Page 1 of 13 Aug 1836 Issue of Logansport Canal Telegraph in Logansport, Indiana

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Logansport Canal Telegraph (Newspaper) - August 13, 1836, Logansport, Indiana If i a a i he <1 t i it to quot a quot quot a so a % 0rt a ii a in Jolly. By Lasselle amp Dillon a a a vol. , Indiana sat Juday 13, 1886. No. A. The late Treasury circular. On publishing the Treasury circular to the receivers of Public moneys and the do polite Banks inserted in our last the editors of the quot Globe quot preceded it by the following article As exp Anatomy of the views which induced the president to give directions to the Secretary of Treasury to Issue it a Niles. From the Globe. Pav Stion of speculation and the convert Ioa of the Ruthc Domain into paper. The Public mind has been occupied for some months past with reports of frauds spec ulat Loiis and monopolies in the Public lands. Associations of individuals and even Public men have been charged with these practices aim Bank Loans Bank certificates of Money deposited and Public Money in the Deposit Banks have been the imputed Means of their operations. The land offices in some instances have been charged with Connivance and with aiding these associations to the prejudice of settlers and cultivators. These reports have reached the floor of Congress and have been reiterated in speeches and made the subject of proceedings in both branches of the Federal legislature. In the Senate a Bill was reported from the committee on Public lands proposed to prevent frauds in the sales of the up Jilin lands and particularly levelled at the combinations of individuals who availing themselves of facilities to obtain quantities of what is called land office Money that is to say Bank notes receivable for j Ullic lands attend the sales put Down Competition monopolize purchases at Low rates and then compel settlers to Purchase of them at advanced i rices but tiie provisions of to get i ill were not ice med to be Well adapted to its intended of inject and. After a discussion in which the evil quot was admitted to exist in some states but the Chi Mcacy of the remedy contested the Bill was Laid upon the table with assurances of renewed attention to the subject at the ensuing session in the House of representatives a More formal movement and one of More comprehensive scope and grave import was commenced but too late in the session to admit of the investigations and matured reports which the Subjec required. On the 20th of june or. Hunt of new York submitted a Resolution to raise a select committee with Power to Send for persons and papers to examine into the use of quot pii4> kit liy pull it in ii in specs Tauny in the Public lands which Resolution was immediately adopted by the House and on the 2d Day of july thereafter being the saturday before the adjournment of Congress or. Hunt made a Brief report from the committee Indi Catin the necessity for thorough and extend cd investigations and praying for an enlarge intent of the number of the committee an Extension of their inquiries and leave to sit during the recess of Congress. This application was not granted. A Large number of Mem Bers Are opposed on principle to recess com mittens but the Strong vote Given for the in a Quiry notwithstanding this it objection must be taken As a Strong manifestation of the sense o the House in favor of or. Hunt s propositions notice of intention to pursue the subject re knitted to the next session of course v. As give in and thus in the House of As Well As in the Senate the session Ciosci with out any final action of Congress to detect of arrest imputed violations of Law Pic times and improper proceedings in important concern of the National Domain the National treasure and the Paramount interest of the cultivators of the soil. Congress having thus adjourned the duty devolved upon j Orcsi Dent Jackson As the chief magistrate of the Public charged by the Constitution to guard list the abuse of executive Trust and Vest with a supervisory guardianship Over the Ahful execution of the Laws to examine into Isic complaints and to satisfy himself whether a Case be made out either by direct proof or Strong presumption which would require the interposition of any remedy within t be reach of his constitutional Powers. For this purpose and in addition to the current reports and to what was said in the Public Deb ites of both houses of Congress the president took into consideration the resolutions reported by the seleclb6ittee of the House of which or. Hunt i a chairman which seemed particularly to <11enge his attention for the extent of the Abii ses which they inferred the official character of their origin the serious weight which the vote of the House attributed to them and the defeat of final action in that House from want of time and from Well grounded objections to a recess committee. Those resolutions were in these terms quot or. Hunt from the select committee a jointed to inquire whether members of con Gress or others had procured Public moneys of the Deposit Banks for the purpose of speculating in the Public lands made a report accompanied by the following resolutions quot resolved that the select committee appointed