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from UIIlk AAte- @4tgAAA~A sa1~ nppropriations not much exceed the esti- mates, no difficulty seems likely to happen

 in defraying the current expenses with promptitude and fidelity.

 Notwithstanding the great embarras

 which have recently occurred in commercial affairs, and the liberal indulgence which, in consequence of those embaTrassmentss has

 been extended to both the merchants and the

 banks, it is gratifying to be able to anticipate

 that the Treasury notes, which have been is- sued during the present year, will be re- deemed. and that the resources of the Treas urv. without any resort to loans or increased tnxes. will prove ample for defraying all 1 charges imposed on it during lS36. The Report off tho Secretary ofthe Trcasu-

 rv will afford you more minute exposition I If all matters connected with the admlnistra-

 tion of the finances during the current year; l a period which, for the amount of public mo- I neys disbursed and deposited with the States, us well as the financial difficulties encoun-

 tered and overcome, has few parallels Ill our

 history. T sr;f

 1 Your attention was, at the last session, ir- yited to the necessity of additional legislative provisions in respect to the collection, safe- keeping, and transfer of the public money No law having been then matured, and not understanding the proceedings of Congress as intended to be final, it becomes my duty againto bring the subject to your notice

 On that occasion, three modes of perform | ing this branch of the public service were presented for consideration. These were, 1 the creation of a national bank the revival, with notifications, of the deposite system es- l tablished by the act of the 23d of June, 1886, permitting the use of the public moneys by 1 the banks, and the discontinuance ot the use l of such institutions for the purposes referred | to- with suitable provisions for their accom-

 plishment through the agency of public offi-

 cers. Considering the opinions of both | Houses of Congress on the two first proposl- tions as expressed in the negative, in which entirely concur, it is unnecessary for me a. 1 gain to recur to them. In respect to the last, l you have had an opportunity since your ad- l journment, not only to test still further the expediency of the measure, by the continued l practical operation of such parts of it as are l now in force, but also to discover-what I should ever be sought for and regarded with ] the utmost deference--the opinions and wish- ! es of the people. The national will is the su- l preme law of the Republic, and, on all sub- l iects within the limits of his constitutional I powers, should be faithfully obeyed by the public servant. Since the measure in ques- ] ton was submitted to your consideration,

 most of you have enjoyed the advantage of personal communication with your constitu-

 ents. For one State only has an election

 been held for the Federal Government; but

 the early day at which it took place, deprives

 the measure under consideration of much of l the support it might otherwise have derived l from the result. Local elections for State of ficers have, however, been held in several States, at which the expediency of the plan proposed by the Executive has been more or

 less discussed. You will, am confident, yield to their results the respect due to every

 expression of the public voice. Desiring,

 however, to arrive at truth and 8 just view of

 the subject in all it's bearings, you will at the same time remember, that questions of far deeper and more immediate local interest, than the fiscal plans of the National Treasu- l ry, were involved in those elections. Above all, we cannot overlook the striking fact, that I there were at the time in those States more

 than one hundred and sixty millions of bank capital, of which large portions were subject l to actual forfeiture ther large portions up- \ held only by special and limited legislative ] indulgences, and most of it, if not all, to a I greater or less extent, dependent for a con- I tinuance of its corporate existence upon the q will of the State Legislatures to be then cho. l sen. Appraised of this circumstance you will .l judge, whetherit is not most probable that l the peculiar condition of that vast interest in jl these respects, the extentto which it has been q spread through allthe notifications of socie. 9lty, it's direct connexion withthe then pending I elections, and the feelings it was calculated |to5infilse into the canvass, have exercised a sI far greater influence over the result thanany

 which could possibly have been produced by |a.confict of opinion in respect to,a question lI inthe administration offthe General Govern I ment, more remote and far less important in its bearings upon that interest," tttl Ihaye found no reason to change my own opinion

 asto the expediency ofadopting the system proposed

 being perfectly satisfied that there will be neither sta-

 by nor safety, either Rthe fiscal affairs of the Gov

 ernment or in the pecuniary transactions of ndivid-

 nas and corporations So long as connection exists

 between the which, like the past offers such strong

 inoueements to make them the subjects of political as,tIaion. Indeed, am more than ever convinced

 erc,se ot political opinionhe only sure foundation and safeguard of republican governments would be

 exposed by any further increase of the already over grown influence of corporate authorities. cannot

 therefore consistently with my views of duty advise

 renewal of connection which circumstances have Il dissolved. M f5ay& I7I-1 "

 The dscontinuance of the use of State banks for 6s

 cal purposes ought not to be regarded measure

 hostility toward those institutions. Banks, properly

 established and conducted, are highly useful the bu

 sness of the country and will doubtless continue

 in the States. SO long as they conform to thei

 laws, and are found to be safe and beneficial. How

 they should be created, what privileges they shoule enjoy, under what responsibilities they should act at

 to what restrictions they should be subject are ques tons which, as observed on a previous occasion

 belong to the States to decide Upon their rights,

 she exercise of them, the General, Government car

 psroea when sasss aSsH U eSssns Rft o

 theIr special benefit because such legislation would

 violate the spirit ot the Constitution, and be unjust

 other interests; when it takes no steps to impair the usetu!ess but SO manages it's own aiiars as to make

 t the interest of those institutions to strengthen anc

 improve their condition for the securities and welfare

 of the community at large. They have m right to ir, ! slst on connection with the Federal Government nor on the use of the public moTey fnr their owr