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 each other, private and public nds. IL cOntCmplNtes the establishment of Board of Control, at the Seat of Government, with agences at prominent conliner- cia points, wherever else Congress shall direct, for the safe keeping and di i-bursemcnt of the pubic moneys, and substitution, at the option of the public creditor, of Treasury notes in lieu o gold and silver IL proposes to limit the issuss an amount not to exceed Sl5, 900, ,000-withoul the express sanction of the legislative power. It also authorizes the re- cept of individual deposits of gold anl silver 10 limited amount. and the granting ceriiica es of de- posit divided into such as may be called for by the depusitors. IL proceeds step further ani au- h0rises the purchase and sale of Domestic Bills and Drafts, resting real and substantial basis, paya- hle at sight, having but short time run, and drawn places not less than one hundred miles apart-whch authority, except ln so far as may be necessary for Government purposes exclusively. Is only to be exercd upon the express conditions that it's exercise shall moi be prohibited by the State n which the agency is situated.

 In order the expenses incident to thr plan, it will be authorized to receive moderate premiums for certificates issued deposits, aud on bills bought and sold and thus, far it's dealings extend, to furnish facilities to commereia intercourse at the lowest possible es, aud to subduc from the earn ings of industry, the least possible It the State Banks distance from the agencies, as aux ilrres without impartins any power to trade in its name. It is subjected To such guards and restraints as have appeared to be necessary IL Is the creature of aw an1 exists only at the pleasure of tho cgis- alu'e. II is made to rest actual specie basis, in order to redeem the notes al the places of issue produces dangerous redundancy of circulaion-- affords temptation 10 speculaon-is attended by no imitation of prices-is equable in it's uperdiuH- makes the Treasury Notes which it may use along with the certificates of deposit and the notes of spe cie pay ing understandable at the place where co lected, receivable in payment of Government dues and, without violating any principle of tho Constu- ton, affords inc Government and inc people such facilities as are called for hy the wants of boh Such it has appeared to me, it's recommends ions, and in views of them it will be submitted, whenever you may require it, to your consideration.

 am not able 10 perceive that an, far and candid objection can be urged az anst the plan, the principal outlines of which have thus presented. I cannot doubt but that the which it proposes to furnish, at the voluntary option of the public creditor, issued lieu o the revenue and It's certificates oi deposit, will be maintained at an equality with gold and si,er every where. They rcdcemable m gold and s- yer demand, al the places of issue. They are re- ceivable every where in payment of Government dues The Treasury notes are limited to all amount of Unc ioui tn less than the estimated annual receipts of the

 Treasury; and in addition they rest upon the faith of the Government for their redemption. If all these assurances sufficient to make them ayaiable then the idea il seems to mes of furnishing sound paper medium of exchanges, may be entirely aban- doncd.

 If ar be the Government may be tempt cd its ssues, at future day. that apprehonons can reasonaby be oncr- a ued until a confidence iu the representatives, of States and of the people well as of ihs peopo thsm selves, shah be lost Tho woigheot considerations of o Hey require that tho restants now proposed 10 be thrown should uot for iIsht causes bo roo we'd. To argue against proposed plan It's iaby to possible ause 10 reject every expeden siuce thing dopeHdent human Bcton is liable 10 abuso Eff teen non. Of Troasury not may Dc Issued as the max niun, power 10 be gwen to the Hoard of Control under that sum- and ofery consideration ~ uuito in leading them iUe their way with For the eight first tho o the late Bank oi the United States, it's circuiaon barely exceeded SiuO0Oou aud for live e ills most prosperous year "as uDou equal

 

 priv deposits to limited anount aud 10 cosi may be called for by thu depostoi., far till ihs channels oi circulation as greatly |" dipnsh the necessity of considerae issue oi lrea suy uol.s restraint pvu tine auouut Of yriyats has seemed bs indispeusIUly app henson thoug well founded thal m any sency of trade, conf1encd gat bo far shaken ts induce withdrawal from thug of private deposits with

 view 10 ensure ther unlueo iaoio safety "th tno 6o- which might eninchuy disastrous to the Saio Banks. l. OUeetcd that II to horize the ayaucies blis o Exchange It such dealings 10 be earned ths ble premium made 10 rest unquostionably snund bass-are designed 10 reimburse merely the expsus which would otherwise dososs upon the rroasuiy aud suboi daton 10 the decision of tho supreme Court n tho of tha Bank ol Augusta Ea other reported czsos snI thereby uvods all conH Stao which hold toui- so. IL leaves the banking pl riiegss of Ihe states 10 t1s rreAsury sDd Uuon-auj, while iurushag eyoy faciy tuo frat. interests of tho last. But aDo'e sl It created by amsudabs by law and iepsslsbio by Hwi welded as to theory, but iooSiu. solely 10 tho sdvsnce public good sna Do anongs the ysry first

