TEXAS STATE LIBRARY
396
an increased disbursment of the public funds The unfortunate de- preciation which our promisory notes have sustained within the last twelve months has greatly embarrassed the operations of the governmnt & increased its actual expenditures- That that depreciation has re- sulted from anv fault or any defect of exertion in the Administration, no rational min"d can serious.ly immagine If we were endowed with the occult science of the fabled alchym.ist & could convert our abounding iron ore into gold; or if we had the power to _compel foreign rapita~ists to loan their surplus money; then indeed some plausible pretext 1mght be found for visiting the ungenerous censure upon us. But on close examination we will probably find that the evils of a depreciated cur- rency are in 'a good measure attributable to ourselves rather as individuals than as a cornmunitv. The country that produces little & consumes much whose imports· greatly exceed its exports is sure to experience sooner or later the inconveniency of a depreciated paper, or a very sparse mctalic circulating medium- A productive national industry is the best guarantee for national wealth and comfort. . The governnmt has done & is doing all that can be done to remedy this greevious evil. Whether its efforts will avail to any substantial good depends upon circumstances which are. as much beyond its control as are the flux & reflux of the ocean tide- At my induction to office, the naval establishmt of Texas was reduced to one miserable hulk, hanging to her anchors in Ga1vezton bay. 'rhe dismantled Brig Potomac constituted our naval force, and she never was & can be fit for naval military servise. Our entire coast was ex- posed, without any means of maratime defense, to the ravages of the enemy, and it was owing to events in producing which this Govt. had no participation, that our commerc~ was not swept from the Gulf; and our ports blockaded & our coast laid waste. by the enemy. 'rhe naval power of Texas is at this time, if in any wise objectionable of a magnitude disproportionate to her wants. It assures us bevond all ordi- nary contingencies, the entire & easy command of the gulf, and the ready & ifficient means of assailing our enemy whenever it may be deemed politic & proper to do so. That the navy has not been more promptly & actiYely employed, nas arisen from the fact that this governmt is desirous of manifesting to the world a scrupulous' regard for its honor & good faith. Overtures of peace having been made to l\Iexico, and entertained & discussed with apparnt sincerity by that Govt., it was not meet that we should assail her pending the negociation. But we are sensible it is not wise to wait always; neither have we a disposition to do so. Having manifested the integrity of our proposition, by forbearing from hostilities, we shall expect a definitive answer in a reasonable time, and when that shall be rendered, we shall do & do promptly what remains to be done. If the response shall be war! our gallant Navy will take up the war cry with alacrity, & send its loudest reverbrations throughout tpe shores of ]Iex- ico. And our armies too will march to the aid of a neighboring people' 0 who are striving after our example to cast off the yoke of oppression- But if the reply be peace! then we trust all good Texans will hail it as
"Yucatan.
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