US Presidency
1859

At the present moment, however, the price has been reduced to those who purchase the northwest warrants of the old soldiers to 85 cents per acre, and of these warrants there are still outstanding and unlocated, as appears by a report ( February 12, 1859 ) from the General Land Office, the amount of 11,990,391 acres. This has already greatly reduced the current sales by the Government and diminished the revenue from this source. If in addition thirty three States shall enter the market with their land scrip, the price must be greatly reduced below even 85 cents per acre, as much to the prejudice of the old soldiers who have not already parted with their land warrants as to Government. It is easy to perceive that with this glut of the market Government can sell little or no lands at $ 1.25 per acre, when the price of northwest warrants and scrip shall be reduced to half this sum. This source of revenue will be almost entirely dried up.