5
I
.".u x.v.-i rj. wtr tiii n, - .... , . ... -. . , 11 1 r..,- , f , , .,, . ,.. . i,MI , , ' . : .' '
, ,. U. ijo. . i:'i t'. Tt
- f
v -OF THE INTERNAL IMPROVEMENT CONVENTION,"
T6"
HAima jj. g. ram
, (ft . - V J
.kit.. ? i . ... -
T 0 the Jlonorabh the General JlssemLty of Forth Carolina.'
ritrflrcmrtaroT
aua&tnsWseeretfvaffi
" Prfosea t set apart as a; partial security tothusa who .utW.
, the creditor of the State, it will also b see.n, consists of land J vine in tb
western part ot tlie State, to which the Indian title has not as yet been ex
tinguished;? It is, therefore, desirably that this titla shouUf, bo, extid
gu 1 shed as soon as practicableatuL-ttt Jt&a u d it i& r ceo m to n Jed by the
committee, that ta tome troner wav tit attention of nor
Convention to interfere with nn mutt or h... . ...i... ... .
- - r dw iivii ni.j m uiiTici,jr m-
inent, io Which were represented fortnight coantiei f the StaU-, re-Fwakeii PlWtal differences, op.expresa an? opinion, upon poIitkaUnev
ipe(.iiuv : V . i. . . .. .. . , ..w...,, ul tvHimivirc marue auoweu to aay mat many are ot opiaton
liinv, vviuu iv, .rrrV.....,....v uiui it.vu'c i uus u i ucu 1 me " uni tuunuomj caned me juanu iiii(.wi;i sooner pr later become
embers of the satd Convention assembled in tlie cUy of Raleiji'on Mbii-j-law of the Union,' and, should it do so; the. State of North Cahilina wi
Saro1inaTTfonTicnrtn
the Convention received the following report to wit:
.e STMT'S
s'g " e.
.ft.2 - v
5S S S .
o'-rt ,
produce of some pf our ueihburtng sisters. ,the Convention TicVes tUkt, fl'SST !
to the enlightened bod y they are addressing, it cannot be necessary to show, ? S
the vast advantages which hare ever redounded to State from a troper 2 a
internal improvement, or,- the liecfssi-tf 'bich vt'ow-ftiiiW ftif a ,fJ ":
CmliHlor-k ad optioH.- ltwyat4 fieUMi, V? ttwrt4 'UemS &sj. 'SL
. .... . . r - .r.z, -t- r-
The committee to which was referred the general subject of Internal
Improvement for the State of North Carolina, report to the Convention as
fotlowsl ' ., ' . !" ,
"That they have duly considered the (several matters referred to them,
and after & full conference and comparison of views, they trust that they
have been enabled to digest a plan, which, if not perfect in itself, is at
least the best that they can reasonably tope will be tarried into execution.
' It isio doubt obvious to every thinking man, that no plan could, be
devised entirely acceptable to all, or, perhaps, in all its details, accepta
ble to any one; while it is equally apparent that unless t(oniettunr is done
4 ecotttodaiU?
ciples uf numairfiatifrej that neTirty sopnort and coHcuixeDce. Iruin UtrUit
ferent sections of the State, so essential to ultimate success in our under
taking, cannot be Expected.
'It was necessary, therefore, that the plan devised bv the committee
ineans are : "sullicienl to ac6miTrsTn Tlie State msyc t
vided, in its present condition, by live distinct sectional interests, ,yiz.
