WRITINGS OF 5AM HOUSTON, 1843
467
due sense of our justice towards them. In this way, our former enemies may be converted into useful and lasting friends. Nothing shall be wanting on the part of the Executive, within the means afforded him, for the promotion of a policy dictated by a sense of justice and approved by experience. He is satisfied that it will, if carried out, do more to give security to our frontiers than millions expended in fitting out expeditions; which have never resulted in any thing beneficial to the country. Instead of the large sums heretofore annually expended for the purpose of frontier protection, it is believed that the expenses of the present year, connected with the Indian operations of the government, will exceed but little, if any, the sum of ten thousand dollars. A policy that was once condemned and opposed with the greatest vehemence, and its projector and advocate denounced, seems now, from the results which have already been attained, to receive that consideration satisfactory to every patriot. It has for many months past arrested the tomahawk, rendered use- less the scalping knife, and afforded the most remote and exposed settlers on our frontier the opportunity of cultivating their fields in peace and reposing in security. At the close of the last administration, the government came to my hands without a currency, as well as without credit or the prospect of obtaining the means for conducting its affairs. It was found to be indispensably necessary for the Congress to declare our inability to redeem, at that time, the paper which had been lavishly issued, estimated at, at least, twelve millions. Appalling and disheartening as was our situation, a plan for a currency was recommended to the representatives of the people for their adop- tion. The recommendation met the concurrence of Congress only in part; for some of the guaranties essential, as the Executive conceived, to restore confidence and ensure the redemption of the new currency, were withheld. And notwithstanding the wants and difficulties of the government at that period, the direct taxes were actually greatly reduced, and their collection postponed nearly twelve months beyond the time they had been usually paid in. Thus was the government left to rely solely upon the duties upon imports; which, from the unsettled state of the country, arising from rumors of invasion, were very limited. Under these embarrassing circumstances, the experiment of creating and sus- taining the new currency was made. The consequence was that the value of Exchequer bills fell as low as twenty five cents on the
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