The inestimable value of our Federal Union is felt and acknowledged by all. By this system of united and confederated States our people are permitted collectively arid individually to seek their own happiness in their own way, and the consequences have been most auspicious. Since the Union was formed the number of the States has increased from thirteen to twenty-eight; two of these have taken their position as members of the Confederacy within the last week. Our population has increased from three to twenty millions. New communities and States are seeking protection under its aegis, and multitudes from the Old World are flocking to our shores to participate in its blessings. Beneath its benign sway peace and prosperity prevail. Freed from the burdens and miseries of war, our trade and intercourse have extended throughout the world. Mind, no longer tasked in devising means to accomplish or resist schemes of ambition, usurpation, or conquest, is devoting itself to man's true interests in developing his faculties and powers and the capacity of nature to minister to his enjoyments. Genius is free to announce its inventions and discoveries, and the hand is free to accomplish whatever the head conceives not incompatible with the rights of a fellow-being. All distinctions of birth or of rank have been abolished. All citizens, whether native or adopted, are placed upon terms of precise equality. All are entitled to equal rights and equal protection. No union exists between church and state, and perfect freedom of opinion is guaranteed to all sects and creeds.

These are some of the blessings secured to our happy land by our Federal Union. To perpetuate them it is our sacred duty to preserve it. Who shall assign limits to the achievements of free minds and free hands under the protection of this glorious Union? No treason to mankind since the organization of society would be equal in atrocity to that of him who would lift his hand to destroy it. He would overthrow the noblest structure of human wisdom, which protects himself and his fellow-man. He would stop the progress of free government and involve his country either in anarchy or despotism. He would extinguish the fire of liberty, which warms and animates the hearts of happy millions and invites all the nations of the earth to imitate our example. If he say that error and wrong are committed in the administration of the Government, let him remember that nothing human can be perfect, and that under no other system of government revealed by Heaven or devised by man has reason been allowed so free and broad a scope to combat error. Has the sword of despots proved to be a safer or surer instrument of reform in government than enlightened reason? Does he expect to find among the ruins of this Union a happier abode for our swarming millions than they now have under it? Every lover of his country must shudder at the thought of the possibility of its dissolution, and will be ready to adopt the patriotic sentiment, "Our Federal Union--it must be preserved." To preserve it the compromises which alone enabled our fathers to form a common constitution for the government and protection of so many States and distinct communities, of such diversified habits, interests, and domestic institutions, must be sacredly and religiously observed. Any attempt to disturb or destroy these compromises, being terms of the compact of union, can lead to none other than the most ruinous and disastrous consequences.

It is a source of deep regret that in some sections of our country misguided persons have occasionally indulged in schemes and agitations whose object is the destruction of domestic institutions existing in other sections--institutions which existed at the adoption of the Constitution and were recognized and protected by it. All must see that if it were possible for them to be successful in attaining their object the dissolution of the Union and the consequent destruction of our happy form of government must speedily follow.

I am happy to believe that at every period of our existence as a nation there has existed, and continues to exist, among the great mass of our people a devotion to the Union of the States which will shield and protect it against the moral treason of any who would seriously contemplate its destruction. To secure a continuance of that devotion the compromises of the Constitution must not only be preserved, but sectional jealousies and heartburnings must be discountenanced, and all should remember that they are members of the same political family, having a common destiny. To increase the attachment of our people to the Union, our laws should be just. Any policy which shall tend to favor monopolies or the peculiar interests of sections or classes must operate to the prejudice of the interest of their fellow- citizens, and should be avoided. If the compromises of the Constitution be preserved, if sectional jealousies and heartburnings be discountenanced, if our laws be just and the Government be practically administered strictly within the limits of power prescribed to it, we may discard all apprehensions for the safety of the Union.

With these views of the nature, character, and objects of the Government and the value of the Union, I shall steadily oppose the creation of those institutions and systems which in their nature tend to pervert it from its legitimate purposes and make it the instrument of sections, classes, and individuals. We need no national banks or other extraneous institutions planted around the Government to control or strengthen it in opposition to the will of its authors. Experience has taught us how unnecessary they are as auxiliaries of the public authorities--how impotent for good and how powerful for mischief.

Ours was intended to be a plain and frugal government, and I shall regard it to be my duty to recommend to Congress and, as far as the Executive is concerned, to enforce by all the means within my power the strictest economy in the expenditure of the public money which may be compatible with the public interests.

A national debt has become almost an institution of European monarchies. It is viewed in some of them as an essential prop to existing governments. Melancholy is the condition of that people whose government can be sustained only by a system which periodically transfers large amounts from the labor of the many to the coffers of the few. Such a system is incompatible with the ends for which our republican Government was instituted. Under a wise policy the debts contracted in our Revolution and during the War of 1812 have been happily extinguished. By a judicious application of the revenues not required for other necessary purposes, it is not doubted that the debt which has grown out of the circumstances of the last few years may be speedily paid off.