Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-02-04

Cd to ENJOY themselves.
We are requested to stac that AIessrs Flournoy and
rower, detained from their seats by indisposon
For lie Enquirer
THE FREE BANKING SYSTEM STATE DEBT
INTERNAL IMPROVEMENTS
have no WISH AIessIs Editors, occupy much sp.ce
in your valuable columns, and inlddon TO rhat have no;
the leisure write elaborate article desire, however,
10 make Il few ,esuory observations upon some topics .;
interest, ut the present moWcn
Pecinal.on !. often the plrcnt II iGca!:nlhe mischief
radical innovations ~ tte political aias "i Sias
b. 1tcied cxpeiieni, tAcy should never he rde !hc"
great cautGIi and after full ebcraDn Tee love OF chau
the gddo toraTH'H Tern-is one :" '!e otstI.s SiS VI
republican governments Instead OF encouraging and Hat
act more Wisely BY endsasorng to ncuicac cnncis "i
more moderate and conservative character?
An ardent and impulsive temperament is 4 weil.known
characteristic oE the people living South O! the Potomac
They are easily charmed with not:0n5prordEd they
have received the approval OF Of The Northern STATES
We have mol yet adopted the Maine Liquor Lawor sanction
ed the doctrines the Anti Rent party hosc Ut the Com
nunsts and Socialists. Nor, have yet, mate up our
minds 10 advocate The hh, law doctrines Of Mir SrwGf
or to give full crcdence tie revelations OF the "sf
ruppers" No Observing mind can, however have Failed to
see that many Northern doctrines n.a ?!lncics are recon
nrndcd from 10 inc, as worthy 81 al" ac"p'I"r; and wh"n
other arguments w@nlan uiDrtS made 10 silence ani
overwhcm by rc declaration, that the SYSTEM propose"
has been o.! pts! ~ ut and >irl, Northern Stalr5-c&,
rDusl succeed III Va t!;c disparity actwta
Virginia ami Plns. aria IL Nrw York reference t ci
mate ai pr0;c abundance ~ caiai-a"aSIt? ana
diversity 81 population inGESt:iat tsun, md ntGcr CHAR
loo vel hE I"t u t.i any cuhlitH !u
before adopting atY system which has c.n ri, IN citEc! OF
States other, l. be@nmcs rs aouas!y 10 en-
Iairc first whah: the system has really succeeded "htic
mas d .rl. Secnady whether cOnatqncncr c
the great differ between TIE Northern
States Virginia. il the former ought 10 tc re-
carded .oGy lt" proof o future sima1 success IN "
own State.
Banks based Upon State stocks have heea established
North Of the PotJac and therefore, wG have beer advised
adopt g il El"in!. fme subject .; banking Is
one the delicate ana c Ming questions WHICH s9cr
engaged a;tc!on OF lh poi teal economist, or 'hc cXic
rience Of snicstn and there IS no snbci IN regard 10
which value should l.. attached 10 The results ~ tFFc-
renc Instead II cGClng FiCc Banks n thie n1j h1d
better wait fev on@"r nn'li v. learn whs;r
The Northern States Mts.rc his "t q! banking nrg".
ted have JunI is sy stem preferable anv oc2 Cav"
Seymour in his iana ~" to lie ii Ja"CA!y,
1858 the Legislature OF Ncw York, speaks 'o"s II
flie Free Banks o ili State. "ia Sul.rir esd ut al tie
"Bankng Dcf"msnt will ii" attention Il ic Lce Ia
10 The fact That many 81 ttc !t t1's &c aL>ci
".rr.'y get .a or circulation They rvatc the pow.
'',,js ii lie I"s clnirius item 10 d. ter ]"sl5' ri
dcS 49a;e place, and ccI"is ifel. EIi.- li"&
"brokeIs in the commercial ci:rs lssy it,4"niy
'allpw ih,r nn'cs to be discfc!ed for tbs Fnr-
"posc ol hns;"@ Them Al Ia'gr disc"nm!s then ~
"sublecling lie bill holders loss Tie m.iipii-
cation ofJc"h& tbs description a%sndsa 'e;m "sr,
sous ers and IL Zines Of pressure IN he no"y marhr I"W
"causc great elpbarrlss.cn F!;hc! ca!.t9. ests'ns
,e necessary the public i"m frauds and losses.
ln instances bills have been obtained upon ms uil
'cicnt security BY fraudulent IcprcSen'atlon
The increased production Of geld has already caused con,
siderable appreciation in the wages o. labor aud the price Gi
all commodities The sp:Gi; Of speculation has been ava
kened, and sGC spirit needs Stimulus The establish
of banks and material expansion Of the ctrren-
cy in Virginia would probably rrove very disastrous that
large class whose conduct criccs enterprise than ci
creon Instead ol adopting the rcc-hanng system, We
should aci wisely by ndravcrlng I" promote HE die
seminat0n .! gnii iu'nH.hGG The Cunnnnwelith 1hn
latter couse would protect w. 10 sGic cAtci from me con
sequences Of those commercial rcvusvns against The
Of "i'" "c have taAnice should he .'ren'-
hered aso, that aEJ icti addition 10 The "t C!.tLli-
tion, n:Gs tend augment The wages oi labor Gni cohe-
quen'ly the Of all .ii roads sec ii he course O!
