part unsuited to cultivation, and all of it favorably situated in respect to wood and water, she offers superior inducements to the agriculturalist, and is destined ere long, to become one of the richest States in the Union, in the production of the soil.

The Western portion of our State, while the soil is of the best quality for agriculture, also contains exhaustless beds of mineral, which are only awaiting the application of capital and labor, to enrich those whose attention and enterprise they may enlist. And it is somewhat remarkable, that while it is known that so much wealth lies hidden only a few feet below the surface, in this mineral region, as is sufficiently attested by successful experiments already made, and the very able report of the Hon. David D. Owen, United States' Geologist, that comparatively so little has yet been done to measure its resources, and make them available to the urgent demands of trade and commerce.

It is reported, however, that during the past season, this important interest has been receiving more attention, and is attracting to this portion of the State, a more just share of emigration and capital.

Our lumber interest is by no means unimportant. From the best means we have to ascertain its extent, the amount of lumber manufactured in the State annually, cannot be less than one hundred and fifty million feet. And when railroad facilities of carriage are brought to the vicinity of this immense lumber region, we may reasonably expect a vast increase in the product.

It is estimated that there is within this State, over twenty million acres of Congress lands; embracing about two-thirds of the entire State, a great portion of which is now surveyed and in mar

ket.

This immense tract of country is generally of excellent soil, and many portions of it, richly charged with silver, copper, lead, iron, and other valuable minerals.

It is certainly a question of momentous importance to us, what disposition ought to be made, by the Congress of the United States, of this two-thirds portion of our State.

Various propositions are now pending before Congress, respecting the unsold government lands in the different States. And whatever may finally be the prevailing measure of the General Government on this subject, it must necessarily, greatly affect us, favorably or otherwise, however insensibly it may be felt elsewhere. It must be conceded, that our State, at least, is deeply interested in having these lands brought into actual occupancy and cultivation, as speedily as possible. If, therefore, their donation to actual settlers, and in limited quantities, will, by the encouragement of emigration, be most likely to produce this result, then it follows, that the proposition embracing this principle, is the one to receive our countenance and support.

But if this principle cannot be adopted, then, better for us, by far, will it be, if these lands are kept constantly in market, at the present Congress price, than that any measure should obtain, that will have the effect to keep them out of market, or to increase their cost to the settler; which would be detrimental in the highest degree, to the State, and her future advancement in wealth and population.

To the fact that Congress lands of excellent quality and favorable location, can be obtained in this State, at the present price, we are, and have been, very much indebted for the emigration we have already received, and are still receiving: and these lands, if continued in market, even at the present price, being the nearest and most convenient to the Eastern sea-board, of any other in the Western States, will remain a great inducement for its continuance.

This subject is earnestly commended to your attention, at the present Session, that you may express to the Congress of the United States, by memorial or otherwise, the sentiment of this State, upon the important propositions there pending, upon a subject of so much concern to the State.

By the construction of the Milwaukee and Mississippi Railroad thus far, and the surveys and estimates of the routes of other roads, it has been made apparant, that Railroads can be constructed in this State, at an average cost, of from ten to eighteen thou

sand dollars per mile. This, considered in connection with the fact, that these roads when completed in almost any direction, will pass through a rich agricultural country, and accommodate all the leading interests of our people, must induce their early completion, and very soon secure to us, abundant facilities of this method of carriage and communication.

It may be safely assumed, that capital employed in Railroads within this State, will yield a higher per cent. of profit upon the investment, than can be realized from similar investments at the East, where the average cost of construction, is fully three times as great; even though it be admitted, that our roads may do less business.

Upon the principle, that capital is most likely to be employed, where it will return the largest profit, we may be encouraged to hope, that the means will not long be wanting, to build our roads already projected, if they can be regarded as at all feasible, with respect to location and points of termination.

To the farmer, next in importance to receiving a full return at the harvest, for his labor and his toil, is the facility with which the products of his husbandry can reach the best and the most ready market. And it requires no argument to show, that to the farmers of this State, this facility is greatly needed.

