of credit;
the same spirit of speculation; the same partial successes; the same
difficulties and reverses, and at length nearly the same overwhelming
catastrophe. The most material difference between the results in the
two countries has only been that with us there has also occurred an
extensive derangement in the fiscal affairs of the Federal and State
Governments, occasioned by the suspension of specie payments by the
banks.

The history of these causes and effects in Great Britain and the United
States is substantially the history of the revulsion in all other
commercial countries.

The present and visible effects of these circumstances on the operations
of the Government and on the industry of the people point out the
objects which call for your immediate attention.

They are, to regulate by law the safe-keeping, transfer, and
disbursement of the public moneys; to designate the funds to be received
and paid by the Government; to enable the Treasury to meet promptly
every demand upon it; to prescribe the terms of indulgence and the mode
of settlement to be adopted, as well in collecting from individuals the
revenue that has accrued as in withdrawing it from former depositories;
and to devise and adopt such further measures, within the constitutional
competency of Congress, as will be best calculated to revive the
enterprise and to promote the prosperity of the country.

For the deposit, transfer, and disbursement of the revenue national and
State banks have always, with temporary and limited exceptions, been
heretofore employed; but although advocates of each system are still to
be found, it is apparent that the events of the last few months have
greatly augmented the desire, long existing among the people of the
United States, to separate the fiscal operations of the Government from
those of individuals or corporations.

Again to create a national bank as a fiscal agent would be to
disregard the popular will, twice solemnly and unequivocally expressed.
On no question of domestic policy is there stronger evidence that the
sentiments of a large majority are deliberately fixed, and I can not
concur with those who think they see in recent events a proof that these
sentiments are, or a reason that they should be, changed.

Events similar in their origin and character have heretofore frequently
occurred without producing any such change, and the lessons of
experience must be forgotten if we suppose that the presen