The Iowa patriot. [volume] (Burlington [Iowa]) 1839-1839, 1839-08-22
THE GOVERNMENT PET--LAND
OFFICE MONEY.

THE GOVERNMENT PET--LAND
OFFICE MONEY.
Itseens that the State Bank of Missou-
ri is the only bank paper which will be
taken in the Land office. From recent
examination into its concerns it appears
that this institution is indebted to the Go.
vernment one million, eighty-fve thou
sand, seven hundred and fifty-fve dollars,
and that on the goth of June it had but
one million, forty thousand, two hundred
and fourteen dollars in its vaults, making
its Indebtedness to the government forty
five thousand, five hundred and forty one
dollars more than it has specie to meet it.
So long as the government demands spe.
Gle, therefore, it will be seen that this
bank will be afraid to issue its paper, and
the settlers will be no better of than they
/ were when the odious Specie Circular
was in operation. We understand that
the "Bank Hater," Senator Benton, has
gone on to Washington to intercede for
the Bank and induce the Secretary Of the
Treasury, if possible, to make some 9th.
er provision besides asking for its pay
ment in specie. We presume that the
specie in its vaults is partly the avails of
the Land Offices in this Territory, which
were obtained at a great sacrifice by our
hardy settlers, and if the government &C
cepts any thing short of the specie, it will
be doing great injustice to this worthy
class Of individuals; and if it continues to
insist upon demanding specie, every one
can see that the Government Pet of Mis-
souri, will do the settler no good. 1t will
be seen, then, that unless the government
makes some provision, that will be more
accommodating to the settler, every eighty
acre tract must be entered at the Land
Office with gold or silver. Government
might easily make some arrangement with
the banks of Indiana and Illinois, which
would make it as safe to receive the pa
per of these banks-and in the present fl
nancial state of things in that institution,
safer-than it would be to receive Mis-
souri, Bank paper.
Unless some such provision is made, we
do not see where the gold and silver is to
come from. Between this country and
Europe the balance Of trade is against us,
and the vast and recent shipments of mil
lions of specie is making that commodity
worth so much in the Atlantic cities, that
comparatively little will be left for the use
Of the settler at any price. Besides, ow-
ing to the peculiar state Of the money
market, it is apprehended that the Banks
will again have to suspend paying specie;
in which case all those who depend upon
borrowing money to enter their land will
! be disappointed, and the scenes of bank
ruptcy and distress that were witnessed
in 1897 and will be enacted over again.
We understand that those gentlemen who
expected to supply the settlers with mo-
ney at comparatively fair rate of inter-
est, decline making any promises in re-
gard to the matter until the currency be-
comes less auctuating.
The people are beginning to feel the
want Of National Currency. By our
latest Gates from st. Louis, we learn that
exchange on New York and Philadelphia
could hardly be had at a per cent. Dur
ing the existence of the Bank of the Uni
ted States, exchanges On those cities could
easily be had at ] per cent. The time is
fast approaching when the very party who
crushed the U. S. bank, will advocate the
creation of another national banking in
stitution, on similar basis. What, we
would ask, has the Government gained
by the destruction of the U. S. Bank?
It has gained sufficient credit with ma
|jority Of the people. SO as to make them
believe that it was crushing political
monster that had an undisputed control
over the commercial interests Of the coun-
try. But in doing this, they did not FORE
see that a foreign monster, Of much more
misehievous mien, would take its place,
exercising similar control over the COM