The Arkansas advocate., 1836-12-30

ton. But although various dangers republican institutions have been obVated b. failure of that bank to extort from the government renewal of it's charter it obvious that little has been accomplished except salutary change of public opinion towards restoring the country the sound currency provided o- in the stt1on ID the acts of several Of the States prohibit ing the circulation of small notes and the auxiliary actmentso Congress atthe last session. ofbddng their reception or payment public account the true policy o the country has been advanced, and larger portion o precious metals infused into our circulating medium These measures will probably be followed up in due time, by the enactment of State laws banishng from circulation bank notes of still higher denominations; and the object may be materially promoted by further of Congress ofhldding the em9oyment fiscal agents, of such banks continue to of low denomi- nations, aud throw inpedments in the way of the cir cuation of gold and silver.
 The effects of extension of bank credits and over issues of bank paper have been strkiegly Illustrated the sales of public lands. From the returns made by the various registers and receivers n the early pant of the last sammef 1t perceived that the receipts aris- ing from the sales of the public lands increasing an unprecedented amount In effect, however, these receipts amounted to nothing than credits in bank The banks lent out their notes to specaators they were paid to tho receivers and immediately returned to the banks, to be lent again and again, being mere n- sruments to transfer to spectators the valuable pubic and and pay the government by credit the books of the banks. Those credits the books of ot the western banks usually called depostes were al- ready greatly beyond their immediate means of payment and were rapidly increasing. Indeed each speculation furnished means for another for sooner had any nd yldoal or company paid in the notes than they
 immediately lent to another for like purpose and the banks extending their business and their issues largely, us to alarm eonsiderate men, and der 1t doubtful whether these bank credits if permitted cunalae, would ultimately be of the least value to the government ne spirit o eXpaas0n and speculation was not confined to the deposa banks, but pervaded the whole multitude of banks throughout the Union, and was glYlhg rise to institutions to aggravate the evil.
 The safety of the public funds and the interest of the people generally required hat these operations should be checked, and 1t became the duty of every branch of the general and state governments adopt a egiti mate and proper means to produce that seutary effect Under thts view of my duty directed tue issuing of the order which will be laid before you by the Secretary ot the Treasury requiring payment for the public lands sold to be made n specie, with exception until the loth ot the present month"; in favor of actual settlers. This has produced many sautary consequences It checked the of tine western banks and gave them additional strength in anticipation of the pressure which has since pefvaded our well the Flu ropean commercial cities. By preventing the extension of the credit system 1t measrably cut off the means of speculation, and retarded it's progress monopozng the most valuable of the public lands. 1t has tended to saYe the new states from nonresident propfetorship one Of the greatest obstacles the advancement of new country and tAe prosperity of old It has tended to keep open the public aDds for entry by grants at government prces instead Of their being pced to purchase of speeuators at double treble prces And Ii IS conveying into the interior large sums in silver and gold, there permanently into the currency ot the country, and place it rmer ounda tion. It is confidently believed that the country will
 nd III lAe H0tlVeS WHICH fnQuG9d that order, and the happy consequences which will have ensuad much to commend and nothing to condemn.
 It remains for Congress, if they approve tho policy which dictated ths order, to follow it ln its various blessings Much good, in my ud dgment, would be pro- duced by prohibiting sales of public lands, except to tua settlers, at reasonable reduction of price, and
 imit the quantity which shall be sold them. Although
 1t is believed the general government never ought to re- ceive any thing but the constitutional currency in change for the public lands that point would be of less importance fl the lands sold for immediate settle meat and cultlyatlon Indeed, there is scarcely mis- cale arising out ot our present land systen including the accommodating surplus revenue, which would be rcnaded at by restriction on land sales to actual settlers and promises other advantages the country ID general and to the states in partleulaf, which cannot m to receive the most profound consideration of Congress.
 Experience continues to realize the expectations en- tertalned as to the capacity of the banks per
 form tue duties o fiscal agents for the government, at the time of the removal of the deposes It alleged by tho adyoeatesof the bank of the United States that the state banks, Whatever might be the regulations of the treasury department could make the transfes required by the government, negotiate the domestic exchanges ot the country. 1t Is well ascertained that the real domestic exchanges performed through discount, by the United States bank and its twenty-five braneaes, were at least onethrd less than those of the deposHe banks for equal portion of tne and if comparison be instituted between the amount of service rendered too by these institutions on the broader basis which has been used by the advocates of the United states bank m estimating what they consider the domes tic exchanges transacted by it, the result will be still more favorable to the deposite banks
 he Wheie amount of public money transferred by the bank of the United States in 1899, was 5l600000O.
 he amount transferred and actually paid by the deposte hanks in the year ending the first of October last was SS93l9S99 the amount transferred and paid between that period and the sixth of November was S 000: and the amount otranster outstanding that day, was Si4490o00; making aggregate of S59 16s S9l. These enormous of money first mentioned have been transferred with the greatest promptitade and regularity and the at which the exchanges have been negotiated previously the passage of the eposte act were generally below those chargsa by the bank of the Ual1ed States Independently of these services, Walah ar @rsater than fhosa fanaerad h taa IIna