our own people, it has
become a substantial branch of national, though private, property. For
obvious reasons the more nearly this property can be distributed among
all the people the better. To favor such general distribution, greater
inducements to become owners might, perhaps, with good effect and without
injury be presented to persons of limited means. With this view I suggest
whether it might not be both competent and expedient for Congress to
provide that a limited amount of some future issue of public securities
might be held by any bona fide purchaser exempt from taxation and from
seizure for debt, under such restrictions and limitations as might be
necessary to guard against abuse of so important a privilege. This
would enable every prudent person to set aside a small annuity against a
possible day of want.

Privileges like these would render the possession of such securities to
the amount limited most desirable to every person of small means who might
be able to save enough for the purpose. The great advantage of citizens
being creditors as well as debtors with relation to the public debt is
obvious. Men readily perceive that they can not be much oppressed by a
debt which they owe to themselves.

The public debt on the first day of July last, although somewhat exceeding
the estimate of the Secretary of the Treasury made to Congress at the
commencement of the last session, falls short of the estimate of that
officer made in the preceding December as to its probable amount at the
beginning of this year by the sum of $3,995,097.31. This fact exhibits a
satisfactory condition and conduct of the operations of the Treasury.

The national banking system is proving to be acceptable to capitalists
and to the people. On the twenty-fifth day of November five hundred and
eighty-four national banks had been organized, a considerable number of
which were conversions from State banks. Changes from State systems to the
national system are rapidly taking place, and it is hoped that very soon
there will be in the United States no banks of issue not authorized by
Congress and no bank-note circulation not secured by the Government. That
the Government and the people will derive great benefit from this change
in the banking systems of the country can hardly be questioned. The
national system will create a reliable and permanent influence in support
of the national credit and protect the people against losses in the use of
paper