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House. Comm. on Finance. Report on moneys from sale of public lands, 1842
House No. 15 On February 2, 1842, the Committee on Finance issued a report on the disposition of the money from the sale of public federal lands.
There were three choices: pay down debt, distribute it to the towns and cities, or follow the Governor's recommendation. The Committee was not going
to consider the constitutionality of receiving the money. The Committee viewed the money as a trust fund for the benefit of all. Its choice was to
pay the interest on the debt due in 1842 and put any remainder in the bank. An Act relating to moneys which may be distributed from the proceeds of
the sales of the public lands, 1842. The Treasurer was authorized to receive the money, to pay off any scrip that came due in 1842, and deposit any
remainder in accounts that would allow a 30 day notice to withdraw. Then there was a minority report of thirteen pages. Three men thought the
distribution act was unconstitutional. They thought the federal government was in sufficient debt that it should not be giving the money away. They feared
the states would become dependent on the distributions, so what would happen when all the lands were sold? If the state took the money and used it to
pay debt, that did not benefit anyone directly. They listed several other reasons why this was all a bad idea and would not work. However, if the
money did appear, it should go to the towns and cities so more people would directly benefit. They proposed amendments to the above bill: Any money
received would be distributed to the cities and towns based on population, the Governor should distribute the money as soon as possible, and each town
had to authorize its Treasurer to receive the funds. (Digitized from a microfilm copy of title originally held by the Library of Congress).
Title:   The Committee of Finance, to whom was referred several orders of this House, in relation to the disposition which should be made of the portion of the proceeds of the sales of the public lands ... Report.
OCLC Number:   1413255723
Available Volumes
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