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ceps for lands for the same time 10 SZ,11l ,4SO oO, showing an average revenue trom both sources ot

 1 236, ,S70 per mouth. gradual expansion oi trade, growing oat of restOtaton of confidence, together with reduction ih tho expenses ut collecting and punctuality the part oI collecting oihcers, may cause an addition the monthly receipts from the customs--thcy estimated, for the residue of the year, from the 4th of March, at Sl2 ,OOO, 900. The receipts from the public lands, for the same tune, ae estimated at Ss2,50O 900, and from miscellaneous sources, at $l70,0O, making an aggregate ot ayia- be funds within the year of | 0OO, which will leave probable deficit of Sll 4O6, l32 9S. To meet this some temporary provision is necessary until the amount can be absorbed by the excess ot revenues which are anticipated to accrue at no distant day.

 There will fall due within the next three months Treasury notes of the issues of lS40, including In- terest, about $2, ,S50,0 ,0O0 There is chargeable in the same period for arrearages for taking the 9th Census, $294,000, and the estimated expenditures

 for the current service about S 100 OOO, making the aggregate demand upon the Treasury prior to the first of September next, about VII ,3lO,OOO

 The ways and means in the Treasury, and estn- ated to accrue within the above named period consist of about 694 ,000 of funds available the 18th ul- timo an unissued balance of Treasury notes author ised by the of l84l, amounting to 1 ,955 OOO and estimated receipts from all sources, of 3, 900, making an aggregate of about 6 45O 900, and leav- ing proabe deficit on the first of September next, of $4,845, 900.

 In order to supply the wants of the Government, an intelligent constituency in view of their best inter ests, will without hesitation, submit 10 all necessary bnrhens. But 1t Is, nevertheless, important so to

 impose them as to avoid defeating the just expecta- tions of the country growing of preexistng laws

 The act of the 2d Mach, 1853, commonly called the Cempromse act should not be altered, except under urgent necessities which not believed this time to exist. Che year only remains to complete the se res of reductions provided for by that law at which time provisions made by the same law, and which then will be brought actively in aid of the manufac-

 turing interests of the Union, will not fail to produce the most beneficial resuts.-Under a system of dis eliminating duties, imposed for purposes of revenue,

 in union with the provisions of existing laws, it IS to be hoped that our policy will in the future be fixed and permanent-so to avoid those constant fuctu- atons which defeat the very objects the, have in view We shall thus best maintain position, which, while it will enable US the readily to meet the adyan- ces of other countries calculated promote trade and commerce, will al the same tune leave in own hands the of rctaliating, with greater ef feet, unjust regulations.

 In intimate connection with the question of revenue, is that which makes provision for suitable fiscal agent, capable of adding increased facilities in the collection and disbursement of the public revenues, rendering secure their custody, and consulting a true economy in the great multiplied and delicate operations of the Treasury Department. Upon such an agent depends, in eminent degree, the estabsh ment of a currency of uniform value, which is of so great importance to all the essential interests of society, and on the wisdom to be manifested in its creation much depends. So intimately interwoven are its operations, not only with the interests of individuals but of States that it may be regarded, to great degree, controlling both. If paper be used as the chief medium of circulation, and the power be vested in the Government of issuing il al pleasure, either in the form of Treasury drafts any othcr or, if Banks be used the public deposiiare. with liberty regard all surpuses rosi day to day so much added to their active capital, prices ex

 I d.. | suffering. In the one case political considerations directed to party purposes may control whie siye cupidity may prevail in the other. The public is thus constantly liable to imposition. Expansions and contrsctions may follow each other in rapid cesson-the one engendering reckless spirit of adventure and speculation which embraces States well as indyidnas-the other causing a fall in prces and accomplishing aa entire change in the aspect oi affairs. Stocks of all sorts rapidly decline, ndi- viduals are ruined, and States embarrassed- in their efforts to meet with punctuality the interest on their debts. Such unhappiy is the condition oi things now existing in the United States These effects may readily be traced to the aove referred The public revenues being removed from the then Bank of the U States, under order of late Presi dent, were placed in selected State Banks, which, actuated by the double motive of consolidating the Government and augmenting their profits to the greatest possible extent, enlarged extrayagantly their discounts, thus enabling all other existing banks to 

 stimulating the cupidty of capitalists caused rush to be made the Legislatures of the respective States for similar acts of incorporation, which by many of the States, under temporary niatuaton were readily granted-and thus the augmentation Of the circulate ing medium, consisting almost exclusively of paper, produced most fatal delusion. An illustration derived from the land saes of the period alluded to, will serve best to show the effect of the whole system. The average sales of the public lands for period of ten years prior to 1884, had not much exceeded s2 6OO, 900 per annum In 1884, they attained in round numbers to the amount of $5,000 900, in the succeeding year ot is3o, they reached Slo,oooooo' and the next year, of 1886, they amounted the enormous sum of $25 ,000 ,O00-thus crowding into the short space of three years upwards of sesenty three years purchase of the public domain. So ap- parent had become the necessity sf arrestng this course of things, that the Executive Department sumed the highly questionable power of discrimina- ing in the funds to be used in payment, by different classes of public debtors. discrimination which was doubtessly designed to correct this most ruinos state of things by the exaction of specie in all pay ments for the public lands, but which could not at once arrest the tide which had strongly set in. Hence the demands for specie became unceasing, and corresponding prostration rapidly ensued under the necessities created with the banks, to curtail their discounts, and thereby to reduce their circulation, rec,r to these things with disposition 10 censure preexisting administrations of the Government, but simply in exemplifcaton of the truth of the position which have assumed.

 If, then, any fiscal agent which may be created shall be placed without due restrictions, either in the hands of the administrators of the Government, or those of private individuals the temptation to abuse will prove to be resstless. Objects of political ag- erandisemeot may seduce the first, and the prompt ings of boundless cppldiy will assai the last.- Aided by the experience of the past, it will be the pleasure of Congress to guard and fortfy the pub lie interests in the creation of any agent,as to place them, so far as hun,an wisdom accomplish it, on afootng of perfect security. Within few wears past three different schemes have been before the country. The charter of the Bank of the U. s. expired by it's own limitations in 1856; effort made to renew it which received the sanction of the two Houses of Congress, but the then President of the United States exercised his ueto power, and the measure was defeated. A regard to truth requires me to say that the President was fully sustained in the course he had taken by the popular voice. His successor to the Chair of State unqualifedly pro- nounced his opposition to any charter of sim- lar institution; and not only the popular election winch brought him into power, but the elections through much of his term seemed clearly to indicate a concurrence with him in sentiment on the part of the people. After the public moneys were withdrawn from the United States Bank, they were placed in deposte with the State Banks and the result of that pocy has been before the country. To say nothing as to the question whether that experiment made under propitious or adverse circumstances, it may safely be asserted that it did receive the unqualified condemnation of most of its early advocates and it is believed was also condemned by the popular sent ment. The existing Sub-treasury system does not seem to stand in higher favor with the people, but has recently been condemned in manner too plainly in- dicated to admit of doubt. Thus, the short period of eight years the popular voice may be regarded hoy;nr s,,ccass;vely condemned each of the three