Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-25

officers charged with the sale of the public lands and
with the collection Of The revenue lherefrom No one
OF these classes Of persons have FORGOTTEN the ch,rges
OF sinister accommodations, of fayorlsm of par,aliy
and OF corruption made against The State banks generally
and especially against these hch had been selected as
opposite banks, and had accepted the trust Every TO-
rum was filed with these charJe and complaints and
every vehicle winch transported the public mail groaned
under their weight they d'lfused throughout the
land
That specuIa'ions going in the public lands,
immense in extent and the capital and credit nvolv
cd became moeiuIy denonstrabe bv every from
The receivers the land Offices The proceeds Of the
sales arose. IN consecutive years from four millions of
dollars, which more than the previous average
amount per annum, TO i"aFeen millions, and from four
teen millions 10 twenty -iur millions in single vear-
That monopocs in the hands q" private holders highly
injurious to ;hc settlement and prosperity Of the new
States, must grow ont at sales thus accelerated
necessary and unavoidable consequence. The number
ot acres sold year, proved, conclusively that
quantities purchased for market and tor specuia.
ton, not for settlement and cultivation while the pms.
sion to purchase seemed to increase with the increase of
sales, until there was reason 10 apprrheDd that the
means oil payment we're travelling circle from the
banks 10 the land Offices and from the land Offices to the
banks without adding other further security for the
lands sold than the Increased Indebtedness of banks
10 the Treasury and the cased Indebtedness OF the
purchasers TO the banks.
While these appearances and causes of uneasnpss
were exhibiting themselves 10 those charged with the
management OF this branch OF the public service, fore.
bodlngs Of evil were not spared by those whose conf
dcncc IN these public servants was not without limit
They were warned against sacrifice of our rich public
donna NJ against monopoly OF that vast estate by those
said 10 he favored by tEe position favored by power and
favored by the banks against exchange of That spen
did Inheritance the price Of the blood of the Patriots Of
the Revolution for bank credits bank paper shank rags
They charged 10 look TO the public Treasury, and
see that lis numerous and rapidly increasing millions
upon paper realized to the people in sound and
not q deprecated currency. They were told of the
dana nuip Ils of he Lipn md
tons in the banks; and speedy and fatal arrangements
OF the currency generally predicted with a conf
dence which could not have been exceeded in prophets
possessing plenary powers TO bring about the ulment
Of their own predictions
Such briefly. the history Of the times up to, and
through the session of Congress Of 1855 and much
of the time OF that session consumed, both Houses,
in considering propositions in relation to the revenue,
the drpnse and safe Keeping of the public moneys the
dimnn,ion OF the surplus OF revenue, rapidly collect,
ing in the banks, and other kindred measures ou; the
session Of Congress closed and nalhing dome
Still the evil complained of, and sppreh. nded
tending ITSELF and accumuaiing strength from It's own
advances.
Under these circumstances the circular issued;
and the Of the disease assumed by a 70 rest
the dangerous expansions by the banks and the IN.
cautious facility with which they extended accommoda
tons TO the purchasers OF The public domain, the check
was made operate upon their issues OF paper, aud 10
BRING the test Of real capital this branch OF the pub lio
revenues IL should be overlooked that the circular
not To take effect until more lnan lilfly
il issued and that, even them an exception to ITS
operation was made in favor Of actual settlers, for
term OF four months, and until alter Congress would be
again in session. 1t is but just TO give here the concu
sion Of this letter in its words that the objects de.
TO be reached and effected by may not be mis-
taken lis last paragraph IL as follows:
''Thr principal Objects OF the President IN adopting
this being epress alleged frauds and to with
hold counienance facilities in the power Of the
Government from the monopoly OF the public lands IN
of md caDitasts the
the actual settlers the States, and OF emlgrants
in search Of homes well to discourage the ru-
nous extension of bank issues and bank credits, by
which these results generally supposed 10 be promo
ted utmost vigilance is required, aud relied on 10
carry this order into complete execution
Such the order and such were the objects in
tended to BE- accomplished by IT, That It's action upon
lie banks, and especially in the land States was in
degree harsh and severe is unquesonably true
The of the institutions aud the extension Of
their business which called it forth, rendered this
sequence certain and unavoidable. But before this ef
feet of the circular could be made the ground for its
domination, ii should be considered how pressing the
necessity which called for protection against q
hasry transfer OF the whole public domain for equlva
lent, rendered uncertain, BEST from its vast amount
and rapid accumulation how urgent was the call Tor
some measure which should either check the strong
current Of receipts rushing into the Treasury give IN
creased security and safety 10 the millions thus amassng
beyond the wants of the Government; which should
s'ay the expansions of the banks, guard the public
domain and public treasure against the runous conse.
quences certain 10 follow from the revuson which these
expansions could not fail To draw after them how i'm.
minent the danger to the currency OF the whole
country, it these millions r' III" public money were sut.
frrFd 10 multiply in the banhs and thus give strength
and force and extent the evil which all saw, all felt,
and against which all demanded protection.
That these dangers surrounded u.s. now, unfortunate
~. requires proof The history OF the country and
OF banking institutions vel as Of public rea.
sury since the date Of this circular. abundantly proves
their existence and their extent. That the banks had
extended their circulation and their credits beyond The
point Of prudence ond OF safety none Will now question:
that the public in their keeping had become,
and becoming unsafe from these excuses and IN
dScret!nns experience has demonstrated; and that
every public interest required and demanded check
upon The excuses OF banking the excuses oil taoe ana
the excuses of specuIatI0D s now beyond dispute.
1t has been obec"d 10 the Treasury circular, us the
appropriate remedy for the evil complained or that 1t
adopted rule "F discrimination between the currency
or medium Of payment, receivable Tor the public lands
and for the revenue from customs new, unknown TO our
laws and regulations ior the collection oil the teVenue,
and indeicnsb'c upon principle.
II has been already seen that determinations Of this
character aye not TO our laws. AS early as the
year 49, tie evidences Of the public debt, which were
transferable certificate Of Indebtedness were made, by
law, receivable in payment for the public lands, but
not receivable IN payment tor duties, or any other
public dues In 1914. The Mississippi land scrip was
made by law receivable in payment for the public lands
in specified territory and not for the public lands ge-
ncray in any other branch OF the revenue or tor
any other dues to The Government In 1c23, the gold
coins of Great Britain Portugal, France and Spain were
made receivable specified values, in payments for
lands while those coins not by any law OF Con-
gress force that time receivable IN any other oranch
of the revenue, made tender IN the payment Of any
other debts And as late as 1880 the Virginia land
scrip was nnde receivable for lands in the States OF Ohio
Indiana and Illinois, and in no other States and tor no
other pa menls the u States and The same scrip Is
We, medium of payment for public lands its application
having been extended and made general by an act OF
1875 Determinations of this character therefore, have
long been known the law and the practice Of our pub.
lie collections and the circular introduced no new Prin-
cple, in this respect, into our system
Is there, then, any ground upon which the circular
can be justified having been made applicable to the