Arkansas intelligencer., 1845-12-27

been involved in a foreign war. Thai i,eo,von.
ence apd,oSS would have been much grenlor,
ana 'n.gh' nave resulted IN extreme public calam.
NY. he pubic money should not be mingled
WIN Inc private iunds OF banks or individuals, or
be used Tor private purposes. When it is placed
in banks for safe.kceping, it s in otfsc, ioancd
10 them wthout interest, and is loaned by them
upon interest TO the borrowers sSo;!. .hem. The
public money Is con:ericd into banking capital,
and IS used and loaned MT for the private prof.
OF bank stockholders; anu ..!!:e: called for. las
was the c1se in 1872 it nny be in the pockets
OF the Borrowers from the banks, instead OF being
IN :ae public treasury contemplated by the con.
s,Itulon. The trainers of the constitution could
never have intended TINT the money paid into the
treasury should be thus converted 10 private use,
and puced beyond the control of the govern
men,."
Blanks which hold the public money arc often
tempted by desire 10 gain. to extend their loans.
increase their circulation, and thus stimulate, If
not produce a spir. Of speculation aud ex,raya.
gnnce, which sooner or later must result in ruin
toth,usands. If the public money be no, per.
mi'ted to be thus used bu, be kcp, in tn, troasu-
ry, and paid out 10 the public creditors in gold
and silver, the 'ems$oiiqn afforded by its depos.
lie with banks !, ~odue ezpo nsloa of their bu'
snes' would be an sifcdmSp q the
cohs''tu'ona! Gu cNEHf'oyment in the nnr;a '
be enlarged by itsN,,pen,s md ,ba vac PuoI'c COL
leclions and di.birs55 f..a Ea r.o o','Ns Them.
selves would in consequence hre'E,s.'u 'Es.'u III sale
and sounler condition."
He proceeds as follows:
"En,crtain,ng the opinion that "the separation
Of the moneys of tho government from banking
institutions, is indispensable for tho safety of the
funds of the governmon, and tho rights of the
people, recommend 10 Congress that provision
be made by law for such separation, and that
constitutional treasury be created for the safe
keeping of The public money. Tho constitutional
treasury recommended is designed as secure
depository for the public money, without any
power TO make loans or discounts, or 10 issue any
paper whatever as currency or circulation.
cannot doubt that such a treasury as was con!em-
plated BY the constitution. should be independent
of all banking corporations. The money OF the
people should be kept in the treasury Of the peo.
pie created by law, and be in the custody Of
ugcns Of the people. chosen by themselves. &c.
cordlng TO the forms OF the constitution; agents
who are directly responsible 10 the government,
who are under adequate bonds and oaths, and
who nro subject TO severe Punlshmen,s for any
embezz cmcnt, private use, or msnppIlcGtIon OF
the public funds. and for any failure in other re.
spects to perform their duties. 10 say that the
people. or their government, are incompetent, or
no, to " trusted with the custody of their own
monystt s a.iC', - treasury, provided by thcm.
sew 4. b5 yst4e,y 81 ,'r--aresidens, cashiers.
nno |. .ca5 5Ilfs,ots2 E7a' 4 Fsjtfoas, not ap.
ie'>.cs, :sls eliselhss tsgscompe'eP' for self
: ..recOmax,szif -. I .'dSntor scensgi.
.oti1Aris ss,osurssain whjc. he pes : ss,oray
'Sstfi bsfs9 4 desire lha, adequate provision hv
d .ee5y isw iee Us saff3S and thai Ill execp-,
i've Gs ,icHon osealrol,oylr il shall be iemov-
ed, except susI, as lni,y sa2eessnry in directing
its disbu scment, in Pafsa ace Of appropriations
made by law"
Next in order comes the public land: his vew
on which we give entirt:
Under our prcscn, land system, limiting tic
minimum rice a, which the p ibI c lands can
be entered 10 one dollar and twenty-five cents
per acre, large quantities of lands of inferior
quality remain uusoJ. because they will not
com nl,nd that price. From the records Of the
lIpneral LdnI IL opPCuis th's " NV p""''N
lands remaining unsoi in the several States and
territories in which thay are situated, thirty nine
millions one hundred and FIVE Thousand five hun
dred and ssvcii!y.seven acres have been in the
market, snhirct to entry moro than twenty years;
rorty.njne millions six hundred and thrty.eIsht
,housand six hundred and forty.fou acres for
more than fftcon years; srventy:lhrce millions
seventy four thousand aud six hundred acres for
more than ten years; and ono hundred and six
millions ono hundred and seventy.six thousand
nine hundred and sixty -one acres for more than
five wears. Much the largest portion OF these
lands will continue 10 be unsaleabic Mt the In'ni-
mum price at which they are permitted TO be
sold, so long as Iarg' territories of lands from
which the more ,uuajio portions have moi been
saleced are an 1uaIIy brought inio market by the
Move, rment. With the view 10 the sale and SET
$mcn, Of ihcs, inferior lands, recommend that
\price be 3 auoted and reduced oeio~ the pres,
eSnmum rate, continuing tho sales at the re.
dud ,rces to settlers and cuItivalors in limited
, qnnahs lrgraduuled and reduced in price tor
J. INN period to one dollar PCT acre, and at.
t. ter 'hox p,rallon Of that period Tor second
% ana 'niNrm to lower rates, a large pors'on oi
70 these ""'N N,puld be purchased, and many "o',"y
:, = citizens gre unable to pay higher rates,
. could pu'Ahomes for themselves and their
L. families. Dy< .,;,,, ,bp poljcy of graduation