It is not proposed to depart in any respect from the
principles or policy on which this great measure is founded. There are,
however, defects in the details of the measure, developed by its
practical operation, which are fully set forth in the report of the
Secretary of the Treasury, to which the attention of Congress is
invited. These defects would impair to some extent the successful
operation of the law at all times, but are especially embarrassing when
the country is engaged in a war, when the expenditures are greatly
increased, when loans are to be effected and the disbursements are to be
made at points many hundred miles distant, in some cases, from any
depository, and a large portion of them in a foreign country. The
modifications suggested in the report of the Secretary of the Treasury
are recommended to your favorable consideration.
In connection with this subject I invite your attention to the
importance of establishing a branch of the Mint of the United States at
New York. Two-thirds of the revenue derived from customs being collected
at that point, the demand for specie to pay the duties will be large,
and a branch mint where foreign coin and bullion could be immediately
converted into American coin would greatly facilitate the transaction of
the public business, enlarge the circulation of gold and silver, and be
at the same time a safe depository of the public money.
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