Southern Argus

From the Boston Atlas.

LAND SPECULATIONS AND THE PET BANKS.

The Globe in an article attacking the merchants, makes the following assertion:

"The public lands by large associated companies, were also made the object of mercantile speculation, and engrossed at Government prices, with a view to wring exorbitant profits out of the investment, from the rising generation that must cultivate them."

We deny that the public lands can be said in any sense to have been made the subject of mercantile speculation. That some political merchants who had access to the Pet Banks—engaged in these speculations, we do not doubt. and some others—men of affluence— and who had money to spare without recourse to the Banks.

But we have a few questions to ask on this subject.

1. When did the land speculations commence?
After the removal of the Deposites from the Bank of the United States; and their transfer to the Deposite Banks. selected by Amos Kendall with the aid and advice of Reuben M. Whitney.

2. Who furnished the means of those speculators.
The Pet Banks. No Bank conducted on proper banking principles, by experienced financiers, would have had the ability or inclination to loan money for speculations in Real Estate—unless it had some specific and steady fund which it could depend upon retaining for a considerable period. No bank would have crippled its customers to loan two, three, or four hundred thousand dollars for speculation in Real Estate. No other than the Deposite Banks were able to do it.

3. Who carried on these speculations?
Were they merchants? What will the demure and hypocritical Mr. Butler say to this? What will Amos Kendall and Reuben M. Whitney, and John Forsyth say?—What will some hundred members of Congress say to it? where were these great Land Companies projected? In N. York or Washington? Among politicians or merchants? Perhaps Mr. Henry Hubbard: and Mr. F. O. J. Smith—and Mr. May of Illinois, and Mr. Casey, and Mr. Reynolds, and some other worthy advocates of the Pet Bank System can tell us.—Were there any Pet Bank cashiers, presidents, directors, custom house officers, and leading politicians, speculators by profession, largely engaged in these operations? After the Globe has answered these questions, we may have a few more to ask.

Meanwhile, we would refer all who are interested in these subjects to the extracts we have already published from the Reports of the Investigating Committee.