In any event, however, the principle involved in the new aspect which has been given to the controversy is so vitally important to the independent administration of the Government that it can neither be surrendered nor compromitted without national degradation.  I hope it is unnecessary for me to say that such a sacrifice will not be made through any agency of mine.  The honor of my country shall never be stained by an apology from me for the statement of truth and the performance of duty; nor can I give any explanation of my official acts except such as is due to integrity and justice and consistent with the principles on which our institutions have been framed.  This determination will, I am confident, be approved by my constituents.  I have, indeed, studied their character to but little purpose if the sum of 25,000,000 francs will have the weight of a feather in the estimation of what appertains to their national independence, and if, unhappily, a different impression should at any time obtain in any quarter, they will, I am sure, rally round the Government of their choice with alacrity and unanimity, and silence for ever the degrading imputation.

Having thus frankly presented to you the circumstances which since the last session of Congress have occurred in this interesting and important matter, with the views of the Executive in regard to them, it is at this time only necessary to add that when ever the advices now daily expected from our charge d’affaires shall have been received they will be made the subject of a special communication.

The condition of the public finances was never more flattering than at the present period.

Since my last annual communication all the remains of the public debt have been redeemed, or money has been placed in deposit for this purpose when ever the creditors choose to receive it.  All the other pecuniary engagements of the Government have been honorably and promptly fulfilled, and there will be a balance in the Treasury at the close of the year of about $19,000,000.  It is believed that after meeting all outstanding and unexpended appropriations there will remain near $11,000,000 to be applied to any new objects which Congress may designate or to the more rapid execution of the works already in progress.  In aid of these objects, and to satisfy the current expenditures of the ensuing year, it is estimated that there will be received from various sources $20,000,000 more in 1836.

Should Congress make new appropriations in conformity with the estimates which will be submitted from the proper Departments, amounting to about $24,000,000, still the available surplus at the close of the next year, after deducting all unexpended appropriations, will probably not be less than $6,000,000.  This sum can, in my judgment, be now usefully applied to proposed improvements in our navy yards, and to new national works which are not enumerated in the present estimates or to the more rapid completion of those already begun.  Either would be constitutional and useful, and would render unnecessary any attempt in our present peculiar condition to divide the surplus revenue or to reduce it any faster than will be effected by the existing laws.