Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-26


dent TO the system as II now exists But. u VI .hd'
Il IL possible should err, with all the caution have
taken come a correct CONCLUSION, iee assufeo
cannot in asserting that the danger wouo be lar iess,
under the amendment intend to propose Than II "ouo
be should the system continue II now s'anos' aho
that H the public domain 10 be lost It IS lar oe''ef -
should be under the former than the latter IL wouc
be with far less intermediate hazard, anc, ~ he enc
with less violence and shock TO our political fabric IA
the one case we could lose nothing but the value Vi m
land which shall presently show is far less than oso-
ally estimated while 10 the other no one can es'a
what the loss may not be. c.
Having now TRUST, shown to the satisfaction OF the
Senate that nothing sIior, Of d'spos'ng oil Tue Puoaa
lands on just, equitable and liberal terms Gun 49,
the evils and guard against the dangers neiue " .'e
system under existing circumstances, u Only ienas
10 consider what would be the effects VI 'ie n 'e
the revenue, compared WIN tue P - :;
Should be able prove as hope 10 90, 'hal even VI
that respect IL will bear a highly advantageous cohPa-
r;.on vould WELD more and that when most needed,
no,e WHEN The Treasury will require rePlenishing,
ererv solid objection adoption would trust be
removed.
value of tn. public lands, as have just minated.
They are estimated as If every acre was worm - -
paid down, without taking into account mat only
small quantity could be sold annually at that price, and
that by far the greater portion OF the income IRON Tue
sales only be- received through long series OF
extending TO very remote period In estimating "na'
Is their true value, must not forget that Time mas
the same effect value, which distance mas on agh'-
tude and that, the largest objects IN the universe
DIV ndle TO point when removed TO Inc distance Oh
the stars so the greatest value, when II can only De
realized al remote periods diminished almost TO no.
thing. Ii s in consequence OF this difference between
present and future value, that SUN PAID downs worth
twice as much equal sum 10 be pad sixteen years
hence, estimated al six per cent SIMPLE interest, and
four times as much like 10 be paid al the enc
of 80 wears do not take fractions OF years into the
estimate. The principle ~ familiar to all who are III the
habit OF calculating The present value OF annuii es IL"
gwen number Of years, and applicable to regular
annual incomes from land any other source as II IS
from what is usually called annuity. On the same
principle, discounts made on payments IN advance
But the daily habit Of overlooking this PLAN
and familiar principle, known to every business ma"
in the Of his Affairs IN estimating Tue
value OF the public domain. In consequence OF snch
oversight the loo 100000 of acres lying IN he new
States have been estimated to be worth $2oOoOoooo'
at 81 - per acre-a sum nearly eight tunes greater
than its real value, snpposng that 1t would give an an
nual income averaging 50 800 900 annually, and ad
hitting every will be sold al 81 2'-a suppost'on
far greater than will be realized. The Committee
on Public Lands, at the last session, assuming these
data proved inconesably that the true p!esen, value
did not exceed twenty-sx millions and half ~ dollars
They showed in the FIRST place that permanent in
come forever of S300 900 would be worth but irac'
ton more than forty millions Of dollars in hand,
that sum, at per cent would give an equal income
They next showed, that to derive an income Of
50 800 900 from the hundred and sixty millions OF acres
the States, would exhaust every acre IN eighty
years and that, Of course instead Of beng perma'
nent income il would be one only for that period, when
would reduce its value to about thirtyiour millions oil
dollars which would be lis present value, II there was
no expense attending It's sales, and management That
is however, far from being the case Applying the
rule ofcaculaon TO the annual expense incident
their mana cement, including what would De saved
by the Government if the cession shonid oe made anu
is ascerained be about 500 GOO annually they hnd
the present value Of the land 10 be- the stated,
(26 500 000.) The result, assuming the data to be
correct, incontroverhle: and that SUN would con-
sue the entire amount Of the loss under the present
system, If the lands really 10 be gwen away by
the proposed cesson has been most unfairly charged
on the other side Of The chamber.
| propose 10 apply the same principle 10 lie same
lands show its present value under the operation oil
the measure intend 10 propose. Should II be adopt
ed The whole OF the lands in question would be sold,
assume in twenty-five years from the time they be-
come subject the graduation processwhich more
probable than that the whole would be sold eighty
wears at the present price of 81 % per acre. next
assume that equal quantities would be sold during
each period Of graduation. | rest assured that the
portion not vet offered for sale, and which, accord
ing to the amendment, would not be subject 10 gfa-
duaton, and which is estimated IN The report OF the
Committee on Public Lands, 10 amount 10 d little
more than 6200O,G00 OF acres, would yield an ave-
rage revenue during the ten years, equal in proper
ton 10 what the 1900 eco estimated 10 yield
s probably much less than what tEey would, as they
WILL for the FIRST tme be offered for sale. also est
mate tina, the lands that have been offered, and which
have no, yet years, and will Of course be held
TIL then at 81 IS, will, with that which will be sold on
the first reduction TO dollar, average 81 l2l
have also estimated The whole period including that
which is in progress towards ten years, aud the
first period Of reducton a. one period oi tteen years
and that the entire sold during the entire Pc
rod will only equal tie average Of the other periods OF
graduation five years an estimate greatly under the
truth.
On these data have based the calculation whicl
has been made with great care, and ind the pre-
sen, value Of the lands would be more than THIRD
more under my proposed amendment, than under the
existing system and that the excess would be sufficient
pay the 80 per cent proposed TO be allowed to the
States for their expense and trouble leaving The
G5 TO he received By the Government, equal to the en-
present value Of the lands, under the existing sys
TEN. Such is the vast difference between receiving
smaller amount by annual payments, during halt OF d
long period and much larger one IN like manner du
ring double of the time.
There are but ,w Of the data on which the cacula
ton is based which be supposed to have any mate
rial effect the result, which possibly prove 10 be
es,,ma,ed; the ore, that all the lands VIII be solo
during the period Of graduation, which, however, u
quite probable, to say the least that all Will he sole
in 20 years nj 81 -; and the other, that equal quan
tes would be sold during each step Of the reduction
1t improbable this may not 10 be the case
and that larger quantities would be sold towards the
Inter stages of the graduation, al low prices than during
the ear!rr stages, at higher priccs winch might nn'u
ally affect the result The other surpost;on that eqna
,un,s would be received at each period, would pro
blbly be much too low and the truth may iroba
hly prove be between them; hu; that assnmp
ton The presen, value under the measure | propose
would greatly exceed that under the present system
so much be qrte sufficient 10 cover the IL pei
cent proposed TO be allowed 10 the States for thc
trouble, above the expense of managing the lands
including the saving TO the Government by the cesson
have assumed that additional allowance, because il
neatly corresponds 10 that proposed 10 be given IN The
bill for dsribn,ion introduced b. the author of The
scheme) To the States, above that allowed 10 the
old. refer 10 the bull that passed both Houses, and
was vetoed by the President That allowed twelve
and half per cent. which, for the sake Of facility IL
calculating, have enlarged To t. pcr cent.
have trust, successfully met the only two
objections which can, in my opinion, be urged with any
plausbili,y against the intend TO PROPOSE by
proving only that there would be reasonable
that the States would abide BY the terms Of The
IL La. ira