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ID aS tDo Houses o Coagress at ne

 aks frst session efhhs f'oenty5yt@ OO"s'''''

 FsHo,v Citissns ofthe Senats

 aad House of Representatives. '-

 The act of the 23d of June, 1eS8, regula;; ling inc deposites of the public money, ana directing the employment of State, District, and Territorial banks for that purpose maoe if inc duty of the Secretary of the Treasury to discontinue the use of such, of them us should refuse to redeem their notes m specle' and to substitute other banks, provided suI- ficient number could be obtained to receive the public deposites upon the terms ana co,l1 < ditions therein prescribed. The genceral 1o;e aGo elnost simultaneous suspension of SPecle ,,ovnoents bv the banks in May last, renoer- eeS the performance of this duty imperative, ;m .resnect fo those which had been selecteo ,,nder inc act; and made it, at the same Inlle' inonracticable to employ the requlslte. nu.llD0A of others, upon the prescribed conoltnS cI1 L,, Hv,,o sneciHck regulations eStabilshea Dy foS,,-1sS for the deposite and safe keeping or tSa 5nbI;c moneys, having thus unexpecteoly Seoar,,oa ;nonerative, felt it to be my duty Io o,ffcrd von an early opportunity tor the exer- else of your supervisory powers over 'ne S r was also led to apprehend that the sus- pension of specie payments, increasing tne embarrassments before existing m the pecu- niary affairs of the country, would so far dl- minish the public revenue, that the accruing rece;nts into the Treasury would not, with inc reserved five millions, be sufficient to de- frav fine unavoidable expense of the Govern nent until the usual period for the meeting of Congress-; whilst the authority to call upon the Staies. for portion of the sums deposit ed with them, was too restricted to enable the Denarfment to realize a sufficient amount from that source. These apprehensions have feen justified by subsequent results, which render it certain that this deficiency will oc- cur if additional means be not provided by

 The difficulties experienced by the mer- camille interest, in meeting their engage ments, induced them to apply to me. previ- ously to the actual suspension of specie pay ments, for indulgence upon their bonds Tor duties; and all the relief authorized by law was promptly and cheerfully granted. The dependence of the Treasury upon the avails of these bonds, to enable 1t to make the de, positeS with the States required Dy taW' ieo me in the outset to limit this indulgence to the first of September, but it has since been ex- tended to the first of October, that the matter might be submitted to your further direction.

 Questions were also expected to arise in the recess in respect to the October install ment of those deposites, requiring the inter- position of Congress.

 A provision of another act, passed about the same time, and intended to secure faith fn1 compliance with the obligation of the United States, to satisfy all demands upon them in specie oreits equivalent, prohibited inc offer of any bank note, not convertible on the spot into gold or silver at the will of the holder; and the ability of the Government, with millions on deposite, to meet its engage ments in the manner thus required by law, twas rendered very doubtful by the event to which Ihave referred.

 Sensible that adequate provisions for these unexpected exigencies could only be made by Congress; convinced that some of them would be indispensably necessary to the pub- lie service, before the regular period ot your meeting; and desirous also to enable you to exercise, at the earliest moment, your full constitutional powers for the relief of the country, could not, with propriety, avoid subiecting you to the inconvenience ofassem- bling at as early day as the state of the popular representation would permit. am sure that have done but justice to your feel ings, in believing that this inconvenience will be cheerfully encountered, in the hope of ren. dering your meeting conducive to the good of the country.

 :; During the earlier stages of the revulsion through which we have just passed, much acrimonious discussion arose, and great di- versity of opinion existed, as to its real caus- es. This was not surprising. The opera tions of credit are so diversified, and the ilr- fuences which affect them so numerous, and often so subtle, that even impartial and we'll informed persons are seldom found to agree in respect to them. To inherent difficulties were also added other tendencies, which were by no means favorable to the discovery those who disapproved the policy of the Gov ernnaent in relation to the currency, would in the excited state of public feeling produced by the occasion, fail to attribute to that pol ,icy any extensive embarrassment in the mo- netary affairs of the country. The matter thus became connected with the passions and conflicts of party opinions were more or less affected by political considerations; and diff ferences were prolonged which might other wise have been determined by an appeal to facts, by the exercise of reason, or by mutual concession. It is, however, cheering re. fiection, that circumstances of this nature cannot prevent u community so intelligent as ours from ultimately arriving at correct con clusions. Encouraged by the firm belief ol this truth; proceed to state my views, so tal as may be necessary to clear understand ing of the remedies l feel it my duty to pro pose, and of the reasons by which have been led to recommend them.

 The history of trade in the United States for the last three or four years, affords tho most convincing evidence that our presen condition is chiefly to be attributed to over action in all the departments of business; aI over-action deriving, perhaps. it's first impul ses from antecedent causes, but stimulated tt {. its destructive consequences by excessive is , sues of bank paper, and by other facilities fo The acnnisifinn and enlargement of credit.-