Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-01-20
SPEECH OF MIR. WEBSTER
on THE SPECIE CIRCULAR.


Mr.. President: The power Of dispo-
sing of this important subjec: is in the
hands Of gentlemen, both here and else.
where, who are not likely to be Influenced
by any opinions Of mine. have no mo.
tive, therefore. for addressing The Senate.
but to discharge a public duty. and to full
I'll the expectations Of those who look to
me for opposition, whether awaiting VI 10.
availing. to whatever l believe TO be ille-
gal or injurious TO the public interests. Ia
both these respects, the Treasurer order
of the nth of July appears 10 me objection.
able. think it not warranted by law, and
| think it also practically prejudicial. I
think it has contributed not little 10 the
pecuniary difficulties under which the whole
country has been, and still is laborng; and
that it's direct effect on one particular part
Of the country is still more decidedly and
severely uDfavorable.
The Treasury order, or Treasury circu.
lar, of the nth Of July last, 10 addressed
by the Secretary to the receivers Of public
money, and to the deposte banks. Tim
structs these receivers andthese banks, a.
Ter the 18th day Of .August then nest, TO ~.
ceive, in payment of the public lands nothing
ercept what is directed by existing ldos. sis.
gold and SLIDER, and, in the proper cdses.
| T;rginia land script provided, that till tie
| I5th of December then merit. the same ,ndui.
gence heretofore extended, a. to the kind
of money received. may be continued, for oSy
quantity of land not exceeding 800 acres, to
each purchaser ,oho is an actual settler or
bona file resident in the State .ohere the soles
are made.
The exception in favor Of Virginia scrip
is founded on a particular act OF Congress.
and makes no part Of the general question.
It is not necessary, therefore, to refer far
Their to that exception. The substance Of
the general instruction is. that nothing btt
gold and siiver shall be receiaed in payment
for pablo lands; provided, however. that
actual settlers and bona tsde residents in tho
States where the sales are made may pur>
chase in quantities not exceeding $40 acres
each, and be allowed 10 pay as heretofore.
But this provision was limited to the 1sth
day of December, which has now passed:
so that BY virtue of this order, gold and
silver are now required OF all pu'chasers
and for all quantities.
In considering this order, the first thing
naturally is to look for the causes which
led to it, or are assigned for ito promulgs.
ton. And these. on the face Of the order
itself, are declared to be "conplaints which
have been made of frauds, specuations,
and monopoles in the purchase Of the pub.
lie lands, and the aid which 10 said to BE
} given to effect these objects BY excessive
bank credits, and dangerous, if not partial.
facilities through bank drafts and bank de-
posl,es. and the general evil Influence like.
~ to result to the public interest. and e..
pccisly the safety of the great amount Of
money in the Treasury, and the sound con-
dnion Of the currency Of the country. from
the further exchange Of the national do
main in this manner, and chiefly for bank
credits and paper money"
This is the catalogue Of evils to be cured
by this order. In what these frauds con-
sists. what are the monopolles complained
Of, or what is precisely intenaed BY these
injurious speculations, we are not informed.
All is left on the general surmse Of fraud.
speculation. and monopoly. 1t is not avow.
ed, or minated, that the Government has
sustained any loss. either by the receipt Of
bank notes, which proved not TO be equivs'
lent to specie, or in any ether way. And
i, is not little remarkable, that these
evils Of fraud. speculation, and monopoly
should have become SO enormous, and 90
notorious. on the 18th of July. as to require
this Executive interference for their sup.
preston, and yet that they should not have
reached such height e. to make it proper
to lay the subject before Congress although
Congress remained in session until within
seven days of the date Of the order. And
"a. OF
remarkable, is the fact that in his annual
message at the commencement OF the sau1e
Session, the President had spoken Of the
vapld sales Of the public lands as one OF the
most gratifying proofs Of the general pros.
perity Of the country without suggesting
that any danger Whatever was TO be apre.
hended from fraud. speculation, or monopo.
ly. His words were: "Among the eviden.
ces Of the increasing prosperity OF the
country not the least gratifying is that a.
forded by the receipts from the sales Of the
public lands, which amount in the present
year, to the unexpected sum OF s. ,00O..
. 000." From the time Of the delivery OF that
message down 10 the date Of the Treasury
} order. there had not been the least change,
} so far as | know, or so far as We are inf0rt
J med, in the manner Of receiving puymen'
for the public lands Every thing stood on
the 18th Of Jolly. 1886, as It had stood at
the opening of the session, in December.
} 1885. How so different view OF things
happened TO be taken at the two periods.
; we may be able to learn, perhaps, ~ tho
further progress of this debate.
: The order speaks Of the "evll influence"
likely to result from the further exchange
Of the public lands into "parer money"
Now. this is the very language Of The
| gentleman from Missouri. He habitualy
| speaks of the notes Of all banks, however