The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-08-31

with it into the western country, and seek out persons
who are Ia possession oil the public lands and emit
them take patent in their names and give them
tract to transfer the title 10 themselves al the minimum
prices of vi IS per Now, understand the rate o
Interest in the State of Iowa 10 be 10 cent per annum
These capitalists then purchase this scrip for say, $2
for quarter section OF land, so TO Iowa some ohe
western State, and make contract with the party eniitet
to the pre- emplion al the full price, and take title II
their own name. shpulahng for 10 per cent interest
They then enter into agreement To transfer the lane
when is paid for In this way they succeed in obtaining
IRON 10 TO 20 per cent. per annum on their money.
| MIR JONES Yes, sometimes so per cent
Mr. SMITH; My friend from Iowa says sometimes
SO per cent Now there is most enormous evil result
ing from this course OF practice TO the country and ii this
bill is passed in the form in which granted bounty
lands to the soldiers in the late Mexican that evil
pediency and policy OF this bill any form have
yeed that the project should have been entertained a. ~
policy But, sir, if il is to the form which the
bill did granting bounty lands TO Mexican solders-a bill
by the way, for which voted tor which there real
necessity, and in Justification Of which abundant and i'm
poran reasons could be nrged-l certainly shall vote
against it, If these grants be made at all, am for
granting the land at once and not thus scrip; for we
do grant the scrip TO these soldiers, will be brought into
market and $500 worth of land will be sold for from 800
10 $l20 TO capitalists who will take il 10 the West,
there 10 be sold at the full price, with stipulation
for the very high rate OF interest that allowed IN that
section OF the country. | am very sure, therefore,
il my .honorable friend from Virginia were to carry
Out dneUunent, allnOugn On one manu- ne InBnt
secure slight benefit to these soldiers in his
own State as well those that reside in my and
other parts of New England, he would bring upon the
country very great evil by securing to capitalists most
enormous rates Of interest have TO say, Also that that
advantage afforded to,captaliss would be greatly in
creased by the passage OF the bill in the present form
The passage of this bill with the provision proposed by
the senator from Virginia would have the effect undoub
edy TO bring down the price OF that scrip, which is now
about 1920 as the honorable chairman OF the Committee
on Public Landainiorms me- still lower--perhaps below
500 We have guarantee, if this amendment stricken
out that the price may reduced as low that and
very possibly lower; and have doubt that the pas
sage Of the bill, with the amendment proposed by the
senator from Virginia, would have the effect TO bring
down the present price OF this scrip IN the market to
therefore, that, if this bill is 10 pass at all, it shall
pass in the form in which it has been reported by the
Committee Public Lands with this amendment and
wish to say 10 my friend from Virginia, that with
that anendent there will be secured TO his constituents
and mine probably all the advantages which would
suit from it, provided his amendment adopted If his
amendment is adopted, have no doubt that his con-
slituents will get something 500 for quarter
section OF land-probably about $l05 or $i06.
Now regard to the burden that is 10 be thrown upon
the treasury. experience under the operation OF the
Mexican bounty land bill, proves that in all probability
the burden would prove nconsiderable am there
fore, opposed to the amendment OF The senator from Vr-
GINA think the bill should stand passed the House
of Representatives, with only the addition OF the amend
ment submitted by the Committee on Public Lands. IT,
however that amendment is rejected then would be
bill granting title TO land directly to these soldiers and
they 60 into market, and sell the same we sell
other property to which We have utle Lei hem go
say into Market and sell it, and get what they ior it.
utterly object this system OF issuing scrip TO be thrown
into the hands of capitalists TO be taken by them into the
western country Tor little better than usurous purposes,
enabling them to realize, nsieadof the lawful interest
from 25 to so per cent and that certainly will be the
effect OF the amendment of the senator from Virginia
MIR. WHlTCOMB. / am opposed to both the amend
ments As bill granting public lands to the soldiers OF
the of 1912 and the Indian wars, rewading them for
their gallant services in the hour of peril and incident
ally improving the frontier country, can give my cor
dial support But am opposed to attaching an amend
TO bill Of much importance which is calculated
TO defeat it, The honorable senator from Connecticut
Mr. SMITH has remarked that there have issued
der the bill granting bounty lands 10 the soldiers OF the
Mexican war; warrants covering some fourteen millions
OF acres and but quarter million OF dollars only, think
Mr.. SMITH. | said there had been that amount OF
mosey drawn from the treasury.
Mr.. WHlTCOMB. Just And yet, sir, the lssuing
ready haur6spds .ar fourteen millions OF acres has al
rant from its par value of 5000 Sl2o, the selling price
now in this city Now, If you throw upon the market
the additional amount of land warrants authorized BY this
bill, il will cause still further reduction and pro-
poonae what has already taken place, TO less than
500 for warrant of hundred and sixty acres-being
less than half What will he the effect OF such re-
duc,ion Evidently. under The first amendment, the
drawing OF the value oil nearly the whole amount oil
lands authorized by this bill from the tIeaeury IN the
shape OF scrip, redeemable only at the pleasure of the
government and enng the soldier merely TO his yearly
pitlance OF interest from the treasury As thus scrip
would only be one half Of the minimum value oi the land,
the aterest would be mere rs that the cost oil get
ting il would exceed its value, and in ninety nine cases
out OF hundred IL would not be collected The conse-
quence obvious. Greedy capitalists and unscrupous
eculators would gradually absorb the reward OF the
poor soldier snll further sacrifice. and there would
be created national debt in favor OF capitalists with no
material or lasting advantage 10 the soldier.
The last amendment in effect allows the claim OF the
soldier to he transferred before he becomes The owner OF
the land The committee properly regarded this as an EVIL.
and their efforts TO prevent II would, by this amendment
be frustrated Experience has shown, as often as Tue
policy has been ed that the effect OF the power OF pre-
vious transfer il 10 rob the poor unsuspecng soldier who
has perilled his life 10 enrich the Speculation capital
s engross the soldiers pay in the shape OF land war
ran,s they will be converted by the owners into large
bodies OF lands on the frontiers, unsettled and unin.
proved opposing the march OF individual industry and
national wealth On the contrary, il the soldier is pro-
tected from beng defauded of his claim until he becomes
the owner of the SOIL even i living at an inconvenent
distance he will be able TO command better price Tor IT,
Ii he holds ii after IL is patented to HIM. VIII con-
san,ly be increasing value by the surrounding settle
nents II will not only reach It's par value, but IN
The present progress OF the rapid improvement OF our
country 20 far be ond IT, Above ALL il would serve as
home ior the soldier in bis declining years The sup
posed inconvenience arising from the distance OF the
soldier from the place where he desires TO select his land
is easily obvated His personal presence under this bill
is BY no means necessary. The land can be located in
his absence aud the patent him expect 10 vote
for this bills even if these amendments adopted; but
think from Indications they would render Il so objection
able in the view others endaDger its passage The
reward the soldier secured by this bill ~ already snal
enough, and | trust | have demonstrated that these
amendments would have the effect OF making u much
less.
appears to me- therefore, that both justice and soun
pclicy should induce reject these amendments lhe3
are at least calculated to load down and em6arrass ,n