The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-03-03

senate 10 deterHlne what measures the preseIva-
ton of their own privileges demands.
Much less do | intend to comply With the re-
quest or demand made of ule demand has 40 place
betw cen equals, and hold -ysef within MY CON-
stitutonsl privilege, at least eqsa 10 the Chief Ma
gistrate himself. l, as legislator, have right
10 investigate and pronounce upon his conduct,
and to condemn his acts freely, whenever | con-
slider them TO be in violation Of the laws and Of
the Constitution. J. as Senator, may Judge him;
be can never Judge me.
/ Ny object IS to avail myself Of the occasion TO
reilerate what | said as broadly and fully as IT.
/ tered them former occasion, here IN my place,
where alone | responsible and where tho
friends o. the President will have opportunity
10 correct my statement, if erroneous, or rctute
my conclusions if not fairly drawn. lsPoke with.
out notes, and 1t may be that | may omit some
/ tbIng which | said on the former occasion that
may be deemed material, or express myself less
full and strong than then did. If SO, will thank
any Senator to remind me, so that my statement
now may be strong and as full as then
I Ifmy memory serves me. opened my remarks,
when | spoke formerly, BY stating that many
and SO subtle were the devices by which those who
were In power could in these times, fleece the
People, without their knowing it, that il was al
most enough to make a lover Of his country des-
pair OF lis liberty. | then stated that L knew of
no measure which could better illustrate the truth
:, of this remark, than the one now before US. Its
protested object Is to restrict the sales of public
land IN order, is ayow ed to prevent speculation;
aud, by consequence, the accumulation OF sur
plus revenue in the Treasury. The measure is
understood 10 be an Administration measure. [
then stated that, far from preventing specula-
tion, 1t would in fact but consunmate the greatest
speculation which this country had ever witnessed
Ia speculation originating in a state of things of
which those IN power were the authors by which
they had profted and which this measure should
il become a law, would but complete. then asked
what had caused such an extraordinary demand
for public land tina; the sales should have more
than qulntruped thin the last three years and
said that, TO answer this question, we must look
to the state of the currency. That it was owing
TO the extraordinary inereass of bank paper which
had filled TO repletion all the channels OF circu-
aton. The Secretary had estimated this increase,
within that period, at from six dollars ana fifty
cents per individual TO ten dollars believe the
increase to be much greater; the effects of which
have been double the price of every article which
has not been KEEP, down by some particular cause.
10 the mean time the price OF public land has
remained uaaltered, at one dollar and twenty -fve
cents the acre and the natural consequence was,
that this EXCESSIVE currency oyertiowed upon tho
public land, and has caused those extraordinary
sPeculaons which i, is The proessed object Of this
bhl to prevent.
| then asked what had caused this iaundaton Of
paper TIE answer was the Experiment, Il love
to remind the gentlemen OF the eord,l which had
remored the only restrictions that existed against
J the ISSUE of bank paper. The consequence was
predicted at the time 1t was foretold that banks
would multiply almost without number, and pour
forth their issues without restriction or Limitation.
1scft
truth now begins 10 be realized.
! The experiment commenced by transfer ofthe
public funds from where they were placed by law,
and where they were under It's safeguard and pro-
: lection, to banks which were under the sole and
: unlimited contol OF the Executive. The effect
vas vast increase of Executive patronage, and
5 the opening field OF speculation In describing
which, IN anticipation, | pronounced IL to be SO
: ample, that RothschId himself might envy the OPP
e portunily which it afforded. Sue il has proved
0 to be.
. The Administration has proited bv this vast
patronage. and the prejudice hch il has excited
against he boHk as the means Of sustaining them
selves IN power 1t is unnecessary 10 report the
o remarks illustration OF Ibis. The truth of the
i statement i known to all the Senator's, who have
, daily witnessed the party topics hoh have been
drawn from this fruitful source. then remarked
in political point OF view that those in power
ID had proftcd BY the vast put in the hands oil
ne the Executive BY the experiment.; they had pro-
l. fled in pecunary, as we'll as 10 political, point
~ Of view. 1t has been frequently stated, and no
OF contradleted that many, In high places among
e. the spectators in public lands and that al
b individual connected with The President himself
one OF his nephews, extensive adventures
as IN this field OF speculation. | did not name him
I'd but nov feel yself called upon TO do so. near
III Mr. McLemore.
Is Having established these points, next under
Of took TO show halthls bill would consummate those
speculations, and establish the political asceudan
cy which the experiment had given to the Admin
stration. In proofof the former, | ayaled ysel
ofthe declaration o. the chairman Of the Commit
or tee on Public Lands who had stated that Tia spe
~ eolators had already purchased and held a vas
~ amount of public land not less as | understand
e. him, than twenty-five or thirty millions Of acres
at and that if this bill did not pass the scenes of tn,
en- last two years would be repeated 10 this and tn,
- coming year. then undertook to show, from III,
I'D show ing of the chairman himself that these specu
he lations would prove ruinous without the aid OF thi
I'd bill lie had stated that the annual demand 10
public land, resulting from our increased popuia
ton, could not exceed five millions of acres
Now, assuming that the quantity on hand
OF thirty millions OF acres, there would BE- six wear.
supply in the hands ofspecula,ors, even il The Ian
offices Of the United States be closed and that
,se the bill do not pass according to his showing
IN would take double or treble the time 10 dispose {
ed The lands, which, in that case will be in the hand
he Of spectators. All must see tue certain ruin,
&C. that event, of those who have borrowed money
zee speculate IN land particularly ii the sales of put
on lie land should BE- Tree aud open 10 every one as
in. now is, to purchase to the extent OF bis means
10 next showed that the contest was between the CO