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not comport with the views of the managers of the Bank, nor with the designs of those who had espoused its cause, to submit quietly to this decision. The Bank commenced a rapid curtailment of its issues, and withheld from the public its usual accommodations. Those who directed its operations, as well as those who acted in subservience to its views, loudly proclaimed its ability to inflict on the country universal distress, and announced its determination to do so, if the government did not act in conformity to its wishes. It was represented that its powers of annoyance were unexhausted, and almost inexhaustible; that the country was only in the beginning of its troubles; and that a dismal period was fast approaching when our channels of internal trade would be solitudes-the surplus productions of our soil would find no market-labor be without employment-commerce destroyed-bankruptcy become the inevitable lot of most men engaged in active business: when in short, all classes of our citizens would be involved in a common ruin. In furtherance of this design to bring the government to the feet of this great monied power, the banks of this State were made the special objects of attack. Their condition was misrepresented; their ability derided; and their solvency questioned.

By these exaggerated representations of the actual difficulties in which we were involved; by these bold and confident predictions of still greater embarrassments about to follow; and by the assaults made upon the credit and solvency of our local banks, a general panic was created; individual credit was impaired, public confidence shaken, and the resources which the country possessed, and which were sufficient, if brought into use, to relieve it, were withheld.

No relief was to be expected from a change of policy on the part of the Bank, without a submission to its requirements;-a submission which would necessarily concede to it the power, not only to over-rule the public will, but to impose its commands on the government by its ability and disposition to oppress and harrass the people in their business pursuits.

The advocates of this institution exercised a controlling influence over one branch of the National Legislature, and it was therefore equally vain to hope for relief from Congress, without the same degrading submission. Under these circumstances, the people of this State could look to no quarter but to their State Go

vernment, for such relief as their character would permit them to accept-a relief without the surrender of their principles. Acting in obedience to a high sense of duty to its constituents, the last Legislature interposed in their behalf its protecting power, by authorising certain commissioners to pledge the credit of the State, if the condition of the people should require it, to the amount of six millions of dollars, for the purpose of relieving the public distress. Provision was made for placing the money, in case it should become necessary to raise any, where it would be most available to counteract the efforts which had already been too successful in destroying our prosperity, and from the continuance of which much future injury was apprehended. The wisdom of this measure was rendered most manifest by the good effects which speedily followed its adoption. The panic began immediately thereafter to subside; public confidence revived; the aggressive operations of the Bank of the U. S. and its partizans, soon became ineffectual: as the spring opened, business of all kinds resumed its wonted activity; the pecuniary embarrassment passed away; money at length became unusually abundant; the bold and confident predictions of general ruin were falsified; and the people of this State have enjoyed, during the past season, a high degree of prosperity. It will not, I trust, be attributing too much efficacy to the Loan Law, passed by your predecessors, to ascribe to it no inconsiderable agency in producing this favorable change in our condition.

It is worthy of particular remark, that these signal benefits have been obtained by the mere preparation to meet and repel the evils which the people then suffered, and those with which they were menaced. I am happy to announce to you, that the Commissioners have not been under the necessity of exercising the powers confided to them by this law. The credit of the State has not been pledged for any amount whatever, nor has any money been borrowed or loaned by them. The country has entirely recovered from pecuniary embarrassment, and no unfavorable change in this respect can be anticipated before the first day of February,. when this law expires by its own limitation; I feel, therefore, authorized to give the most positive assurance that no act under it will be done by the Commissioners.

It is conceded that this measure was of an extraordinary character, and could be properly resorted to only under a strong necessity arising from an extraordinary state of things. Such was our situ

ation when it was adopted. The well-being of the whole State was put in jeopardy by a powerful monied institution, acting apparently on the consciousness of its uncontrollable power, alien to our feelings and our interests, and intent on accomplishing its selfish objects by inflicting injury upon the public. The manner of its attack and the means used to compel submission to its demands were not to be regarded otherwise than as the aggressions of a public enemy, and as such were to be repelled by resorting, if necessary, to the resources of the State. The promptitude and energy with which the Legislature prepared to resist its hostility, arrested the progress of its measuresof annoyance, and restored prosperity to the State, without using the public credit, without creating any debt, or imposing any burden upon the people; and without encumbering their property or in any manner impairing their resources. When the imperious circumstances which called for this measure, and the benefits conferred upon all classes of our citizens in all parts of the State, by its mere adoption, are calmly and candidly considered, I am persuaded that it will command a still more decided and general approbation than it has yet received.

