Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-10-02


trust disposed Of by the General Government their
agent specific general purpose, and this
mated for the individual benefit and welfare OF the States
The public lands therefore, trust property, plain
" shown by the Of cession, and the Supreme Court OF
the United States has in several cases, declared that the
General holds these lands for the States
With these two established first that the General Go
has ITSELF without using the pro
ceeds of sales of the public lands and, secondly that the
public domain is trust fund TO dc disposed OF BY the trs
for the benefit Of the cesuy que trusts II remained
but to show how this fund beneiciay applied
in the present emergencies OF the States.
The States indebted nbOut hundred millions o
dollars. The public domain is worth the nate II
Sl,2 per acre, about 81 ,iOO000,0e0 The amount q
the sales of the public land from 1880 to $40 was precise
Ssl 9l30l7 3, which gives an average tor ten years
of about So, 900 900.
The States according the plan, propose tina; the &C.
moral Government lend them ITS credit Tor thirty
years. by the OF stock bonds the amount Of two
hundred millions and holding pledge the pablo lands
apply the proceeds of sales the payment OF the inte
which, three per cent, would be SIX millions per
Thus, in fact giving up the General Govern
for a loan OF Its credit. amount 81 property
which WORTH the present minimum prlce more than
six times the amount stock be issued and wheh has
in fact yielded for years succession. the sum o. eight
millions of doars-,wo millions more than the annual in
the whole With facts such these, who
asked Mr. Johnson doubt the necessity for, and
the IL that the sales OF the lands
do than three millions Of dollars,
but the of this Is obvious There i general pros
traon Of enterprise OF every kind. There Is constant
drain of money abroad 10 pay interest and debts "aeh
renders il home All the public lands IN market,
situated in which greatly debt and they
have direct taxation, which greatly rar
sales, purchasers hesitate to buy lands subject 70 be
taxed in five years after purchase TO many millions Of
State obligations, and for almost Is months but small PoJ
Of the lands have been offered for sale The
which he recommended Nh J. said would pay the debts
OF those States and relieve them from taxation and,
consequence, would prosperity lnvgorate enter
prise, and invite purchasers public lands. In
year after its adoption the sales OF the public lands would
up eight millions and population increased, the
annually accruing from this alone would be
sufficient quidaic annual interest and provide
n tho ttssl Is mot
only feasible but probable, and probabilities are always
safe ground for calculation ButsuppOse that these results
should be realized how stands the of the pub
lie land fund.- Examining the subject master in chan
Gerry would, credng the General Government with all the
moneys has expended in way, and allowing inter
est and then charging with all has received from the
sales, all that has appropriated Of the fund
its specific purposes adding thereto also, the fair inter
est and the account will stand follows, down 1870
To the credit of the General Government S69,323,O36
To the credit OF the public lands 2ll,3ll, SOP
Balance to the credit of the public lands Sll2OlS766
Thus will be that the General Government Is in
the States within fyeight millions OF the
which proposed should he issued in stock and the land
fund should IN sIrct justice be charged with the payment
OF but that which three per cent interest would
only be 81 ,740,000 per
But continued Mr. Johnson, when the States waive these
conside rntons and willing pledge the entire public
domain for the payment OF two hundred millions, principal
and interest who that feels the slightest regard for justice
the slightest sympathy for the almost overwhelming emba
the States debate the wisdom and necessity
OF the proposed relief especially when the proposed meas
of relief calculated to dispense equal benefit and ad
the nonndebted well the indebted Saies
Contemplating the question in reference 10 its other public
and national bearings many considerations commended tito
public favor The prostraon of credit and business the
depreciation the prices of labor and industry by the present
OF things would be changed by the adoption Of the
scheme The traffic and commerce of the Uncn internal
and foreign, about 600 per If there
loss Of 20 in the depreciation of prices in the
medium of value i'll exchange and purchase the loss of
cuum OF national wealth will be 900 900 OF dollars annu
ally personal property Bu the loss real property has
been much greater Mr. Johnson said that from the best
data he could obtain he estimated the depreciation real
property Maryland within the last four years be up
wards of S65 600 900; and estimating the depreciation
the whole Union the rate the loss OF value
upon real property amounted in the aggregate to the
OF So 232 ,459 900. Immense as this
was, he believed it be far short Of the reality Thus
deeply interested in the question Of immediate relief
the mechanic and the aborer he that sells domestic TO-
reign goods the productions OF workshops
fields the OF real is still interested
for that chiefly draws supplies. There
was however another great public and national for
the measure-ihe financial which il would effect
The 200 millions of State debts held chiefly Europe
and average including various charges about six per
interest," payable in specie specie funds which is about
the thing thus causing annual dran the interests
paid punctuay, of about twelve millions specie,
oneith OF the entire amount in the whole Union. Thus
truly that 'riches take wings and fly away" Who
be surprised that the people hoard spece that the
banks hoard up and refuse tolend upon landed
If the 800 millions of pounds sterling debt Great
Britain owed the United States, Continental
Europe England would be retrievably bankrupt but
being owed at home the interest paid citizen to-day
and the credit Of the nation stands high that of
other in the world
Mr.. Johnson said the plan he proposed
State debts Of hundred millions, bearing per
interest," national stock bearing three per cent, and
thus, instead of paying 100000 abroad, pay but
millions at home The superior credit of the General
vtment the certainty OF the punctua payment of the
and Of the ultimate liquidation Of the principal would
be ample consideration for diminished interest The pre-
price of State stocks abroad averages about sixty
in the dollar. national stock Of three per would
command par home and abroad and especially if made
receivable for public lands Under these circumstances,
the holders of State bonds would willingly exchange, on
tho books Of the Treasury State for National stock and
thus. by single financial opeaton six millions of specie
would be saved the nation. What hard money would
oppose such measured But this all the SIX mil.
lions Of interest would be paid the National Treasury,
and specie Is less valuable IN Europe than is in Anne
rcA the of bonds abroad would doubt instruct
their agents here exchange for tobacco and produce
which they might make profit II 30, the interest would be
virtually paid in the surplus produce of the country.
Mr.. johnson maintained that another salutary national
blessing would result from the adoption Of the he
recommended IL would settle oil controversy in relation
the public lands, and take away what had ever been
fruitful of political contention for half century 10
come In this every the nation would rejoice save
perhaps the political charaan the noisy demagoguo who
the discussion Of the question OF the public
lands sor Of hobby upon which ride into public -
Having given in substance the arumentsin favor
Of span Of relief, Mr. Johnson proceeded Of
tho objections which he understood raised against the
He said OF his opponents called IL
Of assumption OF State debts. This correct
The General Government called upon interfere
with existing relations OF the contracts between ndiy
States, the form Of stock, aud would be the mutual
Of the States and their bondhoidCrs exchange
State for National security Again, said that the
Staes are relieved now they may get in debt again bat