Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-28

ot,,r7p1citv 10 onrase IN its manufacture, arc wei
known no luther comment on Them IS needed.
The Committee have not time TO mention many
other branches OF manufacture that ought 10 pe
broun ht To the notice al thIs Convention
Gu the second branch oithe resolution they VIII
/ make 4 few suggestions.
They believe that The people Of Virginia are mol
generally acquInled with our manufacturing resoot-
ces aud capacities. The dissemination '' know
Ieaee on tins subject Is one oil the most important
ue,ns of aslinr our progress. With an increase oil
. knowledge ON this subject, confidence VIII spring
np and much OF the capital that Is no" seeking III
sesfinent IN the and south, WIZ be retained al
/ home. and capital will be drawn from other sources
t INTO tins business.
We have IN our peculiar labor the means OF con-
dnrnp Tia. manufacture OF pig iron, more eliciently
than II can be done ~ the North The stead oil
that labor. lis easy control, aud eheapness, make IL
more efficient Ihan the labor oil the north The III
version of portion Of this labor To the improvement
OF natural resources must give an aseehdahcs III
tins branch oil business.
our committee deem IT tleir duty to make some
suggestions the subject Of banking capital. The
liked and floating capital engaged m manufactures,
should always be the property ol the men engaging
in the business Dependence on banks ought 10 be
only temporary. and 10 meet tie exigencies OF buai-
But IN that respect 1t Is indispensable to the
enlarg enrb aud successful prosecution oi this bust
ness that II should be had. One view only will
be taken OF this subject. 1t Is ths-Suppose a
ing capital engaged in the cotton business, and
then sales amount 10 Sl2o,0oD a year. Now
these sales must be chiefly made seml-anhually, Al
the time that country mcrth anis lay IN their sup
plies. 1t may well happen, that about tins time the
@I0 900 of floating capital may be exhausted and the
company have on hand SGT, 900 Of manufactured az
ticles. They must anticipate their regular times OF
sales. and sell at sacrifice, or stop their operations,
borrow tie money From the fact that the pres
cnt bank capital OF Virginia is mol sufficient to accom-
mpdatc the produce business, aud the current bust
ncss paper md that Their loans must be made At 60
and 90 days, Is not III the power Of manufacturers
TO borrow. They must, thcn, partially stop their op
craons aud sell at sacnilcc, Tor cm labor and raw
material be paid Tor in cash, AT short credit,
Il sale OF the production must be ON long credits.
Here is M exlgeney IN which the northern manu-
taourer is reiiescdb by the banks-bnt II IS difficult
for our manufacturers procure rcllci-Ihcrc are
othcrc igcncies in which bank capital is equally
nccdcd-bu this committee does not think ii would
be fieht to ask Tor an increase OF bank capital beyond
the necessity of business. The Legislature ought
not grant II beyond that point, As the best means
Of obtaining It, the necessity ought to be lnvas gated
and The information lar before the Legislature to
enable them Ia do justice to these subjects.
They repeat the recommendation ola standing com
urler, and would further recommend that the man
uiIcurcrs OF every description III the several towns
aRd counties OF the state take mp the subject, and
investigate then condition, aud report such facts as
Will enable the Legislature to give them such aid
may be proper.