Gentlemen, in speaking of events that have happened, I ought to say, and will, since I am making a full and free communication, that there is no one of my age, and I am no longer very young, who has written or spoken more against the abuse and indiscreet use of the veto power than I have.  And there is no one whose opinions upon this subject are less changed.  I presume it is universally known, that I have advised against the use of the veto power on every occasion when it has been used since I have been in the Cabinet.  But I am, nevertheless, not willing to join those who seem more desirous to make out a case against the President, than of serving their country to the extent of their ability, vetoes notwithstanding.  Indeed, at the close of the extra session, the received doctrine of many seemed to be, that they would undertake nothing until they could amend the Constitution so as to do away with this power.  This was mere mockery.  If we were now reforming the Constitution, we might wish for some, I do not say what, guards and restraints upon this power more than the Constitution at present contains; but no convention would recommend striking it out altogether.  Have not the people of New York lately amended their constitution, so as to require, in certain legislative action, votes of two thirds? and is not this same restriction in daily use in the national House of Representatives itself, in the case of suspension of the rules?  This constitutional power, therefore, is no greater a restraint than this body imposes on itself.  But it is utterly hopeless to look for such an amendment; who expects to live to see its day?  And to give up all practical efforts, and to go on with a general idea that the Constitution must be amended before anything can be done, was, I will not say trifling, but treating the great necessities of the people as of quite too little importance.  This Congress accomplished, in this regard, nothing for the people.  The exchequer plan which was submitted to it will accomplish some of the objects of the people, and especially the Whig people.  I am confident of it; I know it.  When a mechanic makes a tool, an axe, a saw, or a plane, and knows that the temper is good and the parts are well proportioned, he knows that it will answer its purpose.  And I know that this plan will answer its purpose.

There are other objects which ought not to be neglected, among which is one of such importance that I will not now pass it by; I mean, the mortifying state of the public credit of this country at this time.  I cannot help thinking, that if the statesmen of a former age were among us, if Washington were here, if John Adams, and Hamilton, and Madison were here, they would be deeply concerned and soberly thoughtful about the present state of the public credit of the country.  In the position I fill, it becomes my duty to read, generally with pleasure, but sometimes with pain, communications from our public agents abroad.