Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-10-25


lablished and mighty instruments Of commerce,
without which 1t would be as idle To contend for
commercial superiority. equality and indepen-
dcnco evcu as II would be Mt the present day to wage
"af without The ordinary arms and munitions Of mod
eih "mar. surrounded by States, politically our e.
qua's all exercising on this subicet separate and
uncontrolled discretion and all according 10 thar
abll'iy, awaiting themselves of all the advantages
which banking can confer il IL lot possible for US
10 advance, OF even maintain ground without re-
sorting, ~ Tar as prudence and safety will permit,
10 the same means.
Money 10 the hands of individuals cannot enable
ihs or any State TO sustain competition in com
meroe with another having an equal amount en-
roNed IN banking. In the hands Of individuals II 10
dispersed comparatively inaccessible, liulc capabls
OF speedy collection IN such quantities and use for
such thcs,as the varying rxgencies Of ttade REQUIRE
Not only is It's power FILTERED away by division, but
II Is regulated by 20 certain laws, and forms there
lore ptccatlons and unsafe reliancc.-It is, more
over capable OF but one use al one time and has
capacity 10 multiply itself. Money in banks is in
all those particulars directly the opposite. Under
ordinary circumstances aud proper regulations il
adapis itself nj all times readily and in compliance
with certain known laws, to the varying state md
measure of the demands for it aud such is its
power OF multiplying itself with safety that your
Legislature, exercising the most Jealous caution,
and disposed 10 restrain 1t within the nafowest
limits, has never doubted its capacity To double
nseliin the use, without the smallest danger Of
excess Al the same timc The stork which
presents 1t Is itself CERTAIN extent, money, tho
transferable representative OF value not precisely
liked indeed, but little liable sudden great nuctu.
atoms.
II is by means OF these institutions and tho ia.
eilInes which they have afforded 10 trade IN pre-
terence To any other interest, that the North has
been enabled TO acquire and control nearly tho
whole importing commerce OF the country and to F
levy upon the producing States an immense annual
tribute.
The annexed tabular statement will show tho
condition and capacity Of the Banks OF Virginia on
the lst January last. II will be thai the money
capital furnished by them constituting very large
portion of the money capital OF the State, consisting
OF deposltes aud CALCULATIONS, was Hl3,l25 7G5.--
Take from this so much as is required for the ex
port uade the sea board, amounting 10 81, 25a.
53o-so much ~ Is required for the trade of the
West and Southwest, unconnccted with the com
mcreo of tho scaboard--and much is required
for agricultural investments, and uses Tor manulac
lures, fer internal Improvements, and the ordinary
transactions of the country, and yon will perceive
how little remains for the demands OF importing
trade.--By reference 10 the last annual Report Of
the Secretary OF the Treasury upon The subject Of
the Banks II will also appear that having regard
10 population, extent of territory, amount OF exports,
orany other standard proper 10 be considered, tlo
banking capital OF Virginia falls Tar short vi any Just
proportion to that Of the other States.
Thoroughly rs are persuaded Oft the great i'm
portance To the State OF ieclaming It's import
fort that end will be slow, If not unaysng without
increased bank iaces we do by no means think
Unnecessary, or recommend any great or sudden J.
argement Of banking capital. The addition thereto
authorized by existing laws and which is ia
progress, will, trust when II shall have gone full
~ into effect, exert Il wholesome influence on tins
much negl ccted trade and II would be obviously
violation OF sound policy, To produce great
sudden changes Of any soIt either IN the amount
OF employment OF the money capital Of the couu
try.
The immediate effect, upon every branch Of in
dnstry. OF securing To the State annually, an active
commercial capital Of 500, 00C now lost 10 il, may
be readily conceived. Ii IS not commerce alone
that would he nourlshed by IT: its saluiary influence
would be felt not less agriculture, manufactures,
aud those great works of internal improvement nj of
which some have been commenced, and Others arc
only delayed Tor want OF means To carry them on.--
Undoubtedly, they are most Important auxiaries TO
the recovery and extension OF The foreign importing
trade, and would open, 10 commerce alone,
but 10 agriculture and manufactures, avenues of
communication and sources OF profit. without
which. their capacity can never be fully developed.
All that seemsto MS to be wanting in that respect,
Is a Judclous and liberal extension. and vigorous
prosecution OF tho system which you have com
menced. 1t has been and still Is impeded By a
variety OF obttaclcs. No such system has ever been
prosecuted without great difficulties aud eu.batrass-
mens-but II is cheering to remember, that
has ever been completed and fairly tried without
great enterprise must expect to be discouraged by
the tlmid opposed by the selfish and deserted by
the impatient. Happily, wherever in any other
State. such enterprises OF improvement have been at
tempted, there have been found wisdom enough
ioteseo their usefulness. * frmness enough to secure
their accomplishment. We cannot tear that Virginia,
the first TO conceive, though among the last to begin
them, will be alone distinguished by the weakness
abandon them.
Deeply impressed with the great importance Of
IL,
duty to address you. we commend them to your
earnest consideration, Ielyin. your Intelli gencc
and patriotism, to dispose OF them as shall best
promote the great and permanent Interests Of the
Commweath.
JAMES CASkIE.
CHARLES ELLIS, ! Committee
RICHARD ANDERSON. !
Exports from pirginia.
Tobacco-Average quantity inspect
ed yearly, 10000 hhds. value 500