Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-02-16


For the valuation of improved land 982, 48o 900
The dwelling houses under the
same act were valued at dollars
14O,6S3,984. They may now
with safety be estimated at dou- j
Bile that sum $50 ooo, GOO
The unimproved lands after detluc-
ting all the claims on them az
mount to ACC, 000, 600 at two dol
lars, sOO,ooo,ooO
The other personal property incu
ding siav, is estimated at SOO.OOO.OOO
Tire capital embarked in commerce
previous to the war, allowing for
exports and imports 100000, COO
The bank capital at present a
mounts to $4,000. 600
Turnpike, canal, toll bridge and
insurance stock, &c. sO.ooe,o oo
Total 1857 ,4S0, 900
The income arising on this capital may be esfi.-
mated as follows
Profit on improved land, two per
cent on ss2, 10000 100000
On p rsonal property including
dwelling houses, 5S0,000,O00at
4 per cent 2s,2oo,ooo
is per ent on the capital employ
ed in commerce 100000
3pcr cent on $4,000, 000--the a.
mrunt of bank capital 100000
Turnpike, canal insurance and o.
tier sio,k, six per cent. on
so.eoo'0to Ne 100000
Product of all other occupations
including manufac lures as stat
ed in the last census 172,ooo,coo
-
Total 235,s49,6
In the year 1893, the whole value OF the
annual produce the industry OF the United
States w;s estimated, By AN able and in,elii
gent writ =, on q poprlai ion OF A. millions, at
( 373 nliens sterling, or I68, o., 900 of dollars
vide Cocper's Politic-l Ar;t' meiic 47. Ac.
cording 10 the same estimate for our, present
population t would be 800 millions This cs.
mate would be 8 100000 above what 1 have
rated it at, and induces me to repose some con
hdence IN the estimate have made.
The writer's on political economy differ a
g. he prop rtion be .ween the amount of the
circulating medium and the productive indus.
try. Their calculations vary .r III one half t.
one thirtieth-ane thirtieth, the minimum OF
Smith, on 237, 84 S,6C0 would give something
more than 1000, 900 ofdoilars for the necessary
circulation ofthe United Statcs-lis maximum
one 5th, would give something more( iban AZ
OOO,O dollars IL then 47,569l2o dollars is
sufficient tor the actual cirs ulation, the whole
of The circulating medium above that sum
might be lock up or drawn from circulation
without pred' eng Inconvenience or pressure
Bu rorey borrowed by the government is not
d avn from circuiation, but is instantly thrown
b;ck on the community, and becomes part of
4 G genera circulation. tv
The question: then is, what is the amoun,
OF circulating medium? TIE capital his
been stated at 75,00G,0O0; on this CAPT
tai we may calculate with safety on d cir
ctjat,oH IN notes and discount of IUO. OUo uUu-
From his SUN deduct AZ $50 20 dollars, the
maximum OF what is deemed necessary for
circulation, and the sum remaining, viz: So.
$50 $50, constitutes the ability of the monled
capitals * oan--of this sum we propose
to borrow 30,0Oo.000 Having shcwn .hc
ability to lend. the only question remaining
is, will it be the interest of those who hold
the monied capital TO advance it to the go
Vernment? A monicd capitalist will always
pursue his interest. In deciding this cues,
ton, the calculation will be made on peace
or war. No prudent man will loan his mo-
ney without taking into view both these
vents. In the event of peace an immediate
rise IN the price of stock affords a certain
prospect Of profit. As AN investiture of mo.
neY it is more safe than in Banks, inasmuch
as individuals may fail and the nation cam
not. For merchant whose capital. in con.
sequence Of the present situation of the couu-
try, is Withdrawn from commerce, it is a
better investiture than in manufactures -
be withdrawn without loss in the SAFE of the
buildings and machinery necessary for car
ryin., them on. The stock however of the
United States could at once be converted
into money at considerable profit, and his
capital again restored to its former channel.
Iftherefore peace ehall take place, to which
confess j look forward with some degree
of confidence, the present loan combines all
the advantages of " safety" profit and a
command at will OF the capital invested II
on the contrary these expectations shall be
disappointed and the war continue, rlmi
TED commerce must leave unemployed a
large surplus capital. 1t is true that the in
creasing demand for our own manufactures
may afford employ ment for part of this
capital To those however who have forms
cd commercial habits and look forward to
resuming their accustomed occupations
such an employment of capital cannot be
desirable. Ihestabiity of our credit found
ed on puactual compliance with our en-
eagfments, must be gratifying to every A
ne ican. During 81 years the faith of the
nation has never been questioned-our ere.
dit has grown with our strength--our re
sources are ample--to bring them into &C
ton requires nothing but union and ener
81.
Mr.. BigeIow Of Mass. followed Mr.. Eppe
in debate, but not in the course of his re
marks, or on the merits of the bill IL
should not vote for the loan, he announced
because it was for the supper. of war i'm
providentiy declared, and enormously cor
Quoted To shew the inexpediency of tn
declaration of war, he entered into part,
GUAR historical review Of our measures a.
fecting foreign relations for several year
past, commencing with Mr.. Jeiierson's retu
sal to lay the treaty with Britain negotiate