Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-12-29

{" Rsso;rei, That the proceeds Of the sales of al,
public lands, AFT defraynz the incidental expenses
be annsaiy Invested, by the Secretary Of the Tsea
xuiy, in the stock OF the Bank Of the United States
or The stock Of the Government, or other stock.
as Congress may direct, together with the i..eres
annually accruiHg thereon.
4" Resoiced, That the year following the retufb Of
she next census, and immediately alter the sppor-
tioDmcnt Representatives, aud every tenth wear
thereafter, the proceeds of the interest arising on
the said capital stock, shall be distributed amo.p
che several states according to the ratio Of .cpre-
senitiioD one hall ot which shall cons iitue
fund for education, aud the other half shall cons-
tue tund Tor internal Improvement, to be applied
To these o,lects, under the authority oil the rcspec-
The following petitions were presente d and
referred:
by Mr. Finday, the petition OF The sugar
rehners oi Philadelphia, praying that the
drawback On sugars reilued in the u. States
may be Increased To six cents a pound
Mr. Il NJ. johnson, of Kentucky, pursuant
TO notice given, asked leave To in. ru,uc. a hin
To amend The judicial system of the United
;otates and To pro, ide for three additional Cir
cult Courts.
Mr.. J. said that this bill contained a propo-
siuon distinct from The object recommended
by the President of the United States. in his
message, which weat merely To the separn
too OF the circuit duties from those of Tn.
Supreme Court; and, therefore, he huped no
objection would be made To the introduction
Of The bill.
The leave asked WAS granted, and the bill
was read and ordered 10 Il SECOND reading,
Inc Senate proceeded to the consider alton
vi the io.'owios resolution, submitted yester-
day by Mr.. Il. vi Johnson, Of Kentucky:
Resored, That The Commute. on m,
Fuhiic Lands be instructed to inquire into the
eXsmdichcy oil tnakiog provision by law 10
ZsA ma
lie nonry arlsi"S from The sale Ut tn. public
lands, We're dri'usi,ed, and which still NV.
balances To the United States, ON account of
d"p0siies, as we'll as the debtors of such
banks whose Obligations have been transfer
Ieu To Tie Cnited States, to pay the sa me in
lands, upon SUCH terms DIS inay be iusi and
eIiitab!r."
Mr.. Johnson offered number of cons;Je-
raiion, IN favor of The measure contaminated
by his resolution. He called the r.coIl.ction
The SENATE 10 the benevolent act of which
Ne WAS mover, Tor Tie relief Of the pur-
chascrs of p'Inlic lands, the Justice. wisdom
and good effects Of which were SD universally
admitted. The measure. conte,nn,,I.d he ,t.
present resolution was of a character similar
and urged ny similar Considerations. rs the
relief law Of 1890. Mr. j. said The amount
cue ny Tie Banks III the SOUTH and West in
Wnicu pilbhc moneys had been deposited, and
whose failure brought them in debt 10 the ga
'ernment, might be about 100000 dollars
The deiaicatOus of these banks originated in
the same causes which rendered relief wise
and equitable IN The case of tbe land purcha-
strs-that Is, m an iDurdinate rage for spe-
cula.on In land. The banks had failed i'm
consequence Ut ther extensive loans ~ those
individuals to purchase land. After these ex-
l.nsise purchases, there was great re, ulu
ton IN the pecunlary circumstances of the
CONFERENCE.-The To the West was sus-
pended, aud The government reduced The
price Uf It's lands; these Causes prevented all
sales of lands by the iudn id,iaIs who hax
bought them up for speculation, and, cunse-
quenlly, rendered them unable tu comp v
with their engagements TO the hanks; ad
this created On Inc part of the banks AN ina
bhIty TO conIp!y with their engagements.
Their failure had left them in debt, NOW, to
the government ahout 100000 dollars. The
banks had received from their defaui,ing debt
oIs, IN many Instances, 40 security, or pay
ment, Those lands which they had loaned the
money tn purchase and ID the government
would now receive those lands back, either
from the purchasers or the banks, 1t would
eventually realize the whole III "a mart of the.
amount now due by the Western aud South
western banks 10 ibe Treasury. Mr. j. ar
gued 1t some length 10 siew the expedisncy
VI s"Ch measure, anu IT'S analogy 10 The
cases which produced the benefcent relief
law of 1920, which passed the Senate with
80 much harmony and unanmiiy At any
rate, as the resolution simply proposed M
4uiiy into the subject, he hoped it would be
agreed to.
Dir. Eaton thought the scheme suggested
by the resolution an inpracticable one, or at
any rate, one of much difficulty, and one
which he believed the Senate would not agree
10. Therefore, as the inquiry would be one
of much trouble propably to The. Committee.
should il Be referred, and a useless troubl.
believing as he did believe, that, after all. The
Senate would not sanction the measure. he
thought IL unreasonable 10 require a labor OF
the Committee on Public Lands which would
result in nothing, and he, as one of the mem
bers OF that committee, was therefore oppos-
ed To the resolution. Moreover, the duty of
realizing whatever was possible from the
debts Ut those Banks bad been assigned TO tn.
Secretary of the Treasury, ard he was un-
willing to change The arrangement for one su
difficult aud uacertain, if NOT impraciicable
as the one proposed by the resolution.
Mr.. Johnson replied, and Mr.. Eaton re-.
Joined; when, On motion of Mr.. King. OF
Alabama,
The resolution wac ordered, for the pre-.
sent, to lie on the table; and
The Senate adjourned.
HOUSE OF REPRESENTATIVES,.
The bill from the Senate "making provi-
sion for General La Fayelie, was taken ur
and read first time and, on m oiion of Mr.
MalaIy. was laid for the resent upon the table