ease to exist.

The attention of Congress is earnestly invited to the regulation of the
deposits in the State banks by law. Although the power now exercised by
the executive department in this behalf is only such as was uniformly
exerted through every Administration from the origin of the Government
up to the establishment of the present bank, yet it is one which
is susceptible of regulation by law, and therefore ought so to be
regulated. The power of Congress to direct in what places the Treasurer
shall keep the moneys in the Treasury and to impose restrictions upon
the Executive authority in relation to their custody and removal is
unlimited, and its exercise will rather be courted than discouraged by
those public officers and agents on whom rests the responsibility for
their safety. It is desirable that as little power as possible should
be left to the President or the Secretary of the Treasury over those
institutions, which, being thus freed from Executive influence, and
without a common head to direct their operations, would have neither the
temptation nor the ability to interfere in the political conflicts of
the country. Not deriving their charters from the national authorities,
they would never have those inducements to meddle in general elections
which have led the Bank of the United States to agitate and convulse the
country for upward of two years.

The progress of our gold coinage is creditable to the officers of
the Mint, and promises in a short period to furnish the country with a
sound and portable currency, which will much diminish the inconvenience
to travelers of the want of a general paper currency should the State
banks be incapable of furnishing it. Those institutions have already
shown themselves competent to purchase and furnish domestic exchange
for the convenience of trade at reasonable rates, and not a doubt is
entertained that in a short period all the wants of the country in bank
accommodations and exchange will be supplied as promptly and as cheaply
as they have heretofore been by the Bank of the United States. If the
several States shall be induced gradually to reform their banking
systems and prohibit the issue of all small notes, we shall in a few
years have a currency as sound and as little liable to fluctuations
as any other commercial country.

The report of the Secretary of War, together with the accompanying
documents from the several bureaus of that Department, will exhibit
the s