can be procured on such terms as will render it beneficial in that way, to extinguish the debt and prevent the accumulation of such surplus while its distribution is suspended. No one can doubt that were the Federal Treasury now as prosperous as it was ten years ago and its fiscal operations conducted by an efficient agency of its own, coextensive with the Union, the embarrassments of the States and corporations in them would produce, even if they continued as they are (were that possible), effects far less disastrous than those now experienced. It is the disorder here, at the heart and center of the system, that paralyzes and deranges every part of it. Who does not know the permanent importance, not to the Federal Government alone, but to every State and every individual within its jurisdiction, even in their most independent and isolated individual pursuits, of the preservation of a sound state of public opinion and a judicious administration here? The sympathy is instantaneous and universal. To attempt to remedy the evil of the deranged credit and currency of the States while the disease is allowed to rage in the vitals of this Government would be a hopeless undertaking. It is the full conviction of this truth which emboldens me most earnestly to recommend to your early and serious consideration the measures now submitted to your better judgment, as well as those to which your attention has been already invited. The first great want of the country, that without answering which all attempts at bettering the present condition of things will prove fruitless, is a complete restoration of the credit and finances of the Federal Government. The source and foundation of all credit is in the confidence which the Government inspires, and just in proportion as that confidence shall be shaken or diminished will be the distrust among all classes of the community and the derangement and demoralization in every branch of business and all the interests of the country. Keep up the standard of good faith and punctuality in the operations of the General Government, and all partial irregularities and disorders will be rectified by the influence of its example; but suffer that standard to be debased or disturbed, and it is impossible to foresee to what a degree of degradation and confusion all financial interests, public and private, may sink. In such a country as this the representatives of the people have only to will it, and the public credit will be as high as it ever was.