d will be stated by itself), so far as they
bear upon this subject, are that the losses which have been and are
likely to be sustained by any class of agents have been the greatest by
banks, including, as required in the resolution, their depreciated paper
received for public dues; that the next largest have been by disbursing
officers, and the least by collectors and receivers. If the losses on
duty bonds are included, they alone will be threefold those by both
collectors and receivers. Our whole experience, therefore, furnishes the
strongest evidence that the desired legislation of Congress is alone
wanting to insure in those operations the highest degree of security
and facility. Such also appears to have been the experience of other
nations. From the results of inquiries made by the Secretary of the
Treasury in regard to the practice among them I am enabled to state
that in twenty-two out of twenty-seven foreign governments from which
undoubted information has been obtained the public moneys are kept in
charge of public officers. This concurrence of opinion in favor of
that system is perhaps as great as exists on any question of internal
administration.

In the modes of business and official restraints on disbursing officers
no legal change was produced by the suspension of specie payments. The
report last referred to will be found to contain also much useful
information in relation to this subject.

I have heretofore assigned to Congress my reasons for believing that
the establishment of an independent National Treasury, as contemplated
by the Constitution, is necessary to the safe action of the Federal
Government. The suspension of specie payments in 1837 by the banks
having the custody of the public money showed in so alarming a degree
our dependence on those institutions for the performance of duties
required by law that I then recommended the entire dissolution of that
connection. This recommendation has been subjected, as I desired it
should be, to severe scrutiny and animated discussion, and I allow
myself to believe that notwithstanding the natural diversities of
opinion which may be anticipated on all subjects involving such
important considerations, it has secured in its favor as general a
concurrence of public sentiment as could be expected on one of such
magnitude.

Recent events have also continued to develop new objections to such a
connection. Seldom is any bank, under the existing system and pract