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 exchange