Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1847-12-15

such of the public lands as experience has
proved will not command the price placed
upon them by the government, an addl-
tional income to the Treasury Of between
half q million and a million of dollars, it is
estimated, will be derived from this source.
Should both measures receive the sanction
of Congress, tho annual amount Of public
debt necessary to be contracted during the
continuance of the war would be reduced
near four millions Of dollars. The duties
recommended to be levied on tea and cof.
fee, ii is proposed, should be limited in their
| duration TO the end of the war, and until
/ the public debt, rendered necessary to be
contracted by it, shall be discharged. The
amount of the public debt to be contracted
should be limited to the lowest practicable
sum, and should be extinguished as early
after the conclusion on Of the war as the
means of the Treasury will permit.
With this view it is recommended that
as soon as the war should be over the sur.
plus in the Treasury not reserved for other
| indispensable objects, shall constitute
sinking fund, and be applied to the pur-
| chase OF the funded debt, and that authori-
ty be conferred by law for that purpose.
The financial system established by the
| Constitutional Treasury has been thus far
eminently successful in its operations, and
! recommend an adherence to all its essen
tial provisions, and especially to that vital
provision which wholly separates the Gov
/ ernment from all. connexion with banks,
and excludes bank paper from all revenue
| received.
In some of the details, not involving its
general principles, the system is defective,
and will require modification. These de-
fects, and such amendments as are deemed
important, were set forth in the last annual
report of the Secretary of the Treasury.
These amendments are again recommended
to the early and favorable consideration of
Congress. 'e
During the past year, the coinage at the
mint and its branches has exceeded twenty
millions of dollars. This has consist ed
chiefly in converting the coins of foreign
countries into American coin.
The largest amount Of foreign coin i'm
ported has been received at New York, and
if branch mint were established at that
city, all the foreign coin at that port could
at once be converted into our own coin,
without the expense, risk and delay OF
Transporting it to the mint for that purpose,
and the amount received would be much
larger.
Experience has proved that foreign coin,
and especially foreign gold coin, will moi
circulate extensively as q currency among
the people.
The important measure Of extending oul
specie circulation, both Of gold and silver
and of diffusing it among the people, car
only be effected by converting such foreigr
coin into American coin. l repeat the re
commentator, confirmed in my last annua
Message, for the establishment Of brancl
of Mint Of the United States at New
York.
All the public lands which had been sur
veyed, and were ready for market, have
been proclaimed for sale during the pas
year. The quantity offered and to be Of
fered for sale, under proclamations issued
since the first of January last, amounts tc
9,13s,531 acres. The prosperity of the
States and the territories in which these land.
lie, will be advanced by their speedy sale
By Withholding them from market, theil
growth and increase Of population woult
be retarded, while thousands Of our enter
prising and meritorious frontier population
would be deprived Of an opportunity Of Sc
curing freeholds for themselves and thei
families. But in addition to- the genera
considerations which rendered the ready
sale of these lands proper, it was leading
object at this time to derive as large sun
as possible from this source, and thus di
minish by that amount, the public loan.
rendered necessary by the existence Of ;
J Foreign War.
1t is estimated that no less than ten mill
ions of acres of the public lands will b.
surveyed and be in condition to be pro-
claimed for sale dnring the year 1s4s.
In nv last annual message I presented
the reasons which, in my judgment, rem
dered it proper to graduate and reduce the
price of such of the public lands as have
remained unscld for long periods after
thew have been offered for sale at public
auction.
Many millions of acres Of public lands,
living within the limits of several Of the
Western States, have been offered in the
market, and been subjected to sale at pri.
yate entry for more than twenty years, ano
large quantities for more than thirty years,
| at the lowest price presCFiuou Wy TIC 0AiSt"
ing laws, ana it has been found that they
will not command the price. They must
remain unsold and uncultiyated for an inde-
finite period, unless the price demanded for
them by the Government be reduced.
No satisfactory reason is perceived, why
thew should be longer held at rates above
their real value. At the present period, ON
additional reason exists for adopting the
measures recommended. When the coun-
try is engaged in foreign war, and We
must necessarily resort to loans, it 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 in.
debtedness to the least possible sum.
recommend that the existing laws on
the subject of pre- emption rights, be amend
ed an modified SO as to operate prospective
ly, and to embrace all who may settle upon
the public lands and make Improvements
upon them, before they are surveyed, as
well as afterwards, in all cases where such
settlements may be made after the Indian
title shall have been extinguished.
s. ha TINS extended