Krstrwhat S;caU:ed4hertl)em
Heuse countiesj thirdly, the counties usually trading 'to the towns oh ffifet
Jy, the muiuie counues, mng on me ivoanoKew - -. ,
l o oDtain tne support aim countenance oi mesp miertni secuons, as
well as to accomplish our design of general utility, the interest of all these
sections must be consulted and attended to. The committee thought it
rather calculated to excite discord, and to cool the ardour of those whose
views niiuht not be fully ineti to. beat this time specific in the lecommen-
dation or rejection of any of tberptans which have been referred to their
consideration; every one 01 wmcirway pemps w, m usai, . uigmj- wor
thy of public patrbnage but, from, their multitude, beyond the reach of the
meMwLthfUita andj from' their peculiarly local charac
ter, not well calculated for in
liat' IinprovementBat- tb-nieet the'w
NocXhern.xontici,.,and JIaUiax, upon the -Roanoke,
srjr, eiunni, mat a memorial, signed by the meftv.bersof that body, be respect-
luuy suomittea tf the Legislature, dunng its present session, praying its
concurrence therein, and its aid in their accomplishment. . o -
1 DtJKC'CXM'EmTB
Schahdc of lite tfftrJs proposed to be pledged lo creators of tht Stale upon
the contemplated louru ' '
Estimated value of Bank stocky 3300,000
.Do. do. Roanoke Navigatiori stock, . o0,O00
Do. do. Cape Fear do. ' 3-2,500
Do. do. Buncombe Turnpike, ; "5,000
Do. il(. loan to Clubfoot aijd Harlow., S5,O00
Loan to Tennessee Turnpike Company, " - - .'2.000
Do. Swannauoah do. .. 2.000
Cherokee bomls, 40,000
Do. lands in Macon unsold, 100,000
. JJ3?" tip ""tnieTntirxttngoished,- --f -1
they recommend a cpinmunicaTioii trom" Edento"ri"by 'rairrorirpnlers'ect-in-
witn tne Pmtsmoutn Railroad to Roanoke, 01 by Canal with the Dis-
mil
fSw csfatr
To accommodate t!e people on Hie Tar an J Keuse fivers, iBey rccoin-
mend the cotting a ship channel, to connect the waters of Beaufort Har
bour with Neuse river. "' They propose further a communication, by rail
road, river, or canal, or any two of them, or all ujuea!, from some point
on the seaboat-d of the State to the Tennessee line; and another commu
nicatioii of the sdme kind from some point on tleTloanoke fiver, running
kouthwardl v. to the South Carolina line. These two latter works, it is bc-
ieved, will fulljr answcr the5 purposes of the other iroaioing portions of
the State; while the whole combined will, it is hoped, meet the wants of
the. State tt large, and all, and every part, readily tail in with, ami lorm
a part of, any internal communication which it may be hereafter thought
necessary to form' between the eastern, western, northeni and southern
portions of the Union.. . - - N
"They do n4t think itrexpedient et this time to indicate the points of
commencement or termination, on the general routes of any of these works,
but recommend that a Board of Internal Improvements should be raised,
and an EngTri to
nlan and conduct the works according to t!ie-n;erieral outlines agreed upon.
;rjiigej;rl.sc'ficme,. frpmjta very nature and magnitude, rliey believe to
be entirtirVUlMmt-tnelralnaS'oT indlvTJuTiThTefprii
ciimmt'nd Us execution exclusively by the ineans of tje. Stite, and under
the VuWct.rin ot Its ottirers-- hHtrttreToinnutiee are 01 opinion mat most,
if tioiftH'inOpecinc plans referred to their consideration, are too pecu
liarly iotil to form a part of the gcneraTschefne above mentioned, they are
far from being disposed entirely, to overlook them; but as the selection of
particular scheme or schemed, front among the number submitted as the
most worthy subjects of legislative patronage, is an inviduous task, and
whicIirTurfhermore-,- Uity Tci!l themselves very' ifty qualified to perform,
the committee llatte thelnsfllveMutbyhiadopion-ofne or two gener
al principles they Will bring all those local Avorks, worthy of legislative
patronage, within its reach 66 that none5 may be turned away, who have
daims to attention; while none will be fostered beyond their merits. To
me e f tliTs" ' "Vi ewth py ref.wnmerid that -heneVer ah r oupany shal I be i n
corporated by the Genieral-AssemblyTfoC any.iWork.of, .Internal Improve
ment, such company shall', in the prosecution of iheir work, be at liberty
to intersect with, or cross anj other wdrk xecnted or to be executed by
any other incorporated compauy oc by the State; and that whenever the
tockholders.of any ueh company shall payv or secure to be. paidv three
fifths of the amount necessary for thL completion of any silch work, the
(jieneraijVs.scnljIy may, in their discretion, subscribe the remaiiiinj; two
fifths, fur aMd onae'eount of the Stale," if tllereunto requested by such
company. , ' . ' . "'
' The commitfee have endeavoured to form an estimate of the amount
"necessary for the full accomplishment of the foregoing schemej amL after
matnre consideration, they feel very confident that five; millions of dol
lars will be a sufficient allowance. This sum will not be required in
greater instalments than one million of dollars per annum; perhaps much
less may serve..
