I have therefore deemed it necessary to bring the matter to your notice, with a view to such legislative action as the exigencies of the case may in your judgment require.  It is not believed that any law which can now be passed upon the subject can affect the revenue favorably for several months to come, and could not, therefore, be safely regarded as a substitute for the early provision of certain and adequate means to enable the Treasury to guard the public credit and meet promptly and faithfully any deficiencies that may occur in the revenue, from whatever cause they may arise.

The reasons in favor of the propriety of adopting at an early period proper measures for that purpose were explained by the Secretary of the Treasury in his annual report and recommended to your attention by myself.  The experience of the last two months, and especially the recent decisions of the courts, with the continued suspension of specie payments by the banks over large sections of the United States, operating unfavorably upon the revenue, have greatly strengthened the views then taken of the subject.

M. VAN BUREN.

WASHINGTON CITY, February 14, 1840.

To the House of Representatives of the United States: 

I lay before you a communication from the Secretary of War, accompanied by a report of the Commissioner of Pensions, showing the great importance of early action on the bill from the Senate providing for the continuance of the office of Commissioner of Pensions.  The present law will expire by its own limitation on the 4th day of the next month, and, sensible of the suffering which would be experienced by the pensioners from its suspension, I have deemed it my duty to bring the subject to your notice and invite your early attention to it.

M. VAN BUREN.

FEBRUARY 17, 1840.

To the Senate and House of Representatives of the United States: 

I submit to Congress a communication from the Secretary of the Treasury, repeating suggestions contained in his annual report in regard to the necessity of an early provision by law for the protection of the Treasury against the fluctuations and contingencies to which its receipts are exposed, with additional facts and reasons in favor of the propriety of the legislation then desired.

The application assumes that although the means of the Treasury for the whole year may be equal to the expenditures of the year, the Department may, notwithstanding, be rendered unable to meet the claims upon it at the times when they fall due.

This apprehension arises partly from the circumstance that the largest proportion of the charges upon the Treasury, including the payment of pensions and the redemption of Treasury notes, fall due in the early part of this year, viz, in the months of March and May, while the resources on which it might otherwise rely to discharge them can not be made available until the last half of the year, and partly from the fact that a portion of the means of the Treasury consists of debts due from banks, for some of which delay has already been asked, and which may not be punctually paid.