It is manifest that the law itself can not sanction
such a suggestion, and that as it now stands the States have no more
authority to receive and use these deposits without intending to return
them than any deposit bank or any individual temporarily charged with
the safe-keeping or application of the public money would now have for
converting the same to their private use without the consent and against
the will of the Government. But independently of the violation of public
faith and moral obligation which are involved in this suggestion when
examined in reference to the terms of the present deposit act, it
is believed that the considerations which should govern the future
legislation of Congress on this subject will be equally conclusive
against the adoption of any measure recognizing the principles on
which the suggestion has been made.
Considering the intimate connection of the subject with the financial
interests of the country and its great importance in whatever aspect
it can be viewed, I have bestowed upon it the most anxious reflection,
and feel it to be my duty to state to Congress such thoughts as have
occurred to me, to aid their deliberation in treating it in the manner
best calculated to conduce to the common good.
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