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| drawer upon a mutual understanding. IL may, al | the time, indulge in mere local discounts under

 the of bills of exchange. bill drawn at Phi

 ladelphia, Camden. New Jersey; at New York, on n border town iu New Jersey; at Cincinnati, on l Newport, m kentucky; not to multiply other exam

 pies, might, for any thing in the bill 10 restrain lt

 became matter of local accommodation. Ci-

 ties thus relatively situated, would possess adyant

 ages cities otherwise sItutated of so dlcIded a character most justly 10 excite dissatisfaction. l 2l. Ths-re is no limit prescribed to the premium

 in the pluVhase of bills of exchange, thereby cor rectng none of the evils under which the community now labors, and operating most injuriousy upon the gIculural in which irregularities Tn the rates of exchange more severely felt. Nor are these 1 The only cons equences. resumption of speci pay ments hy the banks of those states would be liable 1 to indefinite p0stponemeni; for as inc operation of the agencies of the interior would chiefly consist in selling bills of exchange, and the purchase could on 1 ly be made in spere, or the bills of banks pay ing l specie the Sta te Banks would either have to con l tlme with their doors closed, exist at the mercy l of this national Luonopoly of brokerage. Nor can t he passed over iihoat remark that whilst the Dis trict of Columbia is made the seat of the principal bank, its citizens excluded from all participation in any benefit it might afford, by positive proh- biton on the bank from all dlscounting within the l District.

 These are some f the objections whichIprominent

 y exist against the details of the bull. Others might be urged of much for re but it would be unprofable

 o dwell upon them. Suffice add that thls char ter Is designed to tinue twenty years without comp. tutor; that the elects to which have alluded being founded on the fundamental law of the corpo- ration are irrevocable; and that, if the objections be well founded it would b over-hazardous to pass the bill into law.

 In conclusion, l take leave most respectfully tO say, that have felt the most anxious solcltude to meet the wishes of congress in the adoption of Fs- cal Agent; which, avoiding all constitutional objec lions, should harmonize con iicting opinions Actu- ated by this feeling, have been ready yield much in spirit of conciation to the opinions of others. And II s with great pain that now feel compelled to differ with congress ct'nd time in the slon Al the commencement of this session, inclin ed from choice to defer 10 the legislative will sub mted to congress he propr iety of adopting Fiscal Agent which, without yiol'ung the constitution, would separate the public ney from the Executive control, and perform the ope Taons of the treasury without being burdensome to be people, inconve- nient or expensive to the gov Inment. It IS deeply to be regretted that this depa, 1nent of the govern ment cannot, upon constitutional and other grounds, concur with the legislative del urtment in this last measure proposed 10 attain tn se desirable objects Owing to the brief space bewe en the period of the death oi my lanened predecess,W IT and my in stallaon into office, was ia act, not Jeff time to prepare and submit defnve recommendation of my own m my regular message; Dd since my mind has been wholly occupied in a anxious attempt to conform my action to the legisa tive will. In this coinmunicaion, am confined by the constitution to my objections simply to this bin; but the period of the regular session will soon arrive, when it will be my duty under another clause of tn constitution to "give to congress information of the state of the Union,' and recommend to their consideration such measures as "l shall judge necessary and expedien And most respectfully submit in spirit of harmo- ny, whether the present differences of opinion should be pressed further this tme-whether the peculi- ariy of my situation does not entle me to post ponement Of this subject to suspicious period for deberatIon.

 The two houses of congress have distinguished themselves at his extraordinary session by the per tormance Of an immense mass of labor, at a season very unavOrable both to health and acion and have passed many laws which, trust, wIll prose highly beneficial to the interests of the country and fully swer it's just expectations. It has been my good for tune and pleasure to with them in all measures except this and why should difference on this a. lone be pushed to extremes It is my anxious desire that il should not be- l, too, have been burtlened with extraordinary abors of late and sincerely desire time for deep and deliberate reflection on this the greatest difficulty of my administration. May we not now pause until more favorable time when with the most anxious hope that the executive and congress may cordially unite some measure may be deliberately adopted,promotiye oithe good of our country will take thus occasion to declare, that the chsions to which have brought myself are those of settled conviction, founded in my opinion, on just view oi the Constitution, tat in arriving at il, have been acated by no other motive desire than up hold the institutions of the country they have down to us from the hands of our god-ke ancestors and that shall esteem efforts to sustain them, even though perish, more honorable than to win the ap- plause Of men, by sacrifice of my duty and my c0n- science. JOHN TYLER