TEXAS STATEl LIBRARY
364
stockholder. The pro'fits and avails would be employed plainly and directly for their benefit; and these might reasonably be expected to diminish, and ultimately to abolish the whole tariff of duties, and internal taxation.- Somewhat' similar experiments have been tried in other countries, and there desirable results have been effected, or are in fair progress toward realization. Let us then listen to the voice of experience. The S'tate of Pennsylvania many years ago established a State institution, by whose powerful agency, and an equitable ap- propriation of its dividents, she has greatly lessened the burthens of her internal taxes. Alabama has more recently created a similar Bank, and is rapidly approximating to an entire freedom from the odious and too often impertinent surveilance of the tax-gatherer. The State of Georgia has also, by banking on her surplus treasury, been able to dispense extensive blessings by the furtherance of public institutions of various kinds: and has so conducted her fiscal affairs, through the efficiency and integrity of her public agents. that her Treasury bank continued to redeem its issues with the precious metals. during the late universal suspension of specie payments. The citi- zens of these States regard with a just and patTiotic pride their re- spective institutions; and I douht not that when such a Bank as I propose shall be put in successful operation in Texas, the people of this country will hail it with a pleasure which derives some zest from considerations of a laudable self interest. · It is obvious that the national industry of Texas for ages to come, will be principally devoted to agriculture and commerce. ·while her staple agricultural products find abundant markets in foreign countries, she will have few inducements to direct her labor into other channels. Her manufactures will be confined to a few articles of primary necessity., while the great mass of her population will receive a rich reward for their labor, in the culture of her generous · and untiring soil. In order to render the proposed bank as exten- !I sively beneficial oo possible, its accommodations to individuals should I be set dispensed as to correspond with their respective wants, and the peculiarity of their employment. The merchant whose capital t is usually active, and frequently tangible in the form of money; and Ii who from the nature of his business is peculiarly liable to sudden ,I vicissitudes, ·does not require his paper to be discounted for a long 1 1 term of time. His securities would, in general, be personal, by 1 endorsement, and it would be unreasonable to exact from him an hypothecation of real estate; for it is essential to the successful prose- cution of his business to avoid the acquisition of property so incon- vertible as uncultivated lands. The planter or farmer is very differ- ently situated. His property consists chiefly in lands, slaves, and live stock. His financial operations are more tardy, less fluctuating,. and exposed to fewer hazards. His means of payments accrue from his crops, and are realized only once in the year. To him, there- fore, a longer period of accommodation would be necessary, and might safely be extended. But this extension o~ time would also make it proper to require permanent security by mortgages on his real estate; which mortgages might be so regulated by law as to obviate the common objection of their being abused to purposes
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