Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-25
REPORT

,cntion, To inquire into aud report. whether The
merchants OF Virginia can import goods hom 10
iclGn counties, On ~ good terms rs the merchants
oi any oi ON sister States and secondly, how the
foreign u,dc al Nngin,a * affected by the want oi
capital, aud III what the Inconvenience under
which II laho,s may be iemcdicd, submit the iol
lowing report:
That the Tine allowed the committee 10, the
| consideration oi subject 81 comprehensive aud IN
tctc,ting as the foreign commerce ri the state has
hccn altogether too hunted 10 enable II 10 perform
as duty IN manner satisfactory nseli lhtreMas
not time Ion many inquiries winch belong Ia such an
III, cstp alton. Tho causes that have operated m
iavoiaby 10 Southern Commerce, and dcn'cd 10 II
the uIntNc importance winch was In have been
expected hnm the enterprise and abundant elements
oi ioiclgn tadc ol the Sonih, could not be c>plo
| red ~ a lew hours al hurried consultation. Tho
question especially addressed To The Cotuuittcr,
! and To Which II has been under tic necessity ot con
tns,g rs attention. has respect 10 the capacity o
Nng,ni, Ia MAINTAIN aloroign import trade Aud i'm
shall appear not only llia we can MAINTAIN such i
trade, hut possessed al advantages which would
enable us Ia enter INTO ccsltl competition tot H.
the inquiry, how we may receive, ,at nadc, j. the
one Immediately affecting lhc Interests and buslness
oi the State.
The question piopomded niho resolution. name
", whether the merchants III Virginia can impa,i
from foreign countries On Ms good terms as The
chants o any oi our sister stnCa, may be answered
confidently IN the affirmative. They can 80 import
The markets al foreign countries aud the agency BY
winch foreign file Is performed, Is freely open
ed To Virginia capital aud enterprise d To any ether
From part of our country can the operation o
purchasing abroad, aud al bringing home, be pen,
formed with despatch NJ cheaper iatrs
Tins being conceded, rs from the obslous nature
OF the proposition must be, the question alises
whcth Is the interest aud polu, oi the state
foster and encourage direct To "clgn lmpoIt trade
Pursuing ths inquiry, II ~ IN the inst place. 10
be remarked that Virginia has a large export uadr
/ Il, IL.
all the States Her exports Tor 'lnee yeas ending
with December, 1887 ayoIaa ed ~ 20 i6I, This, Of
eouisr gave her that amount Of oie,gn capital, ica
dy to be employed IN whatsoever mode that was
profitable. Yet. whilst she bad II III her power
through the medium other exports, 10 obtain direct
ly and At reduced cost, the tolcIgn productions
demanded by her consumption, the course OF nalo
hitherto has been To obtain those productions IN
northern cities, Thereby receiving them Though
| circulous channel aud NJ an enhanced cost. The
average Impolt Ton the period Just referred TO- has
been less than seventh at her export aud as
sunr,ng thai the difference between those two u
mounts has been expended IN procuring at the north
those foreign supplies, winch her exports would
have enabled hcr 10 ploenlc directly hon abroad,
mud assuming turthc, that the augmented cost oil
the former operation IS equal 10 fifteen per ccunm
and detect annual loss al shout 900, 900 ucni-
red by the State from ci nrglcCt OF the import trade
But that sum ~ ian below the actual annual loss !;
Tor fifteen per erntum Is an under estimate OF the
addition 10 the charges upon the foreign supplies
coming through the indirect channel ,clcucd to-
aud the assumed To be invested III those
supplies, IL below the actual amount. The loss
10 the consumer ol foreign supplies, obtained,
equal At least 10 fifteen per cent. upon the amount
oi his purchases.
Now # any thing be needed to ronsc the citizens
oi our State rom the supnencss which could over
look enormous Tax upon its industry and re
sources. reconcile them Ia II, II would seem To be
the consideration that II Is with lheii own sterling
moucy the importation * made, winch they submit
to receive n second land ruinous sacrifice.
! Again, the tonnage which is employed III carrying on
| the export commerce oi the state would be more
than adequate to the importation oialI the foreign
supplies demanded 10y our whole consumption.
But, through the neglect of The import trade, the
important advantages resulting from the employ
,ncmto Of that tonnage have been lost to the state
and appropratedby those who have had the sagacily
aud enterprise 10 enlist II III hcir service The
OF who II loss is not 10 be estimated simply by
the sacrifice of the benefits which would u.s.
| from the employment therein Of domestic capital
and labor, but by the sacrifice III addition o the
sociarcd trades and occupations that always attend
upon the successful prosecution oi any one impot-
ianl branch OF business.
Finally ion your committee must be content 10
suggest some al the prominent rather ihan attempt
10 develop the numerous reasons which commend
the import trade to the favor and paionac" OF
State another. aud not the least consideration why Il
vigorous aud perscvcriug effort should BE- made
cure It, Is that will have the effect Of recovering
the state hom that dependence Northern
kcts, which has exposed us to suffer by their vicis-
STUDIES, without any direct participation IN then
prosperity.
pom the FIST view Of the sublce ilc causes
ofihc disparity between the amount al our export
and mpou commerce may not suggest thenS elves
to iuqurers generally. The former being large, as
we have seen. involving all The facilities which are
needed ior making pnrrhascS abroad; the tonnage
/ AL e carried St1Dlr,
employed IN bringing IN the productions for which
il is to be exchanged and the simple operation D
barter being the natural and cheap mode of effect
ing that exchange, why IT that, great pccuni
AIRY loss people rely upon others for produc
tons thn they could procure better by themselves
To tins question fully, would lead the com
nittcc into an investigation. which they have no
time to pursue. But among the most pronnen
causes that may be assigned. the capital required b.
the import trade, being greatly more than the capita
necessary for the export trade, may be instance,
as not the least influential. The export merchant
through the system OF advances that universally pre-
walls, has Engo proportion OF the capital cmploye,
in his purchases speedily restored 10 him. throu.
the medium of sterling bill, winch he i, pcrmilte,
to draw upon his consigncc. The like rapldy o
purchase aud rclurnIs enjoyed by the import mcr
chant. lie is exposed To the more tardy process
OF cltccfing sale and that sale is upon rimc. III
manifest, therefore, that the amount OF capital requi
size for the successful prosecution OF the latte
description Of commerce is greatly beyond the capi
tai winch " III suffice FOR the former. This consider
alton, in great degree, accounts for the compare
tive languishng condition OF the import trade, ant
the reluctance of our mere hants to engage IN IL
The capital OF few, comparatively, Is adequate TO II
buthcu aud the cX,scncy resulting thcieitom Ia