The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-03-01

vsi. n ihs Esa q ilsfs lsrlE. hs PCS doNn
10 sslinsh - lls Puiiie iaads g. rs
year a u. 60. co. Bal o. i = -
milled rhas 90 innons Eam lbe pubA~
lands w6i eqaal - raleuistioas. TIE
eassiiln shsn ARISES. lean lie ase lbs monrgs
derives from lllis sonFre 10 pay The ensFeni
expenses oflhe Government heuadosbi-
sdly can nse llse psOoe~ds a he sales a
he run liml quarters a his Year ~ hat
way: hnt ~ b. 70 righi - % apply The
prerreds a he sales made aileT The lrsl
aT JanUaFy Isl. In his estimates 81 ii,is
wear aad he next fiscal wear. he his tErai-
"a Ihe moneys 20 he derived lronl ll,is
sauEre IS lLallgh tlsey belonged . The
general rrrenue. and wcrr "a be nsed Ior
The rurrrnl expenses IL the Government.
This. - lie conceived. was IN direct sl0-
lalinn az the art a. fllr lsst sessinsl = raise
; laan az lWeniy-ihrre nilliOns Of dollars.
whirh specAinaily pledged lie proceeds
ID lhe I.ablie lands 10 pay. krsi. ll'e interest
On Ii.s lslan. and she residue 10 be spplied
10 iiSe purchase Of The slork Wien the
same can he Leushl a price nos alnve
Tar. That gentlemen might sec Oh aliai
ionIing this hranrh Of the public revenue
is PLACED BIZ thai act. he wosld read the
provision on that subjeel, which Is IN the
following words
That fgr the payment o. he SOL which may
bs created under thr TrOsisioas 81 this aet. The
sales d lhs pubic lands ere herrhy pis3grd. and
il i N ,de lie duly a the Secretary q The IIea-
snly 10 use and apply al moneys Which may II
received into The TErasny ior tie sale ofihe pub
lie lands afer ihe ist day u January. ISIS. irsi
10 ply the inlees. on an siOCks issued hy virtue
Of this act. and. secondly. 10 use the balance 81
said receipts. sieI laying The in,eres AFORESAID,
in the purchase Of said stOeks 81 their market va
I've: Pr0rided. No more Than IaE shall e raid
for said stocks"
Now, this net makes Tie proceeds Of
the public lanns a sinking fund for the
liquidation Of a loan Of iweniy-lhree mill
lions. and expressly enjoins il on The Sc
rrelary so TO apply them. lie believed
those in this House holding quite opposite
opinion on most questions OF finance united
in giving this pledge far very different
reasons. lie was a member Of the COM
miilee tia, reported the bill, and very well
recOllecied what his owe reasons were.
lie thought that whalevOr other loans the
Mexiran war might render necessary, and
however they might sinh in the market,
with this fund 10 back il Ibis stock rould
never sink 10 a low ehh. Those who
have adSentured their money in this siock
have right 10 demand faithful execution
Of this pledge. That stock is now.helow
par, and il is the hOunden duty of the
Secretary Of the Treasury TO sustain i,s
credit By a lailhfal application Of the mo-
neys which may be receiEediRto the lrasury
from sales oflands. lie had his reasons for
agreeing 10 that pledge, in which the
owners uf the stock are bat remotely if at
all interested. lie was very glad 10 take
this branch ol, the public revenue ont Of the
general Treasary, and thereby throw The
support Of the Government upon the GUS
toms alrne, rs one. Of the suresl means Of
'a.-sssgs@afs-rs .ls@ues.-v.rn.,ant. naslsF -Il.a
pressure Of its necessiiics, 10 abandon at
an earlier day ikan j, Otherwise would ils
mischlevous freelrade policy, and rome
back again 10 the protection Of the home
labor of the country, as the only. sure
fountain ofpublic prosperity and Of alum
dant supply OF revenue. lie Ind another
reason which weighed siongly with him
for giving the lands in pledge. For near
aquarier ola century increasing eflnreillad
been made in both branches OF Congress 10
break down the public land system and
squandeLlhe lands, by reducing The price so
low that They wouldno longer he regarded
asw orlhy The care Of Congress an The ex-
pense OF managing them. He thought
this pledge, with all those who held that
public pledges should be maintained invi-
Oale, would be ban To anyfutufe legisla-
lion thai should impair its value. And
yet, in the face of all this, both the Presi.
dent OF the United States in his annual
message 10 Congress and the Secretary Of
the Treasury in his annual report. utterly
regardless OF this pledge andpfthe express
duty enjoined upon the Secretary. come
hack to The attack upon this land fund with
renewed vigor, and exhaust all their ener
gy with no little sophislry Of argument to
induce Congress 10 reduce the price Of the
lands. Aud for what do you think! Not
as the means Of paying off lie debt for
which they are morigaged, hut az the
means By aid Of which they expect TO raise
the loan now asked for. And that there
may be no prelext on this subject for a
repetition Of the argument, whirh only a
few days since was urged on this floor,
that powelless minority in tia LAST on
gress had acquiescEd in Executive usurpa.
siions because il made no moyeruen, To ar.
rest them, he you'd now give notice that al
the end Of this quarter he would move re.
solution 10 inquire il the inunr,ions ofihc
law bad been obeyed.
Others Of different opinions from his
own were in favor Of giving this pledge
since il would put an end 10 the poliry al
distributing The proceeds of lbe lands a.