The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-02

taxed, aud taxed Freely ntoc aSseesihtuts ho
inconsiderable item in State revenues. They con-
tribute largely 10 deirayng the expenses OF our local
Governments The taxing power over them Is unro-
srcted and il is properly exercised with no sparng
hand The these spectators feel and feeling i, as
they do they willing and anxious TO sell out
upon liberal terms, 10 time and price, and mode OF
payment ] need but refer you to the papers IN my
Slatc containing their advertisements, as an evidence
Of their anxiety 70 SELL Many can and do IN fact buy
lands Of spec ulaors who unable to purchase Of the
Government even OF the minimum price, They pur-
chase Of them on time, and frequently for properly
For these and many other which could be
signed the monopoly OF land by the spectators is less
objectionable than monopoly Of them either by the In
dams or the Federal Government They are, never
lheess, unpopular and therefore, every lashng the
honorable Senator his friends may give these nabobs,
will be highly gratifying TO the great mass Of the comnu-
nifty
Sir, | do not speak from books for with them but
seldom hold consultation, but from memory and I'M
less that greatly deceyes me- the rst proposition
made in my time re,ard the sales Of the public lands
tina, made by Mr. Fooie some years ago. when he
member Of the Senate Ana how was that pro-
position met! II was secuted down in this body, aud
condemned throughout the West The effort made
stop the sales Of the public lands that OF the
Treasury circular That Of Mr. Foote failed because
tangible that Of the Treasury circular has partial
y effected its object because thus far, it has been be-
yond our reach.
Now, sir will repeat my interrogatories TO my
friend from New York, and again ask him, If there
any complaints made from any Of the States, their
people their representatives, that these lands be-
coming individual property too rapidly If so, will
esteem it special favor II he will favor with the
of tho State. the number Of the petitioners or
the member OF Congress who made that complaint. -
Sir Il there were any such complaint that the public
lands were becoming individual nrapsry too rapidly il
has wholly escaped my observation.
The Senator next tells u.s. in justification OF the
Treasury ORDER that the banks aided individuals through
loans and discounts, TO the means by which they were
enabled to ekingulsh, in part, the Federal title to the
lands IN the States If the banks have done this.
all have to say is, that they have done for the new
States very acceptable service Sir 1t IS unquestion
ably true, that the banks did discount excessively
only TO the purchasers Of the public lands but
chants, TO factors and TO planters The banks were
stimulated to these by both ofhe political par
ties in this country, and the blame if any should attach,
should be mutually shared between them. We gave
them the public depostes, and the joint action Of the
two parties placed the distribution fund also into their
vaults. Being thus strengthened and doubly armed,
and, at the same time, avariclous, well as little
bilious to convince the world, that destruction Of
the United States Bank long their terror and their
master, was rather blessing to the community than
misfortune, they went heedlessly on diseountng not
only upon their capital but upon their money
or deposes banks, believe invariably do, until they
made money excessively abundant. This abundance
raised the price OF every thing The country became
Will prosperity Every DOuY lana spec
nators as well as Others trying 10 live by their
wits, and to accumulate large estates without labor
Them all seemed to think that the millennium had
actually arrived and that had nothing to do but TO
eat, drink, and be merry"
This, sir, was the situation Of things when the Trea
sury circular was issued. And what its effects !!
The banks, wen the public, taken by surprise
by It, Runs were made Immediately uIpn the banks
for specie buy lands these forced them to cur
tail their discounts and by adhering TO this rigorous
process, which they had do for their own preserya
ton they sustained themselves for eight or ten months
afterwards indeed, until general suspension through
out the United Stated occurred Their rapid curtai-
| ment rendered money scarce, and knocled down the
price Of every thing Property fell from 25 TO so per
cent. Many forced TO sacrifice heI estates and
ended in total bankruptcy. This of the fruits
OF the Treasury circular and let m, ask my hon.
orable friend what good has grown out ,f it /, has
beggered thousands 1t has embarrassed whole section
OF the country aud, lastly, it has barkruptcd your
Treasury! Aad why have these things been done
They have been brought about, are told, to stop
bank excuses. Was this necessary Will not bank
excuses, like of every other description
rect themseivcsi / think SO.
But the Treasury in danger, are told, OF los.
ing by receipt of specie paying bank for lands
Was not the Treasury in as much danger Of losing by
those notes which were paid into the Treasury for Gus
toms should think So sir. These bank notes at
that time, and for many months afterwards were equal
TO specie and passed currently at par and nowiih-
standing the made upon the banks their notes kept
up at par for every thing but land down the time Of
the general suspension. Yes, but says the honorable
Chairman, these bank notes fell 10 per below the
specie par after the Treasury order issued And this
circumstance is insisted upon evidence of the
dangerous state Of the currency Sir this fair con-
cluslon think not. The Government when unre-
strained by constitutional obligations, have it in their
power to make any thing they please below par and
my surprise has been that these notes fell so little
below par as they did. For every ordinary purpose for
every thing but for land these notes passed at par until
the general explosion This | know TO be true IN my
part OF the country Yes sir, if the Government, were
not prohibited by the Constitution from doing So they
could make gold and silver TOO below par Mr. Wood
bury would but have to issue his circular PROHIBITING the
receipt Of gold and silver for lands and for customs and
he would bring them down much below par as he did
the notes oil the specie paying banks, and if he had the
power 1t is possible he would do So in order that he
might not sustain any loss upon his Treasury notes.
Sir, specie, like bank notes. when abundant increases
the price OF property and, when scarce, the price Of
is lowered Specie, like bank notes. when abundant,
stimulates speculation and engenders immortality, vices
and excuses; and my honorable friend has such
paous horror for all speculaons and excuses suppose
1t unrestraned by the Constitution he would make war
upon specie Sir, specie seems to be coming into the
country IN such frghtul quantities. that really wonder
that his anxiety for our morals will permit him to sit
quietly in his seat. wonder that he has not already
introduced bill full Of pains and penalties, and penten-
liafy puhshmeht against this dcbauchlng buccaneer
II Is not yet too late He will yet have time before the
session closes to give bill to prohibit the importa-
ton Of specie that root Of all evil" into the United
States, And who knows bat that he will do SO, His
apparent love for the precious metals must surely be
altogether feigned; for we all remember when filthy
bank rags" by the bale seemed to stand as high
in his affections, docs now this new love for specie
Sir, his deeply rooted anpathy for all tho excuses
which money can purchase and his great anxiety for
the public morals WILL am sure, induce him to propose
law by which we shall be guarded against the one and
shielded in the other for, o. We gods how eloquen,ly
he discourses upon the besetting sins OF tile age No
refomer am sure, can equal him in sermonizlnr nnnn