The enquirer. [volume] (Richmond, Va.) 1804-1815, 1805-04-02

the public at one per cent, would receive Z.
IooOo annually and there would be no ca,e
OF complaint; becau!e the parties would make
their contracts with the full knowledge OF 4he
law.
In this way, the tax upon income W )uld o.
perate either diu,inut;on of intvreft or rs an
increafe upon the price of hiring money. At
the fame time the fccurity and certainty which
the lender would obtain, would render it more
benehcialto him to receive his intereR bv quar-
terly inttalmen:s or by other arrangements,
though the tax ihouid reduce his intertft even
to 1--WE per cent, than to be deprived of the
means of receiving it in the fame way, though
by contract he fhoud be entitled to fix, s. the
borrower by paving the tax would thereby and
TO that extent add to the price Of the hire OF
money. 4 few years, by the operations Of
compound interef, win fhew, that Eve per cent,
punstually paid, is better than tx, TO depend
upon recovery ut law. BY compound intereG
nj i've per cent, money will double in about
thirteen wears; by 6mple .interett a, FIX per
cent 1T will require ixteen years this iheus
the henetit of pnnctual;ty and certainty.
This proposition would inpo(t no hartliiip,
upon the money dealers, becaule every ere
VIII be left free TO follow the former modes,
who prefer them, but it is expected that very
few will avoid a meafure which will tend TO pro-
duce 10 much convenience and ffety. Nor is
II intended TO relate 10 contracts which already
exit; with refpe6t to thoft the parties ough.
to be left free, etherto adopt the propoied mo-
dhcations or not, as they think fit
There lsmuch room 10 believe, that this plan
VIII contribute greatly 20 promote the circua-
tor OF money. Rich capitalists who dGik.
public lnttutions and are fatished with mo-
derate but certain interet, will by thefc means,
at the fame time, not only fecurc the punaual
payment OF interef, but alto the ultimate pay
nent OF Their capitals by the certainty and pub
licity ofthe fecurty which NAV be given.
1t will be perceived if tie borrower, by his
bargain ihall be bound to pay the tax of one
per cent. that it will place him upon no worfc
ground than thofc who will borrow from the
bank. tor atho' the bank dfccunt is made nv a
deduction at the rate of fix per cent, vet The
borrower in fact pays at the rate of tx dollars
per year for the ufe of ninety four-and as the
operation Of lending muG be renewed every fix
ty days, the effect of compromising the intereH
70 frequently, will make it more agreeable and
as cheap to borrow according 20 this plan, be-
ides it will give circulation in all narts of the
fate to money which otherwiie viii be inactive.
Even IT the tax of one per cent, upon monev
thus fecured thould be deemed too high, or if
4 tax of any kind ihould be oppoied, vet the
innovation will be found to promife great advan-
tages to the community; it will facilitate the
| loans OF money, and of conrfe viii leltn the
price or rate OF intereit according TO the guam
uty which may be brought into market
Thete ideas are offered as the foundation up.
on which afuperftru6ture may be RATED, which
VIII give activity TO commerce and agriculture,
viii produce public and private advantage, Sc
viii aay the fears of thofe who believe that The.
banking iyitem will produce ariGocratical and
ant'-republican consequences; becauft every
county, nay every neighbourhood may afford
to ltielt the means of Pecunisry aid. No man
can jUitly complain; the public will derive con-
fiderable rcyenue--and every indufrions farmer
or mechanic may eaiily borrow from his neigh
bour, becaufe the law will be favorable to a
fPeedy recovery of interef.
Your petitioners are aware of the difficulty
which will exit in obtaining fuccefs in plan
which will produce 70 much innovation but
they are equally well aGured that the more .be
merits of theie fubje6ls are confidcred. the more
accurately the consequences are examined, the
more wAl they procure public paironage-nor
VIII your petitioners prefume to fueeeif 70 this
honorable houfe what routes for public roads.
or what particular parts of the fate fhouId be
preferred; they believe after the importane of the
iuhJect ihaIl be duly weighed, and the bene-
hts fhali be experienced even in a partial man
ncr, that the iyttem viii! be 70 generally appro-
we'd, that the public voice will REQUIRE all the
| belt aids OF government. The aid which is now
aiked viii proceed from an innovation which
VIII produce PUBIC and private benefits 70 eve
| ny indultrious family in the commonwealth, be-
cduie there is not Jingle family which will not
| tometimes find the law ufeful either in lending
or borrowing, but if the fyftem which this pc
titlon contemplates fhall take efFe6iua root 10
as finally to location the eltabIilhment of per-
manent roads, your petitioners will enjoy the
| confcious fatiSfa6ton and pride of having been
the trft who exercife the constitutional privilege
ofpetiton to promote thefe ufeful obieEs-and
confding in the patriotifm and wifdom Of the
Legislature, pray, &c.
~ No. q on the Prejtnf PeAcy Of stbe Federal
PArty. is peRponed.