Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-12-06


ed BY every species of farming yet dsap
pointed the farmer OF the ordinary of his labor and
capal;-thc painter has felt seriously the great fall that
has lately taken place in the price of his acco, while
every individual IN the community has suffered more or
less Inconvenience loss from the extraordinary
confusion into which the currency of the
try has been plunged, and which, still undated, cnn!l.
MUGS 10 press wnh especial severity on The mrrcaDe
classes u"i In u!arGass materially The launed opera
TINS ct the y hoe UmionCn tie ether hand, we have
III" gratifying; *pecHnr presented To us, b in he East
en md West S,c!ios Of he State, If ianutactur.
Ing mcres!. rcGuru:rd by the Of establishments
air ally az ration, LpLIy, YET steadily extending Itself,
IN lin. great profit Of the adycnuccra a'! advantage OF
the public Mrsce Tie enter Ui the scaor engaged
in cn!argng direct importation and hugmrn!In "ur Tor
egn trade responded 10 BY Increasing sposlil" at lie
interior To Trade al hone-a c'!r>r Ui l!ah d snr l"
prove mutually advantageous I" ,lr importer and the IN.
land merchant, ard to confer great aid solid trnrlts "n
the Stale at large And see, in every part Of The
Stale. Ike laws faithfully administered aud chreriuly
tbcyed-a prevailing spirit Of harmony and mutual good
will among The peop!e-an enlightened regard 10 order
the prnc pal guarantee, il is also OF the choicest
fruits Of good gnrernmcnt-and the full uyment OF
the blessings Of peace
On tie whole, however, believe there never
time when the hest interests Of Virginia demanded more
impcr!ousy than al present! wise iicra! and energetic
Legislation; when the Legislature had it more III lis
power nvigo!atr The enterprise and industry Of the
Commonwealth, aud 10 aid tie development OF these
elements she possesses Of national wealth and power,
which, unassist"d may rest t0r years, forever, III I'M
productive repoSe.
In nrhcrancc Of these great obecls submit to yonr
better judi ment, the expectancy Of auy.ncnng the
Banking Capital Of The STATE; recommendation am
the embroidered TO make, by reason oi the favor
sht"n 20 similar proposition by the Legislature OF
1881, when that capital considerably larger than al
prcsrnt--of the known Of ills expedency enter
tanned by tie two last Houses Of AssenLlyand OF the
notorious lradrguacy of The existing Banks 10 supply
Banking facilities the extent required by the actual
business Of the country. Banks, it may be Admitted, add
little nothing directly, to tic wealth of The community;
but That, by enabling individuals to bring into active
employment! that legitimate credit based upon full res
FEASIBILITY In meet engagements, (lnd that ony) winch
else wcud lie dormant and unprotuc"c, they contribute
TO he more rapid development Of all the Ui
tiunIl, az we'll as individual, prn$prT!y-traG mann
features, agriculture, and public mproyements-tew,
perhaps this day will be found to question. Accord
ingy no where Go these great results achieved
by any naon save in connection with, and, IN my OPT
Mon, great measure the coasrq :cnce O! udlcious
well guarded credit system Notwithstanding, however,
that instance be pointed OFT where tIs system
has not been conducive to The general prosperity yet
often have sudden and disastrous reverses OF pr
fortunes, well extensive arrangements
OF the business aad money circulation OF whole
communities, resulted from it, to excite strong
and extensive prjudces as.ins: al banking institutions
whatever But tu my apprehension such effects seem
rclerb! rather To defective organlzaion or 10 loose or
improper cement, than 10 any Inherent fault III The
system itself Experience and observation have now Tor
Urg time Eeen diligently applied 10 The discovery und
remedy OF theae defects, and with such success; as eve
~ where to produce ana JUSTLY an increased conn
dcncr in Banks, based sound Banking principles,
and established, less w;t reference u The gain OF
individuals, than TO The accommodation aud safety
Of the public. In pre- eminent degree has TINS sue
cess attended the Barking system Ut Virginia.
and at the present moment, while stocks Of every de.
