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ed in the United States-and the large im- portations of funds from abroad, the result of stock sales and loans-no one-can De surprised at the apparent but unsubstantlai state of prosperity which everywhere pre- vailed over the land and while little cause of surprise should be felt at the present prostration of every thing, and the ruin which has befallen so many of our fellow citizens, in the sudden withdrawal from circulation of so large an amount of bank issues, since l937-eXceeding as is believed, the amount added to the paper currency for similar period antecedent to 1887, it ceases to be a matter of astonishment that such extensive shipwreck should have

 been made of private fortunes, or that difficulties should exist in meeting their en- agreements on the part of the debtor states.

 Apart from which, if there be taken into

 account the immense losses sustained in

 the dishonor of numerous banks, is is less

 a matter of surprise that insolvency should

 have visited many of our fellow citizens,

 than that so many should have escaped the

 blighting influence of the times.

 In the solemn conviction of these truths,

 and with an ardent desire to meet the pres-

 sing necessities of the country, felt it to

 be my duty to cause to be submitted to you

 at the commencement of your late session,

 the plan of an Exchequer, the whole pow CT and duty of maintaining which, in purity

 and vigor, was to be exercised by the repre- sentatives of the people themselves. It was

 proposed to place it under the control and direction of treasury board, to consist of three commissioners, whose duty it should

 be to see that the law of its creation was faithfully executed, and that the great end of supplying paper medium of exchange, at all times convertible into gold and silver, should be attained.

 The Board thus constituted, was given as much permanency as could be imparted to it, without endangering the proper share of responsibility which should attach to all public agents. In order to secure all the advantages of a we'll matured experience, the commissioners were to hold their offices for the respective periods of two, four and six years, thereby securing at all times in the management of the Exchequer, the ser vices of two men of experience and to place them in condition 10 exercise per- feet independence of mind and action, it was provided that their removal should on- ly take place for actual incapacity or infi- delity to the trust, and to be followed by the President with an exposition of the eau ses of such removal, should 1t occur.

 It was proposed to establish subordinate boards in each of the states, under the same restrictions and limitations of the power of removal, which with the central board, should receive, safely keep, and disburse the public monies; and m order to furnish a sound paper medium of exchange, the Ex- chequer should retain of the revenue of the government, sum not to exceed $5,O0O,000 in specie, to be set apart as required by it's operations, and to pay the public creditor at his own option, either in specie or trea- sury notes, of denominations not less than five, nor exceeding one hundred dollars, which notes should be redeemed at the se- verdi places of issue, and to be receivable at all times and everywhere in payment of government dues; with a restraint upon such issue of bills that the same should not exceed the maximum of $l5,0O0,00O.

 In order to guard against all the hazards incident to fluctuations in trade, the Secre- tary of the Treasury was invested with au- thority to issue $5,OOO,o0O of government stock, should the same at any time be re- garded as necessary, in order to place be- yond hazard the prompt redemption of the bills which might be thrown into circula- ton. Thus in fact making tho issue of 5 l5,OOO,OOO of EXchequer bills rest substan- tally on $lO,OO0,OOO; and keeping in cir culatlOn never more than one and one-half lollars for every dollar in specie.

 When to this is added that the bills are lot only everywhere receivable in govern nent dues, but that the government itself would be bound for their ultimate redemp- ion, no rational doubt can exist that the pa per which the Exchequer would furnish, ] would readily enter into general circulation, md be maintained at all times at or above | par with gold or silver l; thereby realizing he great want of the age, and fulfilling the 1 wishes of the People.

 In order to reimburse the government the | expenses of the plan, it was proposed to in- rest the Exchequer with the limited authori- 1 y to deal in bills of exchange, unless prohi- 'ited by the state m which an agency might | 'e situated, having only thirty days to run, md resting on Q fair and bona fide basis.

 The Legislative will on this point might 'e so plainly announced, as to avoid all pre- ext for partiality or favoritism. It was fur hermore proposed to invest this Treasury l gent with authority to receive on deposite, ] o limited amount, the specie funds of in- lividuals, and to grant certificates therefor, 0 be redeemed on presentation, under the dea, which is believed to be we'll founded, hat such certificates would come in aid of he Exchequer bills in supplying safe and mple paper circulation. Or, in place of he contemplated dealings in exchange, the 1xchequer should be authorized not only to xchange its bills for actual deposites of spe- lie but for specie or it's equivalents to sell rafts, charging therefor small but reason ble premium, cannot doubt but that the eneits of the law would be speedily mani- ested in the revival of credit, trade and bu- mess of the whole country. Entertaining his opinion, it becomes my duty to urge it's doption upon Congress, by reference to the Considerations of the public interest