irT
nority was. allowed to enter his dissent to the vote of his said county.
leave to lay before the Legislature and people of the country, in a conden
sed form, its views and wishes upon this all important subject The Con
vention disclaims all idea of dictating to the Legislature in the discharge
of thathigh trust which is committed to it under our happy apd wise Consti
tution; but asks the ieasonabte privilege of respectfully appealing to the
sound sense, the warm patriotism and high responsibility of your enlight
ened body in behalf of a peopleof whom, in common with yourselves, they
constitute a part. The improvements made in other States have awaken
ed in ourcitizens a sense of their own necessity, and pointed to the means
by which they are to be relieved. Through us they cry to your honorable
body, for U is you alone who can do it, ""to "put those mcanrwrithin tfrtrir
reach, and we confjdelitly trust their cry will not be unheard ordisregard
ed. ' We invoke the aid of the. Legislature not in the ordinary way of pe
titioning for charters and praying for some pitiful contribution from the
coders of the State to aid us in the accomplishment of some trivial local
object; but we come1 boldly forward and tell.you that our plan is too s!u
pen(toug;'fofr individual enterpriaef oo genefati it.tility 4o, bu the
culiar concern pf any one section of the State, and pray that its execution
in nv hp VTprJusivpl v dirpr.tcd hv the n.irentul wi.mlmii uf ihc St.-ifp ixurrn.
h rt e ivtTaB d'thmeanuiTiid
wincn presents, iiseu is, is ims.ueinana rw
that the government of a State should "undertake the accoiiiplishnient"of
great public works? This certainly sounds much like a self-evident pro-
position, ana it seems iiiuicult to conceive now a negative answer should .racteri.ed ui as a people, and forced unwilling plaudits' from those by
ever be thought ot. Uut, strange as it may seem, doubts liave beeii x-1u!iom we are least adiuin i! a measure to sustain which, should it become
pressed upon the question, l lie tendency 01 numan nature is to run into i necessary, earh meiiitnrrnf tliis Conventnm doth hereby pledge his sacred
extremes, anil 111 sudden and precipitate titght lr?tn one error, a man olfen 'honor. But it is hoped mid believed that it will not be necessary. The
Whate7eFam
time than by loan. This, the committee is informed, may probably be
obtained at a rate of 4 per centam per annum) but it is believed that the
Uv'seaivin no event, exceed five, if proper measures ate adopted to pro
vide Rthe regular psymPni ".f the intm-st. The committee does not
Jr . , .. i .t - ) lii.: .:it if it hiu1J so hapnen that the resources
wribril bo insufficient for thiV purpose, by a proper
Kmpd, Ind stand pliged to ntUm In to the extent its we.g it
5J37SbcS In ti.e community. In additio,, to the va.t fund of wea-.th
,tr : .i.. ,t,anA nroneitv of hwcitniene. the an-
ieied'cl.ed,ile sets forth sundryitems
.1.067,060 dollars, actual property, ,wPflS;7",;"
We to ft great esteU; uncertain ftems amount o fOG.000 dollarsf and the
wap,pifnd.rwldeh the-eommtttes recommends should be pie. ed as far
Sit to the payment of the interest, and repayment It llw pntict
pal, of ,uSums i thc State may from time to time find .t necessary
L J .l- .iwi.K,. ..f thi rlpm nf Internal Improvement.
iw ourrow ivr 111c
myrvM" w "r ... .11 t j. t
HTbe um of Sl,OCr,000, at 4 per cent, wilt yieui an inc.",.,.
