The resources and the faith of the nation,
displayed in the system which Congress has established, insure respect
and confidence both at home and abroad. The local accumulations of the
revenue have already enabled the Treasury to meet the public engagements
in the local currency of most of the States, and it is expected that the
same cause will produce the same effect throughout the Union; but for
the interests of the community at large, as well as for the purposes
of the Treasury, it is essential that the nation should possess a
currency of equal value, credit, and use wherever it may circulate.
The Constitution has intrusted Congress exclusively with the power of
creating and regulating a currency of that description, and the measures
which were taken during the last session in execution of the power
give every promise of success. The Bank of the United States has been
organized under auspices the most favorable, and can not fail to be an
important auxiliary to those measures.
For a more enlarged view of the public finances, with a view of the
measures pursued by the Treasury Department previous to the resignation
of the late Secretary, I transmit an extract from the last report of
that officer. Congress will perceive in it ample proofs of the solid
foundation on which the financial prosperity of the nation rests, and
will do justice to the distinguished ability and successful exertions
with which the duties of the Department were executed during a period
remarkable for its difficulties and its peculiar perplexities.
Pages:
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215