Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-22
,iichEskond, Friday, Jul.e I'D.
COMMERCIAL CONTENTION
SATURDAY, June lG, lS3S.
NJ n

from the committee commerce. in!ina'Ing that he
should fellow up with the resolutions he had been in
struclcd submit, in pursuance OF the views oil tie
report.
The report was read and The question bcirg upon lis
adoption,
lion relative to the ncrsase OF Banking capital made in
,br reron lie rave his for not deemng any in
cr,ase necessary He conlended that the Convention
should conne its action to the dlrec, import and export
trade he thought the report should have nothing ,c
! do with Internal improvements. 1t might produce
hear, burning and dscorJ. ic objected 10 the recon-
mendaiion TO buy goods Of the Southern mporters-a:
tending to produce sectional eaousics, similar 10 those
| which The Abnlnnsts were producing by their move.
| nenls in the North. All we wanted was energy ant
capital said Mr. 81, and he thought the proper use Of
| the present capital would make ii sufficient.
| MIR. Wombe was opposed 10 any recommendation i"
the increase Of banking capital particularly under III,
present condition Of the country
Mr. Maclarlaud Of Richmond stated, that the two gen
! temen who had Just spoken the only two Of the
committee who opposed to an increase Of banking
caplla He contendcd, that there not great
cessily Of increase of banking capital! of facilities
for the purposes OF commerce; such as allowing some
the present capital, and Of The Bank about 10 be p
in operation, go the benefit Of foreign Trade lie
called the attention Of gentlemen 10 the precise expires
sion in the Report, increase Of banking facilities, no
! of capital.
Some further conversation took place between Mcssrs
| Macfarland, Wombe and Martin. The two latter gen
! temen contended that the Exchange Bank would fur
nish enough additional capital when in operation.
Mr.. James commended for an increase Of banking
pila lie said, that the import trade required more taci
lilies than the export and declared that ii, the Conven.
ton did not recommend an increase it would act in vain
! He entered into al argument to show why we wanted
more banking capital The system of doing business
changed. The day was gone. when the importer
was trusted twelve months for goods Now, the
the invoice is received we mus, draw Paris London,
DC; meantime the rules introduced by good old
Scotch merchants Of trusting the interior merchants and
farmers remaned-indeed is carried 10 greater extent
than by them. We trust them months and often
willing to compromise for paymen, of ~ - months
No merchant could buy goods in England 10 advantage
without putting down the m"ney in 60 80 or l2O days
thus paying for the goods by the time they receiy'
ed, and in cases before. Without more capital,
said Mr.. j. how can We compete with the Northern mer
chants who through bank facilities, o,hcrwIse, have
the money to pay down laborlrg too do under
system OF country credits, while the cash is de.
manded of us for what credit out Each importer
here is Obliged to keep large stocks on hand 10 supply
all variety Of good5-so few is their number that they
cannot confne themselves each TO his department OF
goods, British, or French, or German, &c. hut each
mus; be supplied with the whole varieyor the country
merchant would be driven North This COMPELLED the
importer here always TO keep large stock hand al
ways sufficiently large 10 carry on an extensive To-
bacco trade. Where from the nature Of the trade,
so5much capital necessarily required, was there no
want Of increased Banking facilities: How could the
Young and enter prsing importers get along without
Banking facilities aud Indulgence And talk abou,
increasing import trade. How could it be done
without Banking iacllltcs' MIR }. alluded TO Mr..
Caskie-lt compliment 10 that gentleman 10 say
he began business here under the best circumstances
highest crrdt-and instead of borrowing of the Banks,
they were glad 10 get his bills and cash them directly;
they were, fact specie to them But where would We
find another with such advantages as MIR. e. had
The country merchants would never give negotiable
note for their purchases from the importers here He
would refer 10 those in the Convention for the truth Of
his statement. He saw many-his friend Mr. Venable,
would bear him oul-he would not give negotiable
(Mr. v said no, that he would not-he would go
home without goods first IF We do not allow liberal
credit country merchants they will go to the North,
where they get it. And il some Of our present I'm.
por,cro ii, how would their place he supplied?
Their cash purchases and credit sales required the en-
poytncnl Of p!,a and facilities few could command al
this time If an importer sells $500 900 year. and has
10 give ~ and 10 months credit, how long can he con
TIME such business without the aid OF bank facilities:
Mr. J. did not know what the Exchange Bank would
DO But the present Banks had most Of their capital
absorbed in accommodation paper-buslness paper was
thrown out. indeed we had little Banking CAPT
ta-our capital was in land and negroes. The Banking
increase too was necessary for Internal Improvements,
for Manufactures Mr.. J. said, if the Convention did
90 for it, public e1pecta ion would be disappointed
How could compete with the large cities for the 10.
reign trade without it? What capital has Norfolk got
only 800 900; and that is moi enough. No we cant
impor, largely without great increase We must look
10 line Legislature for aid and unless it is extended, we
must remain subordinate to New York. Did it require
10 conduct an increased trade Than That we liad
already
There was one thing overlooked by the report-the
importer Of goods must be the exporter Of pro-
dnce You, Mir President recollect when this was
the case-t must be so again. Ii own ship and can
make n good freight her outward and inward cargo;
and fair profit the inward returned cargo, is il
mt evident that afford pay FOR the outward cargo
of raw produce all that it will bring in Liverpool, any
other foreign port deducDg ght and other charges
Can the men. who deal in produce alone, do this:No,
fheyc and q - hey n
port and something besides 1t is because the Northern
importer and ship owner, makes the profit on The re.
turn cargo and freight out and in, that he can afford
pay and does pay for produce than our own
merchants and this is the main why much OF our
produce seeks Northern market We have the best
habor in the Swhnt 10 prevent our carving on our
own trade? Give us capital, and we can. The people
of Virginia had State pride. They would build up and
support extensive foreign trade fthey had facilities
Even Wheeling would come here. Her delegate says
the people in his section willing 10 come here.-
Mr. hoped that the report would be adopted and the
Legislature would be pelitoned 10 increase The Bank
ing capital, the only Of establishing and fos
teriBg foreign trade.
Mr. Maciarland rose TO move the resolutions framed
according 10 the committees instructions, which he
read.
Mr.. Ruffin proposed to amend the report in much
relates TO increase Of Bank capital by striking out,
and inserting the Substitute which published in the
last Enquirer. The of it is in the following
tract:
This is to increase the banking capital Of Virginia 10
the amount required for the trade and business Of the
State and at the same time to reform the system Of
banking TO guard much possible against the
strong tendency Of all such institutions 10 sacrifice the
general interest Of The country whenever the separate
banking and stockholdng interest be thereby bene
fitted The ~ RdE o. Of Banking operations IS re-
ought TO be carried through together"
nlr. Armis,ead Of Williamsburg moved 10 lay the
por, and substitute the table with the view Of moving
The final adjournment of The Convention, and TO move
for committee before which all the resolutions and
ports be laid and that the Convention meet some
subsequent day receive their report He withdrew
his motion, for the purpose of allowing MIR. Caskie to
; make an explanation.
Mr. Caskie had expressed the opinion before the
mee that required more capital import than to ex
Hn nr.In; ned hu II did IInher he of