Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1845-12-04


Treasury aud the Comptroller, or either OF them
the inspection of the money in his hands.
That Banks, national or state, could not have
been intended to be used as substitute for the
treasury spoken ofin the constitution as keepers Of
the public money, is manifest from the fact, that at
thar time there was national bank, but three or
four State banks Of limited capital existed in the
country. Their employment as repositories was
at first resorted to, to limited extent but with no
avowed intention OF continuing them permanently
in place oftlc treasury of the constitution. When
they were afterwards from time to time employed,
il was from motives of supposed convenience.
Our experience has shown that when banking corpora
ons have been the Keepers OF the public money ana been
thereby made 10 effect the treasury the government
have guaranty that 1t can command the Of its own
money for public purposes The late Bank of the United
States proved be iathcss The State banks which
afterwards employed, hless. But few years ago
with millions Of public money in their keeping the govern
ent was brought almost 10 bankruptcy public credit
seriously impaired because other inability ndispos,on
10 pay demand, TO the public creditors in the only
ency recognized by the constitution Their failure occur
red period Of peace, and great Inconvenience and loss
were suffered by the public from it, Had the country been
involved in a foreign that Inconvenience aud loss
would have been much greater aud might have resulted in
extreme public calamity. The public money should not
be mingled with the private funds Of banks or individuals
or be used for private purposes When il is placed IN
banks for safckeepng, Il Is in effect loaned 20 them with
out interest," and Is loaned by them upon interest to the
borrowers from them. The public money IL converted in
10 banking capital and used and loaned out for the pri
profit Of bank stockholders and when called for las
the in 1879 il may be in the pockets OF the Dor
rowers from the bank instead Of being the public uehsu
~ contemplated by the constitution The trainers Of the
constitution could have intended that the money paid
into the treasury should be thus converted into private use
snd placed beyond the control Of the government
Banks which hold the public money often tempted,
by desire of gam extend their lDans increase their
circulation aud thus stimulate II not produce spirit Of
and which sooner or later must
result in ruin thousands IL the public money be
permitted be thus used but be kept in the treasury and
paid out TO the public creditors gold and syef the tempt
alton afforded by its post with banks undue
sion Of their business would be checked while the
Of the constitutional currency e in circulation would be
enlarged, by its employment n the public collections and
disbursements and the banks Themselves would in
quence, be found in safer and sounder condition
At present. State banks employed repositories, but
without adequate regulation Of law, whereby the public
reVusons, suspensions and deiacalions To which, from
ovesisoue overwhelming nordiuaie desire for gain,
other causes they constantly exposed The Secretary Of
the Treasury has IN all when Il pfaccabe lak
en- collateral security for the amount which they hold by
the pledge Of stocks Of the United States such Of the
States in good credit Some Of the Opposite banks
have gwen this description Of security and others have de-
clined TO do
Entertaining the opinion that the separation Of the mon.
of the government from banking Institutions inds
pensabe for the safety oil the funds Of the and
the rights Of the people, recommend Congress that
provision be made by law for such separation, and that
constitutional treasury be erected for the safe keeping Of
the public money The constitutional treasury recon.
mended designed depository for the public
ey without any power make loans discounts is
any paper Whatever currency circulation.
not doubt that such treasury as contemplated BY the
constitution should be- independent Of all banking corpora
tons The money Of the people should be kept in the
treasury Of the people created be law and the custody Of
agents OF the people choscn by themselves according TO
the forms Of the constitution agents who directly
sponsbe 10 the government who under adequate bonds
and oais aud who subject 10 punshments for
any embezzlement, private use, nsappcation OF the
public innds and for any failure in ober respects to
form their duties To say that the people the govern.
mcn incompetent be trusted with the custody
OF their money, in their treasury provided by
themselves, bat must rely the Presidents cashiers and
stockholders OF banking corporations not appointed by
uem responsible them, would be 10 eoncede that
they are incompetent for self-government
Ia recommending the establishment OF constitutional
treasury, in which money shall be kept desire that ade
quae provision be made By law for safety and that all
executive discretion control shall be removed,
except such be necessary in directing is dsburse.
menis in pursuance Of appropriations made BY law.
pSs az a &c public S hs be entered to one
and twenty-five cents per acre large quantities Of lands Of
inferior quality remain unsoid they will
mand that price From the records Of the general land Of
fee appears that, OF the public lands remaining unsod in
severed States Territories which they situai
ed thirty mine millions hundred aud five thousand five
hundred and seventy have been in the market
subject TO entry, more than twenty forty nine mill
ions six hundred and thry thousand SIX hundred aud
forty -four for than fifteen years seventy rre
millions seventy -four thousand and sx hundred for
than years and hundred and six millions
hundred and sevenysx thousand niue hundred and sixty
for than FIVE years, Much the largest por-
ton Of these lands will continue TO be unsaeable al the
minimum price al which they permitted TO be sold 50
long large Of lands from which the val.
liable portions have been selected annually brought
into 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 min
mum rate, conhnng the sales al the reduced prices 10 se
tiers and cultvators in limited quantities IL graduated
and reduced in price Tor limited term TO one dollar per
acre, and AFTER the expiration Of that period for second
and third term 10 lower rates. large portion Of these lands
would be purchased and many worthy citizens, who are
unable to pay higher could purchase homes for them
selves and families BY adopting the policy Of graduation
and reduction Of price these cror lands will be sold for
fhp in xuhl lie
freed from the Inconvenience, if not injustice, TO which
they are subjected in consequence OF the United States
continuing TO large quantities public lands within
their border liable to taxation for the support Of their
local governments
the continuance Of the policy Of granting
preemptons in its liberal extent, all those who
have settled, may hereafter SETTLE the public lands,
whether surveyed unsurveyed to which the Indian title
NAV have been exiting pushed at the time OF settlement II
has been found by experience that in consequence OF
bnatons Of purchasers, and other causes, very Spall
quantity Of the public lands when sold at public auction,
commands higher price than the minimum rate establish
ed by law. The settlers the public lands are however,
but rarely able their homes and Improvements at
the public sales at that rate because these combinations
by Of the capital they command, and their superior
ability TO purchase, render impossible TOT the settler To
compete with them in the market BY putting down all
competition these combinations capitalists and specua-
tors are usually enabled TO purchase the lands, including
the improvements Of the settlers at the minimum price Of
the government and either turn them out Of their homes
extor from them according their ability To pay, double
quadrupe the amount paid for them 10 the government
II is to the enterprise and perseverance oil the hardy o-
1eers Of the West who penetrate The wilderness %h thelr
attending the settlement Of country, and prepare the
way for the body Of emgrans who IN the course o. few
years, usually follow them, that are IN great degree
indebted for the rapid extension and aggrandzement OF
country
Experience has proved that no portion ofour pop.
uation are more patriotic than the hardy and brave
men Of the frontier, more ready 10 obey the call
of their country, and to defend her rights and her
honor, whenever and by whatever enemy assailed
A u.tF.f