Our lands are very productive, with but little cost or labor; and when the freight upon the transportation of our products, to an Eastern market, shall become reduced by the increasing patronage and competition of the various railroads and other means of carriage, they will be nearly, if not fully equal, at least in actual value to the producer, to the lands of New York and New England, although their price in market, may be much less.

It may therefore, well be expected, that our citizens will feel a deep interest in the railroad enterprises of the State, that promise so much for the common benefit.

An indication highly favorable to our future prosperity, consists, in the great and increasing interest taken by our people in agriculture. Much has already been done, yet still more remains to be

done by us, in testing the qualities of our soil, and its adaptation to the different variety of crops, and various modes of tillage. Too much information and interchange of experience, in relation to this, to us, most important brance of industry, cannot well be circulated. As a leading means of improvement, State and County Agricultural Societies have been formed, and thus far, have been followed by encouraging results.

The two State Fairs, the first held at Janesville, and the last at Milwaukee, were successful and gratifying experiments, and an earnest of the future usefulness of the parent Society.

The General Banking Law passed at your last Session, and submitted to a vote of the people, at the reeent general election, has been ratified by a very large majority, and is, therefore, now in full force and effect.

Although, not entirely free from imperfections, it is believed to be a good and safe law; and will if reasonably construed, and properly carried into effect, fully answer the purposes designed.

It cannot be disguised, however, that no law, authorizing and regulating the business of banking, with the most stringent safeguards and restrictions, can be entirely proof against those abuses, which are prompted by that inordinate love of gain, that would seek to take more than was intended to be given, construe a favorable franchise, into a licensed wrong, and abuse a generous privilege by the practice of a fraud. It was intended by this law, to have the entire circulation of the banks, that might be organized under it, secured by, and based upon actual deposited capital. And if this wise intention can be carried into effect, it will doubtless bring large amounts of foreign capital into the State, and give us the benefit of its circulation, without risk or hazard.

But if this law is to be so perverted from its legitimate object and obvious design, as to be the means, through the banks, of its creation, to throw broad-cast over the State, a doubtful or irresponsible currency, of indefinite amount, under the seeming guize of a faithful adherance to its provisions, then, indeed, will that, we fain hoped would be a benefit, surely prove our ruin.

It is not, however, by any means to be presumed, that either many, or indeed any, banking associations of this character, or doing this violence to the law, will be organized. But it is the part of wisdom to fosesee the evil and guard against it, rather than it should come upon us by surprise. One thing is certain: We shall never have a good and responsible currency in this State, until that which is irresponsible, and based upon no tangible security, is discountenanced and driven away. Actual capital cannot very well compete against unlimited credit, nor will prudent men deposit valuable and ample securities, to procure a circulation of an equal amount, while other men may reap the profits of a circulation a hundred-fold greater, without depositing or even exhibiting any securities at all.

To guard against the possibility of any such evil, a general law should be passed, at as early a day as practicable, prohibiting under severe penalties, the receiving, paying out or passing as money, in this State, circulating paper, of any form whatever, in the similitude of bank paper, by any person or body corporate, that is not, at the time, of such receiving, paying out or passing, authorized by some express law of the United States, or of one of the United States, or of Canada; and declaring all contracts, the consideration of which, in whole or in part, consists of such circulating paper, absolutely null and void, for any purpose whatever.

The Executive authority has been exerted to its fullest extent, during the past year, to suppress the practice of illegal banking in the State, by causing the same to be brought before the proper judicial tribunal, but so far without effect.

This shows the necessity of some more stringent Legislation upon this subject than now exists, to protect the people of this State, from an unlimited, unsecured, and wholly irresponsible currency, which if longer permitted to continue, or increase, will utterly defeat the purposes of the general Banking Law, and work a lasting injury to the finances, business, and credit of our State.

The report of the Superintendent of Public Instruction, will give