Mobile register and journal., 1845-12-12

loaned by them upon interest 10 the borrowers from lhem The public money is converted inio banking capital, and is used and loaned out for the private profit oI bank stockholders; and when called for, Gas was the case in 1SS7) il may be in the pockets If the borrowers from the banks, instead of being in the public treasury contemplated by the constitution. The Gamers of the constitution could never have tended that the money paid inio the treasury should be thus converted private use and placed beyond the control of lhe government
 Banks which hold the public money are oflen tempted, by desire of gain. to extend their lOans, increase their circulation, and thus stimulate, if not produce spirit of speculation and sxlraxagahce. which sooner or later must result iR rnln 10 thoa sands. If the public money be not permitted to be thus used, but be kept in Ihe reaPurv and paid the public creditors in gold and slvrr he iempta- tion afforded by it's depose with banks 10 undue expansion of lheiI business would be checked. while the amount of the constitutional currency left in cir culatioR would be enlarged by lls employment iR the public collections and disbursements, and lhs banks themselves would in consesuence be found in safer and sOunder condition.
 \ At present State banks employed deposit tories. but without adequate regulation of law, whereby the public money can be recured against
 the casualties and excesses, revulsianF, suspensions, and def,lcalions, To which from issues over trading, m inordinate desire for g,in, other cau- ses, they are constantly exposed. The Secretary of the treasury has in all cases when it WAS praciica be, taken collateral security for ihe aT0unt ~hich they hold, by the pledge of h0cks Ol the U. States, or such of the States us were in gond credit. Some of the te ose banks have given this description of security, and others have declined io do
 Entertaining the opinion thar "ihe separation of the moneys of the government from banking insiiin- lion is indispensable for the safety l the funds of the government and the rehts of the people," re- con'rend to Congress that provision be made by law for such seraratOB, and that a eonstiiutional treasury be created for the sale-keeping of the pub lie money. The constitutional treasury recommend ed K designed AS secure depository for the public money, without any power 10 make loans Or dis counts, or 10 issue any pnper whatever currency or circulation. I cannot doubt that such treasury contemplated by tlIe constitution, should be independent of all banking corporations. The mo- ney of the peope should be kept in the treasury of the people created by law, and be in the custody of agents of the people, chosen by themselves, accord- ing 10 the iorms of he constitution; agents whe are. directly responsible to the government. whe are der adequate bonds and oaths and who subject to severe p,Inshmcns for any embezzement, private use, nr misapplicatnn of the public funds, and for any failure in oh-r respects 10 perform their dates To sny that the people lheir government are in- competent or not 10 he trusted with the custody of their own money, in their own treasury, provided by ihemseyes but must rely the presidents, cashrrs and stockholders oi banking corporal ions, not sp- pointed by them. nor responsible to them, would be 10 concede that they incompetent for self govern- ment. .f c..
 In recommending the establishment of constiiu- tional treasury, m which the public money shall be
 
 law for it's sa fey, and that all executive discraion control ovor il shall he removed, except such may be necessary in directing It's disbursement in pursuance of appropriations made by law.
 Under our present land system, limiting ihe mini mum price al which the public lands be entered to dollar and twenty five cents per acre. large quantities ofands of inferior quality remain unsoids because they will not command that pr,ce From he records of the General Land Office. it appears that of the public lands remaining unsod in the Aev arr.lS Slate and Tor in ttnh QIgn ted, thirty nRe millions one hundred and fifty thou sand live hundred and seventy seven acres have been in the market subject 10 entry more thaa twenty years; forty nine millions six hundred and thirty eight thousand six hundred and forty four acres for more than fifteen yeats, seventy three millions seven ty four thousand and six hundred acres for more than ten years, and one hundred and six millions one hun. dred and seventy six thousand nine hundred andsix- ty enc acres for more than five years. Much ihe largest portion of these lands will continue to be unsa eabe ai the minimum price at winch they permitted to be sold. so long large territories of lands from which ile valuable portions have not been selected are annually brought into market by the government. With the view 10 the sale and settlement of these inferior lands, recommend ihat the price be graduated and reduced below ihe pres ent minimum rate, confnng the sales at the reduced prices to settlers and culIivaors in limited guanti tics. lf graduated and reduced n price for llinii ed term to one dollar per acre, and after the expira lion of that period for a second and third term 10 lower iates large portion of thrse lands would be purchased and many worthy citizens who are unable to pay higher rates, could purchase homes fer thsm | selves and their families. By adopting the policy of graduation and reduction o price these inferior lands will he ssd fer their real value, while the States in which they lie will be freed from ihe inc convenience, if not injustice 10 which they are ssb- lected, in consequence of the United States contin- ung to own large quantities of public lands within their borders, not liable 10 taxation for the support of their local governments. sga- l recommend the continuance of the policy of granting exemptions, in its most liberal extent, to al, those who have settled may hereafter settle. on the public lands, whether surveyed unsurseyeds to which ihe Indian tte may have been exlingushed al the time of settlement It has been found by ex. perIeDce, that in consequence of combinations of purchasers aRd other causes. very small quantity of the public lands, when sold al, public auction, com mands higher price than the minimum rate es,ab- lished by law. The settlers on the public lands are however, but rarely able to secure their homes and Improvements at the public sales al thai rate; be- cause these combinations, by means of the capital they command and their superior ability to purchase. render it impossible Tor the settler compete with them in the market. By putting down all competi- ton. these combinations of capitalists and specas- tsrs are usually enabled purchase ihe lands. inca ding the Improvements of the settlers, The mini- mum price of the government and either turn them oi their homes, extort from the m, according 10 | ther ability 10 pay, double or quadiupe the amount paid for them to the government. lt is to inc enter prise and perseverance of the hardy pioneers of tho west, who penetrate the wilderness with their lan- lies suffer the dangers, theprivatons and hardships attending the settlement of country, and pre- pare the way for the body Of emigrants' who, in ihe course Of few yer.s, usually follow them, that we are, in great degree, indebted for the rapid exen- | sion and aggrandizement Of our country.
 Experience has proved that portion oi our pop uaton more patriotic than the hardy and brave men oi the frontier, ready to obey the call of their country, and to defend her rights sand her honor, whenever and by whatever enemy assailed- - They should be protected from the graspnS specu- laor, and secured, at the minmSm price of the pub IIc lands, in the humble homes which they have im- | proved by lher labor. With this end n view, all t vexatious unnecessary restrictions imposed upon them by the sting exemption laws, should be req peaIed modified IL is the true policy oi The gov ernnen to afford facilities its citizens to b.come the of small portions of our vast public do- main at low and moderate rates. ss..- The present system of managing the mineral lands of the United States Is believed to be radically de- lective More than million of acres of the public lands, supposed to contain lead and other mineraIs, | have been reserved from sale, and numerous leases upon them bave been granted 10 individuals upon stipulated rent. The system of granting leases has proved 10 be not only unprofibie the government but unsatisfactory to the citizens who have gone up- on ihe lands and must, if continued lay the fouRda- lion of much future difficulty between the government and the Iesses. According to the official records, the amount of rents received by the government for the years l84l, l642, IS43, and 1s44 six thou- sand three hundred and -four dollars and seventy four cents while the expenses of the system during the same period. including salaries of superntend- ents, agents, clerks. and incidental expensea, twentysix thousand one hundred and eleven dollars and eleven cents--tle income being less than one-