Whilst the public lands, as a source of revenue, are of great
importance, their importance is far greater as furnishing homes for
a hardy and independent race of honest and industrious citizens who
desire to subdue and cultivate the soil. They ought to be administered
mainly with a view of promoting this wise and benevolent policy. In
appropriating them for any other purpose we ought to use even greater
economy than if they had been converted into money and the proceeds
were already in the public Treasury. To squander away this richest and
noblest inheritance which any people have ever enjoyed upon objects of
doubtful constitutionality or expediency would be to violate one of the
most important trusts ever committed to any people. Whilst I do not deny
to Congress the power, when acting _bona fide_ as a proprietor, to give
away portions of them for the purpose of increasing the value of the
remainder, yet, considering the great temptation to abuse this power,
we can not be too cautious in its exercise.

Actual settlers under existing laws are protected against other
purchasers at the public sales in their right of preemption to the
extent of a quarter section, or 160 acres, of land. The remainder may
then be disposed of at public or entered at private sale in unlimited
quantities.

Speculation has of late years prevailed to a great extent in the public
lands. The consequence has been that large portions of them have become
the property of individuals and companies, and thus the price is greatly
enhanced to those who desire to purchase for actual settlement. In order
to limit the area of speculation as much as possible, the extinction of
the Indian title and the extension of the public surveys ought only to
keep pace with the tide of emigration.