ailroads and canals, and by steamboats
and other modes of conveyance over the surface of our vast rivers and
immense lakes, and the value of property carried and interchanged by
these means form a general aggregate to which the foreign commerce of
the country, large as it is, makes but a distant approach.

In the absence of any controlling power over this subject, which, by
forcing a general resumption of specie payments, would at once have the
effect of restoring a sound medium of exchange and would leave to the
country but little to desire, what measure of relief falling within the
limits of our constitutional competency does it become this Government
to adopt? It was my painful duty at your last session, under the weight
of most solemn obligations, to differ with Congress on the measures
which it proposed for my approval, and which it doubtless regarded as
corrective of existing evils. Subsequent reflection and events since
occurring have only served to confirm me in the opinions then
entertained and frankly expressed. I must be permitted to add that no
scheme of governmental policy unaided by individual exertions can be
available for ameliorating the present condition of things. Commercial
modes of exchange and a good currency are but the necessary means of
commerce and intercourse, not the direct productive sources of wealth.
Wealth can only be accumulated by the earnings of industry and the
savings of frugality, and nothing can be more ill judged than to look
to facilities in borrowing or to a redundant circulation for the power
of discharging pecuniary obligations. The country is full of resources
and the people full of energy, and the great and permanent remedy
for present embarrassments must be sought in industry, economy, the
observance of good faith, and the favorable influence of time. In
pursuance of a pledge given to you in my last message to Congress, which
pledge I urge as an apology for adventuring to present you the details
of any plan, the Secretary of the Treasury will be ready to submit to
you, should you require it, a plan of finance which, while it throws
around the public treasure reasonable guards for its protection and
rests on powers acknowledged in practice to exist from the origin of
the Government, will at the same time furnish to the country a sound
paper medium and afford all reasonable facilities for regulating the
exchanges. When submitted, you will perceive in it a plan amendatory of
t