he same distress which was quite lately
produced from the same cause. And while the functions of our National
Treasury should be few and simple, and while its best condition would be
reached, I believe, by its entire disconnection with private business
interests, yet when, by a perversion of its purposes, it idly holds
money uselessly subtracted from the channels of trade, there seems to be
reason for the claim that some legitimate means should be devised by the
Government to restore in an emergency, without waste or extravagance,
such money to its place among the people.

If such an emergency arises, there now exists no clear and undoubted
executive power of relief. Heretofore the redemption of 3 per cent
bonds, which were payable at the option of the Government, has afforded
a means for the disbursement of the excess of our revenues; but these
bonds have all been retired, and there are no bonds outstanding the
payment of which we have a right to insist upon. The contribution to
the sinking fund which furnishes the occasion for expenditure in the
purchase of bonds has been already made for the current year, so that
there is no outlet in that direction.

In the present state of legislation the only pretense of any existing
executive power to restore at this time any part of our surplus revenues
to the people by its expenditure consists in the supposition that the
Secretary of the Treasury may enter the market and purchase the bonds
of the Government not yet due, at a rate of premium to be agreed upon.
The only provision of law from which such a power could be derived is
found in an appropriation bill passed a number of years ago, and it is
subject to the suspicion that it was intended as temporary and limited
in its application, instead of conferring a continuing discretion and
authority. No condition ought to exist which would justify the grant
of power to a single official, upon his judgment of its necessity, to
withhold from or release to the business of the people, in an unusual
manner, money held in the Treasury, and thus affect at his will the
financial situation of the country; and if it is deemed wise to lodge
in the Secretary of the Treasury the authority in the present juncture
to purchase bonds, it should be plainly vested, and provided, as far
as possible, with such checks and limitations as will define this
official's right and discretion and at the same time relieve him from
undue responsibility.

In co