The continued agitation of the question relative to the best mode of
keeping and disbursing the public money still injuriously affects the
business of the country. The suspension of specie payments in 1837
rendered the use of deposit banks as prescribed by the act of 1836 a
source rather of embarrassment than aid, and of necessity placed the
custody of most of the public money afterwards collected in charge of
the public officers. The new securities for its safety which this
required were a principal cause of my convening an extra session of
Congress, but in consequence of a disagreement between the two Houses
neither then nor at any subsequent period has there been any legislation
on the subject. The effort made at the last session to obtain the
authority of Congress to punish the use of public money for private
purposes as a crime--a measure attended under other governments with
signal advantage--was also unsuccessful, from diversities of opinion in
that body, notwithstanding the anxiety doubtless felt by it to afford
every practicable security.
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