Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-10-19
VOLUME AAXV.-.-No. "a.

interest of ndi Giduas and that what within the cspa.
cl!y n the State, is still less within The capacity 0I IN
d!viduuis any class Of then. Beyond dou5 it -
mailer Of vital interest To Virginia, that she should
cary her importing trade Bat II Is not equally
The interest of her individual citizens, merchants or
others To her merchants except far "a they may 10
Influenced 81 ParoIic considerations, IL is matter of
indifference whether in carrying the importing trade
iey seeci Virginia New York their place Of La
siness In making the selection, they would BE- 60
yeLped, part, by estimate ot profits In that view
Virginia would present claim 10 the preference But
thai claim is repeed and overcome By the consideration,
at in New York, by OF her banking flc,IIrrs,
the necessary capital Gsy be Obainci 10 carry III.
businesS.n Virginia, for want OF such facilities Il
cannot
Let it be Observed that in respect 10 the capital
CURED, and the i:cies for obtaining II, there -
between the exporting and importing trade, vast and
striking difference. ! he exporting merchant draws
Immediately upon his cons gnmenIs, and his bills a's
cash which furnish tie means Of new purchases, upGn
whch again he may dEaw and continue the process
he wants, therefore, comparatively tr capitol So tar
he has occasion lo7 efeGh, he obtains il readily be-
his returns speedy, aud being IN sterling bills
ot ID" rios valuable kind In the exporting trade,
the capital required is chiefly required abroad The to-
reign buyeror consgneC requires 70 make his advances,
and 10 smgJ!e h!: 20 Hat OF The '.afts!, cad sci!
time
la the importing trade the stale Of thingsis reversed
The foreign manufacturer Sells for cash it, ,quva-ni;
and the Importer ire "f his good-, provide the
Capit, TO enable h TO wait GI sales and sell al last
time ard far he has occasion Tor credit he obtains
il with difficulty, because his returns slow and OF
inferior value.
II is Obvious therefore, that tie cap,la which carries
the exporting trade 10 wholly inadequate 10 the i'm
p0TinglhaL the importer must not only have capital,
the thing credit sufficient To PnGbtr han
make his first purchases for cash lis equivalent: bot
that he cannot upon the terms Of credit usual IN his
cunn,ry, and especially considering the little cua!y
with which those terms complied with eXptctto obtain
from sales az his first purchases tie time Of
irp He need the rPtGfp cluital
credit much greater than The value Of has stock al any
II is to the want of such capital, and the d
hc,y Of ohta ming such credit, that 10 ascrbe
the present rcble aud iangrshng CONDITION OF the
porting trade of Virginia 1t is Ia the abundance The
other hand OF such capital and credit Il; the Noh and
the facilities OF obtaining the there that chm iy
attribute The concentration 10 that quarter OF nearly the
whole importing trade OF the cuunlry.
The difficulty Of carry ing the importing trade ia
Virginia, Arising chiefly from The want Of capital not
li!e aggravated by the practice OF allowing ndtnlte
credits sales, and the want OF panctusIty in Pay.
Epnts 1t sill b. obvious, tie least coHsdr ration,
hat change IL this poet would be attended with very
important and sn!ulary effects Il cannot be too strongly
recommended Ii Is Demanded moi moe by the interest
Of the importing merchant, than Of the BY
ahatsoeyc the capital of tie merchan: is made
more active, by the it is made eica
c,uus aud productive. He Is enabled 10 cheaper the
prices of Ills goods aud ia compelled 10 cheaper hemby
the com petition which productive business never ia:!s
10 invite
ing md hing the import trade OF the STATE
merely By speedy md purctua payments bn! BY giving
10 thaI trade far II av be established, thu prefer
your DEALING, 10 which, upon ground. of public
policy and private interest clearly entitled. II
indeed be expected Of ynr that You slogii bug IT,
reign goods directly imported at higher rates tIan yoa
can obtain The game goods eisew here Such sacrifices
belong only 10 extraordinary and TRANSIENT occasions,
znd not fit 10 be recommended US forming part of
any regular and permanent operation In giving TIC
preference 10 goods directly imported there happily
for any such sacrifice ind yCu may indulge
your public spirit with advantage certainly without !Uss
o your private interest.