by this House on the 20th june 183g be increased to nine and that said committee have Power to sit during the recess of this that said commit lec embrace m their enquiries any connection Between de polite Banks and others and the land offices for the purposes of speculation. Resolved. That said committee enquire How far and to whom for speculation in Puljic lands the Deposit Banks halve issued Cert iii Cates of Deposit without an actual Deposit in Cash and to what extent they have been received in payment for purchases of Public lands at the several land offices. Resolved that said committee enquire How far and to what extent combinations in the Purchase of the Public lands have been formed or Are forming sufficiently Strong from interested motives to control to any extent the legislative action of Here was grave matter very proper at any Lime and especially in the absence of Congress to engage the consideration of the executive. Speculations in the Public lands connexion Between the Deposit and other Janks and land officers for the purposes of speculation certificates of Bank deposits. Without actual deposits to Aid speculators in purchasing Public lands combinations to engross the Purchase and to control the Legisla Ive action of Congress in relation to the pubic land such were the serious implications and startling suggestions resulting from the reposition of these resolutions and although hey might be merely resolutions of inquiry ind conclusive of nothing yet they were resolutions emanating from a committee which lad commenced an investigation into the sub act and whose application for enlarged Powers increased numbers and leave to sit in the recess sufficiently attested their belief in the Sumii Cliency of the grounds for an extraordinary proceeding on the part of the House. Without at All deciding the question How far the implications resulting from these resolutions might be v. Cell or if funded. As they regarded individuals the president Felt himself called upon by the Gravity of their character reinforced by current reports and Public debates to look into All the Points of violated Law and abuse of Trust which were accessible to his examination. The most prominent of these evils obviously connected themselves with that which in the vague jargon of the paper system is called quot Bank facilities quot comprehending Loans of Bank notes certificates of Deposit letters of credit leave to draw and All that kind of invisible machinery by which combinations of speculators and associations of official and influential characters would be Able to accumulate what is called quot land office Money that �3 to say any thing except Rucj Money and every thing in the shape of paper which could be exchanged for Public land and by this accumulation of paper funds and combinations of Active members to be Able to become engr Ossers in the land Market outbid and deter resident cultivators oust settlers from their selected spots beat Down or buy of Competition monopolize the sales and then retain a Barren Possession Over the whole or retail inferior parcels to settlers and cultivators at advanced prices and for real Money. Of these quot Bank facilities quot the certificates of Deposit and the drafts drawn upon them presented themselves in the most questionable form. Even if Legal they were liable to Gross abuses even to fictitious issues As imply inc in one of the committee s resolutions and it Ould have Given to strangers and speculators the undue advantage of making pay in cats on Distant Banks in their own drafts while settlers and cultivators would be be required to pay Down in Mone counted. This would be a reversal of the rules of propriety or surely the cultivator of the soil should have he advantage in the Purchase of what lie was acquiring for the purpose of using and to it or the Public Good As Well As his own. Bat this description of quot Bank facilities quot did not Appen to be Legal. It turned out to be a practice without Law and in contravention of a and a strange degeneracy from the Legal payment authorised to be made to the treasurer of the United states. This is the Law quot Sec. 2. And be it further enacted that credit shall not be allowed for the Purchase Money on the sales of any of the Public lands which shall be sold after the first Day of june next 1820, but every purchaser of land sold at Public Sale thereafter shall on the Day of Purchase make Complete payment therefor and the purchaser at private Sale shall produce to the Register of the land office a receipt from the treasurer of the United states or from the receiver of Public moneys of the District for the amount of the Purchase Money on any tract before he shall enter the same at the land office and if any person being the highest bidder at a Public Sale for a tract of land shall fail to make payment therefor on the Day on which the same was purchased the tract shall be again offered at Public Sale on the ii ext Day of Sale and such person shall not be capable of becoming the purchaser of that or any other tract offered at Public act of april 24,1820. This is the last act upon the subject and certainly nothing can be More Plain than its enactments and its intentions. To Stop the