Page:Works of John C. Calhoun, v3.djvu/15

 SPEECHES.

R E M A R K S On the Letter of General Jackson, made in the Sen- ate, while the Bill to limit the sales of the Public Lands was under discussion, July 9th, 1837. Mr. Calhoun said : — I have received, within the last forty-eight hours, a communication from the Chief Magis- trate, connected with the bill now before the Senate, of such a nature, that duty to myself, as well as to this body, renders it necessary that I should lay it before the Senate. [Here Mr. C. sent to the Secretary the letter, which was read as follows :] "Washington, February 7th, 1837. " Sir : — In the Globe of the 6th inst. I find the report of a speech made by you on the 4th, upon the Land Bill, which contains the following passages, viz. : " ' Was it not notorious that the President of the United States him- self had been connected with the purchase of the public lands ? Yes, the "experiment" (Mr. Calhoun delighted in the word) was the cause of speculation in public lands ; and if this bill should not be passed, specula- tions could not go on, and the price of the public lands must consequently be reduced. He contended that every man could not but see that it would be utter ruin to those who had borrowed money, to speculate in lands, if the system was not to go on.' In a former part of your speech, as re- ported, you say : ' The speculation which a particular state of things had VOL. III. — 1