Congress should make the regulation under which banks
may exist, but should not make banking a monopoly by limiting the amount
of redeemable paper currency that shall be authorized. Such importance
do I attach to this subject, and so earnestly do I commend it to your
attention, that I give it prominence by introducing it at the beginning
of this message.
During the past year nothing has occurred to disturb the general
friendly and cordial relations of the United States with other powers.
The correspondence submitted herewith between this Government and its
diplomatic representatives, as also with the representatives of other
countries, shows a satisfactory condition of all questions between the
United States and the most of those countries, and with few exceptions,
to which reference is hereafter made, the absence of any points of
difference to be adjusted.
The notice directed by the resolution of Congress of June 17, 1874,
to be given to terminate the convention of July 17, 1858, between
the United States and Belgium has been given, and the treaty will
accordingly terminate on the 1st day of July, 1875. This convention
secured to certain Belgian vessels entering the ports of the United
States exceptional privileges which are not accorded to our own vessels.
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