credit sales to reduce the Price of lands which is done in the 3d Section and to authorise payments to be made to the treasurer of the United states in addition to the receiver of the District Are the objects and enactments of this act. Not one word about deposits in Banks and drafts drawn upon them. Here then was illegality clearly de Tecler in one Branch of thetic quot a Kink facilities quot and a specific order Dirac Lato this Point Mil it readily iop Oil one bronc of the evil but the abuse would not Llor a by be cured. The source of the evil was Loo v. Ide and deep and had too Many issues to lie cured by lopping oif Branch its. The Fountain had to be reached and that Fountain Lay in the paper system in the multiplication of Banks in the floods of Bank notes which they issued and in the general Recei ability of these notes for the Public lands a Recei ability which virtually converted the National Domain into a fund for the redemption of All these Bank notes and a capital for seven or eight ii undred Banks to Bank upon. To Stop the certificates and leave the notes receivable would Only put the speculators to the trouble of packing the notes instead of carrying t he certificate and the evil to the Public would be the same As before. Having reached the source of the evil the next enquiry was into the nature of the remedy which that evil required. Here the Field so far As the Law was concerned was completely open. No Law of Congress now that the 14th Section of the United states Bank charter is repealed and the Treasury notes Are redeemed requires any description of Bank notes to be received in payment of Public dues. The joint Resolution of 1816, which relates to the Point is merely permissive of such reception and refers the selection of Bank notes under limit Lions to restrict and not to enlarge his action to the discretion and responsibility of the Secretary of the Treasury and this brings the whole matter under the supervision of the president As the constitutional Sentinel Over executive trusts to whatever agent confided. The joint Resolution of sig War i intended to restrain not to unbridled the to improve not to deteriorate the currency to a Ditre rent question and required much and place where offered and As such convertible secure not to endanger the revenues to repress not to enlarge the Power of the Banks. At that time very few Banks paid there was in fact a general suspension of specie payments in the South and West and ugh out the Middle states. The Federal government by the strange error and deplorable Fatu Ity of not re Stab lib King the constitutional currency at the expiration of the old Bank of the United states in 1811, and becoming dependent upon the local Banks for their paper currency which was received in pc in ont a of All Fod Crail dues a amp Ari the Fate of a dependant it had to centimes the receipt of this paper after the Banks cased to ious and careful deliberation. Tie Legal right was Clear but the expediency had to be considered. Tiie ii acts of specie payments for Public lands on the body politic generally had to be considered As Well As its effect upon the particular disease of which it was the antidote. Hence the important inquiries is the Supply of Coin and Bullion in the country sufficient for these payments will settlers and cultivators Suiter will the new states be injured will the currency be affected will the Banks be shocked will any general or Public interest receive detriment answers to All enquiries resulted in showing first that the Supply of specie in the country was amply sufficient to commence the system of specie payments for the Public lands. The Supply of Silver has More than doubled since the removal of the deposits from the Bank of the United states on the first Day of october 1833 and the Supply of Gold has grown from nought to upwards of eight millions since the first Day of August 1834, when the Nev coinage commenced under the corrected Standard. Both Gold and Silver Are now flowing into the country from All quarters and the product of the mint is unusually great. Upwards of a Milhon of Gold was coined in it he last month Anda Bouta million and a Quarter of Silver for the last three mon1hs. The new Law for transferring Money without limitation of amount from the Deposit Banks to the mints for supplying metals for coining will keep those establishments fully supplied and As the Branch mints from North Carolina Georgia and new Orleans will be in operation in january next the annual coinage will be More than double the amount that it now is no deficiency of specie can therefore be apprehended either to delay the commencement of specie payments for Public lands or to keep Vliem up in time to come. The Supply both of Gold and Silver will be their exportation will be prevented by creating Ause and demand for them at Home. To diffuse them through the country and get them out of the vaults of the Banks into the hands of the people will be the Only concern and trouble of the government. Secondly settlers and cultivators will suffer. An exception is made in the by which specie payment we be a Tinct upon them until the december and after Matthev Xvi quot or quot petition from speculators and a it a