US Presidency
1859

Under the bill the States may sell their land scrip at any price it may bring. There is no limitation whatever in this respect. Indeed, they must sell for what the scrip will bring, for without this fund they can not proceed to establish their colleges within the five years to which they are limited. It is manifest, therefore, that to the extent to which this bill will prevent the sale of public lands at $ 1.25 per acre, to that amount it will have precisely the same effect upon the Treasury as if we should impose a tax to create a loan to endow these State colleges. Surely the present is the most unpropitious moment which could have been selected for the passage of this bill. 2. Waiving for the present the question of constitutional power, what effect will this bill have on the relations established between the Federal and State Governments?