Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-10-29
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These estimates, however. it will be OBJ
served, are made with view, simply to the
appropriations by law for the expenses o.
the year 1914; and do not embrace pro
vision to satisfy balances of appropriations
made for the expenses of proceeding year
which have not been called for at the Tresr
sury. But it will, probably, be deemed ex
pedient to make such provision by extend
ing the new authority to borrow from the a.
bove balance, TO 100000. IF the pc,
cent. stock which has been sent to Europe
should be there disposed of, it will form an
item in the estimates of the ensuing year.
As portion of the amount to be provided
during the present quarter. consists of Urea
sury Notes which will soon de due, it will
be ADVISABLE to make them receivable in
subscriptions to the loan.
1t Is proper to accompany tqese PROPOSE
tons with few explanatory remarks.
1. The first proposition contempIates a
permanent system but the estimate of the
particular items of claims and demands up
on the public. must be regarded as immedi
ateiy applying to the year 1915 In every
subsequent year there will necessarily be
some variation as, for instance, the item o.
interest on the old debt will annually sink,
while the item of interest on the new debt
will annually rise during the continuance OF
the war.
The items for annually raising portion
of the public expenses by taxes, and for ap
plying to the new debt sinking fund (era.
dually increasing. until it becomes common.
surate to its objectl are essential features in
the plan suggested, with view to tho rrvi
val and maintenance of public credit The
extinguishment OF the old debt is already in
rapid operation by the wise prccaution of a
similar institution.
2. The second proposition will, doubtless,
generate many and very various objections
The endeavor has been, however, to spread
the general amount of the taxes over wide
surface with hand as light ard equal as is
consistent with convenience in the PROCESS.
and certainty in the result
All the opportunities of observation, and
all the means of information that have been
possessed, leave no doubt upon the tl,sposti
on OF the people to contribute generously for
relieving the necessities OF their country ::
and it has been thought un worthy of that
patriotic disposition to dwell upon scanty
means of supply, or short lived expeaients.
Whenever the war shall be happily termi.
mated in an honorable peace, and the Trea.
sury shall be again repienished by the tribu
tary streams of commerce. it will be at once
q duty and pleasure to recommend an al
deviation, If not an entire exoneratioa of the
burthens which necessarily fall at present
upon the agriculture and manufactures of
the nation.
3 In making proposition for the esta
blishment ola national bank, cannot be in
sensible to he high authority of the name.
which have appeared in opposition to tina
measure upon constitutional grounds. 1;
would be presumptuous to conjecture that
the sentiments which actuated the opposit
on have passed away and yet it would b.
denying to experience great practical ad
vantage, were we to suppose that differ.
ence OF times and circumstances would MOI
produce corresponding difference in the
opinions of the wisest, as well as Of the pur-
est men. But in the present case, a change
OF private opinion is not material to the sue.
cess Of the proposition for establishing ma.
tional bank. In the administration of human
affairs. there must be period when discus.
sion shall cease and decision shall become
absolute. diversity of opinion may honor
ably survive the contest ; but, upon the ger.
nine principles Of representative govern
ment, the opinion of the majority can alone
be carried into action. The Judge, who dis.
cents from the majority OF the bench, chan
ges not his opinion, but performs his duty,
when he enforces the judgement of the court
although is contrary TO his own convicti-
pms. An oath to support the constitution *
The laws, is not therefore, an oath to sup.
port them under all circumstances, accor-
ding to the opinion of the individual who
lakes 1t, but 1t is, enphatically. an oath TO
airport them according to the interpretati.
IN OF the legislative authorities. For the err
'oneous decisions Of court of law, there is
he redress Of censoriaI, as well as of an
appellate jurisdiction. Over an act, found
ID upon an exposition Of the constitution,
made by the legislative department of the
but alledged to be incorrect, we
'ave seen the judicial department exercise
remedial power And even If all the de.