The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-12-11

of profit, these stocks are Of little or no
value: as a meaus of influence among
,ha States, they are adverse to the purity
Of our institutions. The whole principle
ou which they are based, is deemed by
mlny unconstitutional, and to persist IN
Tho policy which they indicate is consid-
cred wholly inexpedient.
Il is my duty to acquaint you with an
arrangement made 10y the Bank of the
Unted States with portion of the hol-
ders of the 3 per cent. stock, by which
the Government will be deprived of the
uss of the pdblIc funds longer than was
anticipated Dy this arrangement, which
,lll be particularly explained by the Sec
ratary of tho Treasury, II surrender of
the certificates ofihis stock may be post.
poneh until October, 1888 and thus the
liability nfthe Government, after its abili-
" to discharge the debt, may be contin-
ued by the failure of the Bank TO perform
its duties.
Such measures rs are within the reach
of the Secretary of the Treasury have
been taken to enable him TO Judge wheih-
or the public depOsites IN that institutions
may be regarded as entirely saie bui-as
his limited power may prove inadequate
10 ibis object, recommend the subject
TO the attention of Congress, under the
firm belief that il is worthy of ther ser-
ous investigation. An inquiry into the
transactions Of the institution, embracing
the branches Us well rs the principal
Bank. seems called for by the credit
which is gwen throughout the country to
mnny serious charges impeaching It's
character, and which, if true, may justly
excite the apprehension thar il rs no lon
ger safe depository Of the money of the
people.
Among the interests which merit the
consideration of Congress, alier the pay
men, Of the public debt, one of the most
important in my view, is that of the pub
Tic lands. Previous To the formation Of
our present constitution, 1t WIS recon-
mended by Congress that portion of
the waste lands owned by the states,
should be ceded to the United States, for
the purpose of general harmony, and as
n fund To meet the expenses of the war.
The recommendation was adopted, and
at different periods Of time the states of
Massachusetts, New York, Virginia,
North and South Carolina and Georgia,
granted their vacant lands for the uses
for which they had been asked. AS the
lands may now be considered ns relieved
from this pledge, the object for which
they were ceded having been accomplish
ed, it is in the discretion Of Congress to
dispose of them in such way as best to
conduct TO the quiet, harmony and gen
cral interest of the American people.
Ia examining this question, all local and
sectional feelings should be discarded,
and the whole United States regarded as
one people. interested alike in the pros
perity OF their common country.
II cannot be doubted that The speedy
settlement Of these lands constitutes the
true interests of the republic. The
wealth and strength of n country are its
population, and the best part of that
population are the cultivators Of the soil.
Independent farmers are every where
the basis of society, aud true friends of
liberty.
In addition To these considerations,
questions have already arisen and may be
expected hereafter 10 grow out of the
public lands, which Involve the rights of
tho new states, and the powers Of the
General Government and unless n liber-
al policy be now adopted, there is danger
thai these questions may speedily assume
an importance not now generally anticl-
pated. The influence ofa great sectional
interest, when brought into full action,
will he found more dangerous to the
harmony and union of the States than
o any other cause of disGontent and it is
the part of wisdom and sound policy to
foresee its approaches, and endeavor If
possible tO cOunteract them
OF the various schemes which have
been hitherto proposed in regard 10 .he
disposal of the public lands, none hns ye,
received the entire appreciation of she
Nationg, Le gislalure. Deeply
with the importance of a speedy and snt-
isfactory arrangement of the subject, Il
deem it my duty on this occasion to urge
il upon your consideration, and, to the
propositions which have been heretofore
suggested by others, TO contribute those
reflections which have occurred to me,
in the hope that they may assis! you in
your future deliberations.
Ii seems TO mo to be our true policy
that the public lands shall cease as soon
us practicable 10 be n source of revenue,
aud that they he sold to settlers in limited
parcels at price barely sufficient to re-
imburse TO the United States the expense
of the present system, and the cos, ars-
ing under our Indian compacts. The
advantages Of a curate surveys and un-
doubted ti,les, now secured to purchasers,