Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-11-06

"thrir follows fawning'-If so, "Westmoreand' has
earned the distinction of being hnown N iTigIe BY the
u fredericksburg Arena, and Alexandria Gazette,
will copy. ~
FOR TIE ENQUIRER.
/ have lust read the Address of The Committee ap-
pointed by the Commercial Convention OF the STATE,
held at Richmond in June as and am pleased with lhc
style and temper Of it, But, having formed different
theory by which to account for the decrease OF our d.
rect importatons, beg leave 10 submit 1t II Is this
That, living in country where labor ana capas yied
high profits unwilling 10 invest Them IN any EN-
ployment where they will yield but little more than North
labor and capital which is the case win our import
trade The cost importalons madrnp o The labor risk
and profits Of capital IL is Obvious, therefore, that those
countries which can afford lbour and capital cheap,
must have the advantage in imPortations over these
where they high II thus happens, that The North IS
able force trade into indirect channel by be
ing willing 10 afford The capital and labor necessary 10
carry on indirect trade for less than willing 10
afford them for direct trade. For example: mer-
chant of Richmond imports cargo Of goods direct from
England Ii is true he will save the expense OF reshp
ment at New York, but lie must be paid higher price
for the labor he does PERFORM and must have higher
per cent upon the capital invested than the New York
merchant and if the time the capitals invested be long
enough ii is clear that the greater per cent paid Tor
to the Richmond merchant will amount, 10 more than
the expense Of the reshipment at New York. And
the confirmed in this view of the subject, from
the circumstance Of foreign export trade where
the merchant lies out Of his money but short time, be.
ing carried on directly, and import trade, where the
capital is longer invested being carried through New
York
The committee conscious that are not able 10 az.
ford capital as cheap the New York merchants
commend the introduction Of charter credits But that
is impossble-or the great :nducement to go 10 the
North for goods, u.s. that the Northern merchants are
willing TO lay out Of their money longer, at the same
price than the Richmond Merchants afford 10 do
The committee attribute the decline in direct i'm
por,atons TO the want Of mercantile capital, and att
butte the want Of such capital 10 deficiency in our
banking facilities But | think it has been shown,
that such capital coming in competition with that
of the North, does not yield profit sufficient TO in
duce moned men to turn their funds into that chan
mel, or enterprz;ng to seek capital for such an
investment For, recent facts clearly show, that the
capacity Of the merchants of this country TO com
mand funds almost without limit with the pre-.
sent bank facilities Tho Committee attribute the pros
perity of the North 10 the gaining, and the depres
sion of the South to the losing OF our import trade But
think it has been shown, that are making SO much
now on our capital, are unwilling TO come into
competition with that of the North II may be asked, il!
our labor and capital yield greater profits why is that
we do not grow rich faster than the North The an
is obvious the waste Of capital is vastly greater
here than to the North and of the many in.
stances both Of individuals aud nations, where large
profits d. produce great wealth We are an extra
VACANT, waste!u people, and those habits must be
changed for industry and economy, before we can nope
10 grow rich or 10 regain our import trade