As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible: avoiding occasions of expence by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expence, but by vigorous exertions in time of Peace to discharge the Debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen which we ourselves ought to bear. The execution of these maxims belongs to your Representatives; but it is necessary that public opinion should cooperate. To facilitate to them the performance of their duty it is essential that you should practically bear in mind, that towards the payment of debts there must be Revenue; that to have Revenue there must be taxes; that no taxes can be devised which are not more or less inconvenient and unpleasant; that the intrinsic embarrassment inseperable from the selection of the proper objects (which is always a choice of difficulties) ought to be a decisive motive for a candid construction of the Conduct of the Government in making it, and for a spirit of acquiescence in the measures for obtaining Revenue which the public exigencies may at any time dictate.
A reinforcement of the existing provisions for discharging our public Debt, was mentioned in my Address at the opening of the last Session. Some preliminary steps were taken towards it, the maturing of which will, no doubt, engage your zealous attention during the present. I will only add, that it will afford me, heart felt satisfaction, to concur in such further measures, as will ascertain to our Country the prospect of a speedy extinguishment of the Debt. Posterity may have cause to regret, if, from any motive, intervals of tranquillity are left unimproved for accelerating this valuable end.
The situation in which I now stand, for the last time, in the midst of the Representatives of the People of the United States, naturally recalls the period when the Administration of the present form of Government commenced; and I cannot omit the occasion, to congratulate you and my Country, on the success of the experiment; nor to repeat my fervent supplications to the Supreme Ruler of the Universe, and Sovereign Arbiter of Nations, that his Providential care may still be extended to the United States; that the virtue and happiness of the People, may be preserved; and that the Government, which they have instituted, for the protection of their liberties, maybe perpetual.