Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-03-21

" hO NAY be hostile TO BANKS. Will nevertheless
vote for Baak Charters, because they will be
DESTROYS of having scne fayorite road or canal
cut and they viii be told that the only means
OF getting money for the favcritc object, will
b.. to vote for the Banks, and Tie bonus
will furnish the means.
Ia may be asked il am opposed TO internal
improvements answer no, but the modc
ia winch would encourage them ould de-
pend very much on the system of revenue
adopted and relied or for the support OF 90
eminent AZ the system OF tdrdtion should be
relied upon, then would leave internal I'M
rtOvementS, very generally, to the enterprise
and wealth. of individuals, except in cases of
great national importance, where individuals
could not raise AS much money as might be
necessary for the object, aud then the state
ought 10 subscribe literally to the stock but
II d.i.onis on pahtic stock sbould be relied
upon for the support OF government, AS i
think they ought then every species of inter-
nal Improvement eought TO receive liberal
|, aid from the state not by the creation OF am
unwielily& unmanageab fund, hut by liberia,
subscriptions to the stock, payable as the mo-
uey might be wanted.
When the Bank OF Virginia was established
the friends oithemeasure proposed that tllestatc
should subscribe three thousand shares and
the argument principally relied on for the sue
cess OF thus proposition, this, that the state
was already IA large stakeholder in the James
River Company, the dividends on which stock
was handsome thing annually that il went
tar towards the support of government, and de-
taking large interest in ali the stock that pro-
missed TO he valuable for the benefit of the
state, so thatin time, taxes might be dispensed
WIN, and dividends on public stock, substitut-
| ei III fuer stead The argument WAS plausi-
| bic, popular and successful When the far
mers Bank of VA. was established. the same
| arguments were used, and with euiial success.
\ his opinion, when 1t was first advanced, al
though II succeeded, did NOT carry with il ell
IRE confidence in the plan, FOR MANY of its best
1 trends doubted the practicability of il time.
| however, which tests the wisdom of all experi
nients, has proved that the scheme was both
| practcahle and wise, and If the funds of the
| state had been tostered and cherished and
not diverted from this object the time has We
| ry nearly arrived when tie plan might have
| been coiisnmnated.
The dividends of the State nm Rank aud a.
| tier Stock, during the war was about ssh. OO0
per year; the balance due to the State from
| 'e general government, ut the close OF the
wal, Is eSti'hated ~ about ) 500 900, which,
| with the amount of the Literary Fund. n,iphi
| nave been invested in United States Bank
| Stock, ana wou,d have made an aggregate of
! upwards OF ) 100000 belonging to the State
| IN Stock OF the United States Bank suppos-
| i'lg ti!s Bank t. divide twelve per cent per
| year, IN few years after il shall have com
| me"ced operations, the Stock of the State
| would produce, ia dividends, upwards ofS24O.-
ooo per year, which, added 10 the dividends on
Stale Bank Stock, River Stock, &C. would pro
once AN annual sum OF upwards of S 325 600
leaving, 10 lie provided for Inv taxes only abnut
tne sum oil : 10000, making together $500, 900
we sum required each year for the support of
| government; so HAT by an adherence TO this
| system oi revenue, II may be fairly resumed
| mat before the year 1876, the public stock of
Tue state would be fully equal to the support
oi government, without the aid of taxes, which
| aithonSh they ought hot To be dispensed with
| aitogether, IN prosperous times, might very
! well be suspended in times of difficulty. such
| as every government ought to look to. whether
| they slItii occur or not
1 That rove rumepf which ,noIas H.
most happy, is admitted to be the hest and il
| Is Tor the people to decide whether they yould
| ENJOY most happiness under such "A system of
revenue rs have suggested or Ih,t .. lich ,,,,
| exists. NV
(Othcr strong objections NAV be urged to the
| creation of these large funds, placed under the
direction of Corporations for their manage
ment; they never fail to give to the finances of
| the country an intricate and complex charac
| ter; the consequence of which is not only
| TO increase the length of the sessions bnt thai
very few men viii be able, witbnut bestowing
| much labor upon the subject to understand
| the state and con 4tion of the public treasury
ms Is an evil. which very well merits more at
| tehtIon TO its character and probable tenden-
/ cy, than 1t seems, hitherto TO have received
| LetIt be remembered that derauvement in a
! government, most generally begins al the trea
! Sl.ry. and II this be time, il is obvious thar
simplicity of character, in all the operations of
| ire treasury ought ninch to he desired be-
| cause II the revenue of a country be of simnle
form, II may always be comprehended by nIain
iniBiS, thoroughly examined at all times and
errors prevented. or, if committed detected
ana recttcd, before any national mise hief shall
| he prodnced. Not so, with a revenue. formed
| or complicated machinery: Errors may be
| committed, and egsiatiye detection detied bv
tie skill of those who have committed tllen,
tor 30 long time, that tie safety of the stale
may a! last become endangered, and destruc.
| tion Of the government follow. NV opinion is
tlat u IS better tor the country to have a trea
| snfy fHed by plain operations than 10 specu-
tate Tor ITS orer7owing, NV dangerous system
81 complicated calcuationJ But perceive
mat am wandering far Beyond my present
views, aud must leave this important branch of
my s"nlect, 10 your own reflections.
me undressing question OF a convention. for
TEE purpose of reforming the constitution. oc-
copied mich of the deiiberali0u. of fL.. last
session Of tue General Assembly. and the bill
when passed the House of Delegates upon
thht subject, was rejected by the Senate. The
loss OF this bill was followed bv tie passage of
ia" Tor re-orgeul2lag the Senatorial districts
ana equalIHlng the land tax. This appears TO
me 10 he but measure of Justice, and cacu-
lite" 10 unite more firmly, the two sections of
me state, an object which every wise LEGISLATOR
wIll constantly bear in mind, whether he re-
Sides on tile East or West side Of the mouu
taus.
10 do in tice, is TO act wisely, and, since the
passage oi Tie law aforesaid seems to me 10
nave removed all causes Of complaints il af
lords reasonable ground TO hope that the CON
Suiution 0i oar country, under which we have
80 prOsperDuSlv and happily lived for more than
come % "
In extending 10 our brethren Of the West
me luSi claim which they had, to a greater
snare oI representation in the Senate il was
ionhu nlhiSpensabiy necessary, to enlarge the
districts below tIe I,leuutnins aud eccnr,l;,,,-l