In terminating Indian hostilities,
as must soon be done, in a formidable shape at least, the emigration,
which has heretofore been great, will probably increase, and the demand
for land and the augmentation in its value be in like proportion. The
great increase of our population throughout the Union will alone produce
an important effect, and in no quarter will it be so sensibly felt as in
those in contemplation. The public lands are a public stock, which ought
to be disposed of to the best advantage for the nation. The nation
should therefore derive the profit proceeding from the continual rise
in their value. Every encouragement should be given to the emigrants
consistent with a fair competition between them, but that competition
should operate in the first sale to the advantage of the nation rather
than of individuals. Great capitalists will derive all the benefit
incident to their superior wealth under any mode of sale which may be
adopted. But if, looking forward to the rise in the value of the public
lands, they should have the opportunity of amassing at a low price vast
bodies in their hands, the profit will accrue to them and not to the
public.
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