present
moment, however, the price has been reduced to those who purchase the
bounty-land warrants of the old soldiers to 85 cents per acre, and of
these warrants there are still outstanding and unlocated, as appears by
a report (February 12, 1859) from the General Land Office, the amount
of 11,990,391 acres. This has already greatly reduced the current sales
by the Government and diminished the revenue from this source. If in
addition thirty-three States shall enter the market with their land
scrip, the price must be greatly reduced below even 85 cents per acre,
as much to the prejudice of the old soldiers who have not already parted
with their land warrants as to Government. It is easy to perceive that
with this glut of the market Government can sell little or no lands at
$1.25 per acre, when the price of bounty-land warrants and scrip shall
be reduced to half this sum. This source of revenue will be almost
entirely dried up. Under the bill the States may sell their land scrip
at any price it may bring. There is no limitation whatever in this
respect. Indeed, they must sell for what the scrip will bring, for
without this fund they can not proceed to establish their colleges
within the five years to which they are limited. It is manifest,
therefore, that to the extent to which this bill will prevent the sale
of public lands at $1.25 per acre, to that amount it will have precisely
the same effect upon the Treasury as if we should impose a tax to create
a loan to endow these State colleges.

Surely the present is the most unpropitious moment which could have been
selected for the passage of this bill.

2. Waiving for the present the question of constitutional power,
what effect will this bill have on the relations established between
the Federal and State Governments? The Constitution is a grant to
Congress of a few enumerated but most important powers, relating chiefly
to war, peace, foreign and domestic commerce, negotiation, and other
subjects which can be best or alone exercised beneficially by the common
Government. All other powers are reserved to the States and to the
people. For the efficient and harmonious working of both, it is
necessary that their several spheres of action should be kept distinct
from each other. This alone can prevent conflict and mutual injury.
Should the time ever arrive when the State governments shall look to the
Federal Treasury for the means of supporting themselves and maintaining
t