ailed with Great Britain. Whether if the United States Bank charter,
which expired in 1811, had been renewed in due season it would have been
enabled to continue specie payments during the war and the disastrous
period to the commerce of the country which immediately succeeded is, to
say the least, problematical, and whether the United States Bank of 1816
produced a restoration of specie payments or the same was accomplished
through the instrumentality of other means was a matter of some
difficulty at that time to determine. Certain it is that for the first
years of the operation of that bank its course was as disastrous as
for the greater part of its subsequent career it became eminently
successful. As to the second, the experiment was tried with a redundant
Treasury, which continued to increase until it seemed to be the part
of wisdom to distribute the surplus revenue among the States, which,
operating at the same time with the specie circular and the causes
before adverted to, caused them to suspend specie payments and involved
the country in the greatest embarrassment. And as to the third, if
carried through all the stages of its transmutation from paper and
specie to nothing but the precious metals, to say nothing of the
insecurity of the public moneys, its injurious effects have been
anticipated by the country in its unqualified condemnation. What is now
to be regarded as the judgment of the American people on this whole
subject I have no accurate means of determining but by appealing to
their more immediate representatives. The late contest, which terminated
in the election of General Harrison to the Presidency, was decided on
principles well known and openly declared, and while the subtreasury
received in the result the most decided condemnation, yet no other
scheme of finance seemed to have been concurred in. To you, then, who
have come more directly from the body of our common constituents, I
submit the entire question, as best qualified to give a full exposition
of their wishes and opinions. I shall be ready to concur with you in the
adoption of such system as you may propose, reserving to myself the
ultimate power of rejecting any measure which may, in my view of it,
conflict with the Constitution or otherwise jeopardize the prosperity of
the country--a power which I could not part with even if I would, but
which I will not believe any act of yours will call into requisition.

I can not avoid recurring, in co