Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-04-27
COMMUNICATIONS
THE PROSPECTS OF OLD Angus
Ia No. Ill,

which must be encountered by
emigrants TO the new States, and the many
inducements which our own county holds out
10 her citizens, 10 remain where they are |
have shewn that she possesses all the elements
Of prosperity and greatness, aud that nothing
is wanting but little enterprise and capital,
10 develops them fully. LIE, US now turn
cur attention to the causes which are likely to
remove the disadvantages under which " q al
present labour.
The great obstacles to our advancement
in wealth and prosperity, are a want of ac-
live capital, and of facilities for getting to
market. There are few counties i'm the
State which can boast more real substantial
wealth than Augusta, but our estates are We
~ much sub.divided, and they are, general
ly, in the form of dormant, and comparative.
ly unproductive capital. They consist prin-
cipally Of lands, and houses, and mills, and
stock. There is but little moneyed capital
IN active employment. We are essentially
an agricultural people. Even our mer-
chants are generally men of small capital,
and very often that is borrowed from farmers
Every man, let his occupation be wha, il
may, merchant, lawy err, doctor, or mechan-
ic, looks forward TO the period when he will
become farmer, aud the moment he accu.
mulates enough 10 buy a farm, he invests his
earnings in that way, and relires from his
former occupation. This causes a constant
withdrawal of the active capital of the coun-
try from circulation, and prevents en,erEriz-
ing men from having the necessary facilities
for commerce, or manufactures, or internal
improvement. Hence it is, we see no man
ufactories springing up here.-Hence it is,
that our commercial men are so much crip-
pied in their operations, and hence il is,
that there is such timidity and backward
ness amongst our citizens, in undertak ing
works OF internal improvement. Their ac-
tive capital is so limited that they must have
an immediate return for ii, or they cannot al
ford 10 Withdraw n from their current bust
ness. Ask merchant or mechanic, to sub
scribe 70 railroad, or any other improves
ment, and demonstrate 10 him its feasibility,
and its important results to the community
and to himself, as "A s;ockholder, and he will
readily assent to all you say, but he will re-
ply "my active capital is limited, and il is all
required TO carry on my business-lf with.
draw II TO pay for my road stock, must
press my customers, aud il they fail to pay,
fall IN arrears te my northern creditors, =
my credit is shaken, and will, ultimately
be ruined.-But if Could only afford to lie
out of the use of my money for few years,
know my property would he enhanced and
my business quadrupled by the improve
ment"
An increase Of active capital will obviate
all these Inconvenience, and thanks TO the
enlightened policy of the last General AS.
Sembiy, we are about TO have an increase
commensurate with the wants of the people.
"A Bank, with capital Of 5000, 900, will
commence it's operations in Stanton, in the
course Ut the approaching summer or fall
This Bank will be enabled 10 discount TO the
amount OF from $500 900 to S6O0, 900, and
1t requires no prophet To foreielI the immense
impulse to business which tie infusion Of
S4Oo, 600 or 100000 oil active capital into
our county viii produce. The merchant can
then afford 70 withdraw portion of his ac.
iice capital to foster julicinus system Of
internal improvements, for he can replace il
81 Sm The Hank.--He Can also afford to ex.
tend further indulgence TO the farmer. and
the farmer, in turn, when relic ed from pres.
sure, can contribute his proportion ~ the
construction of works which are 10 double
the value OF his property. All he will have
TO do, will be 10 subscribe for stock. and af
ter he has paid one OF two quotas, he can
pledge his stock To the Bank, and draw funds
from it, to pay those which remain, and
when The work is completed, by sale Of his
stock, he can refund his debt TO the Bank.
and the country is improved, and The val,e
of his farm is doubled, and all he has had To
advance, was his credit; Tor nothing is with
drawn from his business. II was in this way
the Winchester railroad was made, and
without the Banks at that place, that road
never would have been made
The mechanics too, Can afford To keen on
hands better supply Of materials, and they
can give longer credit 10 their customers
In this way they can improve their assert
rneDts, and extend their business, and in u
short time citizens OF other Counties will be
tempted 10 come here to deal The necessa-
ry effect of this increased demand will be, a
disposition on the part of others TO remov G
here to participate in the advantages Of The
trade.
Iron manufactures too will soon spring in
to existence in our county. Already The en-
terprizlng iron masters OF PENNSYLVANIA are
turning their eyes to Augusta county, and
the only obstacle, hitherto, to the erection Of
works Of that character, has been the diff
Guilty Of procuring banking facilities These
men knew III at their capital would be alb,
sorbed in The purchase Of lands and the e.
TeciioD Of suitable buildings for their bust
ness, and then they would be obliged To lay
IN their supplies on credit, and forced tn sell
their iron al any sacrifice 10 meet their en-
gagemenls. But when they find that they
can obtain the same facilities here, which are
afforded TO them at home, they will he temp,-
ed, by The richness Of our orebanks, and The
abundance OF our timber and water mower
TO commence operations here
But IL would extend this article too far 10
detail one half of the effects IS hich will flow
from The establishment Of Bank in Angus
Ia. Suffice it TO say tina, il will give an i'm
pulse 10 every species Of business, and en-
81 Z