The Arkansas advocate., 1836-06-17

Jackson to recommend precisely the same measure1
 We think Dean Swft's definition of aagliag one f,h best jokes sawssA rod and line with boat '' one end and a. fool at tue other.''
 .'Tn the Senate, yesterday, Mir. Cay's land bI S,. ordered to third reading-Judge Whie being one os the number who voted for it. If the bill should bs come law, We may give up all hopes of pre-empto. laws donation graduation bills for will be the ; terest of the old States to hold up the price of the n lie lands and 10 sell 10 specdlators and compsn;a who generally have more money than the honest se. tier to pay for and If this bill should become la~ d poor may hereafter consider himself we'll off f he can acquire real estate of sufficient difnens;oss upon which his friends may fnd space enough to bmv him''
 Ths above is an extract from lstter of Col Sev; ; the Gazette. Now let how much solid truth and sound reasoning there is i'll all this Let us exam;aa what is that gives the specuator power over the no settler-and may be enabled therefrom to form soma idea of the depth ofwsdom of this second Neckar in % tieal economy Prior to 1S20 under the old credit s te, when Government sold their lands in large bodies, credit spectators amassed rapid and overprowf fry tunes They bought and held large quantities of fine land, which they enabled c hold up an exorhi tant price, until they became, were Lords pfonr tors, endowed with Municipalities. The General Gov ernment at length became convinced of the wretchea policy of the system, and did away the whole business of creds at the time reducing the price bf hs public lands to SI 25cts per The Fl Dorado wis ions of these speculators, also their actual wealtb vanished Those days have come round aoa;n We hear every day complaining of the specuators them excited troubled anxious for fear he;r improvements will be wrested from them-afd what the cause There are two principal reasons-both per. haps branches of the same.
 In the first place, although the supporters of be nres ent Administration pretend be opposed all Banks yet find them continually employed creating those institutions, and multiplying paper money to an enor- nous extent In Maine, five millions has this year been added to the banking captal-in New York large sum--in Mississippi and Louisiana swarms of banks have sprung into existence rapidly to be countedungous excrescences the body politic- which the actual cautery of disastrous ruin will sarily remove Money, under such auspices, has become cheapand this gives power to the land-lobber They enabled, if good Van Bdren nen-and suchdo most of them find 1t convenient to beto command large sums of money, without possessing in actual capital productive industry, any thing enttlng them to it.
 But more especially, and in the second place. the old credit systefa is, in fact revived Government does not t IS true, directly credit the specuator, but thirtyve millions of public money deposited in different local Banks, not drawing nerest-and the whole of that sum- and twice as much moro te cyeda o u, Is loaned spectators in stocks, land 6c With loans thus ob taned the public land Is bought up. The Government ln fact loans the money to the specnatoror It loans to the Bank and the Bank to the speeulator and the Bank cannot pay the Government unless the speeuator pays the Bank. The speculaor therefore, is the bone fda debtor Of th1 oyvInlentand the land i'll effect sold credit. The Rag Bank and the Deposlte Bank may take the credit of all this The Planters Bank of Mississippi had, time since, t:.o Dtoa, t Hundred thousand doars, of public money, not beafng interest, Ill deposite. It has three mklion It's loans have been extended to from five to eight millions o which 1t fair to supPuse that two millions at least have been loaned for purposes of speculation. With this same PcDIc money, the money of the people of these United States the best lands in Arkansas have been p chased and are now held by spECuators at high price The Planters Bank of Mississippi has made certain set of men Lords Propretors of large bodies of the most fer tile lands in Arkansas. Let us refer you to recent transaction. At the late land sales this place. pany was tornred consisting mostly of land specuaos from abroad, but including few of own citizens who joined them in self defence. That company holding funds to the amount of between half million and mil. lion of doars bought up nearly all the good land of fered for sale, at about Sl 25 per acre. This their confederation enabled them to do. They then under the very of Che Land officers held another auction among themselves, and the foreign specuators bought up nearly the whole. They hold it from five to forty dollars per Government credits THEM othe land5ut whoever buys from these men, must tell out the cash
 En the mean time, the Van Buren members of the Sen. ate confess that they afraid pass the Land Bill be- to withraw the public moneys from the Pet Banks would probably break them. These institutions have loaned out all the public money, and twice much and the probability of payment is the lawyers say n nu6ibas. Like the spirits that Glendower wont to call from the vastly deep their dues may be called n but will hardly be forthcoming.
 Another injurious measure to Arkansas has been that the lands were pushed into market before extension o the pre-emptlon laws was obtalnedso that the mah who settled on his land since 1885, had to trust to the
 mercy of the spceuator for the salvation of his improve ment. Whom we may thank for this, we know not At the land sales in this place, the speculaors merc ful Yet no one likes to be exposed to danger Tn th way, even though he out of the fire unscahed In the southern Counties and particularly in Clark they have not been fortunate Many citizens there nave been robbed of their mprovo by speculating en- tries made by men from other States.
 Enc reader may judge how much of truth, ana how much of humbug there Is in the foregoing extract from Col Severs letter. He can also the reasons which make the passage of fhe Land Bill desirable o people of the West. Lay out of the question the money we should obtain by it. The public treasures mmenss and still increasing multiplying the specuatos meauS ln tor expressing the poor setter is, land Col Sewer "e.