eeping
of the public moneys might under the system proposed be placed on a
surer foundation than it has ever occupied since the establishment
of the Government.

The Secretary of the Treasury will lay before you additional information
containing new details on this interesting subject. To these I ask your
early attention. That it should have given rise to great diversity of
opinion can not be a subject of surprise. After the collection and
custody of the public moneys had been for so many years connected with
and made subsidiary to the advancement of private interests, a return
to the simple self-denying ordinances of the Constitution could not but
be difficult. But time and free discussion, eliciting the sentiments
of the people, and aided by that conciliatory spirit which has ever
characterized their course on great emergencies, were relied upon for a
satisfactory settlement of the question. Already has this anticipation,
on one important point at least--the impropriety of diverting public
money to private purposes--been fully realized. There is no reason to
suppose that legislation upon that branch of the subject would now be
embarrassed by a difference of opinion, or fail to receive the cordial
support of a large majority of our constituents.

The connection which formerly existed between the Government and banks
was in reality injurious to both, as well as to the general interests
of the community at large. It aggravated the disasters of trade and
the derangements of commercial intercourse, and administered new
excitements and additional means to wild and reckless speculations, the
disappointment of which threw the country into convulsions of panic, and
all but produced violence and bloodshed. The imprudent expansion of bank
credits, which was the natural result of the command of the revenues
of the State, furnished the resources for unbounded license in every
species of adventure, seduced industry from its regular and salutary
occupations by the hope of abundance without labor, and deranged the
social state by tempting all trades and professions into the vortex
of speculation on remote contingencies.

The same wide-spreading influence impeded also the resources of the
Government, curtailed its useful operations, embarrassed the fulfillment
of its obligations, and seriously interfered with the execution of
the laws. Large appropriations and oppressive taxes are the natural
consequences of such a connection, sinc