scripon have sunk greatly in price throughout the coun
Try, under the existing pressure aud arrangement u! The
money market, The s!ea:ncss with which these 81 the
Banks D this State maintain their yau", bears !c strong
est testimony both The Wisdom Of their organization
and the fidelity Of llcI: management. There can be II"
question: that the confidence they c:JnY results, first
from the requirement Of instant convcribiy OF their
into spccicand secondly, from the PERSONA! cxa
n!nalion into their cnnd!tIrn mad: annually b. CON
nrtrc Of your body in respect to the banks csta
bl$ied here, ami the detailed statements required OF
those nj distance. with The publicity U That condition
c,nscqucn! thereon When 10 these guarantees Of their
soundnrSs and good arrangement there should be adcrd
lhe further Of their steady and uu!t"Gm opera
lio b. afforded hy denying tncn the privilege OF -
suing notes U less denomination Than TN, or 'ilil
were perhaps better twenty dollars Di courS. cxc:ung
from circulation. within limits, foreign notes Gncsr
those aronn:s they will probably 10 be unlrer
ealv considered, what sustained 10y large specie cITcu
lann they will Prove 10 be- Institutions at"Fd;ng bal
little cause of apprehension tStrust 10 the co!lnn
", and valuable auxraics to It's Industry and ell
tvTpiizc. "
The extent 10 which Bank capital should he increased
and whether once, gradually, are questions
exciting diversity Of opinion, and presenting n"te
dlic,y. deficiency VAS thought !" rX!st ever before
the xarn of the capital emP!"ycd IN Virginia by Inc
Bank nrilc u :. Since then papGiann. but ycimor"
our trade and manufactures have scnaiy Increased; $"
that crcu!a.'n o. rerhnPS double the amount with
drawn might exceed The ust mrasurco lie wants o!
the Commonwealth Whether it GIT be advisable cspe
ca!v IN view Of The present cnarrassicnis o The ci-
try prescribe that such increase as MAJ be authorized:
shall be paid in 4: such intervals: and N such amounts
as NAV not srniby it CT tie business or ccI!ailn ol
the Common wealth. is respectfully referred 10 your CON
sidrraon.
Bu, Tie measures Ech Of all arc calculated most 10
extend and iortify Industrial system, which aci
...l.a nIl uuI and IuGp
description Of property, and which wIthai, are most
needed by the State, thasc which have Tor 'hcir
object to quicken intercourse and cheaper tanSPofVa'
ton Would we rdd force 10 the spontaneous conviction
OF every man understanding OF the great advantage OF
Wise system Of Internal improvements: Let us cas-.
eyes On New York and Prnnsyvania and irbbe from
the rapid dcvrlnpement Of all The elements Ct wealth
and power witnessed there, spirit elulous, but witout
odu; ylurc Of envy OF That entcpTsng palicy which
has crowded rr cities and covered tiri7 territory Win
thriving pnpua,io and for thousands expended, lonnd
millions returned IN the enhanced VA uc OF properly.
Even The illIc comparatively. that has hcen d'Ee I'M
der ir less bold and comprehensive system oil Virginia,
affords us the strongest encouragement 10 90 on lie
declining fortunes OF Petersburg have revived, ana 'e
prospects Of Norfolk, Portsmouth aud Winchester are
ryhtcninr from The eipcls already experienced from
their RECENTLY conplrrd lines of interior communication:
while the finished and projected improvements te nlnat
ing in tic Capital Of the State have been se'siby ir III
the increased price Of property and The greater conn
dence inspired in the prosecution Of every description
Of business -
The great North Western Road, lying longitndnay
ahwarI the N. w Porcn of The State, from The OhIo
almost to the Potomac is auspicousy progressing, and
promises at an early day, TO afford TO that section ct 'r
GINA important facilities in getting It's produce 10 mar
ktt
The vas! scheme that proposes to connect tho waters
If the Ohio and the James, happily at length undertak
On aud now in progress, will accommodate The trade ana
travel ofthe WesA scheme that proposes, besides, To-
invite to markets portion of the immense trade OF
the States separated from by the Ohio river, and
extraordinarily recommended by Washington, and