the permanence and stability of which all their interests are so closely and vitally connected.  Had the system been possible, and had it actually existed two years ago, can it be doubted that the national interests and sentiments enlisted by it for the Union would have so strengthened the motives for adhesion derived from other sources that the wild treason of secession would have been impossible?

’The Secretary does not yield to the phantasy that taxation is a blessing and debt a benefit; but it is the duty of public men to extract good from evil whenever it is possible.  The burdens of taxation may be lightened and even made productive of incidental benefits by wise, and aggravated and made intolerable by unwise, legislation.  In like manner debt, by no means desirable in itself, may, when circumstances compel nations to incur its obligations, be made by discreet use less burdensome, and even instrumental in the promotion of public and private security and welfare.

’The rebellion has brought a great debt upon us.  It is proposed to use a part of it in such a way that the sense of its burden may be lost in the experience of incidental advantages.  The issue of United States notes is such a use; but if exclusive, is hazardous and temporary.  The security by national bonds of similar notes furnished to banking associations is such a use, and is comparatively safe and permanent; and with this use may be connected, for the present, and occasionally, as circumstances may require, hereafter, the use of the ordinary United States notes in limited amounts.

’No very early day will probably witness the reduction of the public debt to the amount required as a basis for secured circulation.  Should no future wars arrest reduction and again demand expenditures beyond revenue, that day will, however, at length come.  When it shall arrive the debt may be retained on low interest at that amount, or some other security for circulation may be devised, or, possibly, the vast supplies of our rich mines may render all circulation unadvisable except gold and the absolute representatives and equivalents, dollar for dollar, of gold in the treasury or on safe deposit elsewhere.  But these considerations may be for another generation.

’The Secretary forbears extended argument on the constitutionality of the suggested system.  It is proposed as an auxiliary to the power to borrow money; as an agency of the power to collect and disburse taxes; and as an exercise of the power to regulate commerce, and of the power to regulate the value of coin.  Of the two first sources of power nothing need be said.  The argument relating to them was long since exhausted, and is well known.  Of the other two there is not room, nor does it seem needful to say much.  If Congress can prescribe the structure, equipment, and management of vessels to navigate rivers flowing between or through different States as