Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-08-30

bondsmcn who promise to indemnify the
bank for all it may loan, by loaning to him
within a certain sum or else he places
real estate in the power of the bank, to a
sufficient amount to render it secure within
the amount which he wishes to borrow.
The bank then opens with him a cash ac-
count and allows him to draw for any sum
within the specified amount. He is charg-
cd interest only for the amount which he
borrows. AS fast as he has funds he de-
posts all he can spare in the bank, 0and for
every thing thus deposited he is allowed in.
terest, so that his interest on deposits al.
ways diminishes the interes: on his debt.
Thus he borrows and pays successfully,
and at stated seasons the accounts are adj
justed."
The present legislature have put It in the
power of the people to establish banks on
similar principles and sooner or later it
is TO be hoped that they will be sprnging
into being. They are well suited to our
agricultural community; and if the act of
the Legislature is suffered to remain on the
statute book, they will eventually destroy
one of the greatest monopolies that ever
existed.
1t is unnecessary for me to enter upon
the abstract question, whether individuals
have or have not right to enter upon
the public lands. 1t is sufficient that they
arc there, and there too by an indirect in.
vitation Of the general government. The
best interest of the state will be promoted
by allowing them to remain in their present
| situations. They will be the means of CIV
ing more rapid advancement to the set
Element Of the country; of extending the
sphere of its productive industry and con-
sequently Of increasing its general pros
perity. A mere sale Of the public lands by
the general government is matter of
small interest to the state, if they are to
remain in the hands of nonresident propri.
etors, for two or three generations. Such
a proprietorship carries along with it the
blight and mildew of desolation. 1t often
destroys the energies of the actual settler.
1t takes away fiom linn all hope of ever
having good roads and other public inn
prevements and every prospect of intel
lectual and moral culture, through the aid
of schools and society. A country thus
situated must always be poor and misera.
BILE. Any thing that will have a tendency
to obviate the difficulties, ought to receive
public favor; and in no way can they be
so efectually obviated as by the passage OF
a law for the benefit of actual settlers upon
the public lands.
In conclusion, gentlemen, if the people
shall commission me to act as their repre-.
sentative in Congress, | shall deem it my
duty to oppose an United States Bank, as
an institution not authorized by the consti-
tuition and as not necessary for the pro-
mo,ion of the general welfare to assist in
placing the currency of the country so fal
upon a metallic basis as 70 obviate sudden
fluctuations and to aid in the passage of q
pre.emption law for the benefit of actual
settlers upon the public lands. AS citi.
zen Of Michigan, shall be at all times
happy to co.operated with those who are
in favor of gradual prohibition of the is.
sue of small bills; of proper restriction
Of the paper circulation and of making
banking what it ought to be-a stimulanl
to industry and benefit to the producing
as well as tho non producing class Of soci.
ETY..
have the honor to be, Gentlemen, with
high consideration,
| Your obedient servant,
ISAAC E. CRARY.
| A. l.. HAYS, C.. d. SMITH, and others.