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 same eye which rests increasingly on the sI ccie currency and guards it against adulte- ration, would also have rested on the paper currency, to control and regulate its issues and protect it against depreciation. The same reasons which would forbid Congress from parting with the power of coinage, would seem to operate with nearly equal force in regard to any substitution for the precious metals in the form of circulating medium. Paper, when substituted for specie, consti- tutes standard of value by which the opera

 tons of society are regulated, and whalsoe- yer causes it's depreciation, affects society to an extent nearly, if not quite, equal to the adulteration of the coin.

 Nor can withhold the remark, that it's ad- vantages, contrasted with Bank of the U. States, apart from the fact that bank was cs-

 teemed as obnoxious to the public sentimen., as well on the scere of expediency as of con stitntionality, apl cared to me to be striking and obvious. The relief which a bank w ould afford by an issue of Sl5,00),G00 of its notes, judging trem tie expe fence of the

 late United States Bunk, would not have os- cured in less than fifteen years; whereas, under the proposed arrangement, the relief arising from the issue of Sl5,0G0,000 of Treasury notes would have been consuul- mated in one year; thus finishing in one fifteenth part of the time in which bank

 could have accomplished it, paper medium

 of exchange, equal in amount to the real

 wants of the country, at par value with gold and silver.

 The saving to the Government would have

 been equal to all the interests which il has

 had to pay on Treasury notes of previous as

 well as subsequent issues, thereby relieving

 the government, and al the same time allord-

 ing relief to the people. Under all the re-

 responsibilities attached to the station which

 ] occupy, and in redemption of pledge gv- en to the last Congress at the close of it's

 first session, submitted the suggestion to

 its consideration at two consecutive sessions.

 The recommendation, however, met with no favor al its hands. While I am free to ad-

 init, that the necessities of the times have since become greatly ameliorated, and that there Is good reason to hope that the eoun- try is safely and rapidly emerging from the

 difficulties and endorsements which every where surrounded it in lS4l, yet 1 cannot

 but think that its restoration to d sound and

 healthy condition would be greatly expedit- cd by resort to the expedient in modified

 form.

 The operations of the Treasury now rest

 on the act of l789, and the resolution of Is, f and those laws have been so administered as

 to produce as great quantum of good to the country as their provisions are capable of yielding. If there had been any distinc,

 expression of popular opinion going to show

 that public sentiment Is ayerse to the plan either as heretofore recommended to Con- gross, or in a modified form, while my owi opinion in regard to 1t would remain unchan- ged, l should be very far from presenting i l, again to your consideration. The Govern. ment has originated with the States and tho people, for their own benefit and advantage and it would be subversiye of the foundation principles of the political edifice which they have reared, to persevere in measure which in their mature judgments, they had either re- pudiated or condemned. The will of our constituents clearly expressed, should be re- z garded as the light to guide our footsteps

 the true difference between a monarchical or | aristocatical government and Republic be-

 ing, that in the first the will of the few pre- sals over the will of the many, while in the last the will of the many should be alone :; consulted

 U The report of tihe Secretary of War will . bring you acquainted with the condition O Il that important branch of the public service

 The Army may be regarded in consequcnct n of the small number of the rank and file ii s each Company and Regiment, as little moro = than a nucleus around which to rally the mi n litary force of the country in case of war and yet it's services in preserving the peace s of the frontiers, are of a most important na- e ture. In all cases of emergency, the reliance of the country is properly placed in the mi l litia of the several States, and 1t may wei deserve the consideration of Congress whe- ther a new and more perfect organization might not be introduced, looking mainly to the volunteer companies of the Union for the present, and of easy application to the great : body of the militia in time of war.

 } The expenditures of the War Department have been considerably reduced in the last

 two years; contingencies, however, may , arise, which would call for the filling up of f the regiments with a full compliment of men, and make it very desirable to remount the , Corps of Dragons which by an act of the last Congress was directed 10 be dissolved. , refer you to the accompanying report of the Secretary for information in relation to the Navy of the United States While eve , " effort has been and will continue to be made to retrench all opportunities, and lop of f all excrescences which from time to time may have grown up, yet it has not been re- garded as wise or prudent to recommend any material change in annual appropriations i | |. important character to lead to the recom- mendation of any other than liberal policy Adequate appropriations ought to be made to [ enable tho Executive to fit out all the ships that are now in the course of building, or that require repairs, for active service in the shortest possible time, should any emergen- | cy arise which may require it. An efficient Navy, while it is the cheapest means of pub lie defence, enlists in its support the feelings of pride and confidence which brilliant deeds , and boro,c ,,aIor bava heretofore speypA tf.