Holly Springs gazette., 1850-01-18

ducements to emigration presented by
our immense territories westward, have
all conspired to limit the amount of sales
of these lands. 1t will be seen that, olthe
proceeds of the sales made at SO per
acre, there were only ~ 10 paid in spe-
cie This fact indicates that, but for the
provision authorizing the reception Of
bonds and coupons in payment, little, il
any, of these lands would have been sold.
These were at discount of aoout thirty
per cent; causing the lands which sold
at SO per acre to cost the purchasers on
ly about 81 20 per acre. Assuming that
these lands sold as readily at $6 per acre,
as they would have sold at 81 20 in spe-
Gle, the State is gamer by the reception
of bonds 81 so per acre. There are 405-'
0o0 N 100 acres yet to be sold; and II,
upon the minimum price of the govern
ment, we estimate gain in the same ra-
ito, by selling for bonds, the gain to the
Internal Improvement Fund will be $685.
663 Al. But by careful a1d judicious
policy IN the sales, | think it probable
these lands will sell at an average cash
value of ~ 90 per acre. A gain of 30
per cent, by taking bonds at this price,
would be, $297 ,059 56.
| Thus our Internal Improvement Fund would
be Increased near 100000, which would be
a clear profit over cash sale OF the lands; be-
cause precisely the same amount OF our bonds
would be paid by the operation, and the check
to accruing interest on the same. at six per
cent per annum, would be further gain OF
about 5000 per annum. A further adyan-
tqpe, arising from this policy is, that the sum
thus saved to the State will be expended IL
Imonc ourselves. in constructing roads, clear
iny out our rivers, constructing levees, &c.;
! which, by the increasing facilities afforded to
Travelling and commerce, the diminished cX
pense of transporting cur produce to market,
and the consequent Improvement in Il le value
of our property, will probably double Or treble
the amount.
am aware that it is still insisted by
some, that the reception OF the bonds, in
payment for the lands, is a diversion OF
the fund from the purposes OF the grant.
After the most respectful attention TO all have
heard urged in support OF this position
have not been able to perceive how
taking into our possession these bonds
and placing ,hem to the debit OF the State
, AS cash due the Internal Improvement
Fund, is "a diversion of the fund in its ap
, pication. 1t is not IN the reception, bu
in the application of fund, tnat diver
sion, contrary to the purposes of the
grant, may be made. Were the proceeds
, OF the lands received in cash. they woulc
!. be placed to the debit OF the State as cash
and we might refuse to pay this out ii
constructing works OF interna. improve
, ment, or we might apply it to something
else, precisely as it is supposed we nigh
i, do if we receive and charge the bonds a.
| cash. If the amount received, whether
n in bonds or cash, be applied to anythin.
e else than internal improvement, it vii
q be "a devrsion of the fund; but If tina
amount be expended in cash, as required
q by tie donor, then there will be no diver
Q sion. Suppose we have one million o
: specie received for revenue, and we als
i receive one million in specie far tn
4 lands il in the expenditure, we shoul
happen to use the million received TO
>. revenue, instead oil that received for tn
lands, in constructing works of literna
!. improvement, and the million receive,
% for the lands in our ordinary expendl
"a lures, would this be a diversion of tn
,r fund from the purposes ofthe grant? s.
:, if the bonds are cash to us; Or it's equiva
y y lent. which they certainly are, # we ow'
them, can it be diversion, when we pa
!. ont tic same amount in cash, in conform
. ity with the trust reposed in us by Con
~ gress? The federal government, our ow
. State, and, it is believed, every State il
the Union, every civilized nation on tn
+, globe, have acted upon the same princi
: pie, in all periods of their existence
% The cases are too numerous and VIC
a known to require recital and yet tn
wisdom of ages has never discovered the
N such poicy was in bad Gath, or diveI
,e sion of the funds, until it has been disco,
: cred in Mississippi 1t has been insis
Il ed that the wisest policy wo olld be to I
to duce the price of the lands, at once.
n SI % per acre. 1t is urged that such,
N policy would insure speedy sale, an
,e that the increased revenue, arising troI
the lands and the population that woul
,e settle upon them, would more than equ;
of the amount that will be realized by Sc
ling them at higher rate. This may a
,e be true but this policy is lab
4 to serious objection. These lands al
~ committed to us in trust-the donor retail
10 ing an nterst iii the application of tt
,> proceeds. As trustees,itls is our duty SO
v. manage the trust as to promote, to Il
d greatest possible extent, the interest OF Il
h grantor. The taxes to be collected wou
or not belong to the Internal lmprovcmel
- Fund but to the general revenue, to
o disbursvd in the ordinary expenditures
d tie government. The amount thus 10
in to the Internal improvement Fund, BY 10
e. sales, although reimbursed by taxes, b
,e ing placed to credit of the general rev'
n. nue., would be equivalent to d dlversio
q of that sum from the Internal Improve
a. ment Fund, and clearly aviolation OF u
ly of the trust reposed in us. lfthese lane
T. were absolutely our own, SO that "