The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1836-12-17

expansion and apfeuiau0n Vas mol conhnec 10 llc
deposite banks, but perssded the whole multitude
rise 70 new institutions to aggravste the evil
The safety OF the public funds. and the
interes, Of ;hc people generally, required
,lia, these operations should be checked;
and i, became the duty Of every branch OF
/, the General and State Governments 10
adopt all legitimate and proper means 10
produce that salutary effect. Under this
view Of my duty. directed the issuing of
The order which will be laid before You by
the Secretary Of the Treasury, requiring
paymen, for the public lands sold to be
made in specie, with all exception until
the 10Th Of the presentmonih, IN favor OF
actual settlers. This measure has produ-
ced many snlutary consequences. /;
checked the career Of the western banks,
and gave them additional strength in anti
cipstion Of The pressure which has since
pervadcd our eastern as well as the Eu
ropcan commercial cities. BY preventing
the extension Of the credit system, it mca-
surab|y Gu. of The means Of speculation,
and retarded its progress in monopolizins
the mos. valuable Of the prblic Lands.
Ii tended to keep open the public lands
for entry by cmigranIs AT Governmcn,
prices, instead Of thcir being compelled
to purchase Of spectators q, double or
i treble prices. And il is conrcying into
! the interior large sums in s;lvcr and gold.
.hcre TO enter pc.madcn.ly into the cur'cn-
cy OF the country, and place it on fsmcr
foundation. /! is confidently believed
,ha, the country will End in The motives
which induced that order. and the happy
consequences which viii hare cnsued.
! much TO commend and nothing TO con-
dcn,n.
! /, remains for Congress, If they up
prove the policy whicl, dictated this or.
der, TO follow i, up in lis rarious bear
inss. Much good. il my judgement,
would be produced By prohibiting sales
Of the public lands. cxeel.: 10 actual SET
tiers. al q reasonable r.dut lion Of price.
aud to Iimi, ihr quantity which shall be
sold 10 them. Although tits believed the
General Government, never ought TO re-
ccirc IS thing but constitutional cusrcn
ey in exchange 60. The public lands lha!
|
lands were sold for immrd!stc settlement
and cultivation. Indeed, there is scarce
iya q mischief arising on. Of our pres n,
land system, including the accumu!a,:ng
surplus Of revenue, which would not be
remcGied o, once by restriction on land
sales 10 aetna! settlers; snd j, promises
other advantages TO The country in gcncr
al. and to The new States in particular.
which cannot fail I" receive the mosi
profound consideration Of Congress.
Experience continues 10 realize The
expectations entertained ns TO The capaci
" OF The State Banks 10 perform the du
Tics OF fiscal agents for the Government
!, tho lime Of The removal "i The dcpos,
i,cs. Il wa. alleged b. the advocates oi
| ,l.r Hank OF the United States that The
Stale banks. whatever might be the resu
iriiuus OF the Treasury Department.,
could no, make the transfers required by
the Government. or negotiate the domcs
tic exchanges Of The coun,ry. IL is nov
we'll sscerlaincd tho, tho real domestic
exchanges performed. through discounts.
by ,h- Uni;cd S,a,c- Bank and its twenty
Gyc branches, were al lrnsi one third less
than those Of tho dcposilc banks for m
equal pcrio! OF time; nnd il comparison
be- Instituted between the amounts Of Ser
rice rendered ly. these institutions. o"
the broader basis which has been usc'i by
the advocates oil the United States Bank
~ estimating whu. they consider the do
mes,ic exchanges transacted BY il, the re-
suIl will be still moro favorable ~ tho dc
posi,c banks.
| The whole amour, OF public money
transferred by Tho Bank Of the United
STATES in 1882, was slG,00O.000. The
amount transferred and actually paid by
The dcposilr banks in tho year ending the
| frs, Of Oetobe, last, was s39.3l0, 500:
The amount transferred aud paid between
that period aud The sixth Of November
was 90, 800. 900; and .hr amount Il ,runs
fer warrants uI,siau"ins on that da! wa
| Sii. $50. 900, making un aggregate oi
s59. los, ,S9i. These enormous sums III
none, frs. mentioned have been lruno
lrrrcG with lhc greatest Prom'iudc rrgu
larily, and the rates. at which the cx
changes have been negotiated previously
to tie passage Of shc deposi,c act. were
generally below those charged BY the