Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-03-20

not, like those OF France and Eng land,
directly interested in, and connected
with, those monied interpretations, by
whose aid it paid its debts; yet, there
cannot be doubt that, to the loans which
it made from them; to the countenance
it afforded to their suspension of specie
payments; and to the credit and cur
rency which it gave to their notes, under
8nch circumstances, are Justly to be at~
trlbuted that undue multiplication of
banks, and that superabundant issue Of
paper, which have caused the distress
that aff1icts and the ruin that threatens
our suffering iellow-citizens
Mr.. Edwards dilated upon the con-
duct OF the government in relation to
those banks, and declared that he did
verify believe that, but for the loans
Which it had made from them, and its
consequent candnct- we shnnlh h=aa
escaped the fatal consequences which
we all now SO sincerely deplore, and
which, though they were doubtless not
designed, might have been toreseen, be-
cause, said he, they are the natural cons
sequences of the conduct Of the govern
ment for which it could have no apology
except that which is to be found IN its
necessities at that particular period.
Mr.. President, said Mr.. Z. France
and England did not hesitate, in the cases
referred to, to extend TO their subjects
the most prompt and effcctua relief that
was practicable. Have you less synra-
thy Tor the sufierngs Of your free and
patriotic .feiiov- citizens /? viii you
hesitate to relieve them, when The most
that is asked of you is to forbear to take
advantage of the indiscretions into which
they have been decoyed To relinquish
mere speculation on which a liberal
minded individual would not hesitate 10
cancel under similar circumstances
Mr.. President, said Mr.. +. were tho
debtors for public lands entirely free
from all other embarrassments, it is evi-
dent that SO small portion of the COM
munity must be utterly unable, in the
present state of affairs, to pay the cnor-
nous sum which they now owe the gov
eminent; sum that exceeds one half
of the whole amount OF the circulating
medium of the United States, aud is
constantly increasing by the accumula-
ton of interest. But, sir, ttr same
| causes that have embarrassed others,
| have most certainly equally operated on
them; and there is no part IF your popu-
lation who, in proportion to their means
Of payment, have probably contracted a
greater mass of other engagement
None whose situation required grea,er
expenditure OF money, as must be OBJ
, ous 10 all those who viii reflect upon
The cost Of moving 10, and making inn
proyemcnts in, a new country; the length
OF time that Is necessary to render farms
productive, and the necessity in the
mean time, of purchasing every article
Of husbandry, clothing, and subsistence,
with cash.
Besides great variety OF other debts,
which the temporary success OF them
selves, or others, in land speculatons,
seduced many OF those persons TO con-
tract, in the vain hope of discharging
mem with the profits which they expect
ed TO realize from the land purchasers,
still indebted to banks or individuals foh
the very money with which they paid the
first instalments upon those lands, whilst,
in addition to all the other causes which
have contributed to produce their ina
hility to fulfil their engagements, you
have deprecated their lands, and de-
stroyed all hopes of resource from the
sale of them, by reducing the price of
the residue of that part of your own
which you have purchased ofthe Indians
amounting TO one hundred and seuenty-
tzvo millions ofacres, to one dollar and
twenty-five cents an acre; and imme-
dlately bringing into competition with
them upwards of Efy-four millions oS
acres, that are now actually surveyed
and in the market; which are events
that could not have been foreseen, and
certainly were not anticipated by those
debtors.
AS, then, it is absolutely impossible
for them to complete their payments for
the lands which they have purchased, it
follows that, without the relief, which
Congress alone can afford them, they
must forfeit all that they have already
paid on that account, which, if no one Of
them has paid more than one instalmenl,
cannot be less than between seven and
eight millions of dollars for, as has
been correctly stated by my colleague,
the law required payments for public
land to be divided into four equal in
stalments, one of which must have been
paid down at the time of making each
respective purchase, and, therefore, it is
impossible that those debtors can eve