Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1813-10-07
The holding Of road stock is general ;

The holding Of road stock is general
scarcely il there farmer, merchant Q,
mechanic. in the extensive circle over
which our turnpike roads diyerse, and
Indeed tar beyond the extent of them,
who do not own small portion of this
stock. If there are monied men who do
not now own some portion of it, the ex-
pectation Of its becoming more pro6ta.
bic united With desire to see those i'm
provements advance, would induce them
10 adventure in greater or smaller de.
gree. The consequence would be. that
throughout the country such bank
would find its Jealous and interested
friends to promote the circulation of its
paper. No difficulty could occur in en-
grating the road on the bank stock
The bank by the Subscription and trans
fer of the road stock, would become the
owner, aud draw the tolls, as those which
own public stock, now draw the interest
oftheir loans. The effect on roads would
be most importantly felt, and an encou.
ragemeat given to that great source of
national prosperity & individual wealth
heretofore unexampled.
We will see how bank weuld be at.
fec,ed by the connection. Let the pro-
position be to authorize at the option
Of the subscriber for bank stock, a
payment to- the amount Of one twen-
,ieth in road stock. IF the road
stock was only worth at the time of sub
scription one half or so per cent. OF its
nomipal value, it would have the effect
of diminishing the value OF the whole
capital subscribed, at the rate OF l-2
per cent. +; tenth pay able in road stock
would of course affect bank stock at the
=
rate of S per cent. 1t is known that the
average price Of bank stock in the dis
trict is not less than 10 per cent. above
par in the event then of the road stock
lessening the value of the bank stock
per cent. subscribers 10 a new bank would
come in at an advantage of per cent.
over the purchasers OF old stock.
The United States, it is true, have no
in their grants of those valuable prlyi-
lodges heretofore engraited any provi-
sion which would tend to diminish the
value Of bank capital /; nor would SUCH
an one as is now contemplated, in effect
have that tendency. The road stock
subscriptions would be purchased in al
their market value, and If that was only
SO er IS per cent. Of the nominal value
it would be only thus the advance OF one
half, or three fourths, the real value Of
the bank capital as it respected this por,
ton of payment. The road stakeholder
then, and the road system, SO indispen-
sibIe to the prosperity of our cities, VIZ uld
be principally benefited BY placing that
kind of stock ON par with bank stock
But if such provision for the redenp-
zion of road stock from its present state
of depression, should be considered as
the imposition of a consideration in ma
ture OF bonus for the privilege OF
charter, such demand Or the part of
government, would certainly be viewed
not only in the most just, but laudaole
light.
Itwould be no selfish interest which
was to secure to the treasury an increase
of riches at partial expense, but the
reouisition would con6ne its good eff
fects TO the party alone contributing its
funds, as to that district Of country will
the public improvement thus advanced
be confined, and mt extended to the
benefit of the people of the union, as
sum paid into the general treasury
would.
BY the provision now contemplated,
we have seeR that the value OF bank
stock would at most be affected five per
cent but where Legislatures have de-
man6ed 6enus it is perhaps no where