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ry for public purposes on the first day of January next of about $4l ,723, ,959. This sum, with the exception of five millions, will be transferred to the several States in accordance with the proVlsons ot the act regulating the depostes of the public money

 The unexpended balances of appropriation, on the lst day of January next, estimated at $l4, ,O62 exceeding by $9,637 ,062, the amount of which will be left in the deposte banks, subject to the draft of the Treasurer of the United States, after the contemplated transfers to the several States are made. If therefore the future receipts should not be sufficient to meet these outstanding and future appropriations, there may be soon ne cessity to portion of the funds deposited with the States

 The consequences apprehended when the dc posite act of the last session received reluctant approval, have been measuraby realized. Though an act merely for the deposte of the surplus mon- eys of the U. States to the State Treasurles for safe keeping, until they may be wanted tor tho ser vice of the General Government, it has been ex- tensrvely spoken of act to give the money to the States, and they have been advised to use IL as a gift without regard to the means of retundlng IL when callsd for. Such a suggestion has doubtless been made without due consideration ot the ob. gatiOn of the deposte act, and without proper attento n to the various principles and interest which are affected by it. It is manifest that the law itself cannot sanction such suggestion, and that as it now stands, the States have more au- thority to receive and these deposites without intending to return then than any deposite bank, or any individually charged with the safe-keeping or application of the public money, would now have for the converting the same to their private use, without the consent and against the will fthe Government. But independently of the violations off public faith and moral obligation which are in- volved in this suggestion, when examined in refer to the terms of the present deposte act, it is believed that the considerations which should gov the future legislation of fCongress on this sub iect, will be equally conclusive against the adop- tion of any measure recognizing the principles on which the suggestion has been made.

 Considering the intimate connexion of the sub feet with the financial interests of the country, and its great importance in whataver aspect it can be viewed, have bestowed upon it the most anxious rehecton and feel it to be my duty to state to Congress such thought have occurred to me to aid their deliberaton in treating it in the manner best calulated to conduce to the common good

 The experience of other nations admonish us to hasten the extinguishment of the public debt.- But it will be in vain that we have congratulated each other upon the disappearance of this evil, if do not guard against the equally great one of promoting the unnecessary accumulation of public revenue. No political maxim is better established than that which tells us that improvident ex- pen9ture of money is the parent of prohgacy, and that no people can hope to perpetuate their lber ties, who long acquiesce Tn policy which taxes

 

 real wants of their Government. Flattering as is the condition of our country at the present period, because of its unexampIed advance in all the steps of social and political improvement, it cannot be disguised that there is lurking danger already ap- parent in the neglect of this warning truth, and that the time has arrived when the repre entatves of the people should be employed in devisng some more appropriate remedy than now exists, to avert it.

 TTolnp cVsfQ hnr lo va " probability that there will continue to be plus beyond the wants of the Government and it has become our duty to decide whether such re- suit be consistent with the true objects of gov ernment.

 Should surplus te permitted to accumulate be- you'd the appropriatien, 1t must be retained Tn the Treasury as now is, distributed among the peo' pie or the States.

 To retain it in the Treaalry, unemployed in any way is impractcabie. It is besides. against the gen. jus of our free institutions to lock up in vaults the treasure ofthe nation. To take from the people the right ofbearing arms, and put their weapons ofdefence in the hands ofa standing army, would bo scarcely dangerous to their liberties than to permit the Government to accumulate immense amounts oftreasure beyond the supplies necessary to it's legitimate wants. Such treasure would dorbtess be employed at some time. as it has been in other countries, when opportunity tempted am bItion.

 To collect merely for distribution to the States, would seem to be highly impotic. if not as dan gerous as the proposition to retain in the Treasury The shortest reflection must satisfy every one that to require the people to pay taxes to the Govern ment, merely that they may be paid back again, is sporting with the substantial interests of the coun try And no system which produces such result can be expected to receive the public countenance. Nothing could be gained by it, even if each indi- vidua who contributed portion of the tax could receive back promptly the same portion. But it is