The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1824-03-24
RErRucBs,oN.
70 the Mechanics z .4lessrar:a !.

10 your consideration general view OF
the subject Of re,roc,ssiop, and also 3
particular statement e the taxes which
would be paid by the town OF Alcxan-
dris, fire united to the state OF Virginia
II will now briefly examine the cues,
ton OF bonus, to be paid by the banks
on a renewal Of their charters ; an item
IN the grand account OF objections to
that measure, which seems to have exci-
ted more feeling among certain class
OF our citizens than any other in it. Be-
fore proceed to this examination, how
ever, | mus; be permitted to remark, that
so Tar, the writer's object has been COM
pletely effected. These essays have pro.
| ducea enquiry, and enquiry will as GER
tsiDlv produce conviction, not only of the
| truth Of the facts therein stated, but ofthe
correctness of the conclusions drawn
from them.
! In the event of retrocession to Viz
| ginia, we shall have restored to us the
rights, privileges and immunities of the
free citizens of that great state and
participation of their general system of
jurisprudence, their literary fund, and
their fund for internal improvement. 1t
iss therefore, but reasonabIe---i, is but
com mon jus,ice-thet VIC should contrib.
ute our proportion to the support of the
government which offers us such adyan.
tages. That we have no right to expect
to be exempted from the payment of any
tax imposed upon other citizens of the
| state is very clear, and that we shall not
be SO exempted is equally clear. 1t re-
suits, therefore, that bonus will be re.
| CURED by the state on a renewal of the
charters Of the banks.
Let US now see how this matter, W hicb
has produced so much noise, stands as il
regards the interests Of the town, and to
this your attention is particularly invited.
The capital of the banks in this town
actually paid in, amounts 10 S1,e54, SAG,
OF which amount there is held by the PES
pective banks oftheir own stock Ss43, 5s4;
and this amount has been taken in
payment of debts due them principally
from stockholders in town. This sum of
S345,5e4, no longer making part Of
the active capital of the banks, should not
in justice be subjected 10 the bonus, and
being deducted from the whole amount
paid in, leaves for the actuaI capital of
the whole number of banks Sl,6!O.775,
upon which bonus will be required :;
and Of this amount certainly not more
than 100000 is owned in town., is
believed to be much less. Bank direc-
tors understand their own in,cfes, too
well to hold much stock, and other per.
sons in business are too much pressed by
the banks 10 retain much. Upon this
capital then, at the same rate the charter
ofthe Farmers bank o. Virginia has been
renewed this session of the Legislature,
say $50 600 on capital Of $4,000, 900.
Our banks collectively would have to paw,
as bonus to the state, $40, 900, and lin
proportion as the stock is held by the citi>
zens of the town and of the country the
town S12,500. and the country S27, 500.
And even this sum according TO the DO
Icy of the state, Is made part of the
literary or internal improvement funds
in which we shall participate in proper
ton to our population. The whole a.
mount to be paid by the town is, there
fore, only SI2,50O and even that sum
cannot be required until the expiration
CT their present charters in the year
1885. Shall it, then, be said of us, that i,
is the anticipated payment Of this paltry
sum, which has raised such clamor
against retrocession and for which we
are still to be continued in our present
state ofUasSaidge-so Tefugnant to the
feelings of every honorable mind, and so
disgraceful 10 ourselves and TO the nation?
trust not.