In time of peace there can, at all events, be no justification for the creation of a permanent debt by the Federal Government. Its limited range of constitutional duties may certainly under such circumstances be performed without such a resort.

Those who have wrought great changes in the world never succeeded by gaining over chiefs; but always by exciting the multitude. The first is the resource of intrigue and produces only secondary results, the second is the resort of genius and transforms the universe.

Between Russia and the United States sentiments of good will continue to be mutually cherished.

Banks properly established and conducted are highly useful to the business of the country, and will doubtless continue to exist in the States so long as they conform to their laws and are found to be safe and beneficial.

As to the presidency, the two happiest days of my life were those of my entrance upon the office and my surrender of it.

To avoid the necessity of a permanent debt and its inevitable consequences, I have advocated and endeavored to carry into effect the policy of confining the appropriations for the public service to such objects only as are clearly with the constitutional authority of the Federal Government.

It affords me sincere pleasure to be able to apprise you of the entire removal of the Cherokee Nation of Indians to their new homes west of the Mississippi.