Mr. Buchanan's sentences run smoothly enough; they are for the most part grammatical; the tone throughout is sedate, if not dignified; and the general spirit unambitious and moderate. But the doctrine, in our estimation, is, on the most essential point, atrocious, and the objects which are sought to be compassed are unworthy of the man, the office, the country, and the age. We refer, of course, to what is said of the one vital question with us now, the question of Slavery in Kansas; but before proceeding to a discussion of that, let us say a word or two of other parts of this important document. The President introduces, as the first of his topics, the prevailing money pressure, which he treats at considerable length, with some degree of truth, but without originality or comprehensiveness of view. He profiles to inquire into the causes of the unfortunate disasters of trade, and into the remedies which may be devised against their recurrence; but on neither head is he remarkably profound or instructive. It is merely reiterating the commonplaces of the newspapers, to talk about "the excessive loans and issues of the banks," and to ring changes of phraseology on the vices of speculation, over-trading, and stock-jobbing. All the world is as familiar with all that as the President can be, and scarcely needed a reminder on either score; what we wanted of the head of the nation,-- what a real statesman, who understood his subject, would have given us,--that is, if he had pretended to go at all beyond the simple statement of the fact of commercial revulsion, into a discussion of it,--was a comprehensive and philosophic analysis of all the causes of the phenomenon, a calm and careful review of all its circumstances, and a rigid deduction of broad general principles from an adequate study of the entire case. But this the President has not furnished. In connecting our commercial derangements with the disorders of the banking system he has unquestionably struck upon a great and fundamental truth; but it is merely a single truth, and he strikes it in rather a vague and random way. In considering these reverses, there are many things to be taken into account besides the constitution and customs, whether good or bad, of our American banks,-- many things which do not even confine themselves to this continent, but are spread over the greater part of the civilized world.