s have been negotiated previously to the passage of
the deposit act were generally below those charged by the Bank of the
United States. Independently of these services, which are far greater
than those rendered by the United States Bank and its twenty-five
branches, a number of the deposit banks have, with a commendable zeal
to aid in the improvement of the currency, imported from abroad, at
their own expense, large sums of the precious metals for coinage and
circulation.

In the same manner have nearly all the predictions turned out in respect
to the effect of the removal of the deposits--a step unquestionably
necessary to prevent the evils which it was foreseen the bank itself
would endeavor to create in a final struggle to procure a renewal of
its charter. It may be thus, too, in some degree with the further steps
which may be taken to prevent the excessive issue of other bank paper,
but it is to be hoped that nothing will now deter the Federal and State
authorities from the firm and vigorous performance of their duties to
themselves and to the people in this respect.

In reducing the revenue to the wants of the Government your particular
attention is invited to those articles which constitute the necessaries
of life. The duty on salt was laid as a war tax, and was no doubt
continued to assist in providing for the payment of the war debt.
There is no article the release of which from taxation would be felt so
generally and so beneficially. To this may be added all kinds of fuel
and provisions. Justice and benevolence unite in favor of releasing the
poor of our cities from burdens which are not necessary to the support
of our Government and tend only to increase the wants of the destitute.

It will be seen by the report of the Secretary of the Treasury
and the accompanying documents that the Bank of the United States has
made no payment on account of the stock held by the Government in that
institution, although urged to pay any portion which might suit its
convenience, and that it has given no information when payment may be
expected. Nor, although repeatedly requested, has it furnished the
information in relation to its condition which Congress authorized the
Secretary to collect at their last session. Such measures as are within
the power of the Executive have been taken to ascertain the value of
the stock and procure the payment as early as possible.

The conduct and present condition of that bank and the grea