Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1810-01-23

utF'tc out CcIlasu tatSS VI i..A'SS VAL
lind reason 70 re s,tishe3, bosh VITA the
ia uf interest and the mode ut security.
Upon ex smik.l,fon it will be fo1ad even
il the borrower by his bargain, shall be
compelled 10 pay the tax of one per cent
20 the lender, that it viii! not place him on
worse footing than those who borrow
frem the bank far although the bank.dis-
UNITS are maize by deductions at the rate
OF six per cent per annum, yet the borrow :
er actually pays, At the rate OF iollars
a year for the use of ninety -fuur dollars !;
and as the bank operations are renewed
every Sky days, the effect OF CON poand i.
ing the interest so freqlentiy will make
il more agreeable and as cheap TO borrow
according to th,s plan, AMI the borrower
will moreover have the satisfaction OF
knowing that part OF what he pays will op-
crate TO public benefit.
Even it the tax ofone per cent upon mo.
ney, thus secured, should be too higa, or Ut
tax OF any KIND should DE opposed, yet
this mode OF securing the payment of inle =
rest will be found TO produce great advan .
tages to the community; In facilitating
the leans o; money it will of course les.
sen the rates OF interest, which will be
soon regulated by the qdaauty that will be
brought into market.
Besides, the many advantages already al
lu;led TO, the Obligations or evidences of
debt thus secured weuld operate like a
ca-rency, !uaded debt, or bank stock,
ana would b Ia many Cases received IN
common .ransac;ions as money Perhaps
in the prssen, state OF general em3arrass .
ment, nothing Can be better devised TO les.
sen the pressure OF private ieots, to restore
mutual confidence K intercourse, x to avert
that general solICitude which Is created by
the threatening aud impending executions.
In giving legal effect to those PROPOSE.
tions, the legislature will embrace pro.
tect, which tnreateus no prospect of injury
to any human being, whica affords plsusi-
BILE hope tor bringing money, now dor nant,
into immediate circulation, and tdus may
avert the general and impsnding calamity,
as we'll as promote innunerasle puaiic as
well as private benefits. 1905
After settling the principles and obtain
ing revenue, IL my lnrn ue determined
either to appropriate AZ to the establish
m.us Of Roads, SCHOOLS, OF any CHER pur.
poses. IL the revenue shall oc aporSurt-
attd TO ne estaolisameus OF Roaus, and
they also be made a source o! further ~
venue oy tolls. then the iudds thus to be
der v..d viii incrcase IN rasio ar beyond
.tie reach of estimaIc or calculation By
To- cir own progressive force tney will in a
tew years, secare good Roads throughout
the commonwealth, rich in accommodating
revenue, but ;nu;h more SO in the increase
Of private wealfn, created In the rise OF
lands by the facility OF intercourse.
II this plan should be adopted IN e.rseuEo
the following viii sr the consequences. IL
will increase the circai .tion OF u.oney-se-
cure the regular payment of interest on
money lenl-rcnder mutual bcncfi:s and
COW eaience 10 borrower and iender-os.
vla,e toe Causes of ruin at forced sales
proceeding from an a.tificial scarcity of mo.
eey--incrrase puoiic confidence
social harn~ny RAISE revenue without ex-
action, or oppression a6lish permanent
roads--ada tonne military strength OF the
country by means o. easy * expeditions IN.
ternai COMMUNE Ions .a.nulsiply tae beue.
hts OF agriculture,
OF commerce,
o M innfactures,
OF education, and finally will promote
private wealth.
Ali wnicn IS respectfully submitted to pub.
lie Consideration Uy
HENRY BANKS.
Al a future time i shall iilus,rate IN,
ideas on the subject of roads aud lncidr n
tai revenue more extensively.