Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-19

hoerai prices. The farmer, then, will have every induce
ment TO exert, TO the greatest extent, the productive
powers of both labour and capital, which may be under
his control; certain. that his products will at once find
purchaser, who will give the fair marketable value for
them.-His capital will thus be quickly turned, and a
powerful stimulus applied to agricultural industry.
All that time and labour which would be lost in looking
about for purchasers, would be saved; or, all that risk,
trouble and vexation, to which he would necessarily SUBJ
IJect himself, should lac determine TO be his own merchant,
will thus be avoided. The merchant exporter is as anx-
lous 10 buy, as the farmer is TO sell. There, consequently,
will exist between them a friendly and a most advantage
Gus relation.
Now let me proceed to enquire, whether this state of
things VIII not be necessarily consequent on the inn
proyemcnt OF the inland navigation of Virginia. l have
just shown that a great town will spring up in the lower
country, and that town will in all probability be Norfolk;
mat others OF a secondary character will arise higher up
the great water courses.
All experience has hitherto shown that capital will in
crease in proportion TO the profitable investment which il
may find. Consequently capital will soon flow into Nor
iolk, and the other towns which may arise, i'm sufficient
abundance for the demand. Virginia will import and ex-
port Tor herself. The merchant exporter will reside with
in our State; he will be well acquainted with the localities
and various capacities of our soil. He will send his agents
up our rivers, and buy up readily at the iairest prices, the
surplus produce OF the country. The dealer with a large
capital is always fair in his transactions; he looks TO the
future as well as the present; he has neither the time, the
leisure, nor the disposition, TO arrange the details of a pet
" intrigue, by which the farmer may be cheatcd; he has
q large capital, and moderate profits will satisfy him; his
OBJECT Is never that OF the mere adventurer, who would
wish TO make a fortune by a bold stroke; and who so often
ruins himself and his creditors. Finally, he follows il as a
separate professions; he must be q man of enlarged views;
he Is constantly in the habit of watching the movements
III inc political world; and he is by far the best Judge OF
The signs OF the times; and will consequently be best dis
posed TO give the just price for the products of agriculture.
To such a dealer as this, will the transactions of the farmer
be Principally confined, whenever there shall be an influx
into our State of the proper quantity of capital, and this
result will almost be certainly brought about by a system
oil Internal improvements.
We are not now anticipating from vague conjecture
alcne; we have experience sufficient TO prove the just
ness oil our anticipations. When it was first proposed to
lieut. the great Erie Canal, the inhabitants on the banks OF
the Hudson and Long Island, supposed they would be in
Ievitaby ruined, when the productions of the fertile coun-
try OF the Genessce should be thrown into the New York
market The canal was opened; these productions were
sent down the river, in even greater quantities than they
mad anticipated; thrown, too, into the New York market;
and what were the ruinous consequence! WHY, tina,
New ork Immediately became a much better corn mar
ket than she was before; and how is this anomalous fact TO
be accounted for: Most assurcdly, blythe influx OF capital,
caused principally by the improvements in the State. Ii
is thus, that New York furnishes not only the best mar.
ket for the produce which floats down. the canals and rivers
oil her own State, but even for the products OF the South,
Capital Is the real talisman which has achieved this won
drous result. One of the Philosopher of ancient times,
when contemplating the effects of his own inventive pow
crs, exclaimed, ''Give but a iulcrum upon which to rest
my machine, and l will move the world.' The Political
Economist, without the arrogance of the sage ofantiquity,
might wei eXciaim, give me but the means of raising a
sufficient capital, and | will move forward, in harmony,
happiness ana prosperity, all the great interests of the
commercial world.
But let us pause a moment, and consider still farther the
means by which capital produces this efiect-how prices
are improved by its accumulation. Wherever there is
great accumulation of capital, prices ,cH, il, the first
pace, OS mucN more SIeddu-W here there is LITTLE cant
tai, much produce cannot be bought without an immediate
sale; for, payment cannot be made by the merchant, ex-
cept from the proceeds of his sales abroad. The great
capitalists can bear temporary losses. Speculation with
him, is well conducted Lottery; losses are made ND bv
average gains. 1t is not every breath of rumor in the po-
litical world, that will drive him from the purchase of pro-
lquently Just and equable.
In the End place, it is a well admitted fact all over the
. w3a,d sm Mft @f p4 hglfs'i H 81 iGif&G e s sSgitais are aa egn aassta
The RVtnschilds of Europe would be well oontented to
realize four per cent. profit on their enormous capital
while the little dealer in Frankfort, with a capital of 10, 900
francs, would not be contented with less than 20 per cent.
Proits on his small stock Suppose, now, the latter should
be the purchaser OF agricultural produce, is il not evident
that the farmer would be obliged to sell it on the worst
terms! for, this little merchant must make profits in the
inverse ratio OF the size of his capital, and, moreover, he
could never purchase TO any amount, without am immedi-
ate sale-or, if he did, every ntavorable speculation
would threaten him with bankruptcy. Thus would there
be both instability and lowness of prices. ANY change
then, which should take place in the circumstances of Inc
country, driving the little capitalists from the corn market
and bringing in such as the Rethschilds, would benefit the
iarmer by both an augmentation and increased stability OF
prices.
In Virginia, 1 contend that a proper system of improve
ment win bring about such a change. Let ms now ask
what has been the situation of this State hitherto, in con-
sequence of not having a proper exporting town ? A very
large proportion OF her products has been first sent off 10
the Eastern States, 10 be thence exported to the foreign
market: We have, in some measure, sat with folded arms
and suffered the capital of other States TO do the business
which certainly our own capital will do, when the i'm.
provcment OF Virginia shall be completed.
In confirmation of this, will introduce here a few STA.
tistical facts, which will completely prove my assertion
W c have already seen by the extract from Maj. Gibbon'.
letter, that $1,000 600 worth of produce is annually
brought tothe city of Richmond alonc-' And | believe,'
says the Collector, " that estimate is within what is real
for we can form but an imperfect estimate of ~ery many
valuable articles, which come through the Canal to tM
market" j have not before me at present the Treasur,
Books OF the three preceding years, but l have that o
1873, and by 1t l lind, that the exports of all Virginia, fol
that year, amounted TO only $780, $50. find by an ex
animation OF W atterston's and Van Zandfs tables, tina
$4,5OO,O0 would be above the average for eight years
from 1921 10 1928 inclusive. Consequently, ii is fair tC
conclude, that nearly 81 ,000, 900 worth of produce goc.
coastwisc, from Richmond alone, Of which the largest pr
ton Is sent abroad from northern ports. Besides this, there
Is a great deal OF our produce which leaves the State OF
its western border. al was informed" (says our very ex
ccllent Governor, in a letter now before me J s'by a gen
tleman of responsibility, that Wheeling exported annual
ly about 100, 1000 barrels of flour."-And thus has a larg,
and valuable portion of our produce first been Transported
TO a northeastern or western market, and afterwards sen
off to Europe, TO the West Indies, and to Southern Ameri
ca. IL has thus, il | may use the language of the mathe
ma'ician, been made to travel two sides of the triangle, in
stead OF taking the direct course.
This, under present circumstances, ] am Far from re
probaing. When a State has not the capital for the ex
port trade, let the capital of others carry ii on. But, I an
most certainly of opinion that when the State can rails,
its own capital, by such a system of improvements as will
developc its complete resources, it should, upon every prin.
ciple of political economy, be effected; and that we sfoul,
not be dependent on the capital of others. In looking Il
the several States of our COnfederacy, we find, general
", that those export relatively the most, which have The