542,080, and M et arinu&Tlttfms added tifereto pv a-r. v.
incomo of 851,055 per annum., Part of tins sum, it will be seen, cons.s t.
of effects Which UVe We heve'tofore set apart for the LgW
--i. .. W. K trmmmt nhieri for which this fund Was
ui"TourTmmiiies" wiiu w , -, - r-rAi;
-i.ti i i n m wu tuner nv tne rroiieu hitctbii.
w?. ti.... ,...rf .rilvin unused, and would nroba
- .t x.n. n Far A the use for which it
bly to remain for nwnVr of years ttf coWe, ojar a "'.""u
- . . i ;- , i.'t ,,,r tr Vicit immediately, it--
. nominally tiesigne is ci'scr, ,..,,-... .-..
thought that in no way c1d it contribute so effectually to a w.de and im,
mediate spread of really ueful and substantial Jcnowleilce. a? by inercss..
ing the facVlitf f intercourse tweieifferent jec
Jindbr
J- . - "... . 1 . lf..aiBa..l ijilaB.lmn
CJ-WpClQf.M" 2O,00O
Proportion of AVesT-nTands--''' "TWm:::
,0Gr,000
!.iiJCs?.-a;..5J. J
- ....... Z. '. sfowo"
Swamps lands witlmut estimate.
Annual income interest on above sum of l,OGr,000 dollars, at
4 per cent. ,
Entries of lahdy '
Taxes on sales at auction,
Tavera taxy..v-:,ss,,-i.i.-.
spirit orrepulTcan ie7ation,; l e9( th 5 g ?
mimberi and if any portion, of tho Suu is ouuttcd in our plan, it must be Lp S ;T "
aom p-iion that is. nota the-itre miirgs, wihi' tW mcknf dr- w S " 1
rect asMstance; and can thei-efore ouly be benefitted by the general pros- I rrr'i - ,
perity... , U it cannot slakeiti thirrt where the fluid bubbles from the foiin
taiu it caapartakiargely of the refreshing iivflueuce of the Jowlng'strean).'
v kuiiu.. ifu .11 1..: .t. .1 . .. . 1 - 1 ..
uviivji. iii i.tvuiwii inn mini ia tne uuur. or macs siuun t ie
ewuilroi" tWM-tRbl imiuvtry ef wrj ttiten ttf therate I cheapririd
easy intercourse with iufflcient markets; and will refund to u the tribute
which we hav been paying U other States, by drawina: to'our 'market the!
fwetnfhlclronhi
pene in iransporunon or tne iraittot labor to market, and bringin b,ck
necessaries in return, are sufficient to palsy the arm of industry andwelgh
down the spirit of enterprise. ",. By' way of illuiftratioii'.'we wilt mention
salt al.me
Iredell consumes, on an annual average,-5000 bu!iel. . The-. orUini-J
ry cniot mis. articlt?, in the hastern markets is-Oto 60 cents per bush
el.,; It naw costs, when it reaches the Iredell planter,' 150 cents per bush
el;'nidkiqg 'from J00 to UJI cents pur bushel fur 'transportation Tt U sup-
k ttl-- K..ll -.! I I n -ii.-.f -n V .'. r
....i,ni nun, vj lull I IM'I, Miaj UCICUUCCII llf J tell li ; UUS . SilCWlllg
that, upon 'the amcte : of: salt alone, 'aa'ann'ua'I tax, for want of convenioiit
transportation, 1 levied upon one; county of 37iQ dullard Suppos'upowj
, tiv uv v.iiv, jiunvii yi .tin; L7iaiO III i
like situation and we shew, by a simple process of arithmetic', cxetosiyf
of what is puid brother portions not mentioned, upon tha same Article;
lars., : l,arry out the principle, and tins, mind Would be overwhelmed with
the wa-
bv re.i
. ... ...
rtlfl -"flfifl' -n CfcWHlHMfcU4)UrH- W(IIU UUlLUh. .. LIIUU UUitltjr 11)0 ,UW
'V ' i A. k lFTTi.fr a itirt..Hrt.lAJH...U ' .
