The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-02-25

millions, and expressly enJOins II on the
Secretary so TO apply lhcm. He believ-
ed those in this House holding quite OPP.
posite opinions on most questions of H.
nance united in giving This pledge for
very different reasons. He was mem.
Der Of The committee that reported the
bill, aud very well recollecied what his
own reasons were. He thought that
whatever other loans the Mexican war
might render necessary. and however
they might sink in the market, with this
fund to back it, this stock could never sink
10 low ebb. Those who have adyen-
tnred their money in this stock have q
right to demand faithful execution CT
this pledge. That stock is now below
par, and il is the bounden duly Of the Sc
cretary ofthe Treasury to sustain lis cred
it by faithful application ofthe moneys
which may be received into the Treasury
from the sales Of lands. He had his rea-
sons for agreeing TO that pledge, III which
lhe owners of the stock are but remotely
if at all interested. He was very glad to
take tins branch ofihe public revenue out
of the general Treasury, aud thereby
throw the support Of the Government up
on the customs alone, as one Of the surest
means of compelling the Government,
under the pressure of its necessities, 10
abandon at un earlier day than it other
wise would its mscbicyous free-trade
Drlipv mud cnno LacL au.:u "a tho ,,r,,-
lection Of the home labor of the country,
as the only sure fountain of public pros
perlty and of an abundant supply ofreve-
nue. he had another reason which weigh
cd strongly with him for giving the lands
in pledge. For near quarter of cen
tury unceasing effolls had been made in
both branches of Congress to break down
the public land system and squander the
lands. by reducing the price so low that
they would no longer be regarded as wor-
thy the care of Congress aud the expense
of managing them. He thought this
pledge, with all those who held that pub
lie pledges should be maintained invio-
late, would he bar to any future legis-
IaliOn that should impair its value. And
yet in the face Of all This, both the Presi-
dent of the United States in his annual
message TO Congress and the Secretary
Of the Treasury in his annual report, Ut
Iterly regardless of this pledge and of the
Iexpless duty enjoined upon the Secreta
lry,c come back to the attack upon this lane
fund with renewed vigor, and exhaus
all their energy with no little soPnistr,
of fargument 10 induce Congress to reduc
. the price of the lands. And for what d
you think2 Not as the means of payin
off the debt for which they are mortgagel
but as the means by aid of which they ex
pect TO raise the loan now asked TO-
And that there may be no pretext on thi
subject for repetition ofthe arguments
which only a few days since was urge
on this huor, that poweress minority
the last Congress had acquiesced in Ext
q cutive usurpations because it made Il
a movement to arrest them, he would no
= give notice that at the end of this quartz
|, he would move resolution to inquire
:, the iniunctions ofthat law had been ODE.
. ed
. Others of different opinions from h
own were i'll favor of giving this pledg'
:, since it would put an end to the policy
distributing the proceeds of the lands
mong the States. Now, it is not lii
= remarkable that the Secretary ASSUME
. that this pledge has interposed an ins
~ perable bar against distribution, while
:, the same time he disregards it in all 9th
- respects. Had it not been for this notl
- of it by the Secretarv, he should ha
-, presumed that both he and the Pre-
= dent had inadvertently recommended
. policy subversive of the express injuI
lions ofthe law. Nomatterifallthe resu
could be realized which the President a
Us Secretary seem to imagine would ioll'
20 from reduction of the price OF the P'
=" lie lands, still not dollar of 1t could
nc lawfully used in aid Of the loan now
us der consideration nor i'll aid of the OF
e' exuenses of the Government, any tnl
a er than so much of the moneys from
''S sales of lands as will pay the accruing
NY terest on the twenty.lhree million 10
luS would to that extent diminish the cur'
w. expenses Of the Government. The
Ac' terest on the part of that loan now dri
ms ing interest, and on the whole of 1t
o. o. next year, will amount to two and
u.s. millions for this year and next. In az
nc dition to that, eighteen hundred thous
put dollars have been received prior TO
ON first of January, which is not un
"a pledge; making together four mill
he three hundred thousand dollars of
rec whole amount that can be used this J
o'' and next from the sales of the lands
.ne aid of the general charges OH the Ir
lis' ury. let the sales amount 10 what
nc NAV; while the estimated receipts fol
Vi two wears, are six and half mill
a'y making therefore, an over.estlmate in
anu event Of more than two millions from
t"o branch of the public revenue. Du
. DO he had time to do it, he thought he c.
rev demonstrate to the satisfaction OF
rent House, that it was hardly possible 10
> as vent the Mexican bounty land war;
N OF from absorbing for several years to {
loan nearly all the proceeds of the sales
hlch little else will be paid for lands Y
the they are outstanding, and remain at
ST on present reduced price, being in the
ID to =, wor,h but li,1le more than hall
same Government price Of the quantity OF
par ,vh;cb thew will buy. Ifthis uufortl
foot -, .to1ld ina ,,alized. then nearl
he is whole amount of the Secretary's