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..,, proupsiy, would bs more peFmAnen;ly

 sesS.s.A, .sd the reduced smnunt of the leans

 s:'s ,any be necessary to hsss;ssss. eesA ee ee-

 - |, ehstper rates

 ss.t.,.s. ss is therefore called npon to determine,

 ,.,s,, | ts wiser ,o impose i'e var saiiss. Or oy

 ..s. io to so. increase the paosle aees,

 . -,JlcD. of doiiaFs, 90 long as loans shall be

 l1.-s 10 pfoseeate. ihe war;--aDd afterwards pro. 3 ~ sose other forp, to pay the semi-aanuai

 -, u,,nu il. aud ultimately to eKtiagnIsh the

 'ss.-, n in aalisIon to thase duties, Congress S,Aua,e and reduce, the price of sach of the - 1,nas as experieaee has proved will not com - "a. rsSce placed upon them by govetumenf.

 .sd;ioaal annual iaefease 10 the treasEfy Of be-

 ~ h,lf million ard milton of ofdoilars, it is e. - xOuld be derived from this source Should "a r.ssures receive the sanetlon of Congress, the s..ss amount of pabiie debt neceNs&fy t6 be con .--,,.d auriax the eontinuanee of the var. would -.1-red logt millions of dolian. The duties re- ..-eoAed to he levied ua tea and c05ea should he s,s u their duration. to the end of the var, and

 .., ,as pablic debt rendered neceasaFy to he eon.

 ,,,,.-S by |, shall be disehMged. The swoane cf

 .. rsbIic debt to be contracted shoaA be limited

 , k owest psaetEcable sum, and should ke exfia-

 ~,hrd ss early after the conclusion of the var as

 ;s, neaas of the treasury will permit

 Wish this view t is recommended fhaa, as soon

 w n. WAT shall be oveE the snFtlua in toe treasury

 =, sseSed for herindlspensabfe objects shall con.

 ,t,s,t a sinking fund. and he applled to inc par-

 es. of the funded debt; aad that snthority be con t,rreA by Iaw Ies that purpose.

 Tr set aci of sih cf August Iss6, to establish usre-AOssiag system. has been in operation DOre ,Aaa Fear and has proved to be an important aux. ,l,sry o the tariff act of 1886. in anxinensing the reseaae. and extending the eOmmeFce of the coun- trT Whilst il has teaded 10 ealssge eur commerce, i, As Aeea beneficial to our manufacturers bv dim.

 uAing forced sales at auction of foseiga goods as

 ew prees to raise the duties to be advanced on ssea. and by checking fluctuations in the market The system. although sanctioned hy the experience < O,ser countries wss entirely new in the Unsted s,ts, and is sasseptihie of improvements in some q is provisions. The Secretary of the Treasury uFOa whom was devoived large discretionary pow s;s in carrying this measure into eeef is now col

 etsg the practical results of the system in other esan,Yies where if has long been established, and w report, at an early period Of your session. such hufher reguiations, suggested by these inyestiga- rsus ss may render still more effective and bene- hcisl.

 By the act 10 provide for the better organization d the treasury. and for the collection. safe keeping ard disbursement, Of the public revenaes all banks discontinued as the hseal agenis of the govern neut, and paper currency was 10 logger allowed io ,e received in payment of public duties. ,-

 The Constitutional Treasury created by this act, vest lato operation the 4tb of January last Un- 4.' he system established by u the public moneys have heea collected. safely kept and disbursed by a gold and silver; and transfers of large amoanis haE. been made from points of collection to the paints of disbursement withoat loss 10 the treasury, Q, inconvenience 10 the traffic Of the country.

 While the hscai operations of the Government have been conducted with regularity and ease, an- ter this system. it has had sautary effect in cheek lAs an undue inaaton of the paper currency issud from the banks which exist under State charters. Requiring. as t does, all dues to the Government 10 be paid in gold and silver its effect is tO restrain eIclnsve issues Oi bank paper, dispropOrtioned to se specie m taer vauits for the reason that they He s all times liable to be called on by the holders c the notes for hsir redemption in order to obtain sPeee ter payment of dalses and other public dues Tse banks. therefore, must keep their business vithla prudent imits ai.d be always in condition b meet such calls, the hazard of being com piled to suspend specie payment, and be hereby accredited. -

 The amount cf specie imported into the United States during the last fiscal year twas S2s,l2I.- 2ss, of which there was detained in the country $e7.?7s,I7o. Had ihe former financial system pre- vs:led. and the public money been placed on depo- se in banks nearly the whole of this amount would lave gone into their vaults not 10 be thrown into circulation by them. but withheld from ihe hands oi the pecple. and made ihe basis of new and enor Eoas issues oE bank paper. A large proportion of tae specie imported has been paid into the treasury & fssie daeS; and after having been. to great ex-

 ai. recoined al the mHt, has been paid oui 10 the Fsaic creditors and gone Into circulation, as cur F'ssF among the peOple-- The amouLi of gold and sl'sE coined, and in circulation in the country a larger than at any former period.

 The financial system established by the constitu- aeaa treasury has, thus fat been eninehgIy fsl n It's operation; and 1 recommend an adherence s al Its essential provisions, and especially to that vital provision which fully separates the government ron all connection with banks, and excludes bank paper fom all revenue received.

 In some of it's details, not involving its genera pnneipes. the system is defective and will require notification. These defects, and such amendments < are needed, and are deemed important. were set STih m the lasi report Of the secretary Of the Trea s4iy Those amendments are lagain recommended n he early and favorable considerations of Con. rsss

 During the past year. the coinage of the mint. and Ia branches, has exceeded S20, ,0oo, GOO. This has eo'sisied chiefly in converting the coins of ioseign eo.aines into American coins

 lhe largest amount of foreign coin imported has aeea receiEed al New York, and if branch mint s're established at tha city, all the curreni coin 'ee'ea ct ihai port could at be converted in- Q oaT o~n cain. without the expense. risk and de- sf, oi Tshsporng il to the mint for thai purpose sie The amount received would be ma-h larger.

 hIPeflenct has proved that foreign coin will not eEessle extensively, rrncy, among the peo- F5s Ise important measure Of extending oar spe- ee circulation. both of gold and silver and of diu hhg Il among the people. is effectuaiiy converting sSea iorelgh into American cola. 1 repeat the re- eo0nenda'lon contained in my last annual message S ne establishment of btanch mint of the United sia'es. at New York

 AR ihe public lands which have been surveyed, .ae were ready for market. have been proclaimed se a'e dafing the past year. The quantity offer ee sHc to b. offered for sale, under the ptociams- o., ,ssled sin,e is' January last. amount to D. 'S SSi acres The prosperity of the western States soa lerrioes Is winch those lands lie. wiii be en .eaeea oy their speedy sale. By withholding them i'1 'he market, their growth and increase of pop -aoa would b. retarded; and thousands of our en- sfstng and Fneri'ofioas frontier population would atpnved ot the opportunity of securing freeholds W themselves anf famihes But tn addition iu the sserai considerations which render ihe ready sale % @ese lands proper, il is leading object at this u@e' 10 reaiI1e as large sum as possible from this ,fss' and thus diminish by that amount, the pub. z. oah' rendered necessary by the existence Of

 ' ssnmaied that moi less than 10. .eo0, 900 of

 's ei the public lands wiIl be surveyed and be in eoaiiien to be proclaimed for sale during the year