The Columbian fountain., 1845-12-04

to be thus used, but be kept in the treasury and
paid out to the public creditors in gold and silver
the temptation afforded by its deposite with banks
to an undue expansion Of their business would be
checked, while the amount OF the constitutional
currency left in circulation would be enlarged by
ITS employment in the public collections and dis
bursements, and the banks themselves would in
consequence be found in safer and sounder con-
dition.
At present, State banks are employed as deposi-
tories, but without adequate regulation of law,
whereby the public money can be secured against
the casualties and excesses, revusions suspensions
and defalcations, to which, from over issues over
trading an nordnate desire for gain, or other
causes they are constantly exposed. The Secre-
tary of the Treasury has in all cases. when it was
practicable, taken collateral security for the
amount which they hold, by the pledge of stocks
of the United States such of the States as were
in good credit. Some of the deposite banks have
given this description OF security, and others have
declined to do so.
Entertaining the opinion that ''the separation of
the moneys Of the government from banking insti-
tutions is indispensable for the safety of the funds
Of the government and the rights of the people"
recommend to Congress that provision be made
by law for such separation and that constitution
al treasury be created for the safe-keeping of the
public money. The constitutional treasury re-
commended is designed as a secure depository for
the public money, without any power to make
loans or discounts, TO issue amy paper whatever
as currency or circulation | cannot doubt that
such.a treasury eaS was contemplated by the con-
stitution, should be independent Of all banking
corporations. The money Of the people 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, according to the forms Of
the constitutions agents who are directlyresponsi-
BILE to the government, who are under adequate
bonds and oaths, and who are subject to severe
punishments for any embezzlement, private use or
misapplication Of the public funds, and for any
failure in other respects to perform their duties.
To say that the people or their government are
incompetent, or not to be trusted with the custo-
dy of their money, in their own treasury, pro-
vided by themselves, but must rely on the presi-
dents, cashiers, and stockholders Of banking cor
poratons, not appointed by them, nor responsible
to them, would be to concede that they are ncom-
petent for self government biaa
In recommending the establishment of a consti-
tutonal treasury, in which the public money shall
be kept, desire that adequate provision be made
by law for its safety and that all executive scre-
tion or control over it shall be removed, except
such may be necessary in directing its disburse
ment in pursuance Of appropriations made by law.
Under our presentland SYSTEM limiting the min
imum price at which the public lands can be en-
tered to one dollar and twenty-five cents per acre.
large quantities of lands of inferior quality remain
unsold because they will rot command that price.
From the records Of the General Land Office il
appears, that, of the public lands remaining unsold
in the several States and Territories in which they
are situated, thrty-nine millions one hundred and
five thousand five hundred and seventy-seven acres
have been in the market, subject to entry more
than twenty years ;fQrty-nne millions six hundred
and thirty-eight thousand six hundred and forty
four acres for more than fifteen years seventy
three millions seventy-four thousand and six hum
InaI For Nrot k.x>. - LII Il
dred and six millions one hundred and seyenty-six
thousand nine hundred and sxty-one acres for
more than five years Much the largest portion
OF these lands will continue to be unsaleable at the
minimum price at which they are permitted to be
sold, so long as large territories of lands from
which the more valuable portions have not been
selected are annually brought into market by the
government With the view to the sale and set
tement Of these inferior lands recommend that
the price be graduated and reduced below the pres
ent minimum rate, confning the sales at the re-
duced prices to settlers and cultvators in limited
quantities. lfgraduated and reduced in price for
limited term to one dollar per acre. and after the
expiration Of that period for a second and third
term to lower rates, large portion of these lands
would be purchased, and many worthy citizens
who unable to pay higher rates, could purchase
homes for themselves and their families By a.
dopting the policy of gradation and reduction 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 they are subjected, in consequence of
the United States continuing to own large ouanti-
ties of public lands within their borders not liable
to taxation for the support of their local govern
ments.
recommend the continuance of the no1;cv or
granting pre-emptons in its most liberal extent to
all those who have settled, or may hereafter set
tie, on the public lands, whether SURVEYED or m
surveyed, to which the indian title may have been
extinguished at the time of settlement 1t has
been found by experience, that in consequence of
combinations of purchasers and other causes,
very small quantity of the public lands when sold
atpublic auction, commands higher price than
the minimum rate established by law. The set
tiers on the public lands are however, but rarely
able to secure their homes and improvements at
the public sales at that rate because these conbi
nations, by means of the capital they command.
and their superior ability to purchase, render il
impossible for the settlers to compete with them
in the market BY putting down all competition
these combinations of capitalists and spectators
are usually enabled to purchase the lands, includ
ing the improvements Of the settlers, at the mini
mum price of the government, and either turn
them out of their homes, or extort from them,
according to their ability to pay double or quadr
pie the amount paid for them to the government 1t
is to the enterprise and perseverance of the har-
dy pioneers of the West, who penetrate the viii
1erness with their families, suffer the dangers
the privations, and hardshps attending the settle
ment of a new country, and prepare the way for
the body of emgrants who, in the course of n
few years, usually follow them, that we are, in a