ford you a more
minute exposition of all matters connected with the administration of
the finances during the current year--a period which for the amount of
public moneys disbursed and deposited with the States, as well as the
financial difficulties encountered and overcome, has few parallels in
our history.

Your attention was at the last session invited to the necessity of
additional legislative provisions in respect to the collection,
safe-keeping, and transfer of the public money. No law having been then
matured, and not understanding the proceedings of Congress as intended
to be final, it becomes my duty again to bring the subject to your
notice.

On that occasion three modes of performing this branch of the public
service were presented for consideration. These were, the creation of
a national bank; the revival, with modifications, of the deposit system
established by the act of the 23d of June, 1836, permitting the use
of the public moneys by the banks; and the discontinuance of the use of
such institutions for the purposes referred to, with suitable provisions
for their accomplishment through the agency of public officers.
Considering the opinions of both Houses of Congress on the first two
propositions as expressed in the negative, in which I entirely concur,
it is unnecessary for me again to recur to them. In respect to the last,
you have had an opportunity since your adjournment not only to test
still further the expediency of the measure by the continued practical
operation of such parts of it as are now in force, but also to discover
what should ever be sought for and regarded with the utmost
deference--the opinions and wishes of the people.

The national will is the supreme law of the Republic, and on all
subjects within the limits of his constitutional powers should be
faithfully obeyed by the public servant. Since the measure in question
was submitted to your consideration most of you have enjoyed the
advantage of personal communication with your constituents. For one
State only has an election been held for the Federal Government;
but the early day at which it took place deprived the measure under
consideration of much of the support it might otherwise have derived
from the result. Local elections for State officers have, however,
been held in several of the States, at which the expediency of the plan
proposed by the Executive has been more or less discussed. You will,
I am confident, yield to their