principles well known and openly declared, and while the subtreasury
received in the result the most decided condemnation, yet no other
scheme of finance seemed to have been concurred in. To you, then, who
have come more directly from the body of our common constituents, I
submit the entire question, as best qualified to give a full exposition
of their wishes and opinions. I shall be ready to concur with you in the
adoption of such system as you may propose, reserving to myself the
ultimate power of rejecting any measure which may, in my view of it,
conflict with the Constitution or otherwise jeopardize the prosperity of
the country--a power which I could not part with even if I would, but
which I will not believe any act of yours will call into requisition.

I can not avoid recurring, in connection with this subject, to the
necessity which exists for adopting some suitable measure whereby the
unlimited creation of banks by the States may be corrected in future.
Such result can be most readily achieved by the consent of the States,
to be expressed in the form of a compact among themselves, which
they can only enter into with the consent and approbation of this
Government--a consent which might in the present emergency of the
public demands justifiably be given by Congress in advance of any action
by the States, as an inducement to such action, upon terms well defined
by the act of tender. Such a measure, addressing itself to the calm
reflection of the States, would find in the experience of the past and
the condition of the present much to sustain it; and it is greatly to be
doubted whether any scheme of finance can prove for any length of time
successful while the States shall continue in the unrestrained exercise
of the power of creating banking corporations. This power can only be
limited by their consent.

With the adoption of a financial agency of a satisfactory character the