ates;
apart from which, if there be taken into account the immense losses
sustained in the dishonor of numerous banks, it is less a matter of
surprise that insolvency should have visited many of our fellow-citizens
than that so many should have escaped the blighting influences of the
times.

In the solemn conviction of these truths and with an ardent desire to
meet the pressing necessities of the country, I felt it to be my duty to
cause to be submitted to you at the commencement of your last session
the plan of an exchequer, the whole power and duty of maintaining which
in purity and vigor was to be exercised by the representatives of the
people and the States, and therefore virtually by the people themselves.
It was proposed to place it under the control and direction of a
Treasury board to consist of three commissioners, whose duty it should
be to see that the law of its creation was faithfully executed and that
the great end of supplying a paper medium of exchange at all times
convertible into gold and silver should be attained. The board thus
constituted was given as much permanency as could be imparted to it
without endangering the proper share of responsibility which should
attach to all public agents. In order to insure all the advantages of a
well-matured experience, the commissioners were to hold their offices
for the respective periods of two, four, and six years, thereby securing
at all times in the management of the exchequer the services of two men
of experience; and to place them in a condition to exercise perfect
independence of mind and action it was provided that their removal
should only take place for actual incapacity or infidelity to the trust,
and to be followed by the President with an exposition of the causes of
such removal, should it occur. It was proposed to establish subordinate
boards in each of the States, under the same restrictions and
limitations of the power of removal, which, with the central board,
should receive, safely keep, and disburse the public moneys. And in
order to furnish a sound paper medium of exchange the exchequer should
retain of the revenues of the Government a sum not to exceed $5,000,000
in specie, to be set apart as required by its operations, and to pay the
public creditor at his own option either in specie or Treasury notes of
denominations not less than $5 nor exceeding $100, which notes should
be redeemed at the several places of issue, and to be receivable at