Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-11-15
From the Richmond Enquirer.
Published originally IN The Kana,vha Bonner.
TO MR. JAMES CASKIE.

InaUm0n ~ the committee on Commerce, |
appointed by the late Commercial
CoRcentiOn.
Sir The late Commercial Convention
certainly Jailed to accomplish all that was
expected from il, in emily htening the public |
mind in relation To The causes and cure of
that prostration Of our foreign commerce,
which has sn long existed. But although
the Convention was unable to do much ior
the public eye and The public mind, yet the
spirit and the feeling manifested by all the |
members Of that assembly does itself afford
the most cheering augury that our people
are alive 10 the Importance Of The su bject ON
which il was called to deliberate, aud that
they are prepared to adopt any system of mea-
sures which shalt prove 10 be essential 10
our commercial prosperity.
Al Is much that our people are alive to the
Importance oil the foreign export and import
trade. IL only remains that we be thorough,
iy convinced OF the true causes of its decnr
tu-e from US, aud then the application of an
etfeciual remedy will he comparatively easy.
The unanimous declaration of the late
Convention in one Of its resolutions, is, iha,
the natural advantages of Virginia for for
eign trade are not exceeded by those OF any
Stale in the Union. The truth of this de-
clarstion must he obvious To any capacity.
The bay OF York and the por. Of Norfolk
and Portsmouth present two of the finest
harbo's IN The world, certainly not inferior
to any on the American coast. We have
soil naturally as fertile, and productions as
valuable aud as varied as any OF the States,
anI our manufacturing facilities Cannot he
surpassed. Why is it, then, that the com
mercal emporium Of Virginia is not within
The territory OF Virginia? Why is i, that
the merchants of Norfolk instead of IMPORT
ing directly Tor all Virginia, do moi CIV EN- i'm.
port the goods consumed in Their own bor-
ough, hut make their purchases al second
Or third hand in New York? The actual
condition of our trade, especially in The sea
port towns, seems To inv olive "A very strange
paradox. IL is demonstr.ble that the Nur.
folk merchant, who makes his purchases in
New York, must pay as many and as large
charges Oh Shipment al that port fion Eu-
rope, as u The goods had been fist discharp.
ed from The European vessel al the wharves
oil The borough. In addition to this he pays
| upon his goods all The profits Of The New
YORK importer, and The charges of rcsi,;i,s
ment, insurance, freight, SC. &c, tn n OF
folk. Now that all of these latter char
ges, every thing beyond The mere cos, OF
importation from The foreign port To New
YORK or Norfolk, is clear aud total lass To
The Norfolk merchant, who lays in his stock
OF goods al New York, is matter of demon
s.ration. But, II Is equally clear, that the
Norfolk merchant Consu!is his interest end
buys his goods upon the best ,ssibe terms.
and IN The mos: advantageous manner, when
he thus consents, deliberately, year after
year, TO pocket this loss. Ia make this urde-
niacle sacrifice, To pay down this large pre-
mum 10 the Northern merchant for per
iJrmIng an operation Tor him, which il would
seem that lie could as easily perform for him
sell without charge Now, how are these
=. -. sen.radictions and real digyer VI + :,
PrinclPie Shall we resolve the seeming para>
COX: low shall we reconcile these con
nictihe statements, both of which are unde.
n '"ole ruins! he solution can only be
,o W ~ me magic working power OF capi.
tai II is principally owing 20 thar law -,
capital, which causes the cost of all tic one ..
fa'lons 10 I've diminished JUS, in proportion
as you increase The amount of catital EN-
pioyed In The operation. Thus, the indiyiI,
uai who has but one thousand dollars o, can.
Hai must coniiive TO use il SO that il may
yield him 30 or so per cert, while The mil.
iioraire, eagerro employ his capital. il glad
| l" use II IN an operation which will produce
thfee or lour per cent. II is obvious that the
former OF these cannot compete in any bust
ness I'm The latter This is The we'll known
anu established law OF capital. But in esti>
ma'lnS The wonder ful influence of This Law
H.
i'ai OF an individual or community is increa
seq, the credit OF that indv idual or commu,
my increases IN "a geometricaI raio. And
no" greatly The influence of this latter eIe :
ineht must diminish the cost OF everv orera-
lion IN which capital is employ ed, every one
must re aware.
IL IS Then the greater cbespness with which
Ihe immense Combined Ca ,itaI and credit of
.ne cry OF New York Can operate, that ena>
nies her 10 import for the merchan, of the
virginia seaport and after deriving a hand
some Proht upon the operation, TO deliver
The goods in Norfulk a, less cost than must
nave been incurred in the direct importation
ny the limited caIitsl Of that borough. This
IS Inc simple and obvious and only .pssibIe
'n"oe OF explaining the paradox already stat.
10 bring The Virginia seaport then into
successful! competition with New York in
the ioreigD commerce of ;hs country. Won
III ust increase its capital 10 some reasonable
proportion TO that of New York. By wba,
means Is this desirable result 10 I've accom-.
pushed Gan The intelligeB, merchants of
virginia assembled in con ven ion, or other
wise, suggest TO The people OF Virginia any
system, The operation of which may place
oar own seaport in like position with New
York IN this particular? To do this we
must ascertain what it is which New York
has, and which we have not, that has caused
The accumulation Of capital al that point.
AND II, IN this examination, we can find one
great and indisputable cause constantly OPP
Grating, and Of itself adequate 10 produce the
known effect, it viii be unnecessary and I'm,
PhIlosnpblca! to embarrass The subject with