The Somerset herald and farmers' and mechanics' register. [volume] (Somerset, Pa.) 183?-1852, 1845-12-09

banks 10 an undue expansion of their
business would be checked, while the a.
mount of the constitutional currency left
in circulation would be enlarged, by lis
employ ment in the public collections and
disbursements, and the banks themselves
would. in consequence, be found in sa-
fer and sounder condition.
At present. State banks are employed
as repositories, but without adequate
regulation OF law. whereby the public
money can be secured against The easu-
sues and excesses, revulsions, suspen
sions, and defalcaiions, 10 which. from
overissues, overtrading, an inordinaie de-
sire forsgain, or other causes. they are
constantly exposed. The Secretary Of
the Treasury has in all cases, when il
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 deposi,e banks
have given this description of security,
and others have declined TO do SO.
Entertaining the opinion that ",he
separation of the moneys of the govern
ment from banking institutions is indis-
pensibIe for the safety Of The funds Of
the government and the rights of the
people," | recommend 10 Congress that
provision be made by law for such sep.
Grafton, and that constitutional treasury
be created for the safe-keeping Of the
public money. The constitutional treas
ury recommended is designed as a secure
depository for the public money, with
out any power 10 make loans or dis
counts, or 10 issue any paper whatever
as currency or circulation. cannot
doubt that such treasury as was GEN.
templaled by the constitution, 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. ac-
cording 10 the forms Of the constitution;
agents who are directly responsible 10
the government, who are under adequate
bonds and oalhs, and who are subject 10
severe pnnishmenls for any embeZzle-
meni, private use. or misapplication OF
the public funds, and for any failure In
other respects 10 perform their duties.
To say that the people or their govern
ment are incompetent, or not 10 be trust
ed with the custody OF their own money,
in their own treasury, provided by them
selves, but must rely on The presidents,
cashiers, and stockholders .oi banking
corporations, not appointed by them. nor
responsible 10 ihem, would be 10 con-
ceds that they are incompetent for self
government.
In recommending The establishment Of
constitutional treasury, in which the
!, public meney shall be kept, | desire that
ade quate provision be made by law for
its safety, and ,ha, all executive discre-
tion or control over it shall be removed,
. except such as may be necessary in di-
recting its disbursement in pursuance ol
/ appropriations made by law.
, Under our present land system, linn
= iting the minimum price al which the
) public lands can be entered 10 one dollar
Y and twenty-five cents per acre. large
b, quantities oflan6s of inferior quality re-
s main unsold, because they will not csm-
mand that price. From the records of
{ the General Land Office il appears, that
: of the public lands remaining unsold in
c The several States and Territories in
c which they are situated, thrty-niHe mil
t lions one hundred and five thousand five
] hundred ane seventy-seven acres have
been in the market, subject to entry
r more than twenty years; forty nine mil
I lions six hundred and thiriy-eigh! thou
I sand six hundred and fortyGour acres
for more than fifteen years; seventy.three
millions seventy-four thousand and six
, hundred acres more for than o years:&
one hundred and six millions one hundred
! and sevenly.six thousand nine hundred
and sixly-one acres for more than five
/ years. Much the largest portion OF these
= lands will continue 10 be unsaleablc al
\ the minimum price at which they are
e permitted 10 bold, so long as large terri
I tories Of lands from which the more val
= liable portions have not been selected are
f annually brought into market by The gev-
f. ernment. With the view 10 the sale and
5 settlement of these inferior lands, rec
r ommend that the price be graduated and
, reduced below the present minimum
5 rate. con6ning the sales at the reduced
prices to settlers and cultivutors, in lin
; tied quantities II graduated and redu,
ced 10 plice for limited term to one
i dollar per acre, and after the expiration
: of tha. period for Ia second and third
! term TO lower rates, a large portion of
. these lands would be purchased, and
; many worthy citizens, who are unable
] TO pay high rates, could purchase homes
] for themselves and their families. By
] adopting the policy Of graduation and re-
, duciion of price, these inferior lands
! will be sold for their real value, while
{ the States in which they lie will be freed
: from the Inconvenience, if not injustice,
TO which lhev are subjected, in conse-