The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1845-12-26

torost, and s loaned 81 them upon inierea
tOthe borrowers from them The public
money l. converted into banking capital,
and Is used and leased oul lor lhe private
profit Of bank stockholders; and when
called ior. Gas vas The case II 1887, L
may be II the pockets of the borrowers
from the banks, insteadof being inthe pub.
lie treasury contemplated BIZ the c0nslitu.
ton. The trainers 81 the constitution could
never have intended that the money paid
into the treasury should be thus converted
to private use, and placed beyond Tie con.
troll Of government.
Banks which bold the public money are
often tempted hy desire 70 gain, to extend
their loans, increase their circulation. and
thus stimulate, Il not produce q shirt of
speculation and Extravaganza, which soon.
er Of later, must result IN the ruin Of thons.
ands. 1.-THE public money be mt permit.
ted to be thus used, but be kept IN the treas.
ury and paid not to the public creditors n
gold and silver. the temptation afforded By
It's deposit with banks to an undue expan.
sion Of their business would be checked.
while the amount Of the constitutional cur.
Tency LEFT in circulation would be enlarged
by its employment in the public collections
and disbursements, and the banks them.
selves would, IN consequence, be found in
a safer and sounder condition.
at present, state banks are EMPLOYED "A
repositories, but without adequate regula.
ton Of Law, whereby the pnblic money can
be secured against the casualties and ex.
cesses, reyulsions, suspensions and defalca.
tons, to which, from over issues, oyer.tra.
ding, an innrdinate desire for gain, or other
causes, they are constantly exposed. Tho
Secretary ofthe Treasury has in all cases.
when i was practicable, taken collateral
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 depOsite banks have given this
description Of securities, and others have
declined to do so,
Entertaining the opinion that " the separ.
alton Of the moneys Of the government from
banking institutions Is indispensable for the
safely Of the funds of the government and
the rights ofthe people," recommend to
Congress that provisions be made by law
for such separation, and that constitution.
altreasury be created for the safe keeping
of the public money. The constitutional
treasury recommended is designed as So
cure depository for the public money, with.
out any power to make loans or discounts,
or 70 issue any paper whatever as a curren-
cy orcirculation. cannot doubt that such
\ currency as was contemplated by the con-
stitutions should be Independent Of all bank
ing corporations. The money Of the PEG.
pie should be kept in the treasury of the
people created BIZ law, and be in the Gus
tOdy Of agents Of the people chosen by
themselves according to the forms Of the
constitution; agents who are directly respon-
sihle 90 the government, who are under ad-
equate bonds and oaths, and who are subject
to severe punishments for any emheazle.
ment, private use, or misapplication Of the
public funds, and for any failure in Other
respects to perform their duties. To sal
that the people or their government are in
competent or not to be trusted " th the cus
tody Of their own money, in their owl
treasury, provided by themselves, but mus
rely on the presidents, cashiers and stock
holders Of banking corpora ions MT appnin
ted by them nor responsible IL them woull
lie to concede that they are incompetent 70
selEgovernment.
In recommending the establishment of 4
constitutional treasury, in which the public
money shall be kept, desire that adequate
provision be made BY law for It's safety, ant
that all executive discretion or control ove
Il shall be removed, except such as may b
necessary IN directing its disbursement /;
pursuance Of appropriations made BY law
Under our present land system, limiting
minimum price at which the public land
can he entered to 81 % per acre, .lafg,
quantities Of lands oil Inferior qua ity remain
unsold, because they will not command thai
price. From the records Of the Genera
Land 0tfics Il appears that Of the public
lands remaining unsold in the several State:
and Territories in which they are situated
39, I05, 577 acres have been IA the market,
subject 70 entry more than % years; 90,
639, GA acres for more than - years, 10,
074,600 acres for more than 10 years; and
1O6,476, 961 acres for moro than 5 years
Much the largest portion of these lands vii
continue to be unsaleable ct the minimum
price At which they are permitted to Be
sold, So long as large territories Of lands
from which the more alnable portions have
not been selected are annually brought intC
market BY the government. With tie view
70 the sale and settlement Of these inferio
lands, recommend that the price be grad
uaied and reduced below the present mini
nlnna rate combining the sales Al tie redu
ced prices to settlers and cullivatoTs in lin
tied quantities. If graduated and reducoS
N price for limited period 10 81 per acre
and atlerth expiration Of that period for
second and third term 10 lower rates. q larg
portion Of these lands would be purchase
and many worthy citizens. who are unahl
% pay higher rates. could purchase home
for theuss and their families. By adopt
Ing ihe policJ 81 graduation and reduefi0
Of price these inferior lands 'l be sold "a