The day book. [volume] (Norfolk, Va.) 1857-1867, 1866-04-26
WHAT is our TRUE pOLICY7

This Is the title CT work, OF which we
have just received the first chapter through
c. w. Wilson, Bookseller, Bank street, in
which the author proposes to survey tie
whole policy Of the country, and to survey
what measures are best suited to tho public
interests
The present chapter treats altogether Of
financial subjects. In it the author proposes
to organize Mammoth Loans Companies in
all the States, somewhat on the principle Of
tao French Credit Mobilier' shows how they
can, or ought to be, established, and the great
benefits to be derived therefroua by all classes
Of OUR different communities.
He would establish six different Loans
Companies in every State, each with capt.
tai of $1oO,0o0,0oo. These he would dis
tinguish as the Agricultural Real Estate
Loans Company; the Urban or City Real Es-
tate Loans Company; the Public Loans Com
pany; the Marine Loans Company; the War
rants Loans Company; the Public Securities
Loans Company.
Through the medium Of the Agricultural
Real Estate Loans Company he proposes not
only to relieve the Southern iar,nsr from his
present depressed and needy position, but
also to, in great measure, settle the difficult
problem of what is to be done with the no.
gro.
He says: Give each head OF negro falni-
~, and every unmarried male negro who
may be Is years of age farm of twenty
acres of land that has been under cultiva-
ton. The present landed proprietor to bull
on such farm log cabin and she'd, and t.
receive fer each naessuage $2Oo0-n cash.
This money the negro must obtain from
the Real Estate Loans Company, but az this
Company only leans oae half the value of the
property mortgaged, the Federal Govern
ment must guarantee the whole of the ne
gro's debt.
By monthly payments Of interests at the
rate of 8 per cent. per annun, or S14 40
month the negro will have paid for his farm,
both principal and interest, in thirty-thres
years, and thus the Government be relieved
from, tho care and expense of supporting the
negro, without expanding any further me-.
rey.
On somewhat the same principle as cur
Building Loan Associations, these oon panies
hold the borrower quit Of the repayment o.
the capital on toe payment Of the interest for
q certain number Ct years. If the interest
be paid monthly the debt will be cancelled
in SO years, if paid half yearly, in II
years.
These different companies arc to be organ
lied in Virginia, each chartered with capi-
tai of 100000 o0o-and power to issue
bonds for ten times the amount of the capi-
tai and reserve fund paid in.
The Agricultural Real Estate Loans Com
pany will loan money on real estate in the
country, and is to be organized with sub
scribed capital Of S25 100000.
The City Real Estate Leans Company will
loan on city property, and have subscribed
capital Of $l,Ooo.ooo.
The Public Loans Company, with SUBJ
rcribed capital Of $26. 200. oo0, will take the
loans Of tie State and Federal Governments,
and the other companies, each with sub
scribed capital Of 81 900 600, will loan money
on ships. merchandise in public warehouses,
and on public securities. The shares in all
these companies are to be twenty-five dollars
each, So as to make these institutions
thoroughly democratic; one fifth of the sub
scrihed capital to be paid in, aud the Sale t.
take ore fourth of these shares.
The author predicts the success OF these
companies from that Of somewhat similar il
Germany, France and England. but however
well these associations may succeed there, we
cannot see the possibility Of organizing sucl
gigantic institutions, as he proposes, in the
present disturbed and uncertain state Of the
country.
What State Legislature would feel justified,
in such times, in investing half million il
scheme, which, however plausible, would
be, at the least, experimental? Where cal
our people, worn cut and +inlpovishe t.by the
results Of four years war, find the millions
necessary to carry CIT these plans to sue
cessful issue?
And then as to the negro! We fear there
would be but few who would profit by the
offer made him Of small farm, to be OBJ
tanned only by thirty-three years of steady
persevering labor, and the payment offs l72 30
every year. Left TO himself the negro is
certainly not lover Of lard and steady
work, and he lacks stability of character.
Ia the most frtie part of Upper Canada is
large tract Of land called the "Qucen's
Bush;' this is government land and is open
10 all snuatters no matter Of what nation or