SPEECHES.

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payment of what is due. To enable both States and indi-viduals to pay their debts, they must he left in full posses-sion of all their means, with as few exactions or restrictionson their industry as possible on the part of this Government.To this, a settled state of peace and an open and free com-merce are indispensable. With these, and the increasinghabits of economy and industry now every where pervadingthe country, the period of embarrassment will soon passaway, to be succeeded by one of permanent and healthyprosperity.

Peace is, indeed, our policy. A kind Providence has castour lot on a portion of the globe sufficiently vast to satisfythe most grasping ambition, and abounding in resources be-yond all others, which only require to he fully developed tomake us the greatest and most prosperous people on earth.To the full development of the vast resources of our country,we have political institutions most happily adapted. In-deed, it would be difficult to imagine a system more so thanour Federal Republic—a system of State and General Gov-ernments, so blended as to constitute one sublime whole; thelatter having charge of the interests common to all, and theformer those local and peculiar to each State. With a sys-tem so happily constituted, let a durable and firm peace heestablished, and this Government be confined rigidly to thefew great objects for which it was instituted; leaving theStates to contend in generous rivalry, to develope, by the artsof peace, their respective resources; and a scene of prosper-ity and happiness would follow, heretofore unequalled on theglobe. I trust (said Mr. C.) that this treaty may prove thefirst step towards such a peace. Once established with GreatBritain , it would not be difficult, with moderation and pru-dence, to establish permanent peace with the rest of theworld, when our most sanguine hopes of prosperity may berealized.