But if we suppose this matter to be arranged either in the one mode or in the other, so that the right of Congress be rendered indisputable (for that is a previous point of indispensable necessity) the remaining question will be, as to the appropriation of that fund. And I confess it does not appear to me, that the benefits resulting from it are such as many are led to believe. When the imagination is heated in pursuit of an object, it is generally overrated. If these lands were now in the hands of Congress, and they were willing to mortgage them to their present creditors, unless this were accompanied with a due provision for the interest, it would bring no relief. If these lands were to be sold for the public debts, they would go off for almost nothing. Those who want money could not afford to buy land. Their certificates would be bought up for a trifle. Very few monied men would become possessed of them, because very little money would be invested in so remote a speculation. The small number of purchasers would easily and readily combine; of consequence they would acquire the lands for almost nothing, and effectually defeat the intentions of government; leaving it still under the necessity of making further provision, after having needlessly squandered an immense property. This reasoning is not new. It has been advanced on similar occasions before, and the experience, which all America has had of the sales of confiscated estates and the like, will now show that it was well founded. The back lands then will not answer our purpose, without the necessary revenues. But those revenues will alone produce the desired effect. The back lands may afterwards be formed into a fund, for opening new loans in Europe on a low interest, redeemable within a future period, (for instance twenty years) with a right reserved to the creditors of taking portions of those lands on the non-payment of their debts, at the expiration of the time. Two modes would offer for the liquidation of those debts. First, to render payment during the term to those who would not consent to alter the nature of the debt; which, if our credit be well established, would place it on the general footing of national faith. And secondly, to sell portions of the land (during the term) sufficient to discharge the mortgage. I persuade myself, that the consent of the reluctant might be obtained, and that this fund might hereafter be converted to useful purposes. But I hope that in a moment when the joint effort of all is indispensable, no causes of altercation may be mingled unnecessarily in a question of such infinite magnitude as the restoration of public credit. Let me add, Sir, that unless the money of foreigners be brought in for the purpose, sales of public lands would only absorb that surplus wealth, which might have been exhaled by taxes; so that in fact no new resource is produced. And that while, as at present, the demand for money is so great as to raise interest to five per cent