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tnlenHtnccr. Messrs. GALES & SEAToN :-I deem it proper to offer public explanation of some of the reasons which led to my resignation, the 1lth instant of the office of Secretary of the Navy, and for that pnr pose, ask small space in the National Integencer. : At the Cabinet meeting held on the 18th of August last, (the Attorney General and tile Postmaster Gen eral being abseni,) the subject of Exchange Bank or institution, brought forward by the President himself and was fully considered Into the particu

 lars of what passed do not propose now to enter It will be sufficient to say that it then distinctly stated and understood that such an institution me, the approximation of the President, and was deemed by him free of constitutional objections that he desired (f Congress should deem it necessary act upon the subject during tic session) that such institution should be adopted by that body and that the members of his Cabinet should aid in bringing about that rel suit; and Messrs. Webster and Ewing were special. ly requested by the President to have a communica. tiou upon the subject with certain members of Con. gress. The institution then spoken of was to be To. cated in the District of Columbia; to be authorized to establish agencies in the States and Territories with power deal in bills of exchange between the United States and foreign countries and in bills o exchange drawn in one Statao Territory and paya. ble in another State or TeTitory and the exercise of this power not to depend on any assent, ex- pressed or implied, of the States within which such agencies might be established.

 In consequence of what passed at this meeting, l saw such friends in Congress deemed it proper 10 appfOdCn, uiBcu htoh eiioh uhC poss"6c oi q bill to establish such institutions assuring them that did not doubt t would receive the approba- tion of the President. ,.t The bill was passed, the public know, and was met oy the Veto. Now if the President, after the meeting of the 18th August, had changed his mind as to the eonstitionaL power of congress, and had conf 10 doubt or deny what he had admitted in that meekng, (,vach is the most favorable interpretation that can be put upon his coaduet, was, in my opin- ion, plain duty on his part to have made knowBto the gentlemen concerned this change of sentiment to have offered them apology for the unpleasant situation in which they were placed by his agency or, at least to have softsned. by full explanation of his motives, his intended veto of measure in promoting the success of which they, at his request had rendered their assistance. But this the Presi- dent d,h not do. Never, from the moment of my leaving his house the 18th, did he open his lips to me on the subject. It was only from the newspapers, from rumor, from hearsay, learned that he had de- nie the constitutionay of the proposed institYten, .aaA Ahsa mateuihe xassf1r< etafhys. Mn&tl