of them it will be submitted, whenever you may require it, to your consideration. I am not able to perceive that any fair and candid objection can be urged against the plan, the principal outlines of which I have thus presented. I cannot doubt but that the notes which it proposes to furnish, at the voluntary option of the public creditor, issued in lieu of the revenue and its certificates of deposite, will be maintained at an equality with gold and silver every where. They are redeemable in gold and silver on demand, at the places of issue. They are receivable every where in payment of Government dues. The Treasury notes are limited to an amount of one-fourth less than the estimated annual receipts of the Treasury; and, in addition, they rest upon the faith of the Government for their redemption. If all these assurances are not sufficient to make them available, then the idea, as it seems to me, of furnishing a sound paper medium of exchanges, may be entirely abandoned. If a fear be indulged that the Government may be tempted to run into excess in its issues at any future day, it seems to me that no such apprehension can reasonably be entertained until all confidence in the representatives of the States and of the people, as well as of the people themselves,, shall be lost. The weightiest considerations of policy require that the restraints now proposed to be thrown around the measure should not, for light causes, be removed. To argue against any proposed plan its liability to possible abuse, is to reject every expedient, since every thing dependent on human action is liable to abuse. Fifteen millions of Treasury notes- may be issued as the maximum, but a discretionary power is to be given to the board of control, under that sum, and every consideration will unite in leading them to feel their way with caution. For the eight first years of the existence of the late Bank of the United States, its circulation barely exceeded $4,000,000 ; and for five of its most prosperous years, it was about equal to $16,000,000; furthermore, the authority given to receive private deposites to a limited amount, and to issue certificates in such sums as may be called for by the depositors, may so far fill up the channels of circulation as greatly to diminish the necessity of any considerable issue of Treasury notes. A restraint upon the amount of private deposites has seemed to be indispensably necessary, from an apprehension, thought to be well founded, that in any emergency of trade, confidence might be so far shaken in the banks as to induce a withdrawal from them of private deposites, with a view to ensure their unquestionable safety when deposited with the Government, which might prove eminently disastrous to the State banks. Is it objected that it is proposed to authorize the agencies to deal in bills of exchange? It is answered, that such dealings are to be carried on at the lowest possible premium—are made to rest on an unquestionably sound basis—are designed to reimburse merely the expenses which would otherwise devolve upon the Treasury, and are in strict subordination to the decision of the Supreme Court, in the case of the Bank of Augusta against Earle, and other reported cases ; and thereby avoids all conflict with State jurisdiction, which I hold to be indispensably requisite. It leaves the banking privileges of the States without interference—looks to the Treasury and the Union—and, while furnishing every facility to the first, is careful of the interests of the last. But, above all, it is created by law, is amendable by law, and is repealable by law; and wedded as I am to no theory, but looking solely to the advancement of the public good, I shall
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