it uii Zers those masters of the land mar redeem it it had to submit to thei Violat a of Law it had to treat them As i a v i i 1. A i Una Vail sovereignty est it Nad to pocket in t _ Able funds a loss of a million at 1 Gregino to what was far worse ended with a Bank of the necessity of re establishing the the United states that tyrant ini i Mijs Stit ution. Stronger than an army i hich Congre Vii a quot quot disband and v. Hich under disguise i Oto its Ori urinal character and with a state a a a Crucs ter retains its National organi tion pres j its branches under tie title of agencies a confidently a aits the moment when the i quot quot pie. Lir own of licit Bank president to 1 thirds of Bank tics. Giruard Ericc cd senators skill �0� a of or a majority and represent \ tics to occupy to doors of Civ i Russ. Ilic Are porno of Iho evils a a a a like general Civ Uhila a of or a a ban occasion Cdv Lew years go. I i we a in a Point Resos Liuio of Sil. Was i Nde it to prevent but the arc not All. To which thru al a a al was a i the to in of Johl of its it who engross by of paper Loans Aid quot Bank facilities quot who can now come into tie Market with any Quantity of Bank notes iut who under the new regulation will find themselves reduced to their actual capital a comparatively Small sum when counted Down n Gold and Silver. As an act of Justice and real Feivor to the settlers and cultivators the will Shine pre eminent in depriving their Arch enemies of the Means of out bidding oppressing and Tyrannizing Over Iceni. Their own wants Wil l not be great. A few Hundred hard dollars into which they can up oilily convert what Good notes they have n in get them a Home or a settlement for a child or an addition to their farms while the Speculator will find it Dif Tinli to nil or in ill find it difficult to raise and 01 an Hundred thousand dollars in same Good Metal. Shii Day the new states will not injured on the contrary will be freed from the intrusion of strange notes from Distant Banks which of oct wisc to forced into. Re a a Cait obtained for them at the. Us old or s i y the importunate instances c Una Airai a Ianus Wick the Rosa it. La circulation e of isow than Etc o so Putio la Ippi Iachio to tier cd four times the Uini Roi Hanks we iii then existed wit capitals of millions where they then had thousands and All multiplying and sing with the annual assemblages of the state and territorial Legislatures. With this legion of Banks and their floods of paper flowing into the pockets of speculators and All receivable for Federal dues Nandor the joint Resolution of 181g, hut re Ceivalle at tie discretion and upon the High responsibility of the Secretary of the Treasury and of the president a renewal of the scenes of sig 17, amp 18, was among the results to be regularly counted upon and according to the debates in Congress the resolutions of or. Hunt s committee the fraud Bill of the land committee of the Senate and the current reports some of the worst of these scenes Are now n full exhibition. There Are cases in which half Way measures so tempting to timid minds Only aggravate the mischief they Are intended to cure. There Are cases which require Strong remedies and this is one of them. A Strong remedy was wanting ii that would avoid favouritism and monopoly quot while aiming to put All Good citizens and ajl Good Banks upon a footing of Equality and to Stop a Fountain whose corrupt issues were supposed to be reaching the Federal Domain the Federal Treasury and the Federal legislation. President Jackson had no difficulty in seeing this remedy. His attachment to the Constitution and to that Money of the mint which it intended to guarantee quickly led him to the Medicine which the disease required. But to prescribe it at once to order it offhand and from a single View and first impression was another and Caid that to fixed from All never ending and uncertainty about forever changing subject of inquiry vexation loss imposition Heavery and shaving in that most cd amerion Jit icle called land quot office hence every body will know what land office to Loliger be an article of disc quot quot quot Premium and it will cease to be an paper machines can strike off in Mal fiends and favourites. All will pm office Money is and every Man Ali Money at All can get land office their place it will improve that i currency of the new states by pour in quot into a perennial Supply of the precious left a. Tiow especially will be carried Inte to Oso by every Emigrant traveller and Pire Haser of land. Fourthly. To general currency of the Union will be Pic ally and beneficially affected. It will Init a the specie and diminish the paper part he circulating medium. Bank notes will a less suitable for travelling Gold will be Morv required and the incarcerated millions who now lie in the Atlantic Banks will come fort exportation but for immigration to the terror. Great will be the advantage to the neral currency by this certain increase of its elt in basis fifthly Good Bank be shocked and bad ones ought top under the late Law notes under ten doll an no longer be paid out those under Weij dollars cannot be paid out after the third next none of these denominations of n a or any other can be paid