Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-12-04

to establish banks, or TO devise an increase ftheir capital.
Resoiced, That the Editors of the Norfolk Herald and
Beacon. and all the papers in this State. be requested to
publish the above PROCEEDINGS.
ARTHUR IMMERSION, Chairman.
JAMES III. LANcHosSE, Secretary.
Al IA meeting of the citizens of Norfolk Borough. held
pursuant to public notice. al the Court HOUSE. on Thurs
Nj. Smith. Wright S~outhgatc, Esq. was called to the
Chair, and Samuel d.. Rawiins appointed Secretary.
The Chair hsriug made known the objects of the meet
me-, tue t"hovtng prcaablc and resolutions were sub
mittrd by IL. b. Cwatiney, Esq. and unanimously
adopted:
Whereas, it is the proper duty ofevery Commonwealth
TO foster its own industry, by comforting on It's citizens
an those means Of prosperity which the citizens OF other
States enjoy; and whereas, although the trade and com
inercc ofthe United States are free to the citizens ofeacli
State. yet. under these circumstances, the superiority of
Northern over the Southern States in mercantile pursuits
is great and striking;=a superiority which renders the
trade and enterprise cf the Southern States tributary to
those oftl,c North, and makes the latter rich and noyycr.
il in all the elements OF general prosperity; and whereas
the essential means by which tins manifest superiority
has been attained, consist in the possession of extended
banking privileges, which make actual capital available
To twice or thrice IT'S nominal amount. thereby rcndcrinp
credit an availablc security, answering all the purposes
OF trade and commerce as perfectly as capital; and where
as the capital thus artiicially constituted is uneoual i'm
the several States, and particularly inadequate To the
wants ot our own; 1t therefore becomes those who ac
sensible oil the vast advantages likely TO accrue from the
enlargement of our banking capital. not only to this Boz
rough, but to the Commonwealth at large. 10 adopt those
measures which are best calculated to attain the desira-
bic object.
The port of Norfolk is as advantagcously situated for
the participation Of "A large portion ofthc trade and com
mcrce of the United States as any other port on the At
laiitic coast; and its situation iustifics US in declaring, that
Norfolk seems more especially designed as The mari or
export and import for the State Of Virginia, than any
city or town North or South of our own beloved Com
in'nweaith. While we maintain an ~inviolable attach
inent TO our own institutions, candor compcls us 10 nc
knowledge, that the policy pursued i'm other States and
disrcgarded in our own. has well nigh blightcd our hopes
and prospects, placed rs in the attitude of tributary and
dependent laborers in the field of competition, enjoying
little or no prosperity from, or participation in, the COM
mcrce OF tins or any other State.
When we look at our own extensive rivers and bovs
and TO our sill. 9Hssa scSCensive interior. and onward 20
The vast extent Of our production and consumption, we
might justly anticipate with a becoming enthusiasm. an
early day OF commercial prosperity. Yet, although we
: have from time to time exerted our talents and means i'm
n the cause of internal Improvement, with n view of at
$ tracing towards us the business of a neighboring State,
Il we have been constantly losing more and more of our
! own and we now find ourselves. mcasurablv. "without
business or the means whereby we may compete for and
~ obtain it,
n For all this poverty and humiliation, we must look for
l. The cause. We cannot attribute it to our location; for
q Nature and our past history will fatty contradict us
e we cannot attribute it to the want of talents; for we are
constantly exiting such talents as adorn the commercial
prosperity of other States. 1t cannot be for the want of
industry and economy; for we can barely subsist with
the most rigid husbandry of both. But we must be per
: United to say, that it is for the want of the enjoyment of
that commerce and trade which are naturally tributary TO
a our location, and Tor want OF such means as enable others
= to prosper, not only upon their resources, but also upon
our own.
