Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-12-14
(toniinued from first Pare. }

oSe" to\CNcu Wy " w q VAST atDouut NCt
cordiug to ats own official statement, so late {
as the irs, Of October last, Dineteea months {
alter the banking privileges given 10y the
charter had expired il had under IFS control
uncancclled notes of the late Bank Of the u
nited States 10 the amount of twenty seven
millions FIVE hundred and sixty lone thousand
eight hundred and sixty six dollars, of which
six millions one hundred and seventy five
thousand eight hundred and sixty one dollars
were in actual circulation, one million four |
hundred aud sixty eight Thousand six hun
dred and twenty seven dollars at State bank
agencies, and three million two thousand
three hundred and ninety dollars IN trdnsitu
thus showing that upwards OF ten millions
and halt of the notes of the old bank were
then still kept outstanding. Tho impropri-
city of this procedure is obv ious: il being the
duty OF the trustee TO cancel and not 10 put
forth the notes OF an institution, whose CON
Germs il had undertaken 10 " ind up. if the
trustee has Alright 10 reissue these notes now,
can see no reason why il may not continue
10 do SO after the expiration OF the two years.
As no one could have anticipated course
SO extraordinary, the prohibitory clause of
the charter above quoled was not accompani-
ed by any penalty or other special provision
for enforcing it; nor have we any general
law for the prevention of similar acts in fu>
ture.
But il is moi in this view of the subject a
lone that your interposition is required. The
United States, in settling with the trustee for
their stock, have withdrawn their funds from
their former direct liability TO the creditors
OF the old bank, yet notes OF The institution
continue TO be sent forth in its name, and
apparently upon the authority OF the United
States. The transactions connected with
the employment of the bills of the old bank
are Of vast extent; aud should they result
unfortunately, the interests OF individu
may be deeply compromised. Without I'M
dertaking 10 decide how far, or in what form
il any, the trustee could be made liable Tor
notes which contain no obligation on its par;
or the old bank, for such as are put in circu,
lation after the expiration Of its charter, end
without its authority /; or the Government
for indemnity, in case OF loss, the question
still presses itself upon your consdei alton
whether il is consistent with duty ann good
faith on the part OF the Government, 10 wit.
ness this proceeding without. single effort
20 arrest il.
The report Of the Commissioner OF the
General Land Office, which will he laid he
fore you by the Secretary of the Treasury
will show how the affairs OF that Office have
been conducted for the past year. The dis
position of the public lands is one of the mos
important trusts confided TO Congress. The
practicabiliy ofretaining the title and con
tTOi " SUCH extensive DOMAINS IN the GtUeT-
nj Government, and at the same time admit
ting the Territories embracing them into
the Federal Union as coequals with the or
lginal States, was seriously doubted by ma
ny OF our wisest statesmen. All feared that
they would become a source OF discord, and
many carried their approximations SO far as
to see in them the seeds of future dissolu-
tion of the COnfederacy. But happily our
experience has already been sufficient oqui'
et, in great degree, all such apprehensions.
The position, al one time assumed-that the
admission Of new States into the Union or
the same footing with the original States,
was incompatible with right of soil in the
Uaited States, and operated as surrender
thereof, notwithstanding the terms of the
Compacis by which their admission was de-
signed TO be regulated-has been wisely a.
bandoned Whether in the new or the old
States, all now agree that the right Of soil To
the public lands remains IN the Federal Co
Ternment, and'tha these lands constitute a
common property, TO be disposed OF for the
common benefit of all the States, old and
new. Acquiescence in THIS just principle
by the people Of the new States has naturally
promoted disposition TO adopt The most lib
erai policy IN the sale OF the public lands. A
policy which should be limited 10 the mere
object of selling the lands for the greatest
possible sum of money, without regard IL
higher considerations finds but few advocates
On the contrary, it Is generally conceded,
that whilst the mode OF disposition adopted
by the Government, should always be pru-
dent one, yet its leading object ought to be
Che early settlement and cultivation OF the
lands sold;anG that il should discountenance,
n 81 cannot prevent, the accumulation OF large
tracts In the same hands, which must neces-
6ariiy retard the growth of tina new States,
or entail upon them q dependent tenanlry,
and its attendant evils.
a question embracing such important in
terests, and so we'll calculated to enlist The
feelings of the people in every quarter Of the
Union, has very naturally given rise 10 nu-
merOus plans for the improvement oil the eX :
listing system. The distinctive features oil
the policy that has hitherto prevailed, are,
10 dispose Of the public lands at moderate
prices, thus enabling greater number 10
enter into competition for their purchase,
and accomplishing double object of pros
moting their rapid settlement by the PuT-
chasers, and al the same time Increasing the
receipts OF The Treasury TO sell for cash,
thereby preventing the disturbing influence
OF a large mass Of private citizens indebted
10 the Government, " hich they have a voice
IN controlling; TO bring them tote market
no faster than good lands are supposed 10 be
wanted for imProvements thereby prevent
1ng the accumulation of large tracts in few
hands; and 10 apply the proceeds Of The sales
10 The general purposes OF the Government
thus diminishing the amount TO be raised
from the people Of the States by taxation, end
giving each State its portion of the benefits
10 be derived from this common fund in |
manner the most quiet, and 81 the same time, |
perhsps, the most equitable, that can be de-
FIsed. These provisions, with occasional en-
actmeDtsie behalf of special interests deemed !