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Updated: May 26, 2025
Of course, the settlement of a new or an extended colony, involves the extinguishment of Indian rights within the area proposed; and while the outside district not set apart, would still be roamed over by the Indians, and be valuable for the fur trade, its limits must, from time to time, be narrowed by further additions to the circle of civilization and free government.
This I shall aim at the more anxiously both because it will facilitate the extinguishment of the national debt, the unnecessary duration of which is incompatible with real independence, and because it will counteract that tendency to public and private profligacy which a profuse expenditure of money by the Government is but too apt to engender.
I have reason to believe that an arrangement can be made on just terms for the extinguishment of the rights in question, embracing also the right of the Hudsons Bay Company to the navigation of the river Columbia; and I therefore suggest to your consideration the expediency of making a contingent appropriation for that purpose.
The extinguishment of the war debt of the State, already nearly accomplished, would bring an immediate and large reduction of taxes. Mr. Tilden became Governor at the right hour to reap the harvest which others had sown.
"His condition is hopeless," said the doctor sorrowfully; "as his attendant just informed me, he is again in possession of his senses, but I fear it is the last glimmering before the final extinguishment.
Incident to this phase of the situation the chief sensation of the morning was the united remonstrance of the physicians against the extinguishment of the burning wreck of the demolished town which is piled up against the bridge.
Wise and economical legislation, however, enabled the Government to pay the entire amount within a period of twenty years, and the extinguishment of the national debt filled the land with rejoicing and was one of the great events of President Jackson's Administration.
At the close of his administration in 1809, he claimed credit for having left eighteen millions in the Treasury after payment of twenty-six millions of the debt of the Revolution in less than seven years, and his successor, Madison, in 1812, had over eleven millions in funds and cash in the Treasury after the extinguishment of forty-nine millions of the Revolutionary debt, the expenses of Government, in the mean time, exclusive of the debt, having averaged from five to seven millions only.
Senator Foote, of Mississippi, urged in glowing terms the advantages of "extending American liberty" over Central America; Senator Hannegan, of Indiana, fairly represented his section when he said that the time had come for the United States to take Canada, too, and make the boundaries of North America the boundaries of the great Republic; and Senator Cass was making his campaign for the Democratic nomination on the plea that the time was ripe for the extinguishment of the remnants of European authority on the continent.
It shall be my study to recommend such constitutional measures to Congress as may be necessary and proper to secure encouragement and protection to the great interests of agriculture, commerce, and manufactures, to improve our rivers and harbors, to provide for the speedy extinguishment of the public debt, to enforce a strict accountability on the part of all officers of the Government and the utmost economy in all public expenditures; but it is for the wisdom of Congress itself, in which all legislative powers are vested by the Constitution, to regulate these and other matters of domestic policy.
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