last three quarters of the last year and first quarter of the present year amounted to $12,100,000; the receipts for lands for the same time to $2,742,450, shewing an average revenue from both sources of $1,236,870 per month.

A gradual expansion of trade, growing out of a restoration of confidence, together with a reduction in the expenses of collecting and punctuality on the part of collecting officers, may cause an addition to the monthly receipts from the customs. They are estimated for the residue of the year from the 4th of March at $12,000,000. The receipts from the public lands for the same time are estimated at $2,500,000, and from miscellaneous sources at $170,000, making an aggregate of available fund within the year of $15,315,000, which will leave a probable deficit of $11,406,132.98. To meet this some temporary provision is necessary until the amount can be absorbed by the excess of revenues which are anticipated to accrue at no distant day.

There will fall due within the next three months Treasury notes of the issues of 1840, including interest, about $2,850,000. There is chargeable in the same period for arrearages for taking the Sixth Census $294,000, and the estimated expenditures for the current service are about $8,100,000, making the aggregate demand upon the Treasury prior to the 1st of September next about $11,340,000.

The ways and means in the Treasury and estimated to accrue within the above-named period consist of about $694,000 of funds available on the 28th ultimo, an unissued balance of Treasury notes authorized by the act of 1841 amounting to $1,955,000, and estimated receipts from all sources of $3,800,000, making an aggregate of about $6,450,000, and leaving a probable deficit on the 1st of September next of $4,845,000.

In order to supply the wants of the Government, an intelligent constituency, in view of their best interests, will without hesitation submit to all necessary burthens. But it is nevertheless important so to impose them as to avoid defeating the just expectations of the country growing out of preexisting laws. The act of the 2d of March, 1833, commonly called the "compromise act," should not be altered except under urgent necessities, which are not believed at this time to exist. One year only remains to complete the series of reductions provided for by that law, at which time provisions made by the same law, and which then will be brought actively in aid of the manufacturing interests of the Union, will not fail to produce the most beneficial results. Under a system of discriminating duties imposed for purposes of revenue, in unison with the provisions of existing laws, it is to be hoped that our policy will in the future be fixed and permanent, so as to avoid those constant fluctuations which defeat the very objects they have in view. We shall thus best maintain a position which, while it will enable us the more readily to meet the advances of other countries calculated to promote our trade and commerce, will at the same time leave in our own hands the means of retaliating with greater effect unjust regulations.

In intimate connection with the question of revenue is that which makes provision for a suitable fiscal agent, capable of adding increased facilities in the collection and disbursement of the public revenues, rendering more secure their custody, and consulting a true economy in the great, multiplied, and delicate operations of the Treasury Department. Upon such an agent depends in an eminent degree the establishment of a currency of uniform value, which is of so great importance to all the essential interests of society, and on the wisdom to be manifested in its creation much depends. So intimately interwoven are its operations, not only with the interests of individuals, but of States, that it may be regarded to a great degree as controlling both. If paper be used as the chief medium of circulation, and the power be vested in the Government of issuing it at pleasure, either in the form of Treasury drafts or any other, or if banks be used as the public depositories, with liberty to regard all surpluses from day to day as so much added to their active capital, prices are exposed to constant fluctuations and industry to severe suffering. In the one case political considerations directed to party purposes may control, while excessive cupidity may prevail in the other. The public is thus constantly liable to imposition. Expansions and contractions may follow each other in rapid succession—the one engendering a reckless spirit of adventure and speculation, which embraces States as well as individuals, the other causing a fall in prices and accomplishing an entire change in the aspect of affairs. Stocks of all sorts rapidly decline, individuals are ruined, and States embarrassed even in their efforts to meet with punctuality the interest on their debts. Such, unhappily, is the condition of things now existing in the United States. These effects may readily be traced to the causes above referred to. The public revenues, being removed from the then Bank of the United States, under an order of a late President, were placed in selected State banks, which, actuated by the double motive of conciliating the Government and augmenting their profits to the greatest possible extent, enlarged extravagantly their discounts, thus enabling all other existing banks to do the same; large dividends were declared, which, stimulating the cupidity of capitalists, caused a rush to be made to the legislatures of the respective States for similar acts of incorporation, which by many of the States, under a temporary infatuation, were readily granted, and thus the augmentation of the circulating medium, consisting almost exclusively of paper, produced a most fatal delusion. An illustration derived from the land sales of the period alluded to will serve best to show the effect of the whole system. The average sales of the public lands for a period of ten years prior to 1834 had not much exceeded $2,000,000 per annum. In 1834 they attained in round numbers to the amount of $6,000,000; in the succeeding year of 1835 they reached $16,000,000, and the next year of 1836 they amounted to the enormous sum of $25,000,000, thus crowding into the short space of three years upward of twenty-three years' purchase of the public domain. So apparent had become the necessity of arresting this course of things that the executive department assumed the highly questionable power of discriminating in the funds to be used in payment by different classes of public debtors—a discrimination which was doubtless designed to correct this most ruinous state of things by the exaction of specie in all payments for the public lands, but which could not at once arrest the tide which had so strongly set in. Hence the demands for specie became unceasing, and corresponding prostration rapidly ensued under the necessities created with the banks to curtail their discounts and thereby to reduce their circulation. I recur to these things with no disposition to censure preexisting Administrations of the Government, but simply in exemplification of the truth of the position which I have assumed. If, then, any fiscal agent which may be created shall be placed, without due restrictions, either in the hands of the administrators of the Government or those of private individuals, the temptation to abuse will prove to be resistless. Objects of political aggrandizement may seduce the first, and the promptings of a boundless cupidity will assail the last. Aided by the experience of the past, it will be the pleasure of Congress so to guard and fortify the public interests in the creation of any new agent as to place them, so far as human wisdom can accomplish it, on a footing of perfect security. Within a few years past three different schemes have been before the country. The charter of the Bank of the United States expired by its own limitations in 1836. An effort was made to renew it, which received the sanction of the two Houses of Congress, but the then President of the United States exercised his veto power and