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to teir wiado fo subsitute such may Dc moro con ducive to the one, and more sataeclo 70 tho other In any event, they may confidently rely on my hear sy cooperation to the fullest extent which my views 0f the Constitution and my sense q duty w permit.

 It isobviously important this branch of the public service and w the bueiness and quiet of the country that the whole subject should n some way be eetled and Feguatedby law and, possible, at your present session. Besides the plans above referred to- am not aware that any one has been suggested except that of keeping the public money in the State Banks in spe- caI deposite. Thsplan is to some extent, in accord the present arrangement of the Treasury Department; which, except, perhaps, during the operation of the late deposite act has always been allowed, even du- ring the existence Of National Bank to make tenn porary of the State Banks, in particular places, for the safe keeping of portions of the revenue. This discretionary power might be continued, if Congress deem it desirable, whatever general system be adop- ted. So long the connection is voluntary we need perhaps anticipate few of those difficulties and little of that dependence, on the banks, which must at- tend every such connection when compulsory in its nature, and when SO arranged make the banks fixed part of the machinery of Government. It is doubtedy in the power of Congress so to regulate and applied to the use, ntemnged with the afairs of individuals. Thus arranged, although 1t would not give to the Government that entire control over its funds which desire to secure to it by the plan have proposed, it would, it must be admitted, in great degree, accomplish of the objects which has recommended that plan to my judgment--the separa- ton of the fiscal concerns of the Government from those of individuals or corporations. With these ob- servaons, recommend the whole matter to your dis passionate reflection; confidently hoping that some encaon may be reaehed he Gy yG n to the fiscal operations of the Government, and be consistent, the other, with the genius of our instu- tons and with the interests and wishes ot the great mass of our constituents.

 It was my hope that nothing would occur to make necessary this occasion any alusion to the late Bsnh % ,e prese ss S % %

 bear so directly the character of the Government and the welfare of the citizen, that should not feel charter which terminated it's banking privileges the fourth of March, 1886, continued it's corporate powers two years more for the sole purpose of closing it's af

 fairs, with authority to use the corporate name style and capacity, for the purpose ot suits for final settle ment and liquidation of the affairs and acts of the poration and for the sale and disposition of their

 tate, rea personal and mixed but tor no other purpose banking privileges ceased, its effects were transferred by the bank to new State institution then recently incorporated, in rust for the discharge of its debts

 With this trustee, by authority of Congress, an ad- justmen was subsequently made of the large interest which the Government had in the stock of the institu ton. The manner in which a trust unexpectedly created upon the act granting the charter and nvolv ing such great public interest has been executed, would under any crcumstances be fit subject of in- qury; but much more does it deserve your attention, when it embraces the redemption of obligations to which the authority and credit of the United States have given value. The two years allowed are now nearly at an end It is well understood that the rus-

 

 notes of the Bank, but has reissued, and is actually re-issung since the third of March, 1836 the notes which have been received by 1t to a vast amount.

 According to its own official statement so late as the first of October last, nineteen months after the banking privileges given by the charter had expired, it had under it's control uncanceed notes of the late Bank of the U. States to the amount of 666 of which e s6l were in actual circula.ion, SlA60- 627 at State Bank agencies. and $aOO2 390 n trg- :itn thus showing .hatupwards oi ten millions arda half of the notes Of the old bank were then still kept vions it being the duty Of the trustee to cancel and not toput forth the notes of an institution whose con cerns t had undertaken to wind up. If the trustee has right to reissue these notes now, can see no reason why 1t may not continue to do so after the ex. piration of the two years. As no one could have an ticipated course so extraordinary, the prohibitory nied by any penalty other special provision for en-

 forcing it. nor have we any general law for the preye-5 tion of similar acts in future. .,lsdl .5 .sag

 But is not in this view of the subject alone that your inteposition is required. The United States, in drawn their funds from .hsr former drest liability to

 ton continue to be- sent forth it's name, and appa- renty upon the authority of the United States. The transactions connected with the employment of the they result unfortunately, the interests of individuals may be deeply compromised Without undertaking to decide how tar or in what form, any the trustee gation on it's part Or the old bank, for such as are put in circuaton after the expiration of it's charter. and without it's authority or the Government, for in upon your consideration, whether it is consistent with duty and good faith on the part of the Government to witness this proceeding without single effort to ar. :: Inc report of the Commissioner of the General. Land Office, which will be laid before you by the Sc. cretary of the Treasury, will show how the affairs Of that office have been conducted for the past year.

 The disposition of the public lands is one of the most important trusts confided to Congress. The practica btv of retaining the title and control of such exen sive domains in the General Government, and at the same time admitting the Territories embracing them into the Federal Union as coequas with the original States was seriously doubted by many of our wisest statesmen. All feared that they would become a sons so far as to see in them the seeds of future dis solution of the Confectionery. But happily our experi ence has already been sufficient to quie in great degree all such apphhensons ,hs The possSn at the Union on the same footing with the original States, was incompatible with right of soil in the United States and operated ss surrender thereof notwit- mission was designed to be regulated-has been wise ly abandoned. NEr

 Whether in the new or the old States. all now agree

 the Federal Government. and that these lands consti-

 mon benefit of ali .he States, old and new. Acquiss

 States has naturally prompted disposition to adopt the most liberal polGy in the sale of the public lands

 policy which shosld be limited to the mere object of selling the lands for the greatest possible of mon- ey without regard to higher considerations, finds but few advocates On the contrary, it is generally con

 ceded, that whilst the mode of disposition adopted by the Government should always be prudent one, vet

 its leading object ought to be early settlement and cu

 tiva.on of tho lands sods and that shoud disOoun-

 tenance, if 1t cannot prevent the accumulation of

 large tracts in the same hands, which must necessari.

 y reard the growth of the new States or entail upon

 them dependent tenantry, and its attendant evils

 A question embracing such important interests and so well calculated oenst the feelings of the people in every quarter of the Union has very naturally given

 rise to numerous plans for the improvement of the ex

 ising system The distinctive features of the policy