Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-02-27
CONGRESSIONAL.
In THE SENArA.
Thursday, Jan,scry II.

hELtEf / " LAM IChCllhC LhU.
The Senate having taken up ,h1 bill
g for the relief OF purchasers OF public
lands, prior to the LIST day of July lS2o:"
MR.. THOMAS, of Illinois, said,
that, by the LAYS in operation before the
LIST of July, 1890, the minimum price OF
the public land was Two dollars an acre,
payable one-fourth down, onc-tourth at
the end OF two years, Sno one fourth at
years one year of grace was allowed 10
the purchaser after the last payment be-
came due. If the payments were not
completed within that period, the land
was offered al public sale: if ii sold for
more than was due, the surplus was paid
to the purchaser. If it would not sell
for the amount due, it reverted to the
United States. Interest, in case ofnon-
payment Of any nstalment when it be-
came due, was charged upon such pay
ment. A deduction of eight per cent.
was allowed to purchasers for prompt
payment.
By the act of the oath April, 1920,
credit was abolished, and the minimum
price CT the pubic land reduced to ono
dollar and twenty-five cents AN acre
The probable consequence of that mea-
sure, said Mr.. I. if no provision is made
10 counterfeit it, will be the forfeiture Of
I'll the land purchased prior to the lst Of
July, 1920, upon which the first pay
ment only has been made, except where
valuable improvements have been made,
upon quarter or half-qua,ter section.
On all purchases at the minimum price,
in that situation, the purchaser will save,
by the forfeiture, IS cents an acre, un-
less competition at the resale should in
crease the price. Where higher price
has been given, the saving will be in
creased in proportion to that price, I'M
less competition at the resale should be
as great as at the original sale. When
the situation Of the country, at the time
the great mass Of debt was contracted for
the public lands, is considered, and con-
trasted with the present circumstances
Of those disposed to become purchasers
of those lands, it will be readily perceiv-
ed that the idea of increased competition,
at any sale which may be made OF lands
that may be forfeited, willnot be realized.
The immense quantity of land which tho
government has in the market, of itself,
independent of the unfavorable change
which has occurred in the capacity ofthe
community to purchase, would greatly
diminish the fear Of competition, which
is the only induccment ON the part of the
public debtor not to suffer the land pur-
chased by him to revert to the United
States. ..
1t is, therefore, the interest Of the gov
ernment, in pecuniary point of view, to
afford that measure of relief which will
diminish the motive with purchasers to
| suffer their lands to revert to the United
States.
But it is conceived, SAID Mr.. T. that
considerations Of higher nature are in-
yolved in this investigation. All gov-
ernments ought to act SO as to command
the love and confidence of the governed.
In this country, where the people are
sovereign, the government will always
act in conformity 10 their sovereign will.
1.-THE question, then, ought to be decided
upon considerations Of policy, ofjustice,
and equity, and not by those of interest
alone. Independent of the motive to a
liberal and n,agnanimous conduct to the
public debtors, resulting from the act OF
the government diminishing the mimi
mum price, other circumstances present
themselves and press with irresistible
force upon the consideration of the legis-
lature. Il is matter Of general notorie-
! ty that, when the greatest portion Of this
debt was contracted, the price Of p,o-
duce of every description WIS morefhan
an hundred per cent. higher thsA at pre-
sent. ZHN
| Banks which had multiplied, and, ap-
.parently, in some nstspSes, been located