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 hope may be indulged that the country may once more return to a state of prosperity.  Measures auxiliary thereto, and in some measure inseparably connected with its success, will doubtless claim the attention of Congress.  Among such, a distribution of the proceeds of the sales of the public lands, provided such distribution does not force upon Congress the necessity of imposing upon commerce heavier burthens than those contemplated by the act of 1833, would act as an efficient remedial measure by being brought directly in aid of the States.  As one sincerely devoted to the task of preserving a just balance in our system of Government by the maintenance of the States in a condition the most free and respectable and in the full possession of all their power, I can no otherwise than feel desirous for their emancipation from the situation to which the pressure on their finances now subjects them.  And while I must repudiate, as a measure founded in error and wanting constitutional sanction, the slightest approach to an assumption by this Government of the debts of the States, yet I can see in the distribution adverted to much to recommend it.  The compacts between the proprietor States and this Government expressly guarantee to the States all the benefits which may arise from the sales.  The mode by which this is