by the
States would doubtless in that event have also interdicted their issue
as a currency in any other form. The Constitution, however, contains no
such prohibition; and since the States have exercised for nearly half
a century the power to regulate the business of banking, it is not to
be expected that it will be abandoned. The whole matter is now under
discussion before the proper tribunal--the people of the States. Never
before has the public mind been so thoroughly awakened to a proper
sense of its importance; never has the subject in all its bearings
been submitted to so searching an inquiry. It would be distrusting the
intelligence and virtue of the people to doubt the speedy and efficient
adoption of such measures of reform as the public good demands. All
that can rightfully be done by the Federal Government to promote the
accomplishment of that important object will without doubt be performed.

In the meantime it is our duty to provide all the remedies against a
depreciated paper currency which the Constitution enables us to afford.
The Treasury Department on several former occasions has suggested the
propriety and importance of a uniform law concerning bankruptcies of
corporations and other bankers. Through the instrumentality of such a
law a salutary check may doubtless be imposed on the issues of paper
money and an effectual remedy given to the citizen in a way at once
equal in all parts of the Union and fully authorized by the
Constitution.

The indulgence granted by Executive authority in the payment of bonds
for duties has been already mentioned. Seeing that the immediate
enforcement of these obligations would subject a large and highly
respectable portion of our citizens to great sacrifices, and believing
that a temporary postponement could be made without detriment to other
interests and with increased certainty of ultimate payment, I did not
hesitate to comply with the request that was made of me. The terms
allowed are to the full extent as liberal as any that are to be found
in the practice of the executive department. It remains for Congress to
decide whether a further postponement may not with propriety be allowed;
and if so, their legislation upon the subject is respectfully invited.

The report of the Secretary of the Treasury will exhibit the condition
of these debts, the extent and effect of the present indulgence, the
probable result of its further extension on the state of the Treasury,
an