This concurrence of opinion in favor of
that system is perhaps as great as exists on any question of internal
administration.
In the modes of business and official restraints on disbursing officers
no legal change was produced by the suspension of specie payments. The
report last referred to will be found to contain also much useful
information in relation to this subject.
I have heretofore assigned to Congress my reasons for believing that
the establishment of an independent National Treasury, as contemplated
by the Constitution, is necessary to the safe action of the Federal
Government. The suspension of specie payments in 1837 by the banks
having the custody of the public money showed in so alarming a degree
our dependence on those institutions for the performance of duties
required by law that I then recommended the entire dissolution of that
connection. This recommendation has been subjected, as I desired it
should be, to severe scrutiny and animated discussion, and I allow
myself to believe that notwithstanding the natural diversities of
opinion which may be anticipated on all subjects involving such
important considerations, it has secured in its favor as general a
concurrence of public sentiment as could be expected on one of such
magnitude.
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