Holland. This was adjusted by a prolongation of the period of reimbursement, in the nature of a new loan, at interest at five per cent for the term of ten years; and the expenses of this operation were a commission of three per cent.

The first instalment of the loan of two millions of dollars from the bank of the United States has been paid, as was directed by law. For the second, it is necessary that provision should be made.

No pecuniary consideration is more urgent than the regular redemption and discharge of the public debt; on none can delay be more injurious, or an economy of time more valuable.

The productiveness of the public revenues hitherto has continued to equal the anticipations which were formed of it; but it is not expected to prove commensurate with all the objects, which have been suggested. Some auxiliary provisions will, therefore, it is presumed, be requisite; and it is hoped that these may be made, consistently with a due regard to the convenience of our citizens, who cannot but be sensible of the true wisdom of encountering a small present addition to their contributions, to obviate a future accumulation of burdens.

But here I cannot forbear to recommend a repeal of the tax on the transportation of public prints. There is no resource so firm for the government of the United States, as the affections of the people, guided by an enlightened policy; and to this primary good, nothing can conduce more than a faithful representation of public proceedings, diffused without restraint throughout the United States.

An estimate of the appropriations necessary for the current service of the ensuing year, and a statement of a purchase of arms and military stores made during the recess, will be presented to Congress.

GENTLEMEN OF THE SENATE AND HOUSE OF REPRESENTATIVES,

The several subjects, to which I have now referred, open a wide range to your deliberations, and involve some of the choicest interests of our common country. Permit me to bring to your remembrance the magnitude of your task. Without an unprejudiced coolness, the welfare of the government may be hazarded; without harmony, as far as consists with freedom of sentiment, its dignity may be lost. But as the legislative proceedings of the United States will never, I trust, be reproached for the want of temper or candor; so shall not the public happiness languish from the want of my strenuous and warmest cooperations.

THE INAUGURATION OF WASHINGTON.

"The inauguration took place on the 30th of April. At nine o'clock in the morning, there were religious services in all the churches, and prayers put up for the blessing of heaven on the new government. At twelve o'clock the city troops paraded before Washington's door, and soon after the committees of Congress and heads of departments came in their carriages. At half past twelve the procession moved forward preceded by the troops; next came the committees and heads of departments in their carriages; then Washington in a coach of state, his aide-de-camp, Colonel Humphreys, and his secretary, Mr. Lear, in his own carriage. The foreign ministers and a long train of citizens brought up the rear.

About two hundred yards before reaching the hall, Washington and his suite alighted from their carriages, and passed through the troops, who were drawn up on each side, into the hall and senate-chamber, where the Vice President, the Senate and House of Representatives were assembled. The Vice President, John Adams, recently inaugurated, advanced and conducted Washington to a chair of state at the upper end of the room. A solemn silence prevailed; when the Vice President rose, and informed him that all things were prepared for him to take the oath of office required by the constitution.

The oath was to be administered by the Chancellor of the State of New York in a balcony in front of the senate chamber, and in full view of an immense multitude occupying the street, the windows, and even roofs of the adjacent houses. The balcony formed a kind of open recess, with lofty columns supporting the roof. In the center was a table with a covering of crimson velvet, upon which lay a superbly bound Bible on a crimson velvet cushion. This was all the paraphernalia for the august scene.

All eyes were fixed upon the balcony, when, at the appointed hour, Washington made his appearance, accompanied by various public functionaries, and members of the Senate and House of Representatives. He was clad in a full suit of dark-brown cloth, of American manufacture, with a steel-hilted dress sword, white silk stockings, and silver shoe buckles. His hair was dressed and powdered in the fashion of the day, and worn in a bag and solitaire.

His entrance on the balcony was hailed by universal

shouts. He was evidently moved by this demonstration of public affection. Advancing to the front of the balcony he laid his hand upon his heart, bowed several times, and then retreated to an arm-chair near the table. The populace appeared to understand that the scene had overcome him; and were hushed at once into profound silence.

After a few moments Washington rose and again came forward. John Adams, the Vice President, stood on his right; on his left the Chancellor of the State, Robert R. Livingston; somewhat in the rear were Roger Sherman, Alexander Hamilton, Generals Knox, St. Clair, the Baron Steuben and others.

