Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-12-19

ceIled notes of the late Bank oil the u.
States to the amount of twenty-seven
millions FIVE hundred and sixty one
thousand eight hundred and sixty six
dollars, Of which $6,175;66l were in
actual circulation, 81. 46S.627 at state
bank agencies, and $4,000, 800 in tram
stu; thus showing that upwards Of
ten millions and halfofthe notes ofthe
old bank were then still kept outstand-
ing. The improperly of this proce-
| dHre is obvious: it being the duty of
the trustee to cancel and not to Pnt
forth the notes of an institution, whose
concerns it had undertaken to wind up
If the trustee has right to reissue these
notes now, can sec no reason why 1t
NAV not continue to do so after the ex-
piration of two years. AS no one could
have anticipated course so extraordi-
nary, the prohibirory clause ofthe char.
te. above quoted was not accompanied
by any penalty or other special Provi.
sion for enforcing it, nor have we any
general law for the prevention Of slml-
lar acts in future.
But il is not in this view OF the subject
alone that your inrerpOsition is required
The United States, in settling with the truS.
| tee for their stock, have Withdrawn their
funds from their former direct liability to
the creditora Of the old bank, yet notes of
the institution continue to be sent forth in its
name and SppareutIy upoR the authority of
~ I he
with the employment Of the bills Of the old
bank are Of vast extent; and should they re-
suit unfortunately, the interests Of indiVidu-
ais may be deeply compromised. Without
undertaking to decide how far, or in what
form, If any, the trustee could be made LA
BILE for notes which contain no obligation on
its part; or the old bank, for such as are
put in circulation after the expiration Of its
charter and without its authority; or the
Government for indemnity. in case of loss.
the question still presses itself upon your
consideration, whether il is consistent with
duty and good faith on the part of the Gov
eminent. to witness this proceeding with
out a single effort to arrest it,
The report Of the Commissioner of the
General Land Office, which will be laid be-
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
most important trusts Confided 20 Congress.
The practicability of retaining the title and
control of such extensive ComaiRS 10 the
General Government. and at the same time
admitting the Territories embracing them
in to the Federal Union as Coequals with the
original States, vas seriously doubted bv
many 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
dissolution of the Confederacy. But hap
PLY our experience has already been suf6-
Glen: to quiet, in great degree, all snch APP
prehensions. The position, at one TING as
sumed, that the admission of new States into
the Union on the same foOtipg with the ORR
ginal States, was incompatible With right
of soil in the United States, and operated
as a surrender thereof, Notwithstanding the
terms of the cOmpacts by which their ad-
mission was designed to be reg0lated-has
been wisely abandoned. Whether in the
new or the old States, all now agree that
the right of soil to the public lands remains
in the Federal Government, and that these
lands constitute common properly, to be
disposed of for the common benefit of all.
the States, old and new. AcquiesceAse IN this
just principle by the people of the new
States has naturally promoted disposition
to adopt the most liberal policy in the sale
of the public lands. A policy which should
be limited to the mere object Of selling the
lands for the greatest possible sum of mo-
ney. without regard TO higher cOnSidera-
tiOns, finds but few advocates. On the con-
| trary, it is generally conceded, that whilst
~ IA 0eIA HEN I'd RoA hv1N 81,
eminent. should always be a prudent one,
yet its leading object ought to be the early
settlement and cultivation Of the lands sold;
and that it should discountenance, If it can
not prevent tie accumulation Of large tracts
| in the same hands, which must necessarily
| retard the growth ofthe new States, or entail
upon them a dependent tenanrry. and its at
tendant 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 to
numerous plans for the Improvement of the
existing system. The distinctive features
of policy that has hitherto prevailed, are, to
dispose of the public lands at moderate
prices, thus enabling greater number to
enter into competition for their purchase,
and accomplishing a double object Of pro-
| moung tneIr RAPID settlement Oy the pur.
Chasers, and at the same time increasing
the receipts of the Treasury; to sell for
cash, thereby preventing the disturbing in
huence Of large mass Of private citizens
indebted to the Government, which they
have voice in controlling; to bring them
into market no faster than good lands are
supposed to be wanted for Improvements.
thereby preventing the accumulation Of
large tracts in few hands; and to apply the
proceeds of the sales to the general purposes
Of the Government; thus diminishing the
amount to be raised from the people Of the
States by taxation. and giving each State its
portion Of the benefits to be derived from
this common fund in a manner the most
quiet, and at the same time, perhaps the
most equitable, that can be devised. These
provisions, with occasional enactments in