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 stOppase Of specie pay ment a total degradation Ot paper as currency unusual depression Of prices tie ruin of debtors and the accumula- ton of property in the hands of creditors and cautious capitalists.

 It was in view of these evils, together with the dangerous power wielded by the Bank of the United Srases, and its repmgnance to our consti- tuition, that was induced to exert the power con. ferred upon ma by the American people, to ple. vent the continuance of that institution. But, al- though various dangers to our republican insti- tntions have been Obviated by the failure of that hank to extOrt from the government renewal of it's charter, it Is obvious that little has been ac- comPlIshed, except salutary change of public opiniOn, towards restoring to the country the sound currency provided for in the constitution. In the acts Of several of the States prohibiting the circulation of small notes, and the auxiliary enaetmeDts Of Congress at the last session for. bidding their reception or payment on public ac-- count, the true policy of the country has been advanced. and a larger portion of the precious metals infused into our circulating lnediunI.- These treasures will probably be followed up, n due time, by the enactment of State laws banish- ing from circulation bank notes of still higher de- nominations and the object may be materially promoted by further acts of Congress, forbiddng the employment, as fiscal agents, of such banks as continue to issue notes of low denominations,

 

 latiou of gold and silver.

 The effects of an extension of bank credits and over issues of bank paper, have been slri- kingly illustrated in the sales of the public lands. From the returns made by the various Registers and Receivers in the early part of last summer, it was perceived that the receipts arising fromthe sales of the public lands were increasing to an unprecedented amount In effect however, these receipts amounted to nothing more than lfS i'm hal han nks lant ouf f1,oir to speculators; they were paid to the Receivers, and immediately returned to the banks to be lent out again and again, being mere instruments to- transfer to spectators the most valuable public land, and pay the Government by credit on the books of the banks. Those credits on the books of some of the western banks, usually called de- posftes, were already greatly beyond their imme- dlate means of payment, and were rapidly in- creasng. Indeed each speculation furnished means for another; for no sooner lad one nd- vidual or company pad in the notes, than they were immediately lent to another for a like pur- pose, and the banks were extending their bns- ness and their issues so largely, as to alarm con- siderate men, and render 1t doubtful whether these hank credits, if permitted to accumulate, wonl ultimately he of the least value 10 lhc Gov ernment The spirit of expansion and specnla ton not confined to the depcsite banks. but pervaded the whole Hanltilnde of banks through

 

 t"tons to eggravate the eviL

 The safety of the public funds, and the inter- est of the people generally, repaired that these operations shouh be checked and il became the duty of every branch of the General and Stale Governments to adops all legitimate and proper means to produce that salntary effect, Under this view of my duty, directed the issuing ot> the order which will be laid befnre you by the Secretary of the Treasury, requiring payment fO Inc lic laI,N tn l,o afla with an exception until the 18th or the present month, in favor of actual settlers. This meas. nre has produced many salutary consequences. It checked ,he career of the western banks, and gave theta additional strength in anticipation of the pressure which has since pesvaded our east ern as we'll as the European commercial cities. By preventing the extension of the credit sys- tenn, it measurab|y cut off the means of specn- lntion, and retarded its progress in monopolizing the most valuable of the public lands. It has tended to save the new States from a non resi- dent propretorship, one of the grea'est obstacles 10 the advancement of new country and inc prosperity Of an old one It has tended 10 keep open the public lands for entry by emgrants ut Government prices, instead of their being con,- pel!ed [" purchase of speculators at double or treble prices. And it is conveying into the inte- rior large sums in silver aud gold, there to enter permanently into the currency of the country. and place it on frmer foundation. lt is conE- ,lently believed that the country will find in .he motives which irdnced that order and the hap py consequences which will have ensued, much to commend and nothing 10 condemn.

 lt retnains for Congress-. if they approve the policy which dictated ILis Order, to fnlInw il np in its various bearings. Mnrh good. in my jud9- ment. w"nhi be produced by prohibiting sdss'f the public lands, except ,o aetna! settlers, at a reasonable reduction of price, and to limit 'he quantity which shall be sold o them. Although it is believed ,he General Government never ought to receive any thing hn, the constitutional currency in exchange for ihe public lands. that point would be of less importance if the lands were sold for immediate settlement and cnltNa- ton. Indeed, there is scarcely mischief arising out of our present land system, including the ac-