Xtu 1 roll i-iirTti.M -.tf J W-H W Ir M -r-r-" ' .. ;y-y..v-...n3LJ.a:
AJmittlngthe -neceBHity and propriety of the work proposed, 'and the
1 1 a .... i .
astonislunent in the computation,- it i ahl that thVc"buiitie mt
ters of Roanoke,' Neu-i and Tar pay, on transports',' anriuiillyi
..... ..f .I....- .i:iK..li..J ' iwr rui J.H.... IT. . ;;;i?-
3 S .''
expediency o the State government undertaking them exclusively, it :
biSKa' tirttra'eeomtilishm
5,000
C75
O Tl .0
S5 1.055
M"--.' After-a fiill, free an d animated tViKCUf.iou upnri tlie tjuvsliun of coiicur
reni-ein the Report, 44 couhfics voted iit the allirmative to 4 in the nega
tive and, Vpon niduou'i Vne member fi oin otle of the' cotjnfies rn1 the nir-
next
tffawfe
: - .1. ' L. ' . J . I ' ' .1 !. " . . I t 1 t 1 .
rrtitTaTftnqnt-iHint7TrTttTtTy--iTitt--xnwr'i is 1 proposefr"8wttto wrataen
bloan, in gmti not exceeding one milli.ih annunlly'. " These'sunmsre fix
ed upon as bing cxtreines, because" the Convention are tint-witling fo prc
tice any imposition upon themselves, the" Legislature or tho people; T hey
musi necesaeiiy peai.-i- rounu uumucis, ami lucy ciiose gucu as were
rat'ier likely to he over than onder the amount; that the public mind, at the
same time, that it was called upon to contemplate the happy fruits ol their
pipweitwdeaMwwrinrght 'faiimimtandtheitficirltiestobeentnun-
tered, atui the pnee to be paid. 1 hatthe rorrectncstf the tomputatton
may oti lestett,-tne un-iis is luruisoeu upon wiutu u is inane.
1- ' - . ...... f,-iv.. . . -. a-i.-a,-iaM(fj-1:'v. 7.
303 Uitto Iroin bast to-West, , , , ; , : fl.9-20.000
Ship channel froin NeAvbtrrir to- Beaufort,-
COOjOOO
Tlie rate of cost per mile, for the first three items, is aupiiosciriouelcx
cessivc, and is founded upon the comparison ofthe rate ol similar works
in other Spates, although it is believed that in this Stato-tlierf tc would be
less than in any other;' while-it is further supposed that .by pructic expe
rience, ami me unprovpiiienjs lor wnicn me present uay m so remarKaiJie,
the rate of cotot" rait roads per mile Win a regular course of diminution.
These items, however, must at last depend upon the surveys, reports and
computations of experienced Iingiriecrs. vj Tie Convention believes that,
upon the whole, their computations will be found titbe sufficiently liberal
to cover "the actual eot'l'hey can only sny, that it Is their wUh to be cor
rect," and they Hare tafeen -some patnt that tlieyy-iKir--tT-rr
You will next inquire, can the money be borrowed, and upon What terms?