But after all, are compelled 10 Tcrnr 10 ihI, whciI
les the root Of the evil! aud then 10 provide remedy
10 compete It'll the North for importing trGd",
mus, be supplied with the necessary capital, whic!
and has been fora long OF years furnished there
by banks ard banking ,cl.ltles but Tor which ade
quale provision has ever been made here.
We beg leave respectfully, but most earnestly, 10 in.
Yi,r Won 10 the consideration OF this subject, as in
which The great and perane interests Of the Stale
vitality concensd II Is not proper for uS
discuss ,Oss cHn.Iovr..Cd questions Of public policy,
which relate I" the administration o the finances and
the connection Of banks herewith. We shall not adj
vert 10 them We Trfr 10 bans, as HstrunCnlS"I com
me rec merely Such their primary, and is their lc
climate SO considered cad employed, they have
been otherwise regarded, Than most beEr.crnt
and economical Institutions. furnishing aids 10 all IntSs
fY millgsiin. The evils which result from the unequal
distribution ot wealth. and giving 10 small cap.t, IN the
hands Of enterprise and integrity the means oil compel
ing wh the large But whatever may be- nur abstfoct
opinions IN speCt 10 them. ell Of Compelled
the actual condition Of things here and l,c where,
regard them established aud mighty instruments *
commerce. without which would be idle coni-ri!
for connetcnI superiority or equality ana pen"nco
even, II would be at tie pfesent cay 10 wage waT
without tar ordinary urms and munitions .! mUdcin
warfare Surrounded By States, politically equals,
all exercising THIS subec separate and uncontrolled
elton, aud al, according Ia their and 10 the
full measure Of their ability, avang themselves OF all
The advantages which banking confer. II IS not pos
sibG foi Us to advance, or even MAINTAIN our ground,
without resorng, Gs isr pradehce and sa!ty W.!
permit, to the same means.
Money IN the hands OF individuals cannot enable i!s
or any State sustain competition ~ commerce, with
another having equa! amount employed IN banking
Ia The hands indyldulis is DISPERSED cUmPa rnt!veiy
Inaccessible, HUE capable OF speedy collection IN such
gencies 6ia pd 70. such tunes, as the varying eH'
away By division, bu! Il lNq only is It's power leIca
aud forms, therefore pEecartous aidE 20 ger mn
Il 49, moreover, capable Of but I"e ii one ult
has no ca pacity to multiply Itself Monsy III banks, -
IN all those particulars directly the opposite Under
ordinary circumstances and proper regulations II adaP's
itself all times, readily and IN compliance VITA 3sila'
known laws TO the varying State aHa measure oil lH
demands for Il, and such ID lis power OF multiplying
itself with SAFETY, that your Legislature Sec.fng the
mos, Jealous caution and disposed 10 Eesira within
the narrowcg, limits has never doubted its capacity H.
double Itself in the use, without the aarsI cang' &"
excess Al Inc tle, the stock which represents
il itself 10 certain extent Money the Transferable
NATIVE Of value not precisely a1od nceeC u.
, little !aLe 10 sudden OF great fluctuations.
Il is by Of these institutions and the 'ac'"r'
which they ha9e aTYtdsd to trade in preference 10 any
other interest that ie North has been ena Die 10 nci'
aud cou,cl nearly Ike whole importing conEeTce ct t!is
Country and to levy upon the producing States an IN
mense annual tribute.
The annexed tabular statement w:,i show the cont'
ton and capacity OF the Banks Of Virginia or the IS.
January last II IS III u seen thai The money capital
furnished Nv them constituting very large portion .!
the money capital Of the State consisting o! depnsIcs
ard circuia,icn was Sl3,4!5 7G5. Take from this
much required nr Tie export tr"te OF The sea board
amounting 10 : t!j4 $3.50 much is required f..
the trade vi the IVES and Southwest unconnecied tlI
the commerce Of the sea boarc-anG much is
CURED for agricultural investments aud COR
tac.u:e9 Tor inferno! Improvements, sai the ordinary