any power to trade in its name.  It is subjected to such guards and restraints as have appeared to be necessary.  It is the creature of law and exists only at the pleasure of the Legislature.  It is made to rest on an actual specie basis in order to redeem the notes at the places of issue, produces no dangerous redundancy of circulation, affords no temptation to speculation, is attended by no inflation of prices, is equable in its operation, makes the Treasury notes (which it may use along with the certificates of deposit and the notes of specie-paying banks) convertible at the place where collected, receivable in payment of Government dues, and without violating any principle of the Constitution affords the Government and the people such facilities as are called for by the wants of both.  Such, it has appeared to me, are its recommendations, and in view of them it will be submitted, whenever you may require it, to your consideration.

I am not able to perceive that any fair and candid objection can be urged against the plan, the principal outlines of which I have thus presented.  I can not doubt but that the notes which it proposes to furnish at the voluntary option of the public creditor, issued in lieu of the revenue and its certificates of deposit, will be maintained at an equality with gold and silver everywhere.  They are redeemable in gold and silver on demand at the places of issue.  They are receivable everywhere in payment of Government dues.  The Treasury notes are limited to an amount of one-fourth less than the estimated annual receipts of the Treasury, and in addition they rest upon the faith of the Government for their redemption.  If all these assurances are not sufficient to make them available, then the idea, as it seems to me, of furnishing a sound paper medium of exchange may be entirely abandoned.

If a fear be indulged that the Government may be tempted to run into excess in its issues at any future day, it seems to me that no such apprehension can reasonably be entertained until all confidence in the representatives of the States and of the people, as well as of the people themselves, shall be lost.  The weightiest considerations of policy require that the restraints now proposed to be thrown around the measure should not for light causes be removed.  To argue against any proposed plan its liability to possible abuse is to reject every expedient, since everything dependent on human action is liable to abuse.  Fifteen millions of Treasury notes may be issued as the maximum, but a discretionary power is to be given to the board of control under that sum, and every consideration will unite in leading them to feel their way with caution.  For the first eight years of the existence of the late Bank of the United States its circulation barely exceeded $4,000,000, and for five of its most prosperous years it was about equal to $16,000,000; furthermore, the authority given to receive private deposits to a limited amount and to issue certificates