out unless Theja quot a payable and paid on demand in Gold or sift a place where issued and equivalent specie at the into Gold or Silver upon the spot at the will of the Holder and without loss or delay to him. This last provision is the most important one. Unless violated no Bank note of any kind can be paid out by the Federal government except at the place where the Bank has provided specie to redeem it and for which the Holder of the note As a matter of right not of favor can Exchange it for specie. Corresponding with this Law against paying out Bank paper is the Treasury regulation against receiving it so that without a double violation of Law and regulation the general use of local bilk paper is already greatly restricted and the importunate prayers of some Banks to have their paper made land office Money so As to give it or Odra Broad and extend its circulation would Only be prejudicial to themselves if granted and the Laws and regulations be observed by the officers for it would Only be collected in masses and returned upon their hands for redemption. The injury to Banks then can Only turn upon the idea that their paper Vas to become the currency of the country without restriction of any kind an idea utterly reprobate entirely at War with the policy of the administration wholly incompatible with the theory of a Gold currency and leading to the disastrous scenes of Twenty years ago banishment of specie depreciation of paper derangement of the currency explosion of Banks subjection of the Federal government to local institutions a fresh accumulation of unavailable funds loss of All Confidence and the re establishment of the Bank of the u. States. Six they no Public or general interest will receive any detriment. The sales of the Public lands will be less but the pay will be better. Settlers and cultivators will buy As much As Ever and they Are Only purchasers the government should desire to see. Spe aia quot tors monopolizes Bank ses and their frauds alone will be and this is precisely what the fraud i quot a a Oltof or. Revving in the Senate and the a of or. Hunt in the i use of representatives assumed that it to prevent. Associations Public men if any to monopolize Dpi Blisland with Public Money combinations if any to control the legislative action of Congress a relation to the Federal Domain and the Federal treasure Bank facilities for the Aid of the Speculator and the oppression of the settled illegal drafts upon Deposit certificates the Public complaints and the general dissatisfaction will All cease and the Federal Domain become what it ought to be the fruitful property of the cultivator and not the Barren Possession of the Speculator. Thus every question of expediency As Well As the question of Legal right was solved a favor of the exclusion of Bank paper from Public land payments and happily the Republic possessed in president Jackson the chief magistrate which the occasion required a chief magistrate exclusively devoted to the Public Good cautious in his councils circumspect in his deliberations firm in his resolves vigorous in his actions and fearing no responsibility when duty and conviction require him to act. Now As in the great measure of the removal of the deposits. The president has Felt it his duty to exercise the Powers delegated to him by tie Constitution and direct the adoption of the present measure for which he holds himself responsible to his countrymen and on their judgment and the unerring test or time he confidently reposes. Zyvith these introductory remarks we conclude the subject by presenting to our readers the circular of the Secretary of the Treasury. The following. We iii a races the form of e advertisement an Cree of the a Brm of Treasury 2 s entitled Sliu published in the official papers May be considered As a supplement to the de v quot the executive Romul cd recently in a circular from the Orcas Tilliy de Nat. Int. A. Of the u. Statics july 15,1836, the second Section Rotthe act of Congress titled quot an act making Law Sion for the Sale of the Public april 1820, having provided it Purl i ser at private Sale shall produce to the Register quot of the land office a receipt from the treasurer of the United states or from the receiver of Public moneys of the District for the amount of the Purchase Money on any it before he shall enter the same at the the president of the United Cisin relative to the exclusive Recei of Gold and Silver by the receivers of Public moneys i payment for the Public lands having directed that quot in Case of payments made for lands to the treasurer of the United states under the act of 24th april 1820, his receipt shall also express the amount received in Gold and the amount in Silver quot a notice is hereby Given that the receipts of the treasurer of the United states to be issued in pursuance of the above act and to be applied in payment for Pul ii lands purchased at private Sale will be granted Only upon payments in the Treasury of Gold or Silver. P. G. Washington acting treasurer u. S. As the sword of the Best tempered Metal is most flexible so the truly generous Are most pliant and courteous in their behaviour to their ? or

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