Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1804-08-29


The orh sta,esvrfy t,e6cien, in resource
frum this obiea. appear 10 be Vermont
and Ncw-Jersvy. With regard 10 thc lat
tef there can ne no douS, but that the
wealth Of the adjacent states OF New York
and Pennsylvania, so far as respects the
Iraling OF turnpikes and canals. will
overflow upon her soil--she is indeed, com
'metcialiy considered, section OF those
-Stltes.
am not unmindfhl that stubborn scnti-
men,s of hostility exist in sumo OF the
southern states against the establishment
al Banks; on principles too, viewed by
those who entertained them, as sacred.
But late events completely shew that The
public opinion, however indisp0sed 10 pro
nounce on The abstract question of the
propris,y of establishing such institutions,
Yields TO the extending conviction that,
ina5much as such institutions 90 rxis, in
many Of the safes, and IS their r:is,tVe
Interests are advanced by them, policy
dictates their adoption III other states, IS
necessary measure OF dclenCc. Nor
Can there be doubt entertained but tha,
If banks are suffered To exist al all, they
do less injury when their numbers and
extensive capitals preclude monopoly ca
iavoritism, than when their tewnSss
CIR lim,vd capitals render them danger
Gus enslnes OF political or personal ia
vor.
Here then We have capital, capable
Of creation, amcuatjng To rear fifteen mil.
lions Of dollars, v,,ich united 10 an equal
amount Of individual contribution, would
lna'se fu,uflkc roa0s ofGt least foe fhnu
sonl miles, and cranis IF az least t5po thai
s7ma GVe Aun,!r d miles, without the mpo.
sition Of dollar. on the people, AID with.
out The least public Or private sac lice.
On the contrary The active resou ces ofthr
nation would be greatly increased, by TIE
establishment CT 8a;ik stock to great a
mount, and OF internal improvement stock
10 a much greater. IL true hat all this
IL source V ouid moi be disengaged at once !;
but as the charters ot the baLas are limit
ed, az they expire, il would be drawn into
ACTIVITY.
There is one further view, presented by
this subject, which we cannot resist motto.
ing. A. the end Of u given period, say
fifty years, let the states possess The right
Of buying out the stockholders, at IA certain
advance on the original capital, OF fixing
anew the tolls, and Of dlsposing nf the
whole or q part Of thc stock. This will
bring the tolls ~ 4 moderate aud equita-
BIZ amount. But, as IL that period, The po-
Lulation aad veal i OF the country Nil. be
vastly extended, and The conveyance Of
productions increa- ed IL an equal degree,
a low toll will produce large revenue !;
an,i-in this way viii the states be enabled
TO raise "a sum equal ii il believed 10 the
support Of tier govcrnments, without any
resort to direct taxation.
One other eM:Gt Will BE- attained by the
creation CT ia stock. 1t will prevent any
injuries that might Otherwise arise from
The exlinguishment of the PRESENT stock
otlthe United ota.ss. IL chose principles
Ct policy, which al present guide the ad
minislra,lon OF the government, continue
10 prevail, the whole e The existing debt
Will be soon redeemed, and large mass
of circulating medium be exinguished
i better expediert than the one suggest
ed could not, perheps, be devised, to p,e
vent the real or apps eheEded evils that
nigh, arise from a change too suddenly
induced, or from an incompetent circuiat.
ing InediaEl.