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But, I venture the inquiry whether, in addition thereto, the dormant militia, or some considerable portion of it, (now simply enrolled and not organized nor subject to drill,) ought not, in conformity with the theory of the institution itself, to be placed on a footing of activity. For how otherwise, in the possible contingencies of the future, can we be sure that Massachusetts has taken care to preserve the manly self-reliance of the citizens, by which alone, in the long run, can the creation of standing armies be averted, and the State also be ready, without inconvenient delay, to contribute her share of force in any exigency of public danger?

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Agriculture.

The agricultural interests of the Commonwealth, have, in the main, been exceedingly prosperous during the past year, notwithstanding the presence, in the spring, of that disease among neat-stock which, it was feared by many, would prove unmanageable and disastrous. I am advised that the amount drawn on account of the Commissioners appointed to exterminate that disease, is $29,259.33, and that the amount actually paid or to be paid on that account, will exceed $30,000, without including the expenses of the extra session of the Legislature called to consider the disorder, which amounted to $20,650.

All the farm-crops during the season have been fully up to the average production of preceding years; and

some of them, such as fruits, wheat, barley, and oats, have yielded far more than was ever before known in the Commonwealth. Attention to sheep husbandry is now on the increase, by reason of the protection which has been afforded to it by judicious legislation; and the importance of this branch of farming to the various interests of New England, can hardly be over-estimated. The encouragement extended by the Legisla ture to the formation of Farmers' Clubs throughout the State has had the desired effect, and the number of these associations has rapidly increased.

In respect to Agricultural Literature, the State Board of Agriculture have in preparation a Manual of Agriculture for use in schools, and it is hoped that additional elementary instruction in matters connected with the daily experience of our country youth, may increase public interest in this great source of our material prosperity. The progress made in the revision of Mr. Harris's Treatise concerning Insects Injuri ous to Vegetation has been very satisfactory, and that valuable work will be issued during the coming year in a manner which will be creditable to the Commonwealth. An edition of 2,500 copies was ordered by statute in 1859, but only partial provision was made for the distribution of them. About 1,000 copies will remain at the disposal of the present or of some subsequent Legislature, and I respectfully suggest that a proper number shall be placed, for distribution, with

Professor Agassiz, who has gratuitously rendered essential service in the revision of the work.

Banks and Banking.

In view of the recent financial perturbation, the subject of Banks and Banking will undoubtedly attract your attention. No one can pretend that our system of banking is perfect, while very few will deny that the currency of New England, and especially of Massachusetts, is as safe and convenient as that of any other section of the country. Our present system is the result of long experience, and I trust that no radical change will be attempted with respect to any of its features, without mature consideration. Under existing circumstances, I deem a conservative course of legislation in this respect to be best for the Commonwealth, and that we should be cautious about encouraging any new theories of banking concerning which the public mind is divided, without requiring the subject to be thoroughly investigated by a committee appointed for that purpose, in the manner customary in the British Parliament. As it is the duty of government to throw every safeguard around the person of every inhabitant of the State, so it is also its duty to protect all property, whether it be individual or corporate. So long as the banks are conducted in good faith towards the people, so long should they be sustained under their charters. It is common to charge the banks with responsibility for our finan

cial difficulties, and it is doubtless true that they have more or less to do with them; but financial troubles and panics are by no means peculiar to this country. They have occurred from time to time in all civilized communities where business is done on credit, being sometimes created by a single cause, and at others by a combination of circumstances, while at still others it is difficult to trace them to any definite source. Their occurrence cannot be prevented by legislation, for no legislation can invariably anticipate the future and provide against all its contingencies. The remedy is to be found in less speculation, more limited credits, greater caution, and a more thorough study of the laws of trade, and adherence to its established principles; and above all, in the diffusion of such a sentiment of patriotism as shall never justify a doubt of the stability of our institutions.

The privileges of the General Banking Law have not been embraced in the country towns; but in Boston several banks have been organized under its authority, and a large amount of banking capital thereby created. If you think that the increase of corporations thus organized may become too rapid, the power to organize them could be suspended for a season, leaving the law, in other respects, in force; and if you think that the whole law should be repealed, charters might be granted to the banks already organized under it, if they are willing to accept them.

The able report of the Bank Commissioners will be placed in your hands, and I commend to your attention its statistics and suggestions, especially concerning an increase of specie in the vaults of the banks. But it may be well to inquire whether any arbitrary or mechanical rule in this respect, can ever be successfully applied to a matter so delicate as a mixed currency, in its relation to the business of our community, involved as it is with that of the whole commercial world, and sustained upon a universal system of credit. To require only that moderate quantity of specie to be held by the banks which is supposed to be safe for the ordinary course of business, seems plainly inadequate, for in mcments of unforeseen and sudden panic or disaster, the banks thereby become powerless, and the system. fails. But supposing that an amount of specie twice as large as that deemed absolutely necessary in ordinary times, were required to be maintained, might not the use of a portion of the specie so accumulated, be permitted at the discretion of some branch of the government, for the purpose of meeting temporary exigencies requiring such relief? Many examples of the wisdom of such a course, and tests of its safety, have occurred both in England and in France. One of the most striking illustrations of the benefits of a flexibility of the banking laws in this particular, by lodging a discretionary power somewhere, to accommodate artificial rules to the exigencies of a life so mercurial as that of commerce, was afforded in Great Britain three years

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