to forget the lesson which they have taught.

In the meantime it is the duty of the Government, by all proper means
within its power, to aid in alleviating the sufferings of the people
occasioned by the suspension of the banks and to provide against a
recurrence of the same calamity. Unfortunately, in either aspect of the
case it can do but little. Thanks to the independent treasury, the
Government has not suspended payment, as it was compelled to do by
the failure of the banks in 1837. It will continue to discharge its
liabilities to the people in gold and silver. Its disbursements in coin
will pass into circulation and materially assist in restoring a sound
currency. From its high credit, should we be compelled to make a
temporary loan, it can be effected on advantageous terms. This, however,
shall if possible be avoided, but if not, then the amount shall be
limited to the lowest practicable sum.

I have therefore determined that whilst no useful Government works
already in progress shall be suspended, new works not already commenced
will be postponed if this can be done without injury to the country.
Those necessary for its defense shall proceed as though there had been
no crisis in our monetary affairs.

But the Federal Government can not do much to provide against a
recurrence of existing evils. Even if insurmountable constitutional
objections did not exist against the creation of a national bank, this
would furnish no adequate preventive security. The history of the last
Bank of the United States abundantly proves the truth of this assertion.
Such a bank could not, if it would, regulate the issues and credits of
1,400 State banks in such a manner as to prevent the ruinous expansions
and contractions in our currency which afflicted the country throughout