| 11-ashin;toit and the Potomac 707
the Peace we surely have it more in our Power than ever to Etnit it on
solid and sufficient funds, and having previous to the Revolution experi-
enced (and most other Civilized =Nations still experience) very Salutary
Effects flowing from a Prudent use of it, and surely because we may have
been nearly Phisiched to death by the unskilfull application of a Medicine,
it by no means follows that we should entirely reject it, when convinced
that a Moderate Portion thereof, judiciously administer'd, is the only
remedy left us for our disorder. The Benefits arising to any State snore
particularly to such, circumstanced as we are, uncultivated and unim-
proved, from Public Emissions are apparent, and past Experience proves
the great advantages flowing therefrom to the Public-a part trtay be
Circulated in discharging Internal Debts, whilst the remainder is lent out
in small sums to Individuals able to procure Security for the repayment
thereof, the annual Interest of which, would not only add to the Public
Revenue, but the Sinus so lent would give Scope to Industry and Agricul-
ture, the best and surest means of keeping the little specie we have or
may hereafter get amongst us, for thereby out- Exports would be increased
and our Coin more augmented, and a Ballattce finally obtained against
those Nations who at present have it against its. For these obvious rea-
sons Public F-missions ought to be preffered by every well wisher of his
Country. But the influence which some tnen seems to possess in our
Councils, who pretending a Dread of they know, not what, have deprived
the Public of this benefite and Individuals of the only seeming rational
means of assistance, without it is Ernetted on such terms as tnttst Evi-
dently check its Circulation and give the Creditors a very unfair advantage
over their Debtors-As therefore we have but little hopes left of seeing
Public Emissions the following proposition for Circulating a very small
Sum on Private Security, and for Establishing a Bank is subntited to vour
private consideration wether it may admit of such amendment or additions
as to be rendered practicable and of Service to the Comunitv
Proposal, That provided the Legislatures of Virginia and Marvland
will Emit the Sum of ~oo,ooo Dollars, which they will grant upon Loan
to the Subscribers or other ways Vest them with the Priviledge of Emit-
ting and of Circulating such a Sum for and during the term of Ten years
from the (late of the Grant or Emession-In consideration whereof they
will engage to expend the Sum of Dollars within the Space
of Years front the date of such Grant towards rendering
Potowtnack River Navigable from Tide Water, towards its Source, or as
far up, as to the nearest convenient Landing for the Western Waters.
That the said Sum of 5oo,ooo dollars shall be subscribed for and di-
vided into (either i25 or 250) Shares (which will make each share
amount to $iooo or 20oo dollars) and that no Subscription shall be re-
ceived for more than Shares nor for less than Y4 Share.
That every Subscriber shall be entitled to a Loan of one half of the
Sutra subscribed by him, upon giving Bond with Sufficient Security for
the repayment thereof xvith Interest Atmuallv.
That the other 1Aboiety or Residue of the Money excepting a Sum not
exceeding Dollars shall be lent out upon Satisfactory Secu-
rity its Sums not exceeding Dollars to any one Person at the
Annual Interest of 5 pr Ct.
That one half of the Amount of the Proposed Etnessions shall be re-
deemed and paid off in the Year 179 and the other Moietv in the year
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