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

of doubt and controversy aud does not fall within
the proper limits of tho duty assigned to us.
Whatever have been its origin, its continuance
is unquestlonably no necessary than 1t is cx-
pedent. Virginia lacks nothing which she cannot
herself supply, To enable her to carry her own
importing trade. There ~ not the least necessary
cause oi incapacity difficulty To prevent IL. We
are not aware that any such cause has been snppos
ed To exist, except that opinion has To
some extent prevailed, that the Northern merchants,
having cngrosscd nearly the whole importing trade
OF the connuy, enabled, by reason OF the great
extent OF then foreign purchases, 10 make thom at
cheape, rates sand that the merchants of the South.
restricted rs they necessarily must be- Ion tn,o nj
least, 10 smaller purchases would be compelled to
make hcm at higher rates aud therefore, IN attempt
ing dlrect poratons, would find themselves involved
III an unequal and iulnons competition. Tho idea
~ wholly untounded. 1t Is beyond all doubt, that
the system OF foreign purchases II placed upon u
footing, which ensures pe,toet equality Of pflce to
tho small dealer aud To the large. There Is no
difference whatever IN tins respect between them.
And IN other respects, although the merchants of
the South importing directly must trade nj first up
a smaller capital aud tind narrower market, aud
therefore at the same rate Of profit will obtain a
smaller amount-.et thelf charges of every descfp
ton being less, in At least equal ratio, they
subjected To no disadvantage from tins
With entire capacity, then 10 cary on the mpor-
ting trade, aud with motives OF public interest
strong 10 uudrrstahe II, the important enquiry
~
with entire confidence, that the great obstacle
Is the want OF commercial capital That removed,
all minor difficulties will readily be overcome.
Permit us, IN the first place, to remark, that what
is the interest of the State always, equally
the interest of individuals and that what is within the
capacity OF the State, is sll less within the capacity
OF individuals, any class Of them. Beyond doubt
is matter OF vital intcfcstto Virginia, that she
should carry on her own importing uade But II
not equally the interest oi her individual citizens
merchants o, others. To her merchants, except
so far as they may be influenced BY patriotic consd-
craions is matter of indifference whether III carry
ing on the importing made they SELECT Virginia
New York rs then place OF business. In making
the selection, they would be governed, ia part, by
nn estimate OF profits. Ia that view Virginia would
present n claim to the preference. But that claim
is repealed and overcome by the consideration, that
IN New York, by nleans of her banking hcites the
necessary capital be obtained carry on the bu-
siness-ln Virginia, for want OF such facilities, II can
not.
Let it be observed that in respect to the capital
required aud the facilities ior obtaining II, there Is
between the exporting aud importing trade vast
aud striking difference The exporting merchant
draws Immediately upon ms consignments, aud
his bills are cash, whah furnish the means OF new
purchases, upon which again he may draw and
continue tho same proccss-llo wants, therefore,
comparatively little capital. SO far ~ he has oe-
casun FOR credit, he obtains ii readily, because his
returns are speedy and being sterling bills are OF the
most valuable kind. Ia the exporting trade, the
capital required ~ chiefly required abroad The
foreign buyer consigneo requires IT to make his
advances, aud enable Inn TO wait on The MARKET and
sell time.
In the importing trade, the state OF things IL
yersed. The foreign manufacturer sells for cash ITS
equivalent and the importer here Of his goods must
provide the capital 10 enable hmto wait Tor sales, aud
sell NJ Inst on aud far he has occasion ior
credit he obtains 1t with difficulty because ms re-
turns are slow and O. Inferior value.
IL obvious. therefore thai the capital which carries
the exporting trade, swholly inadequate 10 the i'm
poning-that the importer must not only have capital,
what Is the thing credit, suiclent to enable
him to make ms first purchases tor cash or It's equiv
aent, but that he cannot, upon The terms OF credit
usual in this country and especially considering the
little punctually with which those terms are com
piled with, expect to obtain from the sales OF his
first purchase the means IN time oi renewing his stock
He is in need therefore OF capital credit much
greater than the value OF his stock any one time
1t is to the want OF such capital, and the difficulty OF
blaming such credit, that we are 10 ascrbe the pre-
sent feeble and Iangulshng condition of the importing
trade of VngInIa. 1t To the abundance, on the 9th
hand, OF such capital and credit at the North, and
the facilities Of obtaining them there, that we must
chiefly attribute the concentration to that quarter Of
nearly the whole importing trade Of The country.
The difficulty OF carrying on the importing trade
IN Virginia, arising chiefly from the want OF capital
is not little aggravated by the practice OF allowing
in payments. 1t will be obvious, the least consid-
Grafton, that change IN this respect would be at
tended with very important and sautary effects. 1t
cannot be TOO strongly recommended. 1t is deman
ded not more by the interest OF the importing iner
chant, than OF the consumer. BY whatsoever means
the capital OF the merchant IS made more active, by
the same means IL is made more cficacons aud pro-
ductive. He enabled to cheaper the prices oil his
goods, and is compelled cheaper them by the
competition which IA productive business never fails
TO invite.
1t IS in your power also to do much towards quick
ening and nourlshlng the import trade of the State
not merely by speedy and punclual payments, but by
giving to that trade, so lar as it may be established
the preference in your dealings TO which, upon
grounds of public policy and private interest, II IS
clearly entitled. 1t cannot indeed, be expected Of
you, that you should buy foreign goods directly i'm
ported, at higher rates than you can obtain the
same goods elsewhere. Such sacrifices belong only
extraordinary and transient occasions, and are not
fit to be recommended as forming part olany regular
and permar ent operation. In giving the preference
sion for any snch sacrifice, and You may indulge
your public spirit with advantage certainly without
loss to your private interest
But after all, we are compelled TO recur to that
which lies at the root OF The evil and then 10 pro-
vide a remedy. TO compete with The North for our
own importing trade, we must be supplied with the
necessary capital which is and has been tor long
course OF years furnished there by banks and banking
facilities, but for which no adequate provision has
ever been made here.
We beg leave respectfully, but most earnestly, to
invite YOU to the consideration of this subject. as
one in which the great and permanent interests OF
the State are vitality concerned. 1t is not necessary
or proper for us discuss those controveed ques-
tons ofpublc policy which relate to the administra