Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-19

manrnty part Of and be published with lis proceed
ings.
and Trade reported The report answers decidedly in
the affirmative the questions propounded by Mr. Bax
ters resolutions and recommends an increase OF banking
facilities
the committee presented, amended by Messrs. Gun
ningham and Southgate
That bold and spirited effort be made to effect III
object of direct foreign trade and that committee be
instituted 10 report what amount OF additional capital
would be sufficient provided that which is in operation
and that of the Exchange Bank about 10 commence
should prove insufficient and that our Legislature be re
quested 10 afford every facility to these States who ina
nles disposition send their produce 10 markets
Messrs. Womble and Martin, opposed the proposition
of an increase OF banking and said that when the TX
change Bank went into operation, would afford suic
ent capital
Mr.. mcfarland called the attention of gentlemen to
the precise expression the Report increase OF Bank
ing facilities of capital He contended, that the
present capital employed 10 afford greater ta
ciiili,s to commerce, it might be found sufficient.
Mr. James and addressed The meeting at consl
derable length, showing the utter importance OF an IN
crease of banking capital essential 10 afford the I'M.
porting merchants the means OF giving that accommo
dalton 10 country merchants, which would withdraw
them from the Northern markets He said the efforts
which importers here had made 10 withdraw that trade
had cost them much suffering, as they were under so
limited capital.
Mr.. Rufin submitted substitute for that Of the com
mi,tee, the increase Of banking as follows:
"The desired change Of The Of trade may be still
more aided and secured by the action of the State Go
vernment, which be powerfully welded, elmer
according 10 the direction given for the benefit or the
prosra,on of the best interests Of the Commonwealth
This may be done in various modes; but only one Will
be here specified, and recommended os being The most
obvious, and the most intimately connected with The
practical operations of the trade, This is to increase the
Banking Capital of Virginia to the amount required io
the trade AMI business of the States, and at the same
time 10 reform the systemic of Banking as 10 guard as
much possible against the strong tendency OF all such
institutions sacrifice the general OF the country
wheneve. the separate banking and stockhodng Interest
can be thereby benefited The reformation OF banking
operations is required at least as much as their e1ten
son and both ought to be carried through together,
Heretofore, Virginia has suffered her full share OF the
great evils Of the general banking policy and operations
Of all the States and has pro.ted BY but few of The ad
vanlages which full participation in the direction
the operations would have secured TO as they nave
and great degree atour expense and loss, secured
to the Northern States. It's highly expedient that VIZ
gna should enjoy of the benefits 1T the Banking
sys,em and be better secured from its dangers and evils
Our State policy heretofore has been to refuse the good
belonging to, or to be drawn from Banking and to re-
ccvs, and submit to its worst evils, inflicted By the