, aided by the
resistance of the General Government, acting in obedience to the
Constitution and laws of the United States, to the introduction of
an irredeemable paper medium, may be attributed in a great degree the
speedy restoration of our currency to a sound state and the business
of the country to its wonted prosperity.

The banks have but to continue in the same safe course and be content
in their appropriate sphere to avoid all interference from the General
Government and to derive from it all the protection and benefits which
it bestows on other State establishments, on the people of the States,
and on the States themselves. In this, their true position, they can
not but secure the confidence and good will of the people and the
Government, which they can only lose when, leaping from their legitimate
sphere, they attempt to control the legislation of the country and
pervert the operations of the Government to their own purposes.

Our experience under the act, passed at the last session, to grant
preemption rights to settlers on the public lands has as yet been too
limited to enable us to pronounce with safety upon the efficacy of its
provisions to carry out the wise and liberal policy of the Government in
that respect. There is, however, the best reason to anticipate favorable
results from its operation. The recommendations formerly submitted to
you in respect to a graduation of the price of the public lands remain
to be finally acted upon. Having found no reason to change the views
then expressed, your attention to them is again respectfully requested.

Every proper exertion has been made and will be continued to carry out
the wishes of Congress in relation to the tobacco trade, as indicated
in the several resolutions of the House of Representatives and the
legislation of the two branches. A favorable impression has, I trust,
been made in the different foreign countries to which particular
attention has been directed; and although we can not hope for an early
change in their policy, as in many of them a convenient and large
revenue is derived from monopolies in the fabrication and sale of this
article, yet, as these monopolies are really injurious to the people
where they are established, and the revenue derived from them may be
less injuriously and with equal facility obtained from another and a
liberal system of administration, we can not doubt that our efforts
will be eventually crowned with success if pers