Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-12-16

the banking privileges given by the charter had
ex,ned it had under its control uncancelled notes
Of the late Bank of the United States to the a.
mount of q millions 56i thousand S65 dollars,
of which III, SCI dollars were IN actual circufa-
ton. ass 627 dollars at State bank agencies. and
2 900. 800 dollars in truns;tu thus showing that
upwards Of lOi millions OF notes OF the Old oanA
were then still kept outstanding.
The improprietv of this procedure is obvious; ;
II being the duty Of the trustee 10 cancel and not
I, put forth the notes of an institution, whose
concerns it had undertaken to wind up II the
t-.stee HIS right to reissue notes now, can
see no reason why ttnay not continue 10 90 50
after the expiration Of the two years. As nc one
could have anticipated course SO extraordinary,
the p-ohbi.ory clause Of the charter above quo
ted was no, accompanied by any penalty or other
special provision for cnforcing II; nor have We
any general law Tor the prevention OF s'miaz ae's
in future. =.
thu, -our interposi,ion is required. Tho United
States in setting with the trustee for their stock,
have Withdrawn their funds from their former d-
rect liability to the creditors OF the old bank, yet
notes Of the Institution Continue 10 De sent ioIth III
It's name, and apparently upon the authority o,
the United States. The transactions connected
with the employment OF the hiiis OF tue o'o oanA
arc of vast extent; and should they result I'M
fortunately. the interest Of individuals may be
dscnlv compromised, Without undertaking to
decide how tar, or III what form, II any, the trus-
toe could be made liable for notes which contain
no obligation its part; or the Old BANK Tor socn
as are put in circulation after the expiration OF
is Charter. and without authority; or the govern
,r,r,, car indemnity in case of loss, the question
sill oresscs itself upon your n,ideration wheih-
r il is consistent with duty and good taith on me
,,rt of the Gov ernmeni, 10 witness TINS proccec-
mo without single effort to arrest It.
The report of the Commissioner OF the Gen
e-,l Land Office, which will be laid before you
by the Secretary Of the Treasury, VIII snow now
,b. aft rs of that Office have been conducted tor
the mast wear The disposition of the pubic
lands is one Of the most important trusts conf'd-
cd to Congress. The practcabsiuy OF retaining
the title and control Of such extensive domlins
IN the General Government. and at the same
time admitting the Territories embracing them
into the Federal union co-equals wi b the orig
nal states. was seriously doubt by many of oar
wisest statesmen. All feared that they would
become source of dis:ord, and miny carried
the;: apprehensions far as to see In mem the
soeds Of = future dissolution Of the confedcracv.
3 It happily our experience h1s ALREADY hecn SUI
iicient to quiet, in great degree, ali such "pffc-
bensious The position, at ono time assiiine--
that the admission of new States INTO the Union
on the same footing with the orig inai states, We
nc,,uo,tib.c with Il right of iii IN the T. States.
and oncra led as surrender thereof, notwilhstahti-
inc the terms of The complcts b. when thcif '.-
MISSION was designed 10 be rcgii1fed-has oech
wisely a5a,id med. "hc'her IN INC nc" % 'ne
old States. all now agree that the right OF soI to
The o,hiic lands remains in tie Federal Govern
uent and that these lands constitute common
pr,,c.ty to be disposed OF tor the common bcnent
=; all the States, old and new. Acqniescencc IN
this Just principle by the people or INC nc" s.,os
naturally promoted disposition to adopt inc
., liberal policy in the sale OF the pubic iands'
a ,o,;cv which should be limited 10 the mere OBJ
49, Of selling the lands to- the g:catc't Poss,o'c
sum of money, without regard to higher consider
atoms :in is b. few advocates GA me contrary,
!, * cr,liv conceded, that whist the mode OF
d,s,,s;,ion adopted BIZ the Government, should
always be prudent, vet its leading object ought
n he the carly settlement aud cultivation OF inc
I,as sold. and that it should discouD;cnancc,l
c,p,ot prevent. tho accumulation OF large tracts
in the $ ,inc hands, which must necessarily 'ct'ra
the growth of the new States, or entail upon 'hen
!, deocnl,cnt ,cnan,ry, and its attendant c'is.
4 question embracing such important interests,
and so well calculated enlist the feelings OF inc
ne,,e in every quarter OF the Uaion, has very
naturally given rise to II Imcrois plans ior tue '''-
of the existing system 1 nc ois'ihc-
tive features Of the policy that has hiihefto pre-
vailed arc TO dispose OF the public lands al moi
crate prices, thus enabling great number to en-
Ter into con,peli for their purchase, and accom-
plisbiny double oil ect of promoting their r 'pd
settlement by the purchasers, and 1T inc same
time increasing the receipts OF the Treasury; t"i
sell for cash, thereby preventing the disturbing
influence of a large mass Of private Citizens IN
dehtcd to the Government, which they have
voice in controlling; to bring them INTO market no
faster than good lands supposed to DC "an'ed
for improvements, thereby preventing the acc"-
muia ton Of large tracts in few hands; ana 10 zap
,lv the proceeds Of the sales TO the general Phr-
poses of the government; thus diminishing inc
amount to be raised from the people OF the states
BIZ taxation, and giving each State ITS portion OF
Tho benefits to be dcriv cd from this common iunu
IN \ manner the most quiet, and at the same ''me'
Nc rhaps the most equitable, that can be oe''Sca'
These provisions, with occasional cnac'n'eh's >"
,ch,If Of special interests deemed entitled to inc
.,yor of the Government, have, IN their cxccu-
ION produccd results as beneficial upon the Shoie
as could reasonably be expected IN Il ma"cr
,,s,. so complicated, and 50 exciting. upwards Oh
.cvcntv mI!ions OF acres have been sold, the grca
80, ,,r, Of which is belle ed To have been pIT-
.h,se.l for actual settlement. The population OF
10 rrw St,tcs ami Territories created out Of 'he
,,tl;r don,ain. increased between lSOo ana 1871
con, less than sixty thousand to upwards OF TWO
,;ions three hundred ihousl nd sols, constituting
II the latter period, about onc-lfh OF the "ho'e
,oo,c of the United States. The increase SINCE
ammo. be accurately known. BIZ; the whole may
,o,, no safely estimated at over three anu hall
n,,ons of souls; composing nine States, TIC rep
of which constitute above onc-ihfd