344
TEXAS STATfil LnniARY
No. 947 [1838 c. De·c. 21], ANONYMOUS. NOTES ON A NATIONAL BANK 23 It is the common opinion that no system of taxation can be de· vised more reconcilabl<i with the popular idea of '' equality of bene~ fits and burdens," than that which comes quite up to the ad valorem principle - taxing the rich and the poor, not alike, but according to their respective circumstances. If, therefore, such a system is practicable by means of a Bank of the Government; if, by the opera- tion of such an institution, a public revenue may be supplied equal to the wants of the government; and if, in addition, a surplits f'llnd may be supplied from this source, applicable to the provisions and maintenance of such objects of public improvement as are of univer~ sal necessity and benefit; surely the continuance of the duties and taxes, n·ow levied upon our People, may in no long time be dis- pensed with. Happy indeed will it be for this Republic, when that era of prosperity shall have arrived, under what system soever, when no taxes upon real estate, negroes, stock, or other property, shall be collected of its citizens by the government; and when, likewise, we shall be able to establish a free commerce with all nations - who will find, in that consideration, inducement to trade with us, such as is nowhere else offered. It must be taken into consideration, too, that whilst these important results would be accomplished by the policy had in view - namely, the establishment of a Ba-nk of the govern- ment- an instrument will at the same time be punished, not only of great public utility and convenience, but indispensable, indeed, to the correction of the evils under which our present system of finance labors. An example of the system described is furnished in the policy which has been for years successfully pursued in our sister Republic by the State of Alabama. The profits of the government Bank, (which is , the only State taxation collected from her People by the government,) besides defraying all the expenses of the govt., annually, furnishes every year a considerable addition to the surplus fund of that State, which is applicable to objects of State policy __, such as, Edu- cation, Internal Improvement, &c. Let it be remarked, that no part of the tax which the People of Ala,bama thus pay for the accommoda- tions of their Bank goes into the pockets of individual stockholders; it all goes into their own treasury; and is applied to the support of their government to the maintenance of an approved system of Edu- cation - to the establishment of Roads, Bridges, Ferries, Canals, Railroads, and other such objects of public improvement. Therefore, as it is a, government Corporation, and the public interest, rather than that of individual shareholders, is advanced by the profits of the institution, there is, of necessity, the less probability that a grasping and avaricious policy, or system of exclusive privileges, will be practised by those who may be entrusted with its government. The "These notes are corrected in Lamar's hand and were apparently intended for use in his annual message to Congress.
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