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Page: 250 (continue) "It remains for Congress if
they approve the policy which dictated this order to
follow it up in its various bearings. Much good, in my
judgment, would be produced by prohibiting sales of the
public lands except to actual settlers at a reasonable
reduction of price, and to limit the quantity which
shall be sold to them. Although it is believed the
General Government never ought to receive anything but
the constitutional currency in exchange for the public
lands, that point would be of less importance if the
lands were sold for immediate settlement and
cultivation.
Indeed, there is scarcely a mischief arising out of our
present land system, including the accumulating surplus
of revenues, which would not be remedied at once by a
restriction on land sales to actual settlers; and it
promises other advantages to the country in general and
to the new States in particular which can not fail to
receive the most profound consideration of Congress.
Experience continues to realize the expectations
entertained as to the capacity of the State banks to
perform the duties of fiscal agents for the Government
at the time of the removal of the deposits. It was
alleged by the advocates of the Bank of the United
States that the State banks, whatever might be the
regulations of the Treasury Department, could not make
the transfers required by the Government or negotiate
the domestic exchanges of the country.
It is now well ascertained that the real domestic
exchanges performed through discounts by the United
States Bank and its twenty-five branches were at least
one-third less than those of the deposit banks for an
equal period of time; and if a comparison be instituted
between the amounts of service rendered by these
institutions on the broader basis which has been used by
the advocates of the United States Bank in estimating
what they consider the domestic exchanges transacted by
it, the result will be still more favorable to the
deposit banks.
The whole amount of public money transferred by the
Bank of the United States in 1832 was $16,000,000. The
amount transferred and actually paid by the deposit
banks in the year ending the 1st of October last was
$39,319,899; the amount transferred and paid between
that period and the 6th of November was $5,399,000, and
the amount of transfer warrants outstanding on that day,
was $14,450,000, making an aggregate of $59,168,894.
These enormous sums of money first mentioned have been
transferred with the greatest promptitude and
regularity, and the rates at which the exchanges have
been negotiated previously to the passage of the deposit
act were generally below those charged by the Bank of
the United States. Independently of these services,
which are far greater than those rendered by the United
States Bank and its Twenty-five branches, a number of
the deposit banks have with a commendable zeal to aid in
the improvement of the currency, imported from abroad,
at their own expense, large sums of the precious metals
for coinage and circulation.
In the same manner have nearly all the predictions
turned out in respect to the effect of the removal of
the deposits--a step unquestionably necessary to prevent
the evils which it was foreseen the bank itself would
endeavor to create in a final struggle to procure a
renewal of its charter. It may be thus, too, in some
degree with the further steps which may be taken to
prevent the excessive issue of other bank paper, but it
is to be hoped that nothing will now deter the Federal
and State authorities from the firm and vigorous
performance of their duties to themselves and to the
people in this respect.
In reducing the revenue to the wants of the Government
your particular attention is invited to those articles
which constitute the necessaries of life. The duty on
salt was laid as a war tax, and was no doubt continued
to assist in providing for the payment of the war debt.
There is no article the release of which from taxation
would be felt so generally and so beneficially. To this
may be added all kinds of fuel and provisions. Justice
and benevolence unite in favor of releasing the poor of
our cities from burdens which are not necessary to the
support of our Government and tend only to increase the
wants of the destitute.
It will be seen by the report of the Secretary of
the Treasury and the accompanying documents that the
Bank of the United States has made no payment on account
of the stock held by the Government in that institution,
although urged to pay any portion which might suit its
convenience, and that it has given no information when
payment may be expected. Nor, although repeatedly
requested, has it furnished the information in relation
to its condition which Congress authorized the Secretary
to collect at their last session. Such Measures as are
within the power of the Executive have been taken to
ascertain the value of the stock and procure the payment
as early as possible.
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