the public business, enlarge the circulation of gold and silver, and be
at the same time a safe depository of the public money.

The importance of graduating and reducing the price of such of the
public lands as have been long offered in the market at the minimum rate
authorized by existing laws, and remain unsold, induces me again to
recommend the subject to your favorable consideration. Many millions of
acres of these lands have been offered in the market for more than
thirty years and larger quantities for more than ten or twenty years,
and, being of an inferior quality, they must remain unsalable for an
indefinite period unless the price at which they may be purchased shall
be reduced. To place a price upon them above their real value is not
only to prevent their sale, and thereby deprive the Treasury of any
income from that source, but is unjust to the States in which they lie,
because it retards their growth and increase of population, and because
they have no power to levy a tax upon them as upon other lands within
their limits, held by other proprietors than the United States, for the
support of their local governments.

The beneficial effects of the graduation principle have been realized by
some of the States owning the lands within their limits in which it has
been adopted. They have been demonstrated also by the United States
acting as the trustee of the Chickasaw tribe of Indians in the sale of
their lands lying within the States of Mississippi and Alabama. The
Chickasaw lands, which would not command in the market the minimum price
established by the laws of the United States for the sale of their
lands, were, in pursuance of the treaty of 1834 with that tribe,
subsequently offered for sale at graduated and reduced rates for limited
periods. The result was that large quantities of these lands were
purchased which would otherwise have remained unsold. The lands were