The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-08-30

VJnungsncies that are likely TO occur, defra
s osossS expenditures Of goyernmepi apd satisfy IN
Just uemahas oil ue public creditors We have, indeed
surplus rsyesns' Just now, (and will have till th
appropriation bills passed. and so we bad in 1885 an.
1870, ana me surplus revenue OF the present year Il
produced by much the same as was the surpus
revenue OF 1888 and by such an expansion
OF the paper currency has raised prices so high as Il
make the country good market for foreigners 10 sell in
and by an expectation OF bonds and stocks in PAYMENT o
imports This, however, cannot last always Sooner or
later there must be revusiod; and that revuson NAV
come than expect H. The OF no other
government fucluates much does that OF the United
States One thing is certain We never yet have know
period of suplus revenue that not followed by pc.
Rod of acknowledgements Wenever yet have known gea
hood-lide which was not followed by great ebb Ou
surpus revenue great indeed in 1885 and 1895 and
in 1880 we had, in time OF peace, to borrow money
by OF treasury notes. TO defray the ordinary
penses of government This deficiency of revenue con
nued for several years and at time the United States
government found il difficult 10 borrow money at pei
cent while the governments OF Europe were negotiating
loans at or per cent
1t is by means unlikely that in the Of yea
or two, the United States will require all the
public lands be made TO yield to support IFS ordinary
operations. But, be this it may, the public faith
pledged to the public creditors, by mortgagng to them
the public lands, ought under no circumstances to be
violated.
A violation OF the public faith is not an offence Of
small magnitude National disgrace attends it, both al
home and abroad, and il tends 10 demoraize whole
community, by leading TO violations OF private faith
No respectable government OF Europe-nether that oil
England France, Holand-would venture after hav-
ing pledged particular branch OF the revenue to the
port OF loan to divert that TO any other object
And shall republican America be less particular in keep
ing the public faith unsued than European
chies Let every true. hearted American say no. a
Ii the public faith be violated, it may produce
serious embarrassment to government the next lime II at
tempts to negotiate loan Of any amount in time OF
exigency Our national reputation has already suffered
severely by the general suspension OF specie payments in
time OF peace. and by the reputation OF State debts.
Add to this violation of public faith the part of the
United States government and the reader himself
judge in what light the American character will be
ga.ded abroad
In conclusion seeing that the public lands are held
trust for the benefit of all the people of the United States
and that Congress has right to dispose OF them for the
benefit OF part, and seelng moreover. that the whole
OF these public lands pledged to the public creditors,
what better be done than TO let the publicand
tenn remain as it Isl This system, as it now stands, is
the result OF the experience OF many years The united
wisdom Of Congress could devise better The price
OF the public lands is, as general rule neither too high
too low but Just such to meet the demand for
cultivation. II the price reduced below 81 rs per
acre, all the choice lands would be bought up by specu
be than the lands would be worth TO the settler
Under the present system, every provision is made
that with propriety be made for OF small
The land ia sold in tracts small forty acres Ii
has but fifty dollars he Herewith purchase forty
acres of land; and forty acres are as much man
allow him to settle portions OF the public land to
which he thereby acquires pre- emption right II he
does choose finally to buy the land, he can sell his
improvements for what they are worth
We ought to have few things fixed in this country,
il for no other reason than that may be able
thus fixed ought to be the public land system Especially
ought this system not to be changed till the faith given
10 the public creditor shall have been fully redeemed
A DEMOCRAT.