ith their subjects
heavily burthened with taxation, readily obtained loans of any amount
at a greatly reduced rate of interest. It would be unprofitable to look
further into this anomalous state of things, but I can not conclude
without adding that for a Government which has paid off its debts of
two wars with the largest maritime power of Europe, and now owing a
debt which is almost next to nothing when compared with its boundless
resources--a Government the strongest in the world, because emanating
from the popular will and firmly rooted in the affections of a great
and free people, and whose fidelity to its engagements has never been
questioned--for such a Government to have tendered to the capitalists of
other countries an opportunity for a small investment in its stock, and
yet to have failed, implies either the most unfounded distrust in its
good faith or a purpose to obtain which the course pursued is the most
fatal which could have been adopted. It has now become obvious to all
men that the Government must look to its own means for supplying its
wants, and it is consoling to know that these means are altogether
adequate for the object. The exchequer, if adopted, will greatly aid
in bringing about this result. Upon what I regard as a well-founded
supposition that its bills would be readily sought for by the public
creditors and that the issue would in a short time reach the maximum of
$15,000,000, it is obvious that $10,000,000 would thereby be added to
the available means of the Treasury without cost or charge. Nor can I
fail to urge the great and beneficial effects which would be produced in
aid of all the active pursuits of life. Its effects upon the solvent
State banks, while it would force into liquidation those of an opposite
character through its weekly settlements, would be highly beneficial;
and with the advantages of a sound currency the restoration of
confidence and credit would follow with a numerous train of blessings.
My convictions are most strong that these benefits would flow from the
adoption of this measure; but if the result should be adverse there is
this security in connection with it--that the law creating it may be
repealed at the pleasure of the Legislature without the slightest
implication of its good faith.

I recommend to Congress to take into consideration the propriety of
reimbursing a fine imposed on General Jackson at New Orleans at the
time of the attack and defense of that city,