Weare-informed that in the city ot London alone,, fifty, iiiiltion) ore
waiting the demands of a borrower, to say' nothing n the oltiijr. jxntions
of Europe and tlie surplus capital of our own wealthy cities. ; .s to the rate
of loan, the committee, in their report, have undertaken to say that it,
may prooawy 0oouiiitui at lour per.cciHt, anu can, in no event, t-xcred
five, if proper measures arc adopted to provide for the regular payuvcut of
the interests But can thid be done? . ( , ,
"Tbe Convontton feel ertait that the Legislature can .anil would .do. so
by a proper systyiti iif.taxatiorin should any accident create the exigency
a measure in w-lvu-li tli:v would not only be luliy sustained, but which would
be imperijouKly cjlleil tWUy that high sense of justice which hat evet cha
tmds inmselt tliougntiessiy rusiiing into an opposite, but not less talal te schedule annexedtir theTTport of the commtttee,show8, in addttioirton ge
T!jtJEXtravaganceoltrajns:atlantic fruitful I c "e"ttai nitcins and thi nwamp lands, itn-siatregatevailable fund of 1 ,OC7,0Q ' ' Z.
parent of corruption, and, therefore, cheapness was. eatly sanctified" Tnnoflar-, whTh it i advUed sho
our political history as a needful attribute of a pure one. . But the evillnrnnoseil creditors t.f thtf State. This, bv fiirthcr reference to tho renoir .a'at 'S"? ,
principle complained of in those governments was not expeuditun s a the lit will be seen, in connexion with Some certAin annual items, will vield
iniuiiiMir anil liurse-nrouu arisLociacv. in inc suirciire salaries ttipicss tii-- iin.i.Ti omrn,r..iT .rrr-
, .V - ;blirj.7ll t.irVdMLH "iPl' III liuiiui l UJ llll. VllltW OVVVMU. HI
hcers, and in cruel ami criminal waste in unnecessary warfare. I h ln' borrowed, yield an income which, if not sufficient of itself,
Commonwealth is a term strictly applicable to all republican State, and he surplus of the annual pr.ldilct of theoriainal lund. oar th
is strongly significant of the nature of their governments. il1itwerent i Njterestnpon such secotnl loan, an.l so on, tolienju6tiet as
devised only that their citizens might be sate, but that they might be hap- ue.n-quired. Bat eviMi u a less happy result shouliT take"
p.v. Whatever man sin ly is incompetent to perform for his individual, Ui'mlil ha necefssnrv ti n.Ae Rome omall fkncrnSclimnt nnn
1
improvement of the countryjn patrpiiiw upoi i!,,. pri!KipKU asuinmore4han sufficient to defrai
arts, out inosc maue 111 pensioning me nmnoos 01 power, in susiaiiiiM; an the annua interest titim lite hrst million borrowed. That mil on: if iui 1
IIIIUII BII1IUI.U
would, with
e amount of
the loan mijrht
jJacifranuTt
the nrinclna!
ot tli orii;inal luihl, it would take seven rears and nearly one half to ex
baust the fuMtl liow-o
million annualm lor hve years, although no actual income should be drawn
from any parlor the works; and, iii that time, if liiLmuacv was not most
stupidly expended, would not tlie gradual increase of the value of proper
ty along the lines afford a capital for taxation sufficient lo discharge the
debt? f that increase on ;lhe route of the, ftew York canal, is said to be
890.000,000, and on the South Carolina rail road, i sum sufficient to tic
fray the ..hjBje..co?t.O.L.UlcoD.str.ucl!on.J,.gJ that the Convention may con
fidently -predict that the sum proposed may b Safuty. borrowcd atjtlic pro-
puseu iiuervais, wuoouiine smaiiesi tear ui us uciug oncruusiy ivil vy
auy citizen. , ', ( - ,
Tha repayment of the loan, the Convention conceives,: may be nnstonn.
ed to a very iTTstaht period; as" it seems that money tendersrwhere they arc"
saiisneo wua me investment, maice ineir teruii more lavorauie in propor
lion to the length of time for which the payment is deferroiU r I . . "
large siiniot money to spend in idle and unprofitable txperimenrs; but it
may not be improper to remark, that even if the works proposed should be
entirely unproductive, the introduction uf five millions of capital, to be
hannmess. society- was formed that it mbht be accomplished by u nitctl ef
fort; Shall government,- thtai,; in practiei discard the only priiicipTo up
oh which it was based?
