elieving
mercantile embarrassments, or interfering with the ordinary operations
of foreign or domestic commerce, it is from a conviction that such
measures are not within the constitutional province of the General
Government, and that their adoption would not promote the real and
permanent welfare of those they might be designed to aid.

The difficulties and distresses of the times, though unquestionably
great, are limited in their extent, and can not be regarded as affecting
the permanent prosperity of the nation. Arising in a great degree from
the transactions of foreign and domestic commerce, it is upon them
that they have chiefly fallen. The great agricultural interest has in
many parts of the country suffered comparatively little, and, as if
Providence intended to display the munificence of its goodness at the
moment of our greatest need, and in direct contrast to the evils
occasioned by the waywardness of man, we have been blessed throughout
our extended territory with a season of general health and of uncommon
fruitfulness. The proceeds of our great staples will soon furnish the
means of liquidating debts at home and abroad, and contribute equally
to the revival of commercial activity and the restoration of commercial
credit. The banks, established avowedly for its support, deriving their
profits from it, and resting under obligations to it which can not be
overlooked, will feel at once the necessity and justice of uniting their
energies with those of the mercantile interest.

The suspension of specie payments at such a time and under such
circumstances as we have lately witnessed could not be other than a
temporary measure, and we can scarcely err in believing that the period
must soon arrive when all that are solvent will redeem their issues
in gold and silver. Dealings abroad naturally depend on resources and
prosperity at home. If the debt of our merchants has accumulated or
their credit is impaired, these are fluctuations always incident to
extensive or extravagant mercantile transactions. But the ultimate
security of such obligations does not admit of question. They are
guaranteed by the resources of a country the fruits of whose industry
afford abundant means of ample liquidation, and by the evident interest
of every merchant to sustain a credit hitherto high by promptly applying
these means for its preservation.

I deeply regret that events have occurred which require me to ask your
consideration of su