Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-03-07

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~ 'sou'ees' anu u ~ essential 10 tue iul' develop
eo' u '''ose resources mat The iund Tor Inefha
Improvement DC greatly augmented, without resof
70 "'o'on" "Na!'on ana whereas u 10 believed Il
..pe.'em' anu JUST, 'hat ,ho prohs OF RANKING
p'", s"a' enufe 10 the whole people OF the Stato-
inete'o,e'
nesosred, ihat the Banking Capital OF I'M
S"'e DC increased by the establishment Of new
Dam; 10 De called" TIE Bank Dhe Common
S. 10 DO under tho exclusive control Of h'
""'en' '" '"'s end snail i0fthwiih borrow hvs
''ons OF "ohais In specie, al rate Of interest moi
aNeeea,ng I'VE per cent. per nnnum--That the said
ans OF tne commonwealth shall be restricted In us
Is,s ', ~, ,'"es 'ne amount Of ne coin, anu us
~" s' "'", say, 10 h'teen millions upon ~
~ , us ~" Tue sau amount so authorised Ia
DC issued sha'' constitute Discount Fund, to be
$3.50, '. .o"'ises or individuals NJ the rates OF
,'. 10" es'"o"sned ny law, subject TO the iol-
en...s ueu'.ons 10 wn;-Wiihin the frs, yea,
Iii, Ill ~, so"e mo operation one ml''ion OF
.' " appropriated oy me sad onnk TO the
Construction ., ,ne south Western Rail Road, and
80 v., o"e "',on OF dollars annually thereafter,
M, 'o ,No'" sn''' nave oecn comp'elcd frouded,
!, ia. 'nr sum so Withdrawn from tho Discoun, Fund
y. W.. oe"h sna'' NOT ~ tho aggregate,
eN,ee" I'VE m,'i'ons o. dollars.
:, , n' 'no surplus o, profits upon the is
80, W ;, ''o sal" proposed Bank Of nc Common
e"'"', o'e' """ apo'o the amount required 10 pay
,'o'es, ." 'ho loan OF I'VE millions OF dollars,
"a''o''Neo 10 DC contracted shall constitute
"e ..'''e' "",'' Tue completion Of the said South
western Rail Road aud that after tho completion
s'a 'o'u' .ne tos accru'ng thercirom after de-
uas"s Tue cos's OF supcrlntendcncc, repairs and
e, Necessary charges together with the nett pro
no :" Tue s"'u bank shall after paying tho interest
~ 'n', po"o" OF me state debt remaining unliqui-
"'e" oy Tue income from other sources otrevenuc,
uo',"'e o'h@"g fund Tor Tue ultimate redemp-
,on 0, Tue principal OF tho said debt and after tho
Win ~. :" e s"a seo. s"a, 20 INTO the Treasury
WI. ne o,ana'y revenues OF the Commonwealth,
nc" OF 'n"' portion OF sad revenue now drawn
'o"' 'ne people 0y taxation.
,., '''''"' III" 'he Parent BANK shall be loca-
.s,,t,.h., ANA 'ha' branches shall be
.,..a ., y. SUN Pon's "s tue es'gcnc'es oi com
- L. ., aus VI Tue country may suggest, or
NJ nv '"' HsSc'o'y may hetca'e' drett.
', . io's'' on o"er,ng the foregoing resolutions,
p,. MS ,egfe' 'ha' scheme so novel aud i'm
r",'s". ~ .'s character had not been presented by
'o,'e o'net person better qualified 10 explain aud
eno'do us oeneh's and to defend II from assault II
nuee' ~ s'ai' meet WIN opposition. Mr.. y. OBJ
49, ."' many members upon tins iloor had OPP
poseo appropriations TO great works OF Internal Inn
po.emo"'' o' acknowledged utility and Importance.
upo" Tue ground exclusively Of the inadequacy Of
resources OF the State to meet the liabilities thus
incurred, "thont resorting To additional taxation.
wn'cn 'ney' perhaps Justly deprecated. This
'ne" " o"sfed' Tor the purpose OF removing
'n,s ooleehon ana OF enabling those members who
.o iesy ,'enny 70 the po''ey OF Internal Improve
1870 W s"o '''' support without any Jus' APP
w. Peope'
WI, : fenafkcdthat wa shall consummate q two
Vi ''ese resolutions Wc shall augment our bank
'nH o'P'a, ihe necessity Of which Is almost on'ver-
sspy '''h''.eo' ny means decidedly preferable, IN
so"nuness o. 'e currency the ultimate safety ofthe
,o',s' anu 'ne proper destination OF the prohts OF
o'"A""s cap"a', "n'ch should belong TO the people
al large instead OF ny the lew whose surplus re-
sources enable them to become holders Of Bank
stocks. And ~ addition to this most desirable OBJ
Iat ~ n