trolling
power over the public Treasury. If in the plan proposed, should you deem
it worthy of your consideration, that separation is not as complete as
you may desire, you will doubtless amend it in that particular. For
myself, I disclaim all desire to have any control over the public moneys
other than what is indispensably necessary to execute the laws which you
may pass.

Nor can I fail to advert in this connection to the debts which many of
the States of the Union have contracted abroad and under which they
continue to labor. That indebtedness amounts to a sum not less than
$200,000,000, and which has been retributed to them for the most part
in works of internal improvement which are destined to prove of vast
importance in ultimately advancing their prosperity and wealth. For the
debts thus contracted the States are alone responsible. I can do no more
than express the belief that each State will feel itself bound by every
consideration of honor as well as of interest to meet its engagements
with punctuality. The failure, however, of any one State to do so should
in no degree affect the credit of the rest, and the foreign capitalist
will have no just cause to experience alarm as to all other State stocks
because any one or more of the States may neglect to provide with
punctuality the means of redeeming their engagements. Even such States,
should there be any, considering the great rapidity with which their
resources are developing themselves, will not fail to have the means
at no very distant day to redeem their obligations to the uttermost
farthing; nor will I doubt but that, in view of that honorable conduct
which has evermore governed the States and the people of the Union, they
will each and all resort to every legitimate expedient before they will
forego a faithful compliance with their obligations.

From the report of the Secretary of War and other reports accompanying
it you will be informed of the progress which has been made in the
fortifications designed for the protection of our principal cities,
roadsteads, and inland frontier during the present year, together with
their true state and condition. They will be prosecuted to completion
with all the expedition which the means placed by Congress at the
disposal of the Executive will allow.

I recommend particularly to your consideration that portion of the
Secretary's report which proposes the establishment of a chain of
military posts from Council Bluff