 

 aud objects for which aay o created hor wii be submitted in auy oYorweenng conhisnce n the sut ciency of my owu Judgment hut "i muen greater reu the wisdom aui patriotism ol Congress- caanot abandon this subject without urging upon you in emphatic nianner whatever may your sug gestous which have eit II to be duty to AuDnlt evo tho ChieI Executive Mag by any all uiiuna mssas from \ controlling power the puDic Treasury If n ths plan proposed, should you deu, II worthy fyour consideration, that separation not piee may desire, you viii, doubtless amend il in that For my self a desire 10 nave any fha lIIIi pensaby necosssry, 10 execute the laws winch may pass.

 Nor fail advert in thie connection, to ,he debts which man of tho Sate. of tho Union have contracted abroad aud uuj, which continue 70 labor. That debtedu.ss asaounts less than 4l9O U,D, and which has boeu uied hen, port in works of fniornai impro' eineat which destined prov of fnst importance Ill ultimately adsantng her prosperity and alone reaponsisle. do express ths ief that each wal feel teli b,u by consideration of hOnor as wo as ofntore4t is eugageme with lunctualty. Tha faurc Gon over, of any state tJ ahould degree affect dit the aud he foreign capitalist will have Jus cause to rcnco sar as 10 all other St,cs neg lect ta provide with puneludlity the ts engagements. Even such States shoud there be any consider ing ie great raptiy miti which ther are reopIug tnemselvos will not iu to huvu he at very di ant day, to redeem their obligations iathpg will doubt but that of thai honorable conduct whc has esernore goserne the Sta and the People oi tnis Unon, they will each aud ali every legitimate expedient before they ii foregoa faithful compliance with their obIisations

 From the report of the Secretay If War, and other

 

 grsss which has been in foi tiica for the of our principal cities and nlIud Inter, uurIug tue present year; together with their and They be prusecnt cd pleton with all the expediou whioE placed by Cong nt the disposal of the Executive allow

 recommend particularly to yout considerstion that poron Of the Sec arys report hch proposes the taplisnnient of chxiL of military posts from Cvuncil Bluffs point to PacifL Uc, an, ,u linn ifs. Tho beneh thereby destined to accrue ci ongaged in the fur trade over that wilderness | I.lalf with savage tribes abiatng H. and a tue giving protsrtJn to fOniier lc,neuts, aud esa ishig the of safe intercourse between Amer settlements at he mo Ih oi tho Colunb river, those this sids of the Kocky Mountains would suggest ho mpor lance oIcarr. ing into effect the inr"dtions upon ih" hesd with us little delay Le practicable.

 Thc report ofte Secretary of the Navy will ace you in present eondIt,ou of that of nationa deience. Every effort will be made add it's efficiency, cannot too strongy urge upon you liberal appropriations to that Dra"ch of tho pbic Inducements of tue wcghties character sAist for the adoo oi the eourse of policy Our exendod and oherwiso exposed nontlor cdls for protection to the uInishng of whch eficieut al force Inds pensabIe. Wo look to no foregn conquest' nor to wa propose to enter iioi conpeon with any other ston for supremacy of the Ucsanbut is due not ony to the honor but 10 the security of tue Peo f tho United siat.s, that nation shud be permitted to Invade w.ers al Ileasure aud subject town' villages o conh luge. Economy in all snches of th. pubic sersice due from all the plblc agents 10 tue opo-but parsony a:one ouid suggest withhold nx of tho means for the ou r our o. hrasdes from and na,ioa houor rom disgrace. would most earnr.tly recommend to Congress ab lain from all approprs,ons for cct, not .uisly necessary but take upoa myself, without of hssancy, all ths responsibility Of recOn ending lhe increase and prompt equipment oftat gallant Navy which has lighted every with It's victories, a,d SD, cad an ihperishsbic glory o, CT the country. The report ot 70 Postmaster General will claim your Particular not only because Of tho vauLbe sug ge,tions ch eantans, but because of tho srcat porance at all times, attaches 10 that interesting brunch of the pubic servce The ncr, asng expense mail along the principal outes uecessa rly claims public atteut aud has responding s.iicuda he part of ihe Go The