TURrus ExrnAors u....
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| .As'rr inc shares owned by the Government ;n ,r. Rank of the United States are an In- S;.,,~usable mart; and. that for the reimburse- .,..1rt Inf fhe debt within the period coutem- ~istsd. if will be necessary to effect sale .. them for q sum not less than eight millions OF

 Tsiss .tock created by the United States for ,hssr .uhueriution to the Bank having been ac- ,uallv maid previously to the first Of July last .rh.ir interest ia that institution has ceased 10 be nominal merely, and the shares form mart of inc fiscal FesOurces apPi'caO'e tO '"e public demands.

 The objects connected with the early re- imbursement offhe public debt are more nm ~ortant thanthe interest of the Government .. mere Stakeholder; and it is therefore respectfully recommended to Congress to au- ,horize inc sale of those shares for a sum not less than S8, 100000. vM ,.,

 A sale of SD large an amount in the public market, could not be expected to produce more than the par value and if attempted under circumstances calculated to shake pub lie confidence in the stability of the institu- tion, would, in all probability, prove wholly abortive. For these reasons, 1t Is deemed advisable to effect sale to the Bank itself i; q measure believed to be practicable on terms satisfactory both to the United States and that institution.

 In submitting this proposition to the wis dom of Congress, 1t Is not intended tnat us adoption should be founded on any pledge for inc renewal of the charter of the Bank Considering, however, the connection of the proposition with the Bank, and viewing the whole subject as a necessary part Of the plans for the improvement and management Of the revenue, and for the support of public credit. the undersigned feels it his duty to acEctnpAs nv it with frank expression of his opinions

 The act of Congress " establish the TFea- nurv Department. makes it The duty of the Secretary of the Treasury. to digest and pre- pare plans for the support OfRnblic credit, and for the improvement and n1Hnz cement of the revenue. The duties enjoinea as well by this act as by the subsequent oaN " she 10th of May, 1900, requiring the secFetasT "to digest, prepare, and lay before COngresss at the commencement of every session, ke- port on the subject of finance, containiuK Ass inmates of the public revenue and publ peuditures, and plans for improving 0Ftl creasing the revenues, from time to time. for the purpose of giving information to Congress, in adopting modes of raising money requisite to meet the public expenditure" have been supposed to include, not merely the applca- lion of the resources of the Government, but the whole subject of the currency, and the means of preserving its soundness.

 On this suppostion. the first Secretary y of the Treasury, in his memorable reports of January and December, 179O, recommended National Bank as " an institution of prima- l ry importance to the finances. and of the greatest utility in tho operations, connected with tie support of public credit" and vari- nus communications since made to Congress. show that the same views were entertained of him in the DrpaFftnei7sSr. 'sh hn hare succeeded

 The performance of the duties thus enjOin- ed by law upon the Secretary of the Treasu- ry, implies. however, no commitment of any other Department of the Government, each being left free to actaccording to the mode pointed out by the Constitution.

 The important charge confded to the Trea- sury Department, and on which the opera tons of the Government essentially depend. in the improvement and management of the revenue, and the support of the public credit. apd of transferring the public funds to all parts of the U. States, imperiously requires from the Government all the facilities which it may constitutionally provide for those ob- jects. and especially for regulating and pre- serving sound currency.

 As early as May, 178l, the Congress of the United States convened under the articles of confederation, approved the plan of a Nation al Bank, submitted to their consideration by Mr. Morris. then superintendent of the fnan- ees and. on the Slst December of the same year. from conviction ofthe support which the finances of the United States would re- ceive from the establishment of National Bank" passed an ordinance Incorporating such an institution, under the name and style of !" the President, Directors and Company of the Bank of North America." The aid afforded by that institution was acknowledg-

 S L-. e. II H.. ing the remaining period of tlss wan and its utility subsequent to the peace, of little less importance. m

 The authority of ths present Government to create an institu an for tho same purpose. cannot be less cleif It has, moreover. the sanction of the E&Nkntive, legislative and ju- dicial authoritiess and of majority of the izaiion of t6s GSva1hmeSt f9h f6 9hs e- -pfssfRt the SBBiRiec sSmons ss i6s soun- dest commentators 0fthe Constitution. It is undoubtedly the wisest guidp, aud only effsc- tive check 10 those to whom the administra. ton of the Consultation is coniided and it is believed that, in fee md enlightened States, the harmony, not less than the welfare of the community, is best promoted by receiving as settled. those great questions of public policy n which the constitutional authorities have long cOncurred. and in which they have been sustained by the unequiyocal expression of the will of the people.

 The indispensable necessity of such an in. OtitutiOn, for the fiscal ODer atinns o1 tha C..