The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-12-23

dIS hOW IedEly az an emu. IL is we'll un- l
derstood chat the trustee has not redeemed
and cancelled the outstanding notes of the
bank, but has reissued, and is actually reis-
Sung since the third of March, 1896, the
notes which have been received by it, TO a
vast amount.
According to its own official statement.
so late as the first of October last, nineteen
months after the banking privileges given hy
ther charter had expired, it had under it's
controul uncanceiled notes of the late Bank
of the United States to the amount of twen-
y-seven millions, five hundred and sixty
one thousand eight hundred and sxtv-six
dollars, of which six millions, one hundred
and seventy-fve thousand eight hundred
and sixty-one dollars were in actual circula-
ton, one million four hundred and sixty
eight thousand six hundred and twenty
seven dollars at State bank agencies, and
three millions, two thousand three hundred
d ninety dollars in tranSite; thus showing
that upwards of ten millions and half of
the notes Of the old bank were then still
kept outstanding. The impropriety of this
procedure is obvious: it being the duty of
the trustee to cancel and not 10 put forth
the notes of an institution, whose concerns
it had undertaken to wind up Ifthe trus-
tiee has right to reissue these notes now,
| can see no reason why itmay not contin-
ue to 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 quoted was not
accompanied by any penalty orther special
| provision for enforcing 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 interposition is required.
The United States, in settling with the
trustee for their stock, have Withdrawn
their funds from their former direct liabili-
ty to the creditors of the old bank; vet notes
of the institution continue to be sent forth
in It's name, and apparently upon the autho-
rity of the United States. The transactions
connected with the employment of the
bills of the old bank are of vast extent; and
should they result unfortunately, the inter-
ests of individuals may be deeply compro-
msed.-Without undertaking to decide
how far, or in what form, if any, the trustee
could be made liable for notes which con-
tain no obligation OH its part: or the old
bank, for such as are pnt in circulation af.
ter the expiration Of its charter, and with
out its authority; or the Government for i'll
demnity, in case ofloss, the question still
presses itself upon your consideration,
whether it is cons istent with duty and
good faith on the part of the Government,
to witness this proceeding without single
effort to arrest it.
The report Of the Commissioner of the
General Land Office, which will be laid
before you by the Secretary of the Treasu-
ry, will show how the affairs of that office
have been conducted for the past year.
The disposition of the public lands is one
olthe most important trusts confdcd to
Congress. The practcability of retaining
the title and control of such extensive do
mains in the General Government, and al
the same time admitting the Territories en-
bracing them into the Federal Union as
coequals with the original States, was seri-
nusly doubted by many of our wisest states
men. All feared that they would become
b source Of discord, and many carried their
apprehensoins so far as to see in them the
seeds of future dissolution Of the Conied-
eracy. BIT happily our experience has al
ready been sufficient to quiet, in great de-
gree all such apprehensions. The posi-
ton, at one time assumed-that the admis-
sion of new States into the Union on tho
same footing with the original States, was
incompatible with right of soil in the IT,
nited States, and operated as a surrender
thereof, notwithstanding the terms of the
compacts by which their admission was de-
signed to be regulated-has been wisely
abandoned.
Whether in the new or the old Stotes, all
now agree that the right of soil TO the pub.
lie lands remains in the Federal Govern.
ment, and that these lands Constitute d
common property, 10 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 natu
rally 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 loI
the greatest possible sum of money, without
regard to higher considerations, finds but
few advocates, On the contrary, it is gen
orally conceded, that whilst the mode ol
disposition adopted by the Government,
should always be prudent one, yet its lea
ding object ought to be the early settlement
and cultivation of the lands sold; and that il
should dscountenance, it cannot prevent