The banks yet remaining have, as the price of their existence, continued specie payments during the year; and what is equally gratifying and extraordinary in the history of our State for several years, the public have not suffered loss by bank failures or by the depreciation of bank paper. The losses, however, sustained in former years, as well by individuals as by the State itself, afford a sufficient warning against hasty and ill-advised legislation on the subject of banks, and against a multiplication of their number.

For the exchange of commodities gold and silver have been established as a medium on account of their scarcity and the impossibility of increasing excessively their amount. Banks are established for an opposite reason-because they supply an abundant currency, and are capable of increasing its quantity without limitation. A like anomaly scarcely exists.

Excessive bank issues may give a temporary and fictitious value to property; but neither paper money, nor yet the precious metals furnish the true standard of value. As labor produces all wealth, so labor alone supplies that standard. Commodities can only be estimated by the amount of labor required in their production. Gold and silver even are valued by the labor necessary to obtain them from the mines.

The States are interdicted by the Federal Constitution from coining money, emitting bills of credit, and from making any thing but gold and silver coin a tender in the payment of debts. This wise and salutary provision embraces the whole subject of currency, and was doubtless intended to secure to the United States a circulating medium consisting of the precious metals, to the exclusion of paper in every form.

The utter failure of bank paper to give that aid to the business of the country which its advocates claim to be its province to afford, aside from all other considerations, furnishes a sufficient reason against the increase of banks. To bank issues, as a measure of relief, recourse has so often been had without success, that confidence in their efficacy has long since been destroyed.

The field work of the Geological and Topographical survey of the lower peninsula of the State, has been brought to a close, and much has been done toward preparing the final report upon this portion of

JOINT DOCUMENTS.

ANNUAL MESSAGE of the Governor.

Fellow citizens of the Senate and of the

House of Represntatives:

During the year now brought to a close, Divine Providence has continued to extend to us its manifold blessings for which, with a due sense of our dependence, we should not be forgetful to render our thanks. Few changes of importance have taken place in public affairs since the last annual session of the legislature.

In view of the fact that a commissioner has been appointed to prepare an entire revision of the laws, and instructed to make report of his labors at your next session; many subjects of general legislation, that otherwise might now require your attention, may perhaps with advantage be postponed.

By a joint resolution, approved February 6, 1843, an amendment was proposed to the constitution changing the time of holding the general election from the first Monday in November, and the day following, to the first Tuesday in November. The proposed amendment was agreed to by the last legislature by a majority of two-thirds of the members elected to each house, and was submitted to the people at the late election, under the joint resolution of January 27, 1844. As provided by the last mentioned resolution, it will be your duty to canvass the returns of the several boards of county canvassers and to declare the result. If the amendment has been adopted, of which there can be no doubt, further legislation will be required to make the existing election laws conform thereto.

By the third section of the fourth article of the constitution, you are required to provide by law for an enumeration of the inhabitants

of the state the present year. It is worthy of consideration, whether with small additional expense, other statistical information may not at the same time be obtained, that will be of much interest and value.

But little advance has been made the past year in the organization and discipline of the militia. There is a general repugnance among our citizens to the performance of military duty, and to subjecting themselves to the strict rules of military discipline, when patriotism does not seem to require such a sacrifice of time and individual comfort. The laws now in force upon this subject are not in accordance with public sentiment, and their execution cannot well be enforced. An entire revision is respectfully recommended.

Among the alterations to be made I would suggest, as worthy of consideration, whether all musters of the militia in time of peace, for the purpose of improvement in military 'science, may not with propriety be abolished. The knowledge in that manner communicated, I am constrained to believe, is limited and inconsiderable, while the evils, resulting from such assemblages to the morals of the people, more than counterbalance any public good that can be expected from their continuance. It is believed that an organization compatible with the constitution dispensing with such musters, may be effected, which will be less burdensome, and at the same time, in case of need, equally efficient. The formation of volunteer companies and battalions should also be encouraged, by exempting their members from some portion of the public duties devolving upon citizens of the state, or in such other manner as you may deem equitable and just.

