Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1845-12-04

~. The public money should not he mingled
with The private funds Of banks or individual.
o. Be used for private purposes. When Il i
placed IN banks for sale keeping il Is n eifer
loaned 70 them without Interest, ard \ lened 4,
them upon interest tothe borrpxers from them
The public money Is converted into hankin,
capital, and Il used and leaned oct Tor tke m
yate profit Of hank stock holders and wher
called for, les Il was in 1887 Il nav Be- IN ~
pocket Of the borrowers from the banks. insteaf
OF being in the public treasury contemplatel
by the constitution. The Trainers 81 IN go.
stitution could never had intended tsst ths ~.
ney paid in the treasury should b ahus err.
yer;ed 20 private use and placed beyond ~.
control Of the government.
Banks which hold the public money are an.
en- tempted BY desire TO gain, 10 extend the,
loans, Increase their circulation. nndithns sim,
ulate, Il not produce spirit otSspecnlation an
3extravaganee, which sooner or later rnust respI
1nruin TO thousands. Hsthe public money 5.
not permitted 10 be thus used, but be kept Il
the treasury and paid out to the public credit.
oFs IN gold and silver, tie temriation afforded
oy its deposite with banks 70 an undue ekpan-
sion Of their business would be checked, while
the amount Of the constitutional currency let in
circulation would be enlarged, by its employ
ment il the public collections and iisbGrse
menis, and thesbanks themselves, wonld, III cen
sequence, be fonnd ip 4 safer and souader con-
dition. Y
AT present, State banksare employed as de-
positories, but without adequate re snlation OF
law, whereby the public money can be secured
against the casualties and excuses, reyusions,
suspensions, and declarations, 10 which. from
oyer-issqes, oyer-irading, an inordinate desire
for gainSor other causes, they are constantly
exposed. 81 The Secre,aryo Of The Treasury has
in all cases, when il was practicable, taken
collateral security for the amount which they
hold, BY the pledge of Stock Of the United
States, or snch Of the States as were in good
credit. Some Of tie deposite banks have giy-
en- this description Of securities, and others
have declined TO do SO.
Enteriainingthe opinion thatlarhe separation
Of the moneys Of the government from banking
institutions is indispensable for the safety ofthe
funds Of the government and the rights Of the
people, | recommend 10 Congress that proyis-
ion be made by law for such separation. and
that 4 constitutional treasury be created for the
safe keeping of the public money. The con-
stitutional treasury recommended is designed
as secure depository for the public money.
without any power TO make loans or discounts,
or to issue any paper whatever as acurrency
or circulation. ! cannot doubt that such a,
treasury as was contemplated Ny the constitu-
ton, should be independent Of All banking cor
porations. The money of hespeople should
be kept u the treasury Of the people created by,
law, and be in the custody Of agents ofthe peo-
pie chosen by themselves, according 10 the
forms Of the constitution agents who are d.
rectly responsible TO the government, who are,
E... a
subject to severe punishmentsf for any etnbez-
element, private use, or interpolation pf the
public funds, and for any failure in other rel
spects to perform their duties. To say that
the people OF their government are incompe-
tent or not to be trusted with the custody Of
their own money, in their own treasury, pro-
yided by themselves. but rnrfst rely onthe pres
idents, cashiers, and stockholders Of banking
corporations, not appointed BY them, nor re-
sponsible to them, would be ID concede that
they are incompetent for seIf-gpvernmeEt I
In recommending the establishment ola con-
stitutionai treasury, in which the public mo-
neys shall be kept, i desire that adequate pro-
vision be made BY law for les safety, and that
all executive discretion or control over Il shall
be removed, except such as may be NECESSARY
in directing its disbursement in pursuance Of
appropriations made by law, 4
Under sur present land system, limiting the
minimum price at which the public lands can
be entered 10 one dollar and/twenty five cents
per acre, large quantities Of lands lof inferior
quality fetnain nnsold, becanse they will not
camasss nd that price. FTomsthe records or tiie
General Land Office il appears that, Of the pub
lie lands remaining uHSold in the sexefal
States and territories in which they are situa-
ted, thirty nine millions one hundred and five
Thousand five hundred and seventy-seyen acres
have been in the market, subject TO entry more
than twenty years /; forty-nine millions six hun
dred and thiEiy-eight thousand six hundred and
forty-lour acres for more thanfifteen years; sew.
enty-three millions sevnty-four thousand and
siz hundred acres for more than ten years and
one hundred and six millions one hundred and
seventy 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 permitted 10 be sold, SO long as large
territories Of lands from which the more yalgl-
able portions have not been selected are annu-
ally brought into market by the government
With the view to the@sale and settlement Of
these inferior lands, Irecommehd that the price
be graduated and reduced below the present
minimum rate, combining the sales at the re-
}d6ced prices TO settlers and cultivaters in lin
tied quantities.. If graduated and reduced in,
price for a limited period toS per acre and
aterthe expiration ofthat period for a second and
think term tn lower rates, . large portion TO
of these lands wonld be purchased and many
worthy citizens, who are unable to pay higher
rates, could purchase homes for themselves
and theirfamilies. BY adopting the policy Of
graduation and reduction ofprice, these inferior
lands will be sold for thertreal value, while
the States in which they lie will be freed from
the inconvenience, il not injustice, TO which
they are subjected. in consequence OF the Uni
ted-States continuing to own large quantities.
OF public lands within their borders. not liable
to taxation Tor the support Of their local gov
ernmentss
To recommend the continuance Of the policy
of granting prescriptions, in its mostliberal ex-
tent, TO alEthose who have settled, or may here
afterssettle, on the public lands, whether sur
veyed or nnsuryeyed, to which the Indian title
may have been extinguished at the time Of set
Element 1t has been found BY experience, that
in consequence Of combinations or purchasers
and other causes, a very small quantity Of the
public lands, when sold at public auction, CON-
marids higher price than the minimum rate
: .tablished BY law. The settlers on the public
Ian,is are, however, but rarely able to secure
heir homes and improvements At the public
sales Il that rate because these combinations,
NJ means Of the capital they command. and
heir snperios ability to purchase, render i inn
possible for the setter to compete with them in