construction in d.ivse; parts of The State Nor tic
Legislature forget, that The Commonwealth owns nearly
millions Of dollars worth Of stock in tie existing
banks,!nl the dividends obtained from this stock
stitute large item in the of tho Staelhat tho
establishment Of competing banks must diminish these alv
dends and thus Gull for increased taxation to supply the dc
fcicncy
word in reference 10 our Stale debt and internal i'm
provemen,s. During the last session OF The Legislature il
demonstrated by Mr.. William o. Goodc, OF hecken-
burg the able and accomplished chairman Of the Finance
COnmttce that the debt and liabilities OF Virginia amount
ed to the sum of twenty millions FIVE hundred and hy
ortysi1 CENTS (22555 i56 &c understand that i", bills
for Internal Improvement, pending, will PASSED, Is:
vovc an expenditure Of twelve or fourteen millions oil dol
lars. What precise AMOUNT viii be appropriated or i"aci
during the s:Ct session 10 be seen &t ilfG:
sum will be APPROPRIATED seems 10 be The general nnes-
States liable be intoxicated by prosperity a*
private individuals The greater h facility OF borrowing
money the larger the borrowed and tic greater The
prospect exl'avasan expenditure STATES usually boTt9
being distant, public look with contempt or but little
concern, upon the responsibility tey thus impose upon
their Successors the future liability OF The pcopc 10 an
extent Of taxation, exobiiant in its demands and
IL ging in its ecctE upon tendusy and morals OF society
The time has arrived when it becomes the people Of Virgil
mia seriously consider the o the debt ana liabilities
of the Commonwealth ond also tn hold Their representatives,
to just responsibility for all appropriations and loans
henccforward made objects of internal improvement
Unless this he dcne the great cannot expect or OBTAIN
any guarantee against excessive taxation 10 anticipate
the payment OF the principal of The public debt when due
the payment OF the annual interest OF the debt by me
annual nett income Of those wks of internal improvement
in which the State is interested, or is abon TO AID by 'aS
would be an anticipation cXcusabc IN Don tenSo'e'
but not very credltab!e 10 the sagaclty VI any oD-
serving and refec.iag mind Until recently lhs I?lnI
stock plan o carrying woI:3 o. in2rn1' in
provemont generally preferred. A! first in3Ftu2iS
required 10 subscribe hrce-ihs aad then the Stale
subscribed the other two-ft:hs. Afterwards the snDacp
ten the part OF The State increased 10 thTee.tiis
Now il is proposed TO abanion the Ion; oiock sys" en-
cy and look alone The State lcy the Of construct
ing public works. The waggoner is cng. expected to
put his shoulder 10 the wheel but to fold up his arms
und call loudly upon Hercules The larger The public debt
and a5ities-the higher the axes-thc more imporInnac
has the demand for assistance the pRi 81 the
commonwealth. Such demand would not have occa 80
remarkable had the public debt and taxes undergone reuc
ton Instead of augmentation Ii The citizens OF The several
counties through which it is proposed rail reads are
unwilling open lhci! purses and contribute eh-i-
able sum 10 aid The construction &c works which ri! Cl
hancc materially the value - their property up0n "'t
p,iucipc Of tqr'y can they expect or isqhtc "" .--
ture ohe poi "Es .: s0he:. -! :Isr t-.ci' y
individuals ow3ns property i, cGI The rcfosed Ines {" ~
prorearnt, too selfish 10 arirituie the LEGISLATURE ~
lest wait uulil these Individuals su:E soaa;nnG "t las
tee and ibsrai,y Give them opportunity and leisure ,o
learn that the State viii help ihaSc 'rho arc :s!g % hP
themselves II is not the GHty al government 10 ttie7c ~
d;rdua!s Of Mc responsibility ol improving their o"n con
ditior, educating; their Children 80 Statesmen
should give encouragement rid themselves OF this
responsibility .shch is Of The highest incentives 70
honest industry ard sound morality bnt mo hyse ui
crossing. =,
The Constitution declares that "hc General Assembly
shall pledge the faith of the State or bind any io
for the debts obligations OF any company or corpora2
has been maintained that the loan OF State stock TO ran
road companies would be violation 0! the sp not Inc
letter Of the Constitution WaVing any discussion mere o'
the constitutional right Of the Legislature 10 make the pro-
posed loans ask whether II would not pc mpoic 10 make
such loans under The circumstances. Would capitalists Dc
willing 10 purchase State stock alleged 10 have been issued
without constitutional authority Would they moi reius1
10 buy such STOCK unless they could obtain below the par
value II So the credit Of the State would suffer and the