The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-03-09

service bat single day The number in service, inen
ding those embraced by this amendment, VIII be found
to be almost ooO oo0 while under the present provisions
of the bill as construed by The department. and ascer-
,aaed By pretty full inyes gallon. only 25o 600 are
the number OF soldiers entitled TO the bounty In other
words, we increase the number of beneheafes by this
amendment to more than double the original amount.
/ do no, know whether the Senate is prepared 10
| 20 10 tha. extent in this matter or not; but II
seems 70 me mat this provision has been adopted win
on much care and although in reply TO my question !.
was said that did not extend far yet am confident
II will be found TO go 10 that extent.
wish 70 say a lew words now IN reference 10 lhe
merits OF The JOINT resolution In The first place we have
bad but single point presented to US in favor OF this
bill, and i Is This that soldiers will receive more money
as bcnefciarles under the act If The warrants are made
assgnable than If they This is consideration
Of mere dollars and cents TO The individual beneficiary u
has no reference to the public pocy or the omer acon
OF he government or to anything except the pecunafy
OF the persons who 10 receive the benefits OF
The siL Now, IN my opinion. the effect Will be pre-
cisely opposite to that which Is contemplated u the sol
der receives his land there is weleslablished cnte
on OF ts value He becomes the owner OF property that
is worth according 10 the government price dollar and
quarter per acre There may be ineonyenience some
times, Is true, in making his locations but soldiers re-
siding In the same neghboIhood will make arrangements
together TO locate their lands and thus remedy this neon
yenence in great degree The government price then
becomes the criterion Of value where the lands are loca
ted, and II is altogether better Tor the soldier than to
receive the amount lha, the warrant will BRING when
sold as negotiable paper Tor, this resolution goes INTO
operation, the effect will be TO add certain kind OF paper
currency which is TO become the subject OF speculation
Now We have had an example OF the operation OF law
like this IN lie OF the bounty land warrants TO SOL
diers engaged the Mexican The price OF those
warrants down to about $l07 for quarter section,
the government price being $500 tor the same quantity
OF land. Now, the Secretary OF the Treasury reckons
that 10 throw into market by this law torty-eght
millions OF In the issue OF The Mexican bounty
land warrants threw into market some fourteen mil
lions OF acres, and the soldier received only about one
sequence ii throw forty eight millions OF acres INTO
market by this esoIuton II the throwing into market
of fourteen millions of acres reduced the price OF The lands
half, how much will they be reduced by throwing
into market forty-eght millions OF acres!
There is another consideration which places this thing
in more striking attitude. Under the Mexican bounty
land there still criterion OF value to the war
rant, for the soldier could receive In lieu OF his land
certain amount OF money IRON the treasury Not SO here.
That amount OF money winch could oe received IN leu
which il could not fall! The soldier was sure that his
warrant would sell for more than the hundred dollars
which he was allowed to receive from the treasury
instead OF the land But here there such provision
and the consequence will he that if the soldier mt to
20 into market with his warrant and sell IT, he will be
obliged 10 dispose of at vastly deprecated PRICE Inc
result will therefore, be most disastrous to the solder
himself
Blu, do not intend to dwell upon this part of the sub
ect have referred 10 the principle which is involved
he case, and 10 the effect which, II strikes me- must
necessarily result from this manner oil dIsposng OF the
II may be said that the soldier has still the
privilege of locating his land he pleases. True; but
then the who wishes to purchase land will be able
to go INTO market and buy II al deprecated prce and
therefore, although the soldier may locate his hand, he
will be able to sell for the same amount that he
would if there OF THIS deprecated paper IN the
market #as@.#
Mr. President have objections, also. founded upon the
public character OF this measure-upon lis effect as mat
Ter of public policy. have objections 10 throwing into
arke these lands TO become the SUBJECT oil speculation
as has been the with these warrants heretoiors
They have always become the food oil speculation winch
has grown into system and the effect OF this measure
will be that the moment you throw these lands into mar
ket the persons engaged IN this business Will know per-
Ia, laI hour
the marx price if they wish TO SELL and how TO lower
il they wish to buy. All these influences will inevitably
be put operation, and the effect will be TO depeca'e TO
almost nothing the value Of these warrants.
4 Mr.. BADGER, Qn his seat They are worth nothing
now
MIR FELCH. The senator says they worth moth.
ing now. Let me state fact, Within two or three
weeks the Mexican land warrants quoted at SlO7.
Now they quoted Sll5. What the lesson given
by this tact 1t this, that they being with
drawn from the market and absorbed IN The entry oil the
lands la proportion they are Withdrawn IN that pro-
portion is the demand greater for them, and The value OF
Them enhanced Bu, turn the scale the other way, and
what will be the effect Whether you throw into mar
ket 900 900 OF estimated by the Secretary o
the Treasury whether you throw into less amount
as think will be the case, by whatever amount you IN
crease the quantity market in that same proportion
will YOU produce the effect to which have referred II
seems to TO be exceedingly objectionable on the par
Of the government thus 10 furnish the means by which
land speculation is encouraged and tue number OF the
spectators increased The operation oil this measur,
must be apparent to all and l. Tor one, am not willing
ANYTHING that bears the broad seal o Tins government
thrown into market 10 be the food for speculation al
deprecated price. not willing 10 see the public lands
con vered into species of currency 10 become the sub
ect OF exchange IN Vail street, serving only 10 depreca
the value OF the same property which is held by thu
/ United States.
! But there is another view OF this matter. Gentlemen
seem to suppose that only doing what was in
tended 10 be done IN the rs instance when we passed
toe bounty land bll-as though we intended TO gran
money when, in truth, intended TO grant the Ian,
only As that bill stands, the soldier receives pecse,
what the government granted lie receives the land
which his disposal, and has lis value al something
near the government price But what does he recev,
under the provisions OF this act Mere scrip to be sole
| IN the market
The truth of the matter ls, that with single excep
tion the practice of the government in all its grants oil
the public lands Tor purposes OF this description has beer
uniform. That exception Is the case OF the bounty land
granted TO soldiers in the Mexican war. The bount,
lands that granted TO soldiers OF the revolution, J
would seem from the public documents, although no
assignable, still by sort OF practice were assigned ant
il you look the early action OF Congress, you will nC
that there express resolution that they should no
| be assignable In the last war with Great Britain
bounty lands were not assignabe, but were expressly
prohibited The title 10 the land received, and tht
\ conveyance made like other property. 1t was no
till the Mexican broke out that departed from
the general rule regret that we did so and the conse
auences OF that departure such certainly TO require
that we should pause before adopt the same principle
again.
Why sir, il is opening the door to frauds from begin
ming to end in the administration oil these bounty land
warrants We are in the habit OF publishing every ev
months book for the purpose OF showing what have
been the frauds committed upon this subject warrant
issues and is made assignabe When II is made assign
able the land officers, before they receive IT. must have
proof of that assignabity The record OF the Land Once
and that OF the Pension Office will show that, in many
in which warrants have been assigned frauds