The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1847-12-18

checking and preventing an undue imitation OF the
paper currency issued by the banks which exist BY
State charters. Requiring, as it does, all dues to
the government to be paid in gold and silver, its
effect is to restrain excessive issues Of bank paper
by the banks disappointment to the specie ~ their
vaults, for the reason that they are at all times liza.
BILE to be called on by the holders Of their notes for
their redemption, in order to obtain the specie for
| the payment Of duties and other public dues.
The banks, therefore, must keep their business
within prudent limits, and be always in a condition
to meet such calls, or run the hazard OF being com.
PEELED 10 suspend specie payments, and be thereby
discredited. The amount Of specie .mpt rted into
the United States during the last fiscal year, was
twenty -four million one hundred and twenty.one
thousand two hundred and eighty-nine dollars; Of
which there was retained in the country twenty
two million two hundred and seventy-six thousand
one hundred and seventy dollars. Had the former
financial system prevailed, and the public moneys
been placed on deposite ia banks, nearly the whole
of this amount would have gone into their vaults,
not to be thrown into circulation by them, but to
be withheld from the hands of the people as a cur
rency, and made the basis of new, and enormous
issues of bank paper. A large proportion OF The
specie imported has been paid into the treasury for
public dues; and after having been to a great ex-
tent, recoined at the mint, has been paid out to
the public creditors, and gone into circulation as a
currency among The people. The amount OF gold
and silver coin now in circulation in the country
is larger than at any ormef period.
The financial system established by the consti-
tutional treasury has been, thus FAR, eminently sue
cessful in its operations; and ! recommend an adj
herence to all its essential provisions, and especi.
ally to that vital provision which wholly separates
the government from all connection with banks,
and excludes bank paper from all revenue receipts.
In some of its details, rot involving its general
principles, the system is defective, and willrequiIe
modification. These defects, and such amend
ments as are deemed important, were set forth in
the last annual report of the Secretary of the
Treasury These amendments are again recon-
mended to the early and favorable consider alton of
Congress.
During the past year, the coinage at the mint
and its branches has exceeded twenty millions of
dollars. This has consisted chiefly in converting
the coins of foreign countries into American coin.
The largest amount of foreign coin imported has
been received at New York; and if a branch mint
were established at that city, all the foreign coin
received at that port could. at once be converted
into our coin, without the expense, risk, and delay
of transporting il to the mint for that purpose, and
the amount r%e-coined would be much larger.
Experience has proved that foreign coin, and
especially foreign gold coin, will not circulate ex-
tensively as a currency among The people. The
important measure OF extending our specie circu-
luton, both OF gold and silver, and of diffusing 1t
among the people, can only be effected by convert
ing such fureign coin into American coin. l re.
peat the recommendation contained in my last an
nual message for the establishment pi a branch
mint of the United States at the city ofNew York.
All the public lands which had been surveyed
and were ready for market have been proclaimed
for sale during the past year. The quantity offer
ed and to be offered for sale. under proclamation
issued since the LIST OF January last. amounts to
8 ,l3S,53l acres. The prosperity of the western
States aud territories in which these lands lie will
be advanced by their speedy sale. By withhold
ing them from market, their growth and increase
OF population would be retarded, while thousands
of our enierprising and rneritorious frontier popu-
lation would be deprived of the opportunity of Sc
curing freeholds for themselves and their families.
But in addition to the general considerations which
rendered the early sale of these lands proper, it
is a leading object at this time 10 derive as large
a sum as possible from this source and thus dImin-
ish, by that amount, the public luan rendered nee.
essary by the existence of foreign war.
It's timated that not less than ten millions Of
acres of the public lands will be surveyed and he
in a condition to be proclaimed tor sale during the
year 1913.
Inmy last annual message I presented the rea-
sons which, 10 my judgment, rendered 1t proper to
Siauunt anu iCuuhC tC plISC " SuSu VI thC pun
lie lands as have renamed unsold for long periods
after they have been offered for sale at public auc-
ton.
Many millions of acres of public lands lying
within the limits of several of the western States
have been offered in the market, and been subject
to sale at private entry for more than twenty years
andlarge quantities for more than thirty years, at
the lowest price prescribed by the existing laws,
and 1t has been found that they will not command
that price. They must remain unsold and uncul-
tivated for an indefinite period, unless the price
demanded for them by the government shall be
reduced. No satisfactory reason is perceived why
they should be longer held at rates above their real
value.
AT the present period an additional reason ex.
lists for adopting the measure recommended
When the country Is engaged in a foreign war,
and we necessarily resort to loans, 1t would seem
to be the dictate of wisdom that we should avail
ourselves of all our resources, and thus limit the
amount of the public Indebtedness TO the lowest
possible sum,
recommend that the existing laws on the sub.
ject ofpre emption rights be amended and modified
so as 10 operate prospectively and to embrace all
who may settle upon the public lands, and make
improvements upon them before they are survey.
ed, as well asafterwards, in all cases where such
settlements may be made after the Indian title shall
have been extinguished.
II the right Of presumption be thus extended, it
will embrace a large aud meritorious class of our
citizens. 1t will increase the number OF small
free holders npon our borders who will be enabled
thereby to educate their children and otherwise
improve their condition, while :hey will be found
at all times as they have ever proved themselves
TO be, in the hour of danger 10 their country among
our hardest and best volunteer soldiers, ever rea-
dy to tender their services in cases of emergency,
and among the last to leave the field as long as an
enemy remains to be confronted. Such a policy
will also impress these patriotic pioneer emigrants
with deeper feelings of gratitude for the parental
care of their government, when they find their
dearest interests secured to them by the perEa.
nent laws of the land, and that they are no longer
in danger of losing their homes and hard earned
Improvements by being brought into competition
with a more wealthy class ofpurchasers at the land
sales.
The attention OF Congress was invited, at their
last and the preceding sessions, to the importance
OF Establishing a territorial government over our
possessions in Oregon; and it is to be regretted
that there was no legislation on the subject. Our
citizens who inhabit that distant region ofcountry
are sfiII left Vithnuf the prnfaction of mir la yya. mr.