James Madison Papers

Littleton Dennis Teackle to James Madison, 20 January 1830

Chamber of the House of Delegates
Annapolis, Md. Jany 20. 1830

Dear Sir,

I take the liberty of transmitting to you a report on a proposition to establish a financial bank in this State. I humble conceive that the proper employment of the prerogative in question would yield to Virginia the means of amelioration to an incalculable extent—If the Moneys paid for the credit of that portion of the Sovereign right, which has been unjustly ceded to a favored few, in the shape of banking Privileges, be equivalent to taxation, is it less due to the whole people that the vast avails of those contributions should be improved for revenue?

The aggregate of loans and discounts required for the accommodation of your people, which would increase commensurately with the progressive augmentation of their wealth and prosperity, would produce an influx to your treasury exceeding, by many fold, the gross amount of your present income—The infinite benefits to be derived from such means are obviously apparent. With high respect, I have the honor to be Your very obedient Servant.

Littleton Dennis Teackle

RC (DLC). Docketed by JM.

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