and abroad, and ease and facility secured to all the operations
of trade.

The agency of the Government in producing these results has been as
efficient as its powers and means permitted. By withholding from the
States the deposit of the fourth installment, and leaving several
millions at long credits with the banks, principally in one section of
the country, and more immediately beneficial to it, and at the same
time aiding the banks and commercial communities in other sections by
postponing the payment of bonds for duties to the amount of between four
and five millions of dollars; by an issue of Treasury notes as a means
to enable the Government to meet the consequences of their indulgences,
but affording at the same time facilities for remittance and exchange;
and by steadily declining to employ as general depositories of the
public revenues, or receive the notes of, all banks which refused to
redeem them with specie--by these measures, aided by the favorable
action of some of the banks and by the support and cooperation of a
large portion of the community, we have witnessed an early resumption
of specie payments in our great commercial capital, promptly followed
in almost every part of the United States. This result has been
alike salutary to the true interests of agriculture, commerce, and
manufactures; to public morals, respect for the laws, and that
confidence between man and man which is so essential in all our
social relations.

The contrast between the suspension of 1814 and that of 1837 is most
striking. The short duration of the latter, the prompt restoration
of business, the evident benefits resulting from an adherence by
the Government to the constitutional standard of value instead of
sanctioning the suspension by the receipt of irredeemable paper, and the
advantages derived from the large amount of specie introduced into the
country previous to 1837 afford a valuable illustration of the true
policy of the Government in such a crisis. Nor can the comparison fail
to remove the impression that a national bank is necessary in such
emergencies. Not only were specie payments resumed without its aid, but
exchanges have also been more rapidly restored than when it existed,
thereby showing that private capital, enterprise, and prudence are fully
adequate to these ends. On all these points experience seems to have
confirmed the views heretofore submitted to Congress. We have been
saved the mortification of seei