.MTc4NA.MjIwMDM

XIV

from the grant of the State. The time limited in the Acts providing for these annual donations will expire during the present year. And the land of these institutions being at present unproductive, they must necessarily rely, for some years to come, upon the aid of the Government, or their usefulness and prosperity will be much impaired, if not totally destroyed. I am sensible that the importance of continuing to cherish our seminaries of learning, those institutions devoted to the ennobling pursuits of Literature and science, founded and endowed exclusively for the purpose of disseminating the inestimable benifits [benefits] of a good education and correct principles among the rising generation, can receive no additional weight from any arguments or remarks in my power to make. I respectfully recommend the whole subject to your consideration, with confidence that it will receive such direction as shall render these institutions responsible to the Legislature and the people, for the faithful employment of the bounties of the government, and shall best comport with the honor and lasting interests of the State. During the present year, the charters of all the Banks, incorporated by the State, with one or two exceptions, by the terms of their limitations will have expired. An opportunity is thus presented for an enquiry into the manner in which they respectively have been conducted, how far the public interest an [and] accommodation have been promoted by their operations, and if it should be considered expedient to renew their charters, to enact such terms and provisions, as shall tend to establish a sound currency, and protect, so far as may be practicable, the individual interests of the stockholders, while the most perfect security is aforded [afforded] to the public, for the correct and faithful management of these institutions.