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

Particularly grouped together many instances m which
this discrimination was heretofore made And here let
me remark that all OF those instances were 10 favor aud
not against the lands But unfortunately for his agu-
ment all the instances he had given us, irrelevant
i 20 the point in issue He tells US what IS most un-
quesonaby true that In many instances land scrip was
legal tender IN payment for lands aud not Tor customs
But in giving those instances be has lost sight oi
very material aud important point in the history OF this
discrimination This discrimination grew out Of
SPECIAL contract with tho States Ia consideration Of
extensive cessions Of land to the United States was
agreed upon and stipulated that the United States would
pay in land Of the ceded territory certain class OF
claims which the States owed in land TO their citizens
This was other words property obligation, payable
! IN lands and not 10 money. These property notes are
common in the western country Nothing Is more
usual than for farmer give his note 10 another Tor
so many dollars, payable corn hogs cattle, and some
times for manual labor Andno honest man ever thinks
| OF requiring money upon such obligation. This was
the kind Of contract the United States made with the
States and the scrip nothing or less than the
property Of the United States payable in land IL
was 20 d in good faith by the United States, and no
body ever thought it a cash obligation. IL was debt
not DUE and owing TO the United States, but 1t was
debt due, and owing by the United States as, 10 Short
90 discrimination in the debts due and owing 10 the
United STATES. And The Senator must tax his inge-
nuity again. before he will succeed in establishing the
| point he has laborcd so hard prove.
The Senator tells US, that ian excessive currency OF
any character has necessary tendency TO sink the va
Tue oil that currency when compared VI
marketable property for which Il Is exchanged Hence
the inyarabe nominal rise, in tile Market OF property OF
all descriptions which open to free market, when
that which used money abnndap aud cheap; and
one Of the strongest evidences that paper currency
excessive during the years 1885 and 1886, found
in Tho fct that prices constantly advanced although the
supplies in almost every department OF trade aud pro-
duction unusually abundant and extraordinary
| demand was known 10 exist The duties which const-
tute from customs almost all rate per
| nSal fha yalu NJ aFtIrI
the quantity OF duabe goods imported be the same, and
the value be Iominaly increased in consequence OF an
excessive currency the value the duties will be nom
nay increased IN the RATIO and therefore the col
lection Of the duties the cheapencd currency VIII
keep the real value OF the from the imporations
at given standard
Now, sir all this comprehend, and am not dis
posed 10 conrover it. Bot shall controvert what fol-
lows. He tells that: Not with public lands.
They have not been, and not IN this open to
free market Their value, per acre. is fixed by law,
and however much the currency in which hey pur-
chased may have been cheapened by abundance, they
could not rise, with other property, TO price which
would restore the equilibrium. They bound down
by statute vaue and when the currency TO be received
III payment for them designated the same nominal
value Of that currency, however much it might be
cheapened by excess would purchase the same quantity
Of the lands"
Now, sir, consider this false and cannot help
pressing my surprise that the honorable Senator in his
eagemess to justify the Treasury circular should attempt
to palm these statements upon for gospel Sir, the
public land is open to free market; it is sold at public
auction to the highest bidder every body is invited
the sales every body authorized purchase the
land except the public officers and if this free
and open Market what, in the Of Heaven, is free
and open market! should like for the Senator to tell
me. 'But the price of the land is fixed by lawl' Is
this true, sirl say is true. say the price Of
the public land is not fixed by law: the minimum price
Of it is fixed by law, but not the mdrimum Their
price, he says, sis bound down by statute value"
Where is that statu,e Produce it; for such
is TO me, and to every other settler in the Western
country.
Sir, being wrong in the premises his conclusions
throughout must Of course partake of the
Sir, If bank paper excessive, and that concede,
and that Of less value than SPECIE there
was as much proprey OF applying the Treasury order
to the customs TO the lands The evil to be guarded
against the quantity of bank rags and not the
source from which they found their way into the Irea
sury for it the same thing to the Treasury, whether
pay dollar Of deprecated paper into it for lands,
is the TO the Treasury. And therefore, il three
fourths, more taking year with another, of the
whole revenue, is, Is derived from the customs it
would seem to that there would be more propricty
in applying the principles Of the Treasury order the
customs than to the lands because much the greater
quantity Of banks rags gets into tho Treasury from that
source, secondly because the cities where the
toms collected specie is generally abundant,
and easily obtained; thirdly because, from the
douby taxed They, sir pay their equal portion for the
customs, and then the additional tax for lands But
still am for no discriminating rule; for although the
agricultural interest OF the country the vital interest
!. OF it, although is the chief pillar upon which
whole fabric rests; yet am for no discriminating rule
its favor; all desire for that interest equa-
lily, and nothing
Sir, the discrimination in the moneys received for
the public dues is odious the people; and they
be reconciled to being told that bank rags will not
buy goods in Europe-that good money is required in
that quarter for that purpose and hence their banks will
fall into such oursi Sir are we to be
tcked into good humor with such sophistry thisl
DO not know that 1t is exports that purchase TO-
reign goodsl-exports which the New York merchants
pay for with their bank ragsl Sir our Western
banks, notwithstanding the made upon them, under
the operations Of the Treasury circular yet kept up and
paid specie for their notes until your Eastern banks failed
Sir this discrimination is odious to the people, and
the longer 1t is continued in operation the will
1t become They have felt and still feel, its dcleeri-
consequences 1t is not your wealthy spectators
only that reaches; it reaches the Industrious aboring
poor He is not able TO 90 to New Orleans for
specie and if he does he but lily prepared pay the
premium for it. So long, this Treasury order is
IN force the banks cannot specie payments with
any advantage to the community Throughout the
whole West the land sales coming on, and you
will take for these lands nothing but specie. What is
the consequence! 1t the banks specie payments
they will be afraid to let dollar OF their paper out And
why! Because they know that if they let dollar Of
paper out IN the morning, that II will be changed into
specie at the counter before night in order that they
may obtain acceptable land Office money. Your Trea-
sury order, therefore, keeps up the Of depre
ciated currency among 1t keeps up ruinous rates
Of exchange against u.s. and the longer this DONE the
worse it will be for all parties
Sir, if the President will not rescind that order,
hope there will be found stamina and independence
enough in both Houses OF Congress TO do it for him.
| If he rlo hc