Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1845-12-11

Or or De used Tor private purposes. Whei
placed in banks for safe keeping, II is in effect loa
ed to them without interest and is oand by them upoi
interest TO the borrowers FROM them The public mo
ney is converted into banking capital and is used
loaned out Tor the private profit Of bank stockholders
and when called for Gas the in 1872 il ma,
be IN the pockets Of the borrowers from the banks
stead OF being in the public treasury contemplated by
the constitution The trainers of the coul,
have intended that the money paid into the
sry should be thus converted private use and place.
beyond the control of the government.
Banks which hold the public money arc often tempt.
CD by desire oi gam TO extend their loans increas,
their circulation, and thus stimulate, il produce
spirit OF Speculation aud which sooner OF
later must result in ruin 10 thousands. II the public
money be not permitted TO be thus used but be kept
the treasury and paid TO the public creditors in gold
and silver, The temptation afforded by IFS dcpositc th
banks 10 undue expansion Of their business would be
checked, while the Of the constitutional currency
left in circulation would be enlarged by its employment
IN the public collections and disbursements, and the
banks themselves would IN consequence BIO found in
safer and soundcr condition.
AT present State banks employed repositories
but without adequate regulation Of law, whereby The
public money can be secured against the casualties and
cxcesses rcvulsons SUSPENSIONS aud dealcatipns,
which, from issues, trading nordpaic de-
sire Tor gam or other they constantly
posed The Secretary Of the Treasury has in all cases
when was practicable taken collateral security for
The amount which they hold by the pledge Q: stocks OF
the United States or such of the States as were in good
credit Some of the depositc banks have given this
description OF security aud others have declncd do
Entertaining the opinion that .the separation Of the
Indispensable for the safety of the funds Of the govern
mcnt and the rights of the people, recommend to
Congress that provision be made by law for such sepa-
ration and that constitutional treasury be created for
the safe keeping Of The public money, The constitu-
tonal treasury accommodated is designed
depository for the public money without any power to
make loans or discounts issue paper whatever
currency circulation cannot doubt that such
treasury contemplated by the constitution should
be independent of all banking corporations. The
ncy of the people should be kept in the treasury of the
people created by law, and be the custody Of agents
of the people chosen by themselves according TO the
forms OF the constitution; agents who are directly res
ponsiblc TO the government, who under adequate
bonds and oaths and who subject to severe punish
mcnts for any cmbczzement, private use, or misapp-
cation OF tho public unds and for any failure in othcr
respects 10 perform their duties To that the pco
pie or their government incompetent or not TO be
trusted with the custody of their money, in their
own treasury, provided by themselves but must rely
the presidents, cashiers and stockholders OF banking
corporations, not appointed by hcm responsible 10
them, would be TO concedc that they incompetent
for self government.
in recommending the establishment of constitutional
treasury in which the public money shall be kept de-
sire that adequate provision be made by law for its safe
y, and that all executive discretion control it
shall be removed, except such may be necessary in
directing its disbursement ihpdrsuancc Of appropriations
made by law
Under our present land system, limiting the minimum
price at which the public lands Be entered to
dollar and twenty five cents per large quantities
OF lands of inferior quality remain unsod because they
viii not command that price. From the records Of the
General Laid Office it appears that of the public lands
remaining Ubsoid in the several States and Territories
IN which they arc situated, thirty nnc millions
hundred and five thousand five hundred aud seventy
seven have been in the market subject to entry
more than twenty years fortynnc millions six hun
drcd and thirty eight thousand SIX hundred and forty
four acres for than fifteen years Seventy three
millions seventy four thousand and six hundred acres
for more than ten years and hundred and six mil
lions one hundred and sevcntysN thousand nine hun
drcd and sixty one acres Tor than five years
Much the largest portion of these lands will continue
be unsalcablc at the minimum price which they
permitted to be sod SO long large territories of lands
from which the more valuable portions have not been
selected arc annually brought into the market by the
government. With the view TO the sale and settlement
OF these inferior lands, recommend that the price be
graduated and reduced below the present minimum rate
connng the sales at the reduced prices 10 settlers and
cultivators i'll limited quantities. If graduated and
duced in price for limited term to dollar per acre.
and alter the expiration OF that period for second and
third term to lower rates, large portion of these lands
would be purchased, and many worthy citizens who
are unable TO pay higher rates, could purchase homes
for themselves anu their families by adopting the
policy oil graduation and reduction Of price, these info
rior lands will be sold for their real value, while the
States in which they lie will be freed from the incon
vcniencc if not injustice, TO which they subjected
in consequence OF the United States continuing to own
large quantities OF public lands within their borders
not liable TO taxation for the support Of their local gov
crnmcnts.
recommend TIC continuance of the policy of grant
ing its most liberal extent all those
who have Settled or may hereafter settle, the public
lands, whether surveyed unsurycycd, to which the
Indian title may have been eXngushcd at the time of
settlement. Ii has been found by experience, that
consequence OF combinations of purchasers and other
causes very small quantity of the public lands when
sold at public auction, commands higher price than the
minimum rate established by law. The settlers the
public lands are, however, but rarely able secure
their homes and improvements at the public sales that
rate because these combinations, by of the ca
pita they command, and their superior ability to pur-
chase render II impossible for the settler to compete
with them in the market. BY putting down all compe
ton these combinations of capitalists and Spectators
are usually enabled TO purchase the lands including the
INN has ,l,,
the government, and either them Of their homes
or cxtor from them, according their ability to pay
double or 9uadrupc the amount paid for them to the
government Ii is to the enterprise and perseverance
OF the hardy pioneers of the West who penetrate the
wilderness with their families, suffer the dangers the
prvaons, and hardshps attending the settlement of
new country and prepare the way for the body of emil
grants who, IN the OF few years, USUALLY follow
them, that we in great degree, indebted for the
rapid extension and ACKNOWLEDGEMENT of country.
Experience has proved that no portion of our popuIa
ton are more patriotic than the hardy and brave of
the frontier, or more ready 10 obey the call Of their
country and TO defend her rights and her honor when
ever and by whatever enemy assaied They should be
protected from the graspng SPECTATOR and secured, at
the MINIMUM price OF the public lands, i'll the humble
homes which they have improved by their labor With
this end i'll view, all vcxations unnecessary rcsric-
tons imposed upon them by the existing pre- cmption
laws, should be repealed or modified 1t the po-
Icy of the government afford facilities its citizens
to become the owners of small portions of vast pub
lie domain at low and moderate rates.
The present system of managing the mineral lands OF
the United States is believed 10 be radically defective.
More than million Of of the public lands, sup
posed to contain lead and other minerals have been
served from sale aud numerous leases upon them have
been granted to individuals upon stipulated The
system Of granting leases has proved be not only
profitable TO the government, but unsatisfactory to the
citizens who have gone upon the lands, and must, il
continued, lay the foundation of much future difficulty
between the government and The lessecs According &c
the official records the amount Of rents received by the
goycrnmentior the years Sil 1912, 1913, and 1914,
was six thousand three hundred and fifty four dollars
and seventy -four cents while the expenses of the sys
ten during the same period, including salaries of super
incndcnts, agents, clerks, and incidental expenses
were twenty six thousand hundred and eleven dol
lars and eleven ccnSthc income being less than
fourth of the expenses. TO this pccuniary loss may b