The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-12-12

tNOWsNnU
State bank agencies and three millions two thou
sand three hundred and ninety dollars in transitu;
thus showing that upwards OF ten millions ana a
half of the notes of the old bank were then sun
kent outstanding. The improperly of this proceed
ure is obvious il being the duty OF the trustee TO
cancel and not put forth the notes of an instltu-
tion whose concerns it had undertaken TO wind
up If the trustee has right TO reissue these notes
now, can reason whylt may not continue
to do SO after the expiration of the two years AS
no could have anticipated course SO extraor-
binary, the prohibitory clause of the charter above
quoted, was not accompanied by any penalty or
other special provision for enforcing il; nor have
we any general law for the prevention of any SINH
lar acts in future.
But il is not in this view of tho subject alone that
your interposition is required. The United States,
in settling with the trustees for their stock; have
withdrawn their funds from their former direct Ii
ability to tho creditors of the old bauk, yet notes of
the institution continue to be sentf forth in its name,
and apparently upon the authority of the United
States. The transactions connected with the en-
ployment of the bills Of the old bank of vast
extent and should they result unfortunately, the
interests of individuals may be deeply compromis
ed Without undertaking to decide how far, or in
what form, If any, the trustees could be made liable
for notes which contain obligation on its part;
the old bank, for such put in circulation after
the expiration of its charter, and without its
thority; or the Government for indemnity, in case
Of loss, the question still presses itself upon your
consideration, whether it is consistent with duty
and good faith the part of the Government, to
witness this proceeding without single effort to ar
rest it.
The report of the Commissioners of the General
Land Office, which will DO laid before you, by the
Secretary of the Treasury; will show how the af.
fairs of that Office have been conducted the past
year. The disposition of the public lands is one
Of the most important trusts confded to Congress-
The practicability of retaining the title and con-
troll of such extensive domains in the General Gov
eminent, and at the same time admitting the Ter
ritories embracing them into tho Federal Union
co-equas with the original States, was seriously
Jo,,ht nod NV off tate a
feared that they would be source Of dscord, and
many carried their apprehensions far as to in
them the seeds of future dissolution of the Con-
federacy. But happily our experience has already
been sufficient to qnet in grear degree, all such
apprehensions. The position, at one time assumed,
that the admission of new States into the Union on
tho same footing with the original States, was in
compatible with the right of soil in the United
States, and operated surrender thereof, notwih
standing the terms of the compacts by which their
admission designed TO be regulated has been
wisely abandoned.
Whether in tho new or old States all now agree
that the right of soil to the public lands remains in
the Federal Government, and that these lands CON
stitute common property to 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 naturally promoted disposition
to adopt the most liberal policy in the sale of the
public lands. A policy which should be limited to
the object of selling the lands for the greatest
sum of money, without regard to higher considera-
tons, finds but few advocates. On the contrary, il
POSITION adopted by the Government should always
he a nudent one, yet its leading objectEought to be
the early settlement and guilty alton Of the lands sold
and that it should discGupenaEce II 1t cannot pre-
~-t tho accommodation Of Iarse tracts III 'he same
hands, which must necessarily retard The CROWN OF
the new States or entail upon them dependant
tenantry, and its attendant evils.
A question embracing such important interests
and so well calculated to enlist the feelings of the
people in every quarter OF the Union has worry nat
uially given rise to numerous plans for the improve
ment OF the existing system: The distinctive fea-
lures of the policy that has hitherto prevailed, are
to dispose OF the public lands at moderate prices,
thus enabling greater number to enter into compe-
tltIon for their purchase, and accomplishing doub
bic object OF promoting their rapid settlement by |
the purchasers and at The time increasing the
receipts of the treasury; to sell for cash, thereby
preventing the disturbing influence of large mass
of private citizens indebted to the government
which they have voice in controlling; to bring
them into the market faster tn an good lands are
supposed to be wanted for improvements; thereby
preventing the accumulation Of large tracts in few
lauds; and to apply the proceeds of the sales to
he general purposes of the government; thus di-
ninishing the amount to be raised from the people
II the states by taxation, and giving each state its
portion of the benefits to be derv ed from this com
non fund in manner the most quiet and at the
same time, perhaps, the most equitable, that be
devised. These provisions, with occasional enact
nents in behalf of special interests deemed entitled
10 the favor OF the government, have, in their exc
,ution, produced results as beneficial upon the whole
IS could reasonably be expected in matter so vast
so complicated, and so exciting. Upwards of sew
enty millions of acres have been Sold the greater
part of which is believed 10 have been purchased
tor actual settlement. The population Of the new
states and territories created out of the public do
main, increased between 1900 and 1880 from less
han sixty hausand to upwards of two millions three
hundred thousand souls, constituting at the latter
period, about one fifth of the whole people of the
United States The increase since, cannot be &C.
curately known, but the whole may now be safely
at over three and half millions of souls
composing nine states, the representatives which
constitute above third of the Senate and over
one sixth of the House of Representatives of the
United States.
Thus has been formed body of free and indie
pendent landholders, with rapidity unequalled in
he history Of mankind; and this great result has
been produced without leaving anything for future
adjustment between the government and the citi-
zens The system under which much has been
accomplished cannot be ntrinscally bad and with
occasional notifications, to correct abuses and a.
iapt 1T to changes of circumstances, may, think,
De safely trusted for the future There is in this
of such extensive interests, much vlr-
Tue in stability, and although great and obvious I'm.
should not be declined, changes should
not be made without the fullest examination, and