief under their sufferings from the blessings which they otherwise enjoy and in the consoling and animating hope which they administer.  From whence do these pressures come?  Not from a government which is founded by, administered for, and supported by the people.  We trace them to the peculiar character of the epoch in which we live, and to the extraordinary occurrences which have signalized it.  The convulsions with which several of the powers of Europe have been shaken and the long and destructive wars in which all were engaged, with their sudden transition to a state of peace, presenting in the first instance unusual encouragement to our commerce and withdrawing it in the second even within its wonted limit, could not fail to be sensibly felt here.  The station, too, which we had to support through this long conflict, compelled as we were finally to become a party to it with a principal power, and to make great exertions, suffer heavy losses, and to contract considerable debts, disturbing the ordinary course of affairs by augmenting to a vast amount the circulating medium, and thereby elevating at one time the price of every article above a just standard and depressing it at another below it, had likewise its due effect.