f the Constitution, the first par.
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In the 9th article of the Constitution. the first nor agraph runs thus:

 AL debts contracted, and engagements entered iato before the adoption of this Constitution shall be as va id agains the United States under this Constitutions as under the confederatioa.n

 In the Sd section of the 4th article of the same n- siruinent, this language Is found,

 he Congress shall have power to dispose of and make ali needul rules and regulations, respecting the territory or other property ofthe United States and n- thng Tn ths Constitution shall be construed 10 preu ace any claims o the United States or of any pa,ticu lar Siafe." - f~.'N

 | nus we tnd all debts contracted, and engagements entered into, before remain unchanged and the respecfsve 'aghts ofthe United States and of each di Vadaa ofdte were to re1nain precisely # te form o uope'nen had not been olefed and express power Is conferred to dispose of the public lands and to make all needlu rules and regulations respecting the terro- ry or other property of the United States

 Nlh these different provisions before him, who can aoop me power ef the United States do that which, Dy accepting hs trust, they expressly agreed 10 do?

 Cessions from the other States are made substantial y Oh the same conditions, and liable to the same dis positions by Congress. Louisiana and Florida were purchased with the Gpaits of these ceded ands the stst IS fhe and that trustee holds thes lands loaded aoith eracfly the bthen, and Is bound if those for whose they are holden desire l o dsDose ot them and their nroeA-ls in the same manner

 hod therefore, that be tbe general question of pow CT to distribute the mhole reuenue, settled it may there ought to be no question to the 0eer to divide moneys arising from tke sales of lands.

 But It has been argued that if we have the power, there IS no money to dvide-that when the amount is seed the net gam will not exceed four hundred thou- sand dollars.

 I o this can never agree. The United States took thls fraSt fund and with 1t purchased Loasiaua and Florida and told they have had the use of the money for nothing, and will only account for the principal.

 

 fund and trades upon it. he must account to the cestu que use, for all the profits made.

 The question in chancery would be, not what these countries cost, but what they are worth. You cannot fix price. Louisiana and Florida The sovereignty and jurisdiction them alone, Is worth more 10 this Unlon than all the national debt we ever owed.

 How much duties have we collected from the. ports! How much have avoided paying, by ma kinS them our own, instead of letting them remain fo reign ports How many wars have we avoided by thelr purchase! In shor what would yoa take for them! Nc sum. They beyond price 10 the rest the Union.

 On this part of the subject the question with me- Is not what sum we have n the Treasury, which was received for the sale of laasds but whether we have sum in the Treasury equal to that proposed to be dis

 buted and above all that is necessary to be ap- propraed to take of the great interests o e co,- y and without debing the States with the sums paid for Louisiana and Florida. because am sure, upon any fair settlement. the due from the Union is at least equal 10 the which is proposed now to dis tribute.

 What sum have we and what will we probably re- ceve, Tn the course of the year!

 l will take round sums disreeardinq factions

 We now have in the Treasury, S32, ,ooo, ,ooo

 of this sum, the quarter ending 31st March, produced $ll,oooooo. Sup pose the remaining three quarters to average the like sum, and we will have Icf nnn

 Add the value of our bank stock 7.5oo. .oo0

 Estimated amount, $72, ,oo0, ,ooo

 bed. for falling of and deficiencies 5,500,000 $67,00o,0o0

 After this liberal dedcon; we will have sixty-seyen millions at the end of the year.

 Now for expenditures.

 The ordinary wants of the Government ought not to exceed fifteen millions of dollars. MT. M'Lane, Tn the report of 1884, to which have adyerted fixes up on that sum amply sufficient, and it appears me, m all conscience, il must be enough, unless pros perity is to drive us into the most mad excesses.

 Let us then take this as the sum ne- cessary for our ordinary expenses the course of the year, SI5,OOO,OOO

 Add to this to be distributed among the States, 27,00O,O The two sums amount to $42,o0o,0o0

 Take forty-two millions from sixty-seven, and we will still have in the Treasury twenty-five millions of dollars, to apply 10 any extraordinary expenditures for the army, the navy for forications or for any other purposes whatever.

 The army ought to be increased much as to rem der secure frontiers The increases of our navy may be hastened to some extent, and ought ulti- matey to have naval force than able to chastfse and drive eff any foreign fleet to blockade, or seriously to nfest coast. Larger than that we do not need. and ought not to have if it given

 Notifications are only wanted for important points, at which an enemy might do much mischief to public or private property, by sudden incursion. The whole coast we can, and should never attempt