Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-02-27

lilies TO Tue purchasers oil puoie lands,
had rendered money, or what was then
deemed money, SO plenty, that mo-
nentary frenzy seized upon the purcha-
sers Of public lands. Prices we're bid
tor lands wholly unimproved greatly be-
yond what lands Of equal quality, and
highly improved, in the neighboring
States, would have commanded.
Shortly after these purchases were
made, produce fell to less than half the
price which it then commanded; the ia
ciIities afforded by banks were suddenly
Withdrawn, by the drain of specie from
their vaults, or notes ceasing to be re-
ceivable in consequence OF their bank
ruptcy.
The public debtor, by these occur
FENCES, found himself embarrassed by
engagements which it would have been
difficult for him to fulfil, and which the
change in the price of the public land
has considerably aggravated. 1t is un-
necessary to charge the government with
having contributed to the error which
has been committed by the purchasers
of the public lands, to induce ii to afford
AShSi' ~ IL oulitCiCNt3 III tl6t pun
to shew that great loss will inevitably
tall upon their purchasers unless relief
As granted, and, that no benefit will enure
to the government from that loss. In
all governments, even the most despotic,
the resources ofthe government consists
o. the surplus means OF the government.
II the people are impoverished, the reye-
nj thn lp,o1
and all its operations enfeebled; this is
the true reason Why free states are al
ways more powerful and fruitful in their
resources than despotic states.
1t Is, however, admitted, that, if the |
government should exact the penalty Of
the law, it would apparently be benefited
in a pecuniary view. Il would retain the
whole of the money received on the i'm
Provident purchases which have been
described, and have the land which
would revert at its disposition. This
benefit, however, would be apparent on
ly, and not real. The state of destitu-
ton to which this exaction would reduce
the purchasers would destroy all COM
petition among the purchasers at the re-
oaiS VI tiooC iotibo q SSloG vi tut
extreme rigor which had been exercised
towards them, would restrain the citi-
zens OF other states disposed to purchase
from entering into the competition.-- |
Sympathy, even among those disposed
to better their situation by removal iron, {
the place of their nativity, would afford g
thai relief which the equity and mag a
~ rf tbo L.. ! =
have promptly granted But if this !
opinion should DC deemed erroneous, 9
ST. any pecuniary benefit which the ]
goy ernment might be supposed 10 de- a
rIvs from the rigid exaction of the con- /
ditiors, would be more than halaaced bv |
The increased payments into the Traasu-
~, which the relief to which the pnr-
Chosers are equitablv entitled, would pro-
duce, in the year 1921, and by the mi |
formity of the receipts from that source +;
OF revenue during the eight succeeding !;
years. I
The right to relinqush, proposed by |
tn bill, would probably diminish the /
deb S4,ooo.ooo. The prompt pay
nrpts which would be produced By lhe
discount rendered in the bill would pro-
badly further reduce it SS,o00,0 oo.- /
There would then remain 100000 /,
which would, according to the third pro- S
position in the bill, produce an annual r
revenue OF Sl,S75,ooo /
This sum, with the amount of new t
purchasers made during that term, could t
not fail 10 produce an annual revenue of II
So, 100000 From these general con. {
siderations, Mr.. President, shall pro- /
coed to particular examination of the
provisions of the bill.
LIST. The right to reinqnish is an $
equitable consequence of the change G
which The government has made in the Y
minimum price of the public land. c
Il the purchaser should, by any cause !
whatever, be under the necessity OF SELL
Ing part of his land to discharge his
dep' % the government, the price which r
he viii be able to obtain for it will be af- c
fettcd by thai change, and his ability to I
make the payment diminished in the pro- !
portion which 200 bears to 1875. 1t is |
Ta.'1nal to presume that such will be the {
consequence, as the quantity of land +
which the government has for sale will,
for much longer term than that pro-
posed in the bill, for the final extinguish-
ment of the debt, greatly exceed the de- !
mand for it for settlement, or for specn- +
lasion. The exorbitant price given for
a portion OF the public lands, and the in v
ability of the purchasers to DAY that Q
price, appeals strongly to the equity and {
magnanimity of Congress. The FIRST f