I know that it is urged (but most erroneously, in my opinion) that instability is just as apt to be produced by retaining the public lands as a source of revenue as from any other cause, and this is ascribed to a constant fluctuation, as it is said, in the amount of sales.  If there were anything in this objection, it equally applies to every imposition of duties on imports.  The amount of revenue annually derived from duties is constantly liable to change.  The regulations of foreign governments, the varying productiveness of other countries, periods of excitement in trade, and a great variety of other circumstances are constantly arising to affect the state of commerce, foreign and domestic, and, of consequence, the revenue levied upon it.  The sales of the public domain in ordinary times are regulated by fixed laws which have their basis in a demand increasing only in the ratio of the increase of population.  In recurring to the statistics connected with this subject it will be perceived that for a period of ten years preceding 1834 the average amount of land sales did not exceed $2,000,000.  For the increase which took place in 1834, 1835, and 1836 we are to look to that peculiar condition of the country which grew out of one of the most extraordinary excitements in business and speculation that has ever occurred in the history of commerce and currency.  It was the fruit of a wild spirit of adventure engendered by a vicious system of credits, under the evils of which the country is still laboring, and which it is fondly hoped will not soon recur.  Considering the vast amount of investments made by private individuals in the public lands during those three years, and which equaled $43,000,000 (equal to more than twenty years’ purchase), taking the average of sales of the ten preceding years, it may be safely asserted that the result of the public-land sales can hold out nothing to alarm the manufacturer with the idea of instability in the revenues and consequently in the course of the Government.

Under what appears to me, therefore, the soundest considerations of public policy, and in view of the interests of every branch of domestic industry, I return you the bill with these my objections to its becoming a law.

I take occasion emphatically to repeat my anxious desire to cooperate with Congress in the passing of a law which, while it shall assist in supplying the wants of the Treasury and reestablish public credit, shall afford to the manufacturing interests of the country all the incidental protection they require.

After all, the effect of what I do is substantially to call on Congress to reconsider the subject.  If on such reconsideration a majority of two-thirds of both Houses should be in favor of this measure, it will become a law notwithstanding my objections.  In a case of clear and manifest error on the part of the President the presumption of the Constitution is that such majorities will be found.  Should they be so found in this case, having conscientiously discharged my own duty I shall cheerfully acquiesce in the result.