Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1837-12-13
Vol. X....No. IL

cordlng to its own official statement, so
late as the first of October last, nineteen
months after the banking privileges give1
oy the charter had expired, it had under
ITS control uncancelIed notes of the late
Bank of the United States to the amopn,
oftwentyseven millions FIVE hundred and
s'xty-one thousand eight hundred and sir.
tty-s'x dollars, of which six millions one
5undred and seventy-fve thousand eiobt
hundred and slxty-one dollars We're inac.
t1al circulation, one million fopr bnn.
dred and six'y-eight thousand six hundred
and twenty seven dollars at State bnnk
agencies, and three million two thousand
three hundred and ninety dollars in tran-
s'IH thus showing that upwards of ten
millions and half Of the notes Of the ola
bank were then still outstanding. The
improperly of this procedure is obviors,
1t beng the du'y Of the trustee to cancel
anu not put forth the notes of an ns,itu-
ton, whose concerns it had ATTEMPTED to
! wind up. can see no reason WHY itnav
not continue to do 50 after the exDiration
of two years. As no one could hsve an.
ucipated a course so extraordinary III.
prohbitory clause of the charter above
quoted was not accompanied bv any pen,
atty or other special provision for enfo1c.
ing it; nor have we any general law for
the prevention OF similar acts in future.
| But It is not in this view of the subject
alone that your interposhion is required.
The United States. in settling with the
trustee for their stock, have withdrawn
their funIs from their former direct liabi.
'ty to the crldtors Of the Oh bank, vet
notes Of the institution continue TO be sen,
10th IN its name, and apparently upon
| the authority Of the United States. The
transactions connected with the employ.
m2nt Of the bills OF the old bank are q
vast extent; and should they result, unfot.
tunate|y, the interests of individuals NAV
be deeply compromised. Without under
taking to decide how far, or in what form.
if any, the trustee could be made fiabIs
for notes which contain no obligation ON
lts part; or the old hank, for sue 40 are
put in circulation afer the expiration Of
its charter, and without its authority or
the Government for indemnify, in case of
loss, the question still press, itself upon
yonr consideration, whether i, il consist
ent with duty and good faith On the mart
ofthe Government, to witnesst this prosred.
| ing without single effort to arrest il.
The report of the commissioner Of III.
General Land Office, which will be Ibid
before you by the Sec rotary of the Treas
ury, will show how the affairs Of lha, of.
nee have been conducted for the past year.
The disposition ofthe public lands IS one
OF the most important trusts contidcd to
Congress. The practicabilty of re;sin.
ing the title and control Of such .xten.ir.
domains IN the General Government and
at the same time admitting the Terrific.
rles embracing them into the Federal IN.
ION as coequals with the original States.
was seriousl Y doubted bv many Of onr
"lsest statesmen. All feared that ,h.v
| would become a source Of discord and
many carried their apprehensiops 50 far
as to see in them the seeds of future dis.
solution Of the Confederacy.
But happily our experience has al.
ready been sufficient to quiet, in grea,
degree. all such apprehensiors The posi.
ton at one time assnme1-that the al.
mission Of new States into th. Union "a
the same footing with the oripin7l st,,e.
was incompatible with a right Of soil in
the United States, and operated AZ .n,.
render thereof Notwithstanding the term.
OF the compacts by which their adniss;oO
was designed to be reguIated-has hesn
wisely abandoned. Whether in ,ba ~
or the old States, all now agree that tho
right of soil to the public lands rema;n.
IN the Federal Government, and That Lee
lands constitute common propertv "a b..
disposed of for the common benefit IF al
the States, old and new. Acouiescenca w.,
IN this just principle by the peopI.
OF tho new States has naturally
promoted disposition to adopt the mos,
liberal policy in the sale of the pub)i.
lands. A policy which should be limited
to the mere object of selling the lands for
The greatest possible sum of money. with.
out regard to higher considerations, finds
bat lew advocates. On The contrary !, !.
generally conceded, that willis, the mod.
OF disposition adopted by the Government
should always be a prudent one vet ito
ealing object ought to be the early settle,
tI'mem and cultivation OF the lands sold.
and that it should disconntenanre r. !,
canno: prevent, the accumulation of laro.
tracts in The sane hands, which must ma.
cessarIly retard the growth of thu ns.v
States or entail upon them drpendeu,
tenan;ry, and lis attendant evils.
A question embracing such important
'nterts SIS, and so we'll eaIcu' ated to snI;st
the feelings Of The people in every quarter
OF the Union, has very naturally given
rise TO numerous plans for the improve
ment OF the existing system. The dis
t'nctlve features of the policy that has
hitherto prevailed, are to dispose of tho
! nuhIic lands at nooLoza.. .L.-