While the public arms that have already issued are, doubtless in most cases, safe from damage or loss in the care of the volunteer companies, with whom they are deposited for keeping and use, yet it seems to me that, at least for future issues, some additional guaranty should be required for their safe return when demanded by proper authority.

The reports of the Adjutant General and of the Quarter Master General, with the tables annexed thereto, will acquaint you with the progress made in the organization of the militia, and with the disposition of the public arms. The measures recommended by those officers are, in the main, judicious and such as seem required by the

close of your present session. A second, and perhaps a third volume may be expected the present year.

I confidently anticipate, from the publication of these Reports, the most salutary results. A judicial construction will thus be given to the statutes, and a uniformity secured in the administration of justice in the various circuits, and in courts of inferior jurisdiction throughout the state, which could not otherwise be obtained.

The report of the Commissioner of the State Land Office will inform you in detail of the business transacted in that department the past year.

Of the 500,000 acres of land granted by act of Congress, passed September 4, 1841, 45,429.97-100 acres were sold in the year 1843, and 80,840.86-100 acres in 1844, making in all 126,270 83-100 acres; and the whole sum received in payment for the same, was $157,891 07, mostly in state warrants issued for purposes of internal improvements. The further quantity of 79,561 52-100 acres have been specifically appropriated, for part of which land warrants have already been drawn and for the remainder, such warrants will be issued the present year. The residue of the grant being 294,168 75-100 acres, still remains the property of the state, subject to the disposal of the legislature, liable, however, at any time, without further legislation, to be taken at its minimum price, for payment of all outstanding warrants, for whatever purpose issued, and, after the first day of July next, also liable to be taken in payment of the bonds issued for interest under the act to liquidate the public debt, passed March 8, 1843.

A small portion of the lands yet remains unselected. Immediately after the grant was made the State Geologist designated certain important points in the upper peninsula, which he represented as very valuable, and advised their selection for the use of the state. The surveys not having been cempleted, I have not yet been able to secure the lands so designated.

The mode of leasing improved University and School lands by the aid of township officers is found, by experience, not to be beneficial, and it is recommended that exclusive authority upon the subject be again invested in the Commissioner.

A practice has been heretofore adopted of permitting purchasers

A large portion of the convicts are hired by contractors, who cary on in the prison various branches of mechanical industry. The amount received to the use of the State, for the services of those so employed the last year, exceeds $5,000 00, and would probably have been much greater, but for the fire mentioned, which destroyed the workshops and materials collected for use. The amount received from this source, including $800 00 appropriated at the last session, has been expended in the further construction of the Prison buildings, yard-wall, and work-shops. The estimated revenue from the same source, for the ensuing year, is $6,500 00, and is deemed sufficient to defray the expenses of the improvements necessary to be made during that period.

That portion of the prisoners not hired by contractors have been employed under direction of the keepers, in various occupations, but mostly at work upon the improvements in progress.

In the above enumeration of expenses, the salaries of the officers of the Prison, and many other items of expenditure, are not included. The whole amount, for all purposes of the Prison, drawn from the treasury the past year, is $15,715 34.

Among the prisoners are two females, who are reported to be confined in the County Jail, for want of proper apartments in the Prison.

Complaints have been made of the practice prevailing upon our frontier settlements, of selling spiritous liquors and other intoxicating drinks to the Indians. Existing enactments, prohibiting the traffic, are represented as being insufficient for that purpose, and serious difficulties are apprehended from its further continuance. The subject seems to require investigation, and will, I doubt not, receive such attention as you may find its importance demands.

The first volume of Chancery Reports, embracing all the decisions of the late Chancellor, has been published, and a second volume, including all the decisions of the present Chancellor, made previous to the commencement of the current year, is now in press and will be published the ensuing month. The first volume of the Reports of decisions, made by the Supreme Court, is also in the hands of the printers, and it is hoped, will be ready for delivery before the