But that this Convention may not be misunderstood, and supposed to
assail the doctrine that internal improvement within the States is not the
proper province of tlie general government, they beg leave to suggest that
this doctrine 'derives its support mainly from the position, that internal
improvement within the limits of each particular State, if not its duty, is
at least Its own exclusive right. But it is contended by soin that, altho'
a State may of" right undertake such workB, Yet it is ineipedictiHhat-sh
should do so. This the Convention respectfully thinks depends entirely
upon the generality of their usefulness, their extent, and their unfitness
for individual enterprize; and theyeooceivejhat the subject under consi
deration possesses ail these attiibutes. ItTs assuuiellTiy Soirte,1)ct irenied
by die Convention, that works can be done more cheaply by companies
t'nau bv the government. It is not denied that an individual can accotn
piish V work within his ability with more dHpatdifideli-ty andvecomjmy
than a number, because the action of one mind is more concentrated than
jtlliit of a number, and a principal will always be more astute in- matter
they are subject to ainheiirerFric
on with a -government, and in common with it must depend upon the skill
and fidelity of agents; while, pn the othehand, it is certain that govern
ment Mjaged .infteflsje.py4iftwks;jcan' fromj its Superior wealth,
meansof informition nl influence, cooimanclperions or morfe established
fame and h'fhorattaiumeBts to manage its affairs, than any private com
pany, lbwever extensive; and, from its incalculably superior credit, can
lomct(UeorcC8 nwn better terms, and, from its illimitable wealth, is
inle Jdanerof ulfi
ft?rall, our application to the Legislature is to do for us what she tan.
She fan command the resources of the government; she cannot command
iiidrvidualt trt subscribe to ftickconipanieSr-In the present state f the
public mind sh will be sustained in the one; she will do jaolhing for our
relief by JuthorUing the. other, . ; . , '.---. v ;-
Theneit fluestioft. which Arises Is,; whetherihe pUa we propose is wor
thy of the patrenage ofihe Legislature? We do not say that it is the best
vii'.A. tinifsildv have been proposed; but we do say that it is one
calculated forgreatand neral utUity; that the peopte will receive it as
comnienwats totheir and will austaia uaan
t b liUJ UVil vtaa nr'j mmm iiv
3 n :
5 .-. -.- V,
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TPgnt'iyitBirflip'Stiitie cuulil noHfictirsm
not be altogether without advantage,- And this brings to pur notice another
reason why the proposed loan should be preferred to drawing the money
flf,m III rwtrlf uf ftf tia ati9fna !Ka irk llin tvl nf nria.nl HTfttiiiH A.
subscripf ioji to sto'clt eompanies. ,;,Tlterelr in Korth Carolimwi-searcityiS ? 5
of circulating medium,' and it is, we believe, $ subject of complaint before IS 2. g
your iiuiiiirauie uouy Bins present session, is ir, men, tu part 01 sou mi
Eolicy to make further exactions from those who are already oppressed, or,
y availing; Itself of therscnt occasion for is useful and safe application,
by the introduction of a large circulating siediam into the State, entirely
to relieve the evils complained off x ;. -A ' ' v. ' r.
Nor will th$ eBect.be temporary It is tint like chartering a bankrwhich
issues its notes, and thereby creates ft present abundance to be followed
by a correspondent famine, when it shall call them in; but the amount tin
iter consideration is added to the permanent wealth of the Stated . It ii
funded in a pereWnTilToclcTicii not OntyTeTnTrnerites thetolder by a
regular payment of interest, Jut also by a vast Increase of the value of the
real property of tlie State, and furnishing the materials for productive labor.
1 The stimulatini effect which is wrought upon every species of. Industry,
by the introduction of such reat quantities vf circulating medium into the
a, 2, 5
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