Our constituents have a common interest in the prompt and efficient administration of the laws. To secure to them the full benefit of this essential requisite of a good government, of which, to some extent, they are deprived by the great amount of business now devolved on the Court of Chancery and the Supreme Court, it appears to me that some modification of our judiciary has become necessary. My views on this subject were submitted to the last Legislature. I take the liberty to refer you to them, and to renew the recommendations then made, as well in relation to an amendment of the system, as in favor of the justice of providing an adequate compensation for the important and arduous services performed by some of our judicial officers.

In the whole range of your duties, there is no subject in which the interests of the people are more deeply involved, or which calls for higher efforts of legislative wisdom, than the cause of Education. The fund already provided by the State for the support of common schools is large, but not so ample as the exceedingly great importance of the object demands.

The special subjects in relation to common schools, to which I am anxious your attention should be particularly directed, are; a provision for supplying competent teachers; improvements in the

methods of instruction; and the faithful and economical application of the funds to such objects, and in such a manner, as will insure the best results. An incipient step has already been taken in regard to educating teachers. By an act of the last Legislature, the surplus income of the Literature fund, over twelve thousand dollars, is put at the disposal of the Regents of the University, to be by them distributed to such academies, subject to their visitation, as they may select; and to be devoted exclusively to educating common school teachers. The sum which they now have, applicable to this object, is about ten thousand dollars; and the condition of the Literature fund warrants the expectation that it will be about three thousand dollars annually hereafter. A plan will probably be adopted at the approaching session of the Board of Regents, for carrying into effect, in the most efficient manner, this wholesome measure; and I indulge the hope that it will have an auspicious influence upon our system of common school education.

Eight hundred and thirty-five towns and wards (the whole number in the State,) have made reports for the year 1833. There were nine thousand eight hundred and sixty-five school districts; the whole number of children between the ages of five and sixteen years in the State was five hundred and thirty-four thousand and two, and the number instructed in the common schools in 1833 was five hundred and thirty-one thousand two hundred and forty.

The public money distributed to the common schools was three hundred and sixteen thousand one hundred and fifty-three dollars and ninety-three cents. Of this sum, one hundred thousand dollars was contributed by the common school fund, and eighteen thousand five hundred and thirty-eight dollars and fifty-six cents by local funds belonging to the towns. The amount contributed by the inhabitants of the districts was three hundred and ninetyeight thousand one hundred and thirty-seven dollars and four cents. These sums, amounting to seven hundred and fourteen thousand two hundred and ninety dollars and ninety-seven cents, (excepting a few thousand dollars expended in the city of New-York on school houses,) have been paid to teachers for their wages. The whole amount expended during the year 1833 on the common schools, cannot fall short of one million two hundred thousand dollars.

The number of academies subject to the visitation of the Regents of the University, which made reports last year, was sixty-seven;

and the number of students in them at the time their reports were made, was five thousand five hundred and six.

In 1827, the Literature fund was greatly augmented; and the Regents were thereby enabled to increase the sum distributed annually to the academies, from six thousand dollars to ten thousand dollars. The number of academies then subject to the visitation of the Regents, which reported, was thirty-three; and the number of students in them was two thousand four hundred and forty. The number of students in the academies who had studied the classics and higher branches of English education, and with reference to whom the distribution of the Literature fund is apportioned, was last year three thousand three hundred and ninety. In 1827, the number of such students was only seven hundred and nine. Thus it appears that since 1827, the number of academics has doubled; the number of students much more than doubled; and the number of those who have pursued the classics and the higher branches of English studies, has increased more than fourfold. This gratifying result may be ascribed, in no inconsiderable degree, to the enlarged and liberal patronage extended to them by the government.

There are seven colleges in this State, including the University in the city of New-York; two of which are exclusively devoted to medical instruction. According to the returns made to the Regents of the University last year, the number of students in all of them was one thousand one hundred and thirty-five.

Upon the whole I think we have reason to be satisfied with the present condition of our higher schools and seminaries. In regard to the common schools, considering their great importance in a political and moral point of view, the efforts of the Legislature should not be intermitted until the system shall be so improved as to secure to the children of all classes and conditions of our population such an education as will qualify them to fulfil, in a proper manner, the duties appertaining to whatever may be their respective pursuits and conditions of life.

The funds dedicated to education and literature are securely invested, productive in revenue, and effective in diffusing among the people those blessings for which they were wisely provided. The capital of the Common School fund is now one million seven hundred and ninety-one thousand three hundred and twenty-one dollars and seventy-seven cents, and the revenue from it last year

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