Lynchburg, Virginia, Leters:  William Thurmon Letter

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Lynchburg Virginia October the 6 1814 Dear Sir it is with diffidence that I who am but a
private citizen presume to Rite to you But believing it to be the duty of every citizen to
do what he can Both in council and otherwise for the good of his country and as my aim is
the Publick good I hope you will Be Satisfyed with this apology which is all I have to
mak. I observe in the message of the President to congress that large sums of money will
be necessary to meet the expenses of the nation and it appears that there are at present
buty two methods Presented to in to furnish those sums that of taxation and lones the
former lays heavy Burdens on the citizens and the latter Burdens down to posterity a third
method has been talked of in private circles if not in the national councils that is to
issue treasury notes when they would answer the purpose I am not a competent judge But I
think the method I am about to perpose to your consideration far preferable as it will
produce several millions of dollars annually to the treasury without Being any
disadvantage to any Person whatever it will be an advantage to the government and at the
Same time an advantage to the citizens it is to make lands (of which there are now great
quantities lying dormant or useless (?)) Become a circulating medium I would propose to
establish a national Bank in the following manner that is to say a principle or mother
Bank at the Seat of government to consist of one hundred millions of dollars more or less
as you in your wisdom might think Best and extend a Branch of said Bank to each State
according to its Valuation and deposited in the Banks as so much Specie (coin) which would
give credit to its notes than Issue out the amount of these Valuation on three times the
amount as you may think Best and let these notes be made lawful tender to prevent their
Being Brought Back for Specie let them Be made small as one dollar and as large as you
think Best let a President and directors Be at each Bank and lend to government what money
they may want on what interest may Be thought Best and to individuals on the following
terms letr them have their lands Valued a Mortgage made out and depositen in the Band as
Surity for what money they may want and use the money as long as they want it if it can be
Spared for them by coming foreward once in 60 days and paying up the interest and when a
divedend of the interest is made let half of the new proceeds go the government and the
other half to the Stockholders let the Stock holders live on their lands and use them as
if there was no mortgage on them and when the charter is out and the Business all Settled
Return them theire mortgages this would make lands that have heartoo lain useless and the
owners paying to on them Bring in a large Revenue to the government and a good percent to
the owners this Bank would be of such Kind of Stock that could not be Stolen Burned
inbesled nor lost for lands would Be growing more Valuable this Kind of Banking if
Properly Brought into operation would Soon move the preminence for instead of locking up
Specie or Stock it might Be Kept in circulation and finally Be drawn into this Bank as
interest for the net proceeds of this Bank in the end would be Specie this way of Banking
would give the Planter an equal chance with any people in this country and have a tendancy
to unite all the citizens of the country in one common cause. Please excuse me for making
so force (?) I am your most obedient Servent

William Thurmon