Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-12-10

The great perfection attained by our mil ,
lers in the manufacture of flour, has given I
to our brands the highest reputation in our
own country and in foreign markets. The
Of cheap cotton cloths, CT iron,
paper, salt, glass, &C., in our State has rapid
iy extended, and already reached a point at
which it may be considered as having estab-
lished successful competition with the best
articles manufactured elsewhere. The cities
of Richmond and Uhecing, as well as Peters
burg, LynchJurg and several other sites, are
employing very large amounts of capital in
manufactures, and are displaying an energy |
which will soon ontitle Tirginia TO a high |
rank among the manufacturing States.
Our imports, like those of all the States, |
have been affected by the frequent fiuctua-
tons of general commerce within the last
few years, but they Indicate aprogressive i'm
provement, which encourages the belief, that
at no distant period, our foreign trade will
flow in more direct and natural channels than
those in which habit, rather than expediency,
has so long confined it. The amount of our
exports exhibits striking contrast with our
demonstrations, and shews beyond doubt that
we possess abundant means for sustaining
derive those adyantsSass from from OUR FOREIGN res
commerce which are now enjoyed chiefly by
others. The application of steam to marine
1
closer contact with each other, will probably
render useless many of those complicated a.
genciCs through which the products of one
region have sought market in another, and
as the result of better acquaintance between
different countries, will establish less arti-
fetal and more direct system of foreign cred
it. The monopolies of the carrying trade.
and of established commercial depots, as well
as the restraints which governments impose
on trade, will probably be brought more I'M
der the salutary influence Of fair competition,
by this system of improvement on the great
highway of nations. Experience, however,
has shown that commerce, like the tides of
the ocean, is regulated by its own laws, and
that neither the wisdom nor the power of sue
cessive generations will suffice to prescribe
its permanent course or its limits. While
we may look with confidence to the sure re-
suits OF time, it is not within the compass of
State Legislation, suddenly to change the
established order of things with regard to the
foreign trade Of the staple States. The eX-
ports of Richmond for the year 1899, amount
ed to SO, ST. 1926, while the amount Of foreign
imports was only $36l,25 The imports
and exports of our whole State, for some
years past, will probably bear towards each
other nearly the same relation. While a
well regulated system ofdomeslc credit will
doubtless greatly facilitate better and more
equal foreign trade, it is necessary also to
command that credit abroad, to which our eX-
ports entitle us, and am happy to learn that
our enterprisng merchants are adopting ac-
tive measures to extend their acquaintance,
and establish more direct intercourse with
foreign countries. The time is probably not
distant, when through the agencies of steam,
regular lines of packets will be established
from the ports of the Chesapeake TO those of
| Europe. One of the inconveniencleS spring |
ing from our indirect foreign trade, is the de-
pendence of our banking institutions on the
northern cities. The merchant from pngin-
ia collects his debts in the notes of our banks,
and carries them TO those cities in payment
for the goods he has bought there and sold
here, and thus they accumulate to such an
amount as to render our banks generally |
debtors, and to make it ineXpedlent, If not
impossible, for them either to continue, or to
resume specie payments, without the coop !
Grafton of the Banks nf the importing cities.
1t is probable also that a larger amount of
banking capital is necessary to carry on this |
circultous trade, than would suffice to accom-
modate a more direct foreign trade, while it |
is certain that we are now subjected to the in |
conveniences and expenses of the two modes,
without enjoying to their full extent the adj |
vantages OF either.
The suspension of specie payments by our
of the last General Assembly, still continues.
1t is hoped that speedy and steady resump-
ton will be made, and it is proper that the
Legislative authority should take steps to IA
cllltate and ensure SO desirable and necessary
result. The quarterly reports from these
institutions to the Executive, required by the
act of March, 1897, have been regularly !
made by most ofthem. The Merchants and
Mechanics Bank, not having accepted the
provisions of the act of March, 1897, prov- |
ding general regulations for the Banks Oft
Commonwealth, is not required to make |
these reports. A statement OF the condition
OF that Institution, however, was received IN
July last, and will be found with the other re-
ports accompanying this communication.
Having received intelligence of a serious
defaIcation and embeZzlement in the Bank Of
Virginia, in the month of April last, l deem
ed it my duty under the act of March, 1887,
to appoint three commissioners to inspect and
report the condition of that Institution. Their
report, together with the instructions under
which they acted, and the correspondence be-
tween this department and the president Of
the Bank of Virginia, are herewith submitted.
Criminal prosecutions have been commenced
against some OF the parties Implicated In this
transaction. The report of these commits
sloneTs, and the subsequent action of the
stockholders Of this bank, are the only sour
ces Conformation as TO its condition, to which
have had access. These indicate very
considerable loss to the Institution, the effects
of which have been severely felt by the COM
monwcalth, as well as individuals. The
whole subject is one which will demand
IL I L.