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were seized with the same specUasiVe HeG7sta which
prevailed in the United Siates-end the large i'm
por,aons of funds frer abroad. the resaIt OF stock
sales and loans--no one can be surprised at the
apparent, but unsubs,snnal state OF prosperity
which every where prevailed over the land; while
as little cause of surprise should be ses al the
rtprese prosuation Of every thing, and the ruin
which has bcfallea so many of eur fellow citizens
in the sudden withdrawal from circulation of so
large an amount OF bank issues, since lS37-ex-
ceedine. IS is believed. the amount sdded TO the
paper currency for similar period antecedens to
1887 il ceases to be matter OF astonishment that
sucb extensive shipwreck should have been made
of private fortunes that difficulties should exist
in meeting their engagements on the part OF tho
dsbtor States. Apart from which, II there De taken
inro the immense losses suStaines In the dis


honor of numerous banks, It is less matter OF sur


prise thatiasolvency should have visited many CT our
fellow-ctizens, than tina, so many should nave es-
capped the blighting influences OF the iiHes.


In the solemn conviction OF these truths, and
with an ardent desire to meet the pressing neees-


sites of the country felt it 10 be my duty TO cause
to be submitted TO you, st the commencement Oh
your late session, the plan of an Exchequer, the
| whole power and duty of maintaiaiog which, in
purity and viger, was TO be exercised by the Rep
resentatives of the People and the States, and,
therefore, virtually by the People themselves 1t
was proposed to place il under the contrel and di-
rection of Treasury Board, to consist OF three
| Commissioners, whose duty it should De to sec
that the law of its creation was faithfully executed
and that the great end of supplying paper medl-
nm of exchange at all times convertioie into gold


and silver, should be attained. The Board thas
| constituted, was given as mucn pcrmanency as
could be impaired TO it, without endangeting tue


proper share of responsibility which should attach


10 all public agents. In order to insure all tie as-
ysn,ages of a we'll ma,ured experience, the Commis-
sioners we're ohod their ohces for the respective
periods of two four. and six years, thereby secur-
ing at ali times III the managementot the txcheqneF,
| the services of two men OF experience ana 10
slace them in condition TO exercise Pertecl moe


peudecce of mind and action, 1t was provided that
their removal should only take place tor actual IN
capacity or inhdeity to the trust, and to De iot'
lowed BY the President with sn exposition OF tie
causes Of such removal, should II occur. Ii was
proposed TO establish subordinate boards IN eaca
of tho States. under the restrictions and Inn
ita,iops Of the power Of removal. which, with the
central board, should receive, safely keep ana dls-
| burse the public moneys; and In order te furnish
sound paper medium OF exchange the hXcheqaer
should retain of the revsnues OF the Governmeht
sum not to exceed $5,000,00O in specie TO be
set apart az required by It's operations and 10 pay


the public creditor at his option, eltEsf IN spe-
Gle or Treasury notes, OF denominations net less


than five nor exceeding one hundred dollars, which


notes should be redeemed Ut the several places OF


issue, and to be receivable at all times and every


where in payment of Government dues WIN


restraint upon such issue of bills that tae same


should not exceed the maximum of Sl5,0o0,O00.


In order to guard against all the hazards incdentto


fluctuations in trade, the Secretary Of the Treasury
,;.b is,


Government stock, should the same at any time


be regarded as necessary, in erderto place beyond


hazard the prompt redemption of the bills which
might be thrown into circulation. Thus IN fact


making the issue of SIS 900 GOO Of Exchequer bhs,


rest substantially on $4,000, ,00o; and keeping IN
| circulation never mora than one and one-hait dol


lars for every dollar in specie. When to this it is


added that the bills are not only every where re-
cevablc in Government dues, but that tho Govern
| ment itself would be bound for their ultimate re-
demption, no rational doubt can exist that the pa


per which the Exchequer would furnish, would


readily enter into general circulation, and be main
tanned at all times at or above par with gold and
silver thereby realizing the great wan, of the age,


and fulfilling the wishes of the People. In order
to reimburse ths Government the expenses OF the


plan, it wrs proposed to invest the EXchequer with


the Limited authority to deal in bills OF exchange,


unless prohibited by the State in which an agency
might be situated, having only thirty days to run,
and resting on fair and bona fde basis The
Legislative will on this point mght be so plainly
announced as to avoid all pretcxt for partaiity or
favoritism. II was furthermore proposed TO invest
| this Treasury agent with authority to receive on
depositc, to limited amount, the specie funds oil
Individuals and to grant certificates therefor, 10 be
redeemed on presentation under the idea. whichis
believed to be well founded. that such certificates
t.ce IL y III.
plying safe and ample paper circulation. Or, If
| in place of the conemplated dealings in exchange,
the Excheauer should be authorized not only to
exchange its bills for actual deposites of specie,
but for specie or its equivalent sell drafts, charg
ing therefor small but reasonable premium,
cannot doubt but that the benefits of the law would
be speedily manifested in the revival OF the credit,
trade and business of the whole country Enter
tanning this opinion it becomes my duty to urgeits
adoption upon Congress, By reference to the


strongest considerations of the public interests,


with such alterations in its details as Congress
may in its wisdom see fit to make.


am we'll aware that this proposed alteration
and amendment OF the laws establishing the lrea-
sury Department mas encountered various ooJec-
tions and that among others it has been proclaim
ed Government Bank of fearful and dangerous
import. 1t is proposed to confer upon 1t no ex-
traordinary powers. 1t purports TO do no moro
than raw the debts of the Government with the re-
deemabe paper Of the Governmental which re-
spect it acconplishes precisely what the Treasury
does daily at this time, in issuing to the public
creditors the Treasury notes which, under law, it
is authorized TO issue 1t has resemblance to
an ordinary Bank, as it furnishes no profits to
private stockholders, and lends capital TO indi-
| viduas. If it be objected TO as Government
Bank and the objection be available-then should