The chancellor advanced to administer the oath prescribed by the constitution, and Mr. Otis, the secretary of the Senate, held up the Bible on its crimson cushion. The oath was read slowly and distinctly; Washington at the same time laying his hand on the open Bible. When it was concluded, he replied solemnly, 'I swear so help me God!' Mr. Otis would have raised the Bible to his lips, but he bowed down reverently and

kissed it.

The chancellor now stepped forward, waved his hand and exclaimed, 'Long live George Washington, President of the United States!' At this moment a flag was displayed on the cupola of the hall; on which signal there was a general discharge of artillery on the battery. All the bells in the city rang out a joyful peal, and the multitude rent the air with acclamations.

Washington again bowed to the people and returned into the senate chamber, where he delivered, to both Houses of Congress, his inaugural address, characterized by his usual modesty, moderation and good sense, but uttered with a voice deep, slightly tremulous, and so low as to demand close attention in the listeners. After this he proceeded with the whole assemblage on foot to St. Paul's church, where prayers suited to the occasion were read by Dr. Prevost, Bishop of the Protestant Episcopal Church in New York, who had been appointed by the Senate one of the chaplains of Congress. So closed the ceremonies of the inauguration." - Irving's Life of Washington.

"Every one without exception appeared penetrated with veneration for the illustrious chief of the republic. The humblest was proud of the virtues of the man who was to govern him. Tears of joy were seen to flow in the hall of the senate,

at church, and even in the streets, and no sovereign ever reigned more completely in the hearts of his subjects than Washington in the hearts of his fellow-citizens. Nature, which had given him the talent to govern, distinguished him from all others by his appearance. He had at once the soul, the look and the figure of a hero. He never appeared embarrassed at homage rendered him, and in his manners he had the advantage of joining dignity to great simplicity."— From the report of Moustier, the French minister, to his government, on the inauguration of Washington.

Washington took the oath of office for his second term, on the 4th of March, 1793. The address which is here printed as his second inaugural is the address delivered upon the assembling of Congress in December following. In the time of Washington's administration, it was customary for the President, at the opening of each session of Congress, to meet the two houses in person and deliver a written speech. Each house returned an answer to this speech some days afterwards, by a committee, who waited on him for the purpose, and he at the same time made a brief reply. All of Washington's speeches to Congress, and all his replies to the answers of the two houses, are given in vol. xii of Sparks's edition of the Writings of Washington.

OLD SOUTH LEAFLETS, GENERAL SERIES.

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No. 1. Constitution of the United States. 2. Articles of Confederation. 3. Declaration of Independence. 4. Washington's Farewell Address. 5. Magna Charta. 6. Vane's 'Healing Question." 7. Charter of Massachusetts Bay, 1629. 8. Fundamental Orders of Connecticut, 1638. 9. Franklin's Plan of Union, 1754. 10. Washington's Inaugurals. II. Lincoln's Inaugurals and Emancipation Proclamation. 12. The Federalist, Nos. I and 2-etc. Price, five cents per copy; one hundred copies, three dollars. Directors of Old South Studies, Old South Meeting House, Boston.

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FIRST INAUGURAL ADDRESS.

March 4, 1861.

FELLOW-CITIZENS OF THE UNITED STATES:

In compliance with a custom as old as the government itself, I appear before you to address you briefly, and to take, in your presence, the oath prescribed by the Constitution of the United States to be taken by the President before he enters on the execution of his office.

I do not consider it necessary, at present, for me to discuss those matters of administration about which there is no special anxiety or excitement. Apprehension seems to exist among the people of the southern states, that, by the accession of a republican administration, their property and their peace and personal security are to be endangered. There has never been any reasonable cause for such apprehension. Indeed, the most ample evidence to the contrary has all the while existed and been open to their inspection. It is found in nearly all the published speeches of him who now addresses you. I do but quote from one of those speeches, when I declare that "I have no purpose, directly or indirectly, to interfere with the institution of slavery in the states where it exists." I believe I have no lawful right to do so; and I have no inclination to do so. Those who nominated and elected me did so with the full knowledge that I had made this, and made many similar declarations, and had never recanted them. And, more than this, they placed in the platform, for my acceptance, and as a law to themselves and to me, the clear and emphatic resolution which I now read:

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Resolved, That the maintenance inviolate of the rights of the states, and especially the right of each state to order and control its own domestic institutions according to its own judgment