The enquirer. [volume] (Richmond, Va.) 1804-1815, 1804-11-28
FOR THE ENQUIRER.
TO THE EDITOR.

~
TO IRE EDITOR.
IN your lait Enquirer, you have prefented to
the public the frt OF ferries of letters, addrc;-
fed to the Virginia LegiIlature.--In it YOU call
the attention of the Legislative body, to the cir
cumttancc of an annual deficit of funds i'm the
tta:c treaiury, commencing about the GrR day
or July, s. continuing until October in each
year. The evil complained of, is indeed fcri-
Gus one, and perhaps would have been reme-
died many years ago, if the Legislature bad ever
been in fc!iion at the period when this defcien-
cy exfted, becau.e they would have witnelied
the Inconvenience tuffered by the poor folder,
the hard working mechanic, and the i'll paid Of
hcers of government, from the neceliity OF Ca
crihcing third or fourth OF their fcanty paw.
by telling at difcount the auditors warrants,
when the public Golfers were empty. We know
that the diitreis which we are eye witnriIes of,
has much more influence upon the feelings, than
that which we are tod of; and juitice, Nimulat-
ed by the feelings of humanity, is much more
active in the purluit of any object.
The legislative body however have doubtIefs
conidered the fubje9, but reluctance 70 IN
create the burdens Of the people by additional
taxes, and too flngunc hope, that fun due
20 the fate for arrearagesof taxes, would he col
Ito fufiicient amount, 10 fupDlythe de-
hciency tor one year, and thereby prevent ne
ceflity oftaking any thing from the money paid
in on the frft of October in each year, which
fun being thus undiminiihed would fuppy the
demand until the irf of O9oter following.
Thefe cauics are prefumed to have prevented
any efe6tnal remedy of the evil. But the expe-
renee OF number of years pah, is certainly iuf-
hcIent TO tatlsfy the legislative body, that they
have contded in fund which cannot with
iatety be calculated on TO anfwer the end which
they had in view.
You recommend thatthe treafurerbe empow-
cred to borrow money from the Bank of Virgil
MIA on an intereit, to fuppiy any deficiency Of
funds in the treatury.
Loans, fir, arc expcdientsot atemporiiing fort
they offer no efFe6tual remedy for the evil. The
nation, or the individual who annually borrows,
mutt eventually be bankruptcd, even tho his
income and his expenditure may be equal, be-
caufe he fubje6ts hmfelf to an intereft during
the term of the loan, which his income is not
competent 70 diicharge, and this is yearly COM
pounded. If the deficit in the trcafury on the
trft of July, is $4,000 dollare, aid this fun be
then borrowed on interet from the bank, the
fun to be paid on the frit of October, will he
3o,45o dollars. The treafurer will find himfelf
without money at ar earlier period in the fol-
lowing year, becaufe the fun of $50 dollars
more than ufual, was paid ost on the firit of
OF. preceding, and his payment on the firft of
October following, will be at leaft $4,000 dol
lars IS cents. Thus by continuing to borrow
every year, and TO compound the interelt,
(Which NUT be the cafe) you will ia the courfe
of time, make the annual deficiency in the trea-
fury equalto 10000 dollars, and the period of
obtaining the loan, mutt be much earlier than
would at pretcnt be neceGary. IF am correct
in this, fir, you will no longer deem the expedi-
ent propoied by you, it one.
Loans are doubtltfs often convenience, but
when reforted TO or ordinary occaGons, like eve
ry other good improperly uied, they prove
curte.
No juh nan--no prudent man will borrow
money for his ordinary expences-if he does,
ruin will foon fare him in the face.
If the nation does 60, it will foon be unable to
borrow the hated expedient of ali increafe of
taxes mutt at laft be reforted to, TO difcharge
the debt with heavy accumulation of intereft.
And theie taxes mue be paid, not by us, but by
the next generation.
1t is not iuft that we fhould charge the Cuc-
ceeding generation with debts contracted by us,
unlcfs thofe debts be the price of liberty then
as they will enjoy tAat liberty, they ought to
pay part the price oft.
The credit of a man or of nation when cau-
tiouily uied, will anfwcr every purpofe of ca
pital or flock of money equal to that credit.
But an abule of it, by reforting toit on ordiHa-
ny occaGons, deprives its pofiellor of all the be-
uCHIS WHICH IlilSDI nave Otch uCIlNcC from
But iuppofe the treafurcr authorifcdto apply
to the bank for loan, and majority of the di-
re6tors TO be of opinion that juftice required
tba: tholc individuals who have been accuf-
toned to obtain dlcounts at the bank, fnould
have the preference. Should thefe individuals
BE- ruined by refufal of their uiual quaint am
Of difcount on which they had valued Tin their
contracts with certainty, in order TO accommo-
date the fate IF 70, what merchant could
count upon the aid ofthe bank And in what
a ituation do you place the dre6tors--they
mutt either difcount beyond their legal limit,
or deftroy the credit of merchants OF integrity
whole conduct has entitled them TO a contnu-
ance of the confidence of the Bank. But if the
fate is not to have preference, in what pre-
dcament do you place it refufcd diicount at
its own bank who then will place confidence
in its You may fay that this is an improba-
bic coniectsre-however improbable it is, if it
only be poiIible, the fate ihouid not be expof-
ed to the bafe Poliibiity Of ftisma like this on
its credit.
If have convinced you that the mode pro-
poled by you for remedy of the evil complained
of, is not proper one that tho it may give
immediate relief, it will lay the foundation of
dfeafe more dangerous than that which we
with to remove, you will politely he ready to
ak me, whether / fuppofe an immediate in
create ofthe taxes ueccfary.
Although do think an increae Of the taxes
neceilary in order to enable the Commonwealth