Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1845-12-16

divlduals, or be used for private purposes
When 1t is placed in banks for safe kee.
ping, II is in effect loaned to them wilhor
interest, and is loaned by them upon inter
est TO the borrowers from them. The put
lie money is converted into banking CAPT
tai, and is used and loaned out for ,he pri.
vate profit of bank stockholders; and when
: called Tor, las was the case in 1887, il
may be in the pockets Of the borrowers
from the banks, instead of being in the
public treasury contemplated by the con-
: stitut!on The trainers Of the constitution
could never have intended that the money
paid into the treasury should be thus con.
verted TO private use, and placed beyond
the control Of the government.
Banks which hold the public money are
often tempted, by desire of gain, to ex-
tend :heir loans, increase their circulation,
and thus stimulate, if not produce spirit
of speculation and extravaganza which,
7 sooner or later, must result in ruin TO thou
sands. If the public money be not per-
mitted 10 be thus used, but be kept in the
treasury and paid out TO the public credi-
tors i'll gold and silver, the temptation afTor-
ded by lis deposite with banks TO an undue
extension of their business would be check
: ed, while the amount Of the constitutional
currency left in circulation would be en-
larged, by its employment in the public
collections and disbursements, and the
5 banks themselves would in consequence
be found in a safer and sounder condition.
AT present State banks are employed as
repositories, but without adequate regula-
ton OF law, whereby the public money can
be secured against the casualties and ex-
, cesses, revulsions, suspensions and defal-
cations, 10 which, from over issues, over
trading, an inordinate desire for gain, or
other causes, they are constantly opposed.
The Secretary Of the treasury has in all
cases, when it was practicable, taken col
lateral security for the amount which they
hold, by the pledge Of stocks of the United
States, or such Of the States as were in
good credit Some Of the deposit banks
, have given this description Of security, and
others have declined to do so.
Entertaing the opinion that "the separa-
ton of the moneys of the government from
banking institutions is Indispensable for the
safety Of the funds Of the government and
/ the rights of the people," I recommend to
5 Congress that provision be made by law
< tor such separation, and that constitution
al treasury be created for the safe keeping
of the public money. The constitutional
treasury recommended is designed as Sc
: cure depository for the public money, with
out any power to make loans or discounts,
or TO issue any paper whatever as cur
, rency or circulation. cannot doubt that
such treasury as was contemplated by
i the constitution, should be independent Of
all banking corporations. The money Of
I the people should be kept in the treasury
Of the people created by law, and in the
5 custody Of the agents of the people chosen
by themselves, according to the forms OF
l the constitution; agents who are directly
responsible to the government, who are I'M
: der adequate bonds and oa,hs.and who sub
/ iect to severe punishments for any embez
element, private use, or misrepresentation
Of tie public funds, and for any failure in
) other respects to perform THEN duties. To
say that the people or their government
t are incompetent, or not to be trusted with
+ the custody OF their own money, in their
own treasury, presidents, cashiers, ard
: appointed by them, or responsible 10 them,
would be to concede that they are incom-
petent 10 self-government
In recommending the establishment Of
a constitutional treasury in which the pub,
lie money shall be kept, desire that ade-
quate provision be made BY law Cor its safe
: ty,and that all executive discretion or con-
troll over it shall be removed, except such
: as may be necessary in directing its dis
bursements in pursuance Of appropriations
made by law.
Under our present la nd system, limiting
: the minimum price at which the public
lands can be entered to one dollar and
twenty five cents per acre, large quantities
: OF land Of inferior quality remain unsold,
because they will not command that price.
From the records Of the General Land Of
flee it appears, that, Of the public lands re
naming unsold in the several States and
Territories in which they are situated, thir-
5 ty nine millions one hundred and five thou
| sand five hundred and seventy seven acres
have been in the market, subject to entry
more than twenty-years; forty-nine mill
ions six hundred and thirty'eight thousand
six hundred and forty'four acres for more
than fifteen. years; seventy'three millions
seventy four thousand and six hundred a.
cres for more than ten years; and one hun
: dred and six millions one hundred and sew
enty. six thousand nine hundred
: and sixty'one acres for more than five
! years. Much the largest portion of these
lands will continue to be unsaleable at the
: minimum price at which they are permit
: ted 10 be sold, so long as large territories
Of lands from which the more valuable
portions have not been selected are annu.
!, ally brought into market by the govern
] ment. With the view TO the sale and set
clement Of those inferior lands, and rec
1 ommend that the price be graduated and
: reduced below the present minimum rate,
= eonfning the sales at the reduced prices 10
settlers and cultvators, in limited qaant;'
ties. II graduated and reduced in price for
limited term TO one dollar per acre, and
after the expiration Of that period for sec
: ond and third term 10 lower rates, large
portion Of these lands would be purchased,
and many wor,hp citizens, who are unable
TO pay higher rates, could purchase homes
for themselves and families BY adopting
,