This is peculiarly an age of rivalry and competition
and we should as soon conceive the idea of wagino a
n successful warfare with the most enlightened nation,
without the use of civilized weapons and munitions-as
I to prosecute the war of commercial competition without
an extensive application OF artificial available capital
This system of commercial means and ends is no other
than the system of Banhiqg which has enabled state.
which are the more liberal and judicious, to enslavc the
: more tlmid; and all this within the short period of TWEEN
y years,
= u MON, we see none such. unless where the number of
D. banking institutions, and the amount of Banking capital
d are multiplied as fast as the increased production and con.
is sumption may require; and Whatever town is denied the
boon, must permit her trade 10 be attracted where these
N privileges are enjoyed; and whatever State refuses such
Door, closes the door OF her prosperity, and dcprivcs her
sell of one or more OF the most feasible sources of
revenue. For the annual bonus on Bank stock in one
u the states, and one OF limited territory, amounts to
n upwards of $2iO,000; and this is the only resource re-
:, qnired by her Treasury to meet all her financial exigem-
cies.
pio prosperous erarrs uIe incrcas,ngi IN rneir means oil
e business, m compliance with all business requirements
= anu hehce they are IN the enjoyment of not only then
. own, pnt also oil the business of all the States which arc
not IN the enjoyment of equal banking facilities.
= ms portion of our State has had no additional capital
lot twenty years; IN which time her export and con.
= sumption have far more than doubled in amount; and
may be still more rapidly enlarged by fostering the Com.
mercial and Mechanic interests i'm the towns as sncb n
course VIII foster Agriculture, improve prices of produc-
n ton, enhance the value OF Lands. and Increase tbr non,-
iation of both town and country: And the mere addition
To- our capital, off single Bank. with a respectable amount
OF caPnai, VIII only give us temporary prosperity, unless
, we ao another and another from time to time, as our in
crease oil business may require. Our course must be on
ward, or we cannot Le prosperous.
I II commerce and business of Virginia sustains a sea-
u port population within the Union, of upwards of l50. OOO
. souls, whilst there is not $4,000 such population within
= her territory! And we deem il reasonable To conclude
that thus balance Of 100, 900 is fattening upon our spoiIs,
, IN othcT Staics; and waging Il successful warfare against
IL; WIN N improved civilized weapons of finance.
"h4ch we nave neglected 10 use in our own defence.
!, Again; 1T has been computed that 100. 900 souls. sen
port population, give an actual value of $40. O00. 600 TO
ihe town ictso on which they live and do business. This
position beng granted, the adoption of such means az
Wi restorc our trade to its natural abode. will add 10 our
capital IN town lots, IN the sea ports alone. to the amount
Of 500, 600, 600! ~
Let us then no longer remain the quiet cxpcctauts of
prosperity by inheritance; but adopt resolutely but pru-
aeiilly, the means OF competition and prosperity, which
nave proved successful in other States of the confedcra-
= cy.
We, therefore, adopt the following resolutions:
l. heSoiced, That the prosperity of other States adj
!. momshes us of the great Importance Of enlaroino nov
tl ana OF multiplying the nanbcr of our Banking In
:; situations. 4"
! = RcSotccd, That the system of Finance. ike that Of
Trade, rs most prosperous where the most @ xtendcd com.
petition ~ authorised; but that. nevertheless. arch com
petition should be subject 10 legislative check and re-
straint.
% heSoifed That the enlargement of the CAPITAL
STOCK OF the Banks of this State is ~expedient.
q. ReSOtced, That the establishment Of one or moro In
uePendent Banks IN this borough is not merely expcdi-
ent, but Indispensable.
3 Rcsotocd, That we recommend to tho General A.
, sembly the adoption Of am upiform system of annual Lo.
ms 10 be contributed to the 15casnry of the STATE ON
c AL Bank stock, the Investment Of which ray be hcrcac,
9 ter authorised. !" "'
u. RoSoicod, That entertaining as we ID. n iust conf.
dencc IN the wisdom and lberaiity of the nress,nt Conc.
raj Assembly, we have only to submit our wants and
dress. "U P''"iPl {
T. Rcsoired, That a committee of FIVE be appointed bv
inc Cha1, TO DRAFT q memorial To the General Assemble
setting iorth Mt Large the views and opinions of this meet