NS&&
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ing, ~tth the balance ln the lfea5urI, OH ASt oi January last, $3l 1897 ,5l2 80. The expenditures for the first three quarters of this year, amount to $24, ,734, ,346 97. The expenditures for the lonrlh quarter as estmated wlll amount to $7i29O, a2S 13 thus making total of S32 ,025070 7Oi and leaving

 deficit to be provided for, on the hrsi or January next, of about $627 ,557 90.

 Of the lnau of SIP ,OO0, 900, which was authorised by Congress it's late session, only o,432,I2 SS have been negotiated. The shortness of time which

 1t had to run, has presented no inconsderaDe lhpcu-

 ment in the way of it's being taken by capitalists at home, while the cause would have operated with much greater force in the foreign market. For that reason the foreign market has not been fesoried to; and it is now submitted, whether it would not be advisable to amend the law by making what remains undisposed of, payable at more distant day.

 Should it be necessary, in any view that Congress may take of the subject to revise the existing tariii dutes beg leave to say, that, n the performance of that most delicate operation, moderate counses 1 would seem to be the wisesi The Government, un- der which it is eur happiness to live, owes It's exis- ttence to the spirit of compIomise which prevailed among its iiamers-jarriDs and dscordani opinions could only have been reconeiled by that noble spirit of patriotism, which prompted conciliaton, and re- suited in harmony. In the same spirit the cnrppro- mise bill, as It is commonly callcd was adopted at the session of 1888. Whilethe peopl" of no portion of the Union will ever hesitate to pay all necessary taxes for the support of Go,ernment yet an innate reiugnance exists, Il imposition of burthens mol really necessary for that object. In imposing duties. however, Tor tuc purposes Dl TcNtnuty criminae as the tcles on which the duty shall l be laid as wei! as the amoant, necessarily and most properly exists Otherwise the Government would be 1 placed in the condition of having to levy the same

 duties npun all articles, heproductiv, as well as inc unproductivc. The sghte,t duty upon soihe, might have the effect of causing tEr importation to cease, whereas others entering extensively into the connnp

 ton of the country, might bear the heasicst, with out and2sensble dinnutiDn in tho amount imported. So also the Government may beiustided in so dis criminang, by reference 10 other considerations of domestic policy connected with our manufactures =

 So long as the duties shall be laid with distinct refer | ence to the wants of the Treasury, well founded ] objection can exist against then It might be cs- | teemed desirable that no surh augmentation of the taxes should take place as would have the effect of annuliing the land proceeds distribution act of the Iast session. which act is declared to be imperative 1 the moment the duties increased beyond 20 per ceut. the maximum rate established by the Compro- mise act. Some of the provisions of the Compromise act, which will go into effect the SOth day of June next, may, however, be found exceedingly inconye- nent in practice, under any regulations than Congress may adopt. refer more particularly to that relating to the home valuation. difference in value of the same articles extent will, nece ssarily exist at different ports-but that is altogether insignificant, 1 when compared with lhe conflicts in valuation, which are likely to arise, from the differences of opinion among tie numerous appraisers oi merchandise. In many instances the estimate of value must be conjec tual, and thus many different rates ot value may | be established there appraisers. These di- f.rcuces in valuation may also be increased by the inclination. which without the slightest inputation on their honesty, may the part of the appraisers in favor of their respective ports ot entry. rec o,nnend this whole subject io the consideration of Congress- with single additional remark. Certiiin- ty and permanenry Tn any system of governmental policy are in all respects, euUneny desirable; but more particularly is .hs in all that affects trade and commerce, the operations of which depend much

 lure the certainty of their retusns and calculations which embrace distant periods of tilne than on high hounties, duties, which arc liable to constant iuc- I tu2iions.

 At your late session, invited your attention to the condition of the currency and exchanges, and urged the necessity of adopting such measures were con- sistent with the constitutional competency Of the Government in order 10 correct the uusoundness of he one end as far practicable tae inequalities of the other. No country can be in the enjoyment of it's full measure of prosperity, without the presence of n medium of exchange, approximatng to unifur- | mity of value. What Is necessary between the different nations of the earth, is also important as be- tween the inhabitants ef different parts of the country; with the first the precious metals constitute the chief medium of circuation and such also would be the case as to the ast but for inventions comar atively modern, winch have furnished, m place of gold and silver paper circulation. do not propose 10 enter into comparative analysis o the merits of the TWO systems. Such belonged properly to the period of the introduction of the paper syste.

 The speculative philosopher might find inducements to prosecute the inquiry, but his researches could ly lead him to conclude, that the paper system had probably better have been introduced and that society might have been much happier without it, The practical statesman has very different task to perfoim. He has to look at things they are-to take them he finds them-to supply deiicences and to prune excesses as far in him es The task of furnishing corrective for Arrangements of the paper medium with us. IS almost nexpressibly great. The power exerted by the States to charter banking poratons, and which, having been carried to great excess, has filled the country with, in most of the States, an lrredeemable paper medium, is evil which, in some way or other, requires corrective. The rates at winch bills of exchange negotiated between different parts of the country, furnish in- dex of the value of the local substitute for gold and silver, which is, in many parts, far deprecated, not to be received, except at large discount, in payment of debts, in the purchase of produce. It could earnestly be desired that every bank, not pos- sesing the of resumption, should follow the ample of the late United States Bank of Penn-y and go into liquidation, rather than by refusing to do continue endorsements in the way of solvent institutions, thereby augmenting the difficulties nci dent to the present condition of things Whether this Government, with due regard to the rights of the States, has any power to consran the banks, either to resume specie payments, or 10 force them into liqudation is an inquiry which will fail claim your consideration. In view of the great advantages which arc allowed the corporators, not among the least of which Is the authority contained in most of

 

 amount of their caplta thereby ofen deriving three times as much interest the same amount of money as any individual is permitted by law to receive, sufficient apology can be urged for long continued suspension of specie payments.-Such suspension is productive of the greatest detrment to the public by expelIng from circulation the precious metals, and seriously hazardng the success of any effort that this Government make, to increase commercial facili ties, and to advance the public interests.

 This is the more to be regretted, and the indspen. sable necessity for a sound currency becomes the manifest, when reflect on the vast amotnt of the internal commerce of the country. or this we have statistics, just data for forming adequate opn- ,ons But there be doubt, but that the amour, of transpOi coastwise by sea- and the ation inland by railroads and canals, and by boats and other modes of conveyance, over the face of rivers and immense lakes, and the value of property carried and interchanged by these means, form general aggregate, to which the for eign commerce of the country, large as 1t is, makes but distant approach.

 I, the absenca of any contro Hing power over this subject, which by forcing general resumption of specie payments would have the effect of storing sound medium of exchange, and would leave to the country but little to desire, what of reliei falling within the limits of constitutional competency does it become this Government to adopt It my painful duty At your last session, under the weight of most solemn obligations to differ with Con- gress the which it proposed for my appro val, and which it doubtless regarded corrective o existing evils. Subsequent reflection, and events since occurring have only porved to confirm in the op,nions then entertained and frankly expressed. l must be permitted to add, that scheme of go- vernnental policy, unaded by individual exertions, can be available for amelioratng the present condi. ton of things. Commerc al modes of exchange and

 good currency, but the necessary means of com

 erce and intercourse, the direct productive ces of wealth. Wealth only be accumulated by the earnings of industry and the savings of rugalty and nothing can be more i'll judged than to look ia clities in borrowing, or 10 redundant circulation for the power of dischargng pocuniary obligations.