present holders at a much lower rate. Hence, the real price at which our public lands may be acquired will not exceed thirty-three and one-third cents per acre.
As a further evidence of the disposition of the Government to comply, as far as possible, and as soon as possible, with its engagements, it may be mentioned that all land dues and fees for patents, as well as all the taxes assessed previous to the last year, large amounts of which still remain unpaid, are yet receivable in the promissory notes of the Government.
From these facts, it must be apparent to all, except the eye of prejudice, that Texas has never entertained the design of repudiation. Had such been the case, these laws providing for the redemption of our promissory notes would not have remained in force.
The Executive has looked upon the question whether our liabilities were legally or judiciously incurred, as one not proper to be examined; but, simply, whether the national faith is involved in their redemption. He has, heretofore, and will ever continue to, set his face against every measure which may even have the appearance of sullying the national character. He sees neither reason nor necessity lor deviating trom this course. He is clearly of opinion that our public faith should be, and will be, held sacred, and that all our obligations will be redeemed to the uttermost cent at the earliest period our means will justify.
To prevent the evil of further involvement to the country, the Executive respectfully suggests to the honorable Congress the total repeal of all laws heretofore enacted authorizing the negotiation of foreign loans. The action under these laws has already been productive of serious detriment; and the nation certainly possesses resources within itself of not only sustaining the Government, but, as soon as they can be made available, of discharging all our outstanding liabilities.
Notwithstanding an almost total failure in the collection of the direct taxes, the revenues of the last two years have been commensurate to the support of the Government, upon the rigidly economical scale upon which it has been administered. For the present year, there will be a surplus in the Treasury.
Although the crops of the present season, owing to the continued rains which have fallen during the period when the planter was gathering his products for market, will fall short of the calculation at one time made, from the prospect of superabundance, yet there is every reason to believe that our exports for the present year will largely exceed the imports. And from the best data in possession of the Treasury Department similar results are anticipated for the ensuing year. This can not but be taken as encouraging evidence of our growing prosperity.
The assessments of direct taxes amount to forty-nine thousand, upon which only thirteen thousand dollars have been paid in. This fact will satisfactorily answer the question as to the source whence we must derive means for the purposes of government. Had it been reduced to the necessity of relying alone upon the direct taxes, it must inevitably have ceased its functions.
The attention of the honorable Congress has, heretofore, been invoked to the subject of devising some method for enabling the officers of Government to enforce the laws and execute their duties. To enact laws without giving the power
