Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-07-05
DOMESTIC INTELLIGENCE.
From he Nor York Ery1ess.

We stated some two weeks since tlIat large
| Trust banking Company was about 10 he establish
ed This city, the capllal OF which WIS designed 10
FIFTY MILLIONS OF DOLLARS. Weme
| now informed that the arrangements nearly
snmnialcd the officers fixed upon and the directors
chosen aud that ii will be IN operation in avery
shor time.
The plan is one Of great magnitude and the gen
llumen who the authors. planners and l'rornu-
tcrs those Of most wealthy, Intelligent and
| active citizeus The policy marked out is intended
10 place the institution beg ond all question
| cul,ty-snch rs will eusnie perfect confidence not
only throughout this county, but IN Europe.
There can be no question that an institution like
! tins will exercise most powerful influence IN the
| commercial world. The bonds OF such
| Enlistment. should they be issued, would be
readily taken mp TO any amount IN Europe. The
institution could, by tins process, alone, secure to
itself an immense capd,-the Introduction OF steam
naVIgation, should II succeed between this country
! aud Europe will bring the Continent within four-
teen days oil each other, and the consequence must
be- that the intercourse. business. and confluence
between them will be well known aud understood
is now known between this city and the Western
States The great value OF THIS intcicoure viii be
tho eqaaIising the rates oiateres. The capitalists Of
! Europe do not get on average above three per
! cent per annum Tor Their nCy-all MONIES loaned
in England, Ftancc, Holland and Other countries
do exceed average three per CT. per annuin
! In tins country II is well known that the rapid adj
vance of Manufactures, Commerce, Agriculture,
Fisheries. &c, such that men OF enterprise and spf
! il well afford pay six aud seven per CT. and
turn the capital borrowed TO great advantage.
| Europeans seeing tins ability 10 pay larger into
rest than they III the habit Of receiving, viii, as
| they become familiar with ability, be hot only
willing, but desrous to confdc their funds To Amer
ican hands Trust Computes similar to The one
named IN this article and those already established
Will be The ready means OF investing in American
securities. Those Companies will ssnc their Bonds
! payable IN London, and bcaIing an interest OIL
say four or even ) per cent. which will enable the
man OF larger smaller means residing in any
pant Of the various Kingdoms To invest his hun
died, ten thousand pounds sterling, in these
sccurilics.
by this he will be saved the trouble expense or
risk oil sending out funds here 10 be invested
in Bonds and mortgages, aud will in tct lave Bonds
and mortgages ion his security, as the Company
whose BoGds he has, IS founded on these very Sc.
tuiies, and taken with caution beyond even any
that could be exercised by the agent of any Foreign
House Revolutions, II Is sad, never 90 back wards
and so it is with Foreign Capita,-yery lrle ever
again returns To Europe. We have marked The
progress Of capital for years. When the first Ban,
OF the United States was broken up and dissolved il
WAS principally held by British capitalists very lii
tie OF II ever returned, but was rcinvcstcd. SO with
the different L. States Stocks-the capitalist here
who receives five SIX per cent and good security
will order his funds home to invest in 3 per
cent securities. The amount Of foreign capital now
invested in our State Stocks and Trust and Bank
my Companies, is four-iod what it WAS ever known
10 be, and III five Yeas will quadnlpc.
pEiyATE BANkING.-Wc understand That the
$1,000, Oo0 Bank which has been projected here I'M
der the General Banking Law, is soon to 90 into
operation, and that j. w. oIcou, Esq. Of Albany.
has been chosen President and accepted the appoint
mcnt. .i0ar oC Com.