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powers delegated by the Constitution to the
Federal Government are few and defined.
Those which are 10 remain in the State gov
crnmenis are numerous and indefinite The
former will be exercised principally on ex-
ternal objects, as war, peace, negotiation, and
fore:g commerce. The powers reserved TO
the several States will extend 10 all objects
wAich, in the ordinary course Of affairs, con-
Germ The Internal order and prosperity Of HE
State"


This will not be conirosered We conclude
again, therefore, that the Presidents message
is federal and consolidating beyond ANYTHING
conceived Of by Alexander uamilton-,hat
in interfering with objects which concern
the iAlernal order and prosperity Of The States"
he has encroached and is encroaching upon
the powers reserved to the States, and ought
TO be checked and rcbuked.


We think we proved in the last tha, the
Presidents claim of being a component part
OF the Legislative power" was unwarranted
and unrighteous.


We shall now notice other points in the
message and first the following:


Since the officers Of the Treasury and Pos, Office
Departments were charged with the custody Of most Of
the public moneys received by them there have been
collected sixy-sx millions Of dollars, and excluding
the OF the late collector New York the sgpre-
gate amount of losses sustained in the collection cannot
1t is believed, exceed sixty thousand dollars"


We suppose this must have reference sole.
| ly to the transactions of the Government
since the suspension OF specie payments in
ls37--any other suppositon would bring the
| President in conflict with the books of the
Treasury Department. The amount OF it then
is, that, since the Sub-Treasury has been in
operation, viz, from May, 1887, to December,
1889, period of two years and half, the
loco-ioco office holders have run away with
100000, or tpeaty.four thousand dollars a
year besides the million and a quarter stolen
by Swartwout.


! Secondly; the message says:


Additional information will also be furnished by
the report OF the Secretary OF the Treasury in reply TO
call made upon that officer by the House of Kepre-
sentaves the last session. requiring detailed infor
nation on the subject OF defaults by public officers or
agents under each Administration from 1889 to 1897
! This document will be submitted to YOU in few days
The general results, Independent of the Post Office
which is kept separately, and will be stated by tself)
far as they bear upon this subject are that the losses
which have been and are likely TO be sustained hy any
class OF agents, have been the greatest by baGks ia
cuding, required IN the resolution their deprecated
paner received for public dues; that the next largest
have been by dlsbusing officers. and the least by col
eciors ard receivers If the losses on duty bonds are
lncluIed they alone will be threefold those by both
collectors and receivers


We consider this paragraph an unfair one,
lnasmuch, as, from the manner of stating the
case, many people may be deceived. The
inference from II, is, that the experience OF the
Government commends executive agents,
such as are contemplated by the Sub-treasury
as the best, safest and most economical man
ayers OF, the public revenue. The substance
of the information above referred to was com
municated to the last Congress, in February.
1895. The forthcoming document only adds
the details.


The Secretary Of the Treasury then con-
sdercd 1t proper to make no estimate of any
losses as likely to happen from the employ
ment of "recenf' bank repositories. There
have been no losses by the United States
Bank, nor by the State Bank dcposite system
which was established after the removal
of the deposites from that institution. To
make out case, therefore, against the banks,
the President is driven to the necessity of
gong back to 1914, rs, 'l6, and II, when
the Government Jorro,ced of the banks all the
money they on,,ld conveu;en ntlv land IN carrv
on the war, and had come out itself one hum
dred and twenty-six millions in debt, and its
o'cn Treasury notes deprecated below the
notes Of the State Banks. The loss by de-
preciated notes is estimated at S5,500,000;
and by old bank repositories at S ,0o0,o0


The President tells us that Swartwours de-
falcation was no criterion of the safety of
either system. Now we would ask if the
banking system during The ,rar, when the enc
my was on every side, all property depressed,
business stopped, andJhe Government drain
ing the banks, can be properly referred to as
a test of its safety or economy pr whether
any inference may be honestly deduced from
it, in favor of the Subtreasury We answer,
No!


BILE to the recent Deposie Bark system, how
fares the Presidents comparison The same
Secretary of the Treasury, Mr.. Van Burcn's
own Secretary, tells us that, the nominal
amount of losses by public officers, such as
would be employed under the Sub-treasury,