Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-04-29

mani he deduced from the TACT thst the ouieers
tered to the balance Of trade as being against N
go. and that n, vas proved by difference IN ex-
change Il - certain that the Bank Oheers 90
sneak OF rates Of exchange, and perhaps attach too
much consequence to the fact that high rate OF
exchange is against u.s. as shelving that Virginia is
indebted to the North. But yet the Chairman OF
the Committee oC Banks will discover that all the
Oaieers of the Banks do not derive from this mere
fact (which is no doubt greatly dependent upon the
currency At one point, being more deprecated IMAM
nj another the fact that Virginia 10 inueoeu 70 he
North.-rhe President Of the Exchange Bank AT
Norfolk distinctly states that ne does MOI eon,ue'
the difference OF exchange between the Northern
cities md our own so infallible measure OF
balances of trade as is generally supposed, and
tJo,d, very lust reasons for his opnioR-though he
ooncurs in the opinion that the balance OF trade ~
against us. And the President oil the Valley Bank,
OF whose ability have heard much, not merely ex
the opinion that the balance oil trade between
Virginia and the Northern Cities is against us-out
affords his reason for the conclusion He thinks SO
because our merchants are supplied win eooos
from those Cities, and the amount oil the prouue's
OF Virginia purchased in those Cities, Is TAR shor. OF
being sufficient to pay for the goods pu'ea'seo 800
them and that the deficiency IS greater NJ 'h's u"e
than usua from the fsct that the failure OF corps w
yinyini, for series Of years past has oeen great,
Nc THAT the dealings between Winchester and
those Cities have proved that the balance OF trade
IS AGAINST Virginia far that portion oitne state
rs
that the balance Of trade is and for some time has
been against Virginia, us had such not been me
case the proceeds Of our exports would have se'eu
the claims upon us, &c. sc. am confident need
go no farther to Ltove that the only reason ,he VI
fcers Of the Banks haze for believing that the ga
lance % trade between Virginia and the North, is
ag ,nst Virginia. not due to the mefe fact thai the
rates of exchange are against US.
Such then being the fact, that he Bank OHc-rs
generally, do not place the inability oi the virginia
Banks to resume upon the mere ground OF snspen-
SION of Northern Banks nor infer the Indebtedness
of this Stsie-that is, the unlavourabe balance OF
trade against Virginia, from the mere fact OF the
unfavourable rate OF exchange. ask whether the
letter, the gentleman from Isle oil Wlsnt read IRON
the Cashier, ought 10 satisfy us. Ihey went on. ne
says to get mp their notes, and got up TAR ess IMAM
thew expected, and have concluded that they were
in some degree mistaken in their suppositon o. the
amount of Indebtedness % the North. wen ST
what does this prove1 Surely the Officers know at
least with some certainty what IS their clrcula'on
and II not at the North tits somswhere,-and most
likely not in Virgni'; for we hear here constantly
of great scarcity OF money. And the genterlen
from the South West will tell you that when
perty is exposed to sale, IL Will hardly buns the
Offcer's fees: where then is u2-out Of the state
and most likely South and West as we! as North.
And does the gentleman suppose that because on
short visit to the North the Cashier failed 10 find
a very large amount nf their notes, winch they
went on to redeem, aud when too they employee
an active broker, that therefore there was certainty
very little lhere7 Let US see-now,t the idetthat
the Cashiers we're there on such an GRAND was no'
known generally why then o. course the fact that
they got comparatively small amount, proves
nothing; and il they were known TO be there OF
such a mission, | would like 10 know they would
not find their enhouced in price by the circum
stance and holders perhaps averse 10 sell TO them
at their rates-tor take II for granted that when
the officers went on they were limited as TO price,
Ne hav had urh NJ ne "
and they have cost dearly already, that take
il for granted that the President and Directors
disposed TO pay unlimited price 10 ascertain
what amount ttay had IN circulation m New York.
Philadelphia and Bltmore. Besides, though the
New York Banks pay specie, the currency OF New
York is said 10 he very mixed indeed-mOngrel II
YOU please-and the notes IN circulation would |
hardly in , or days even weeks be got toseth |
er-even by an active broker. who presume acted |
not merely for the Cashiers of the Virginia Banks
but for others also-and If active had certainly New
York business to attend to-while the Virginia
notes IN Philadelphia and Maryland must Of course
hsve made part OF the general circulation IN those
q les For If we were non spece-payng, so were
ney and their Bank as appears, under the infu-
enee Of the mobocrscy strnining every nerve to
resume, which OF course forced them not to issue
much Of their paper, but rather TO hoard it. Nor,
confess, DO see any striking analogy between
New York and ourselves. which will authorize us
10 copv from her cation. The Cashier of the Vir-
GINA Bank tells you that "to enable the Banks OF
New York TO sustain resumption, il will be remem.
oered that the Commercial pressure IN that City
vas for time ruinous to many" Yes, SIR succeed
n the effort, fail the Commercial pressure is to
lappen OF course-the RUN is to occur necessarily
-and numbsrs are 10 be involved in that ruin
Oh yes, understand that But the enquiry is
now like we are TO New York-where the Banks
o be have resumed-but os / am informed,
he currency is as have already limited. | refer,
'ir, the gentleman from Isle OF Wight to another
pat n of The answers of Gen. Pegram-"The
Northern Cities ESPECIALLY New York; have I've
'me the settling points for our Cammerce with
Europe, and the more distant States Of the South
and West In payment OF the interest on our
State and various Corporation loans abroad, as
well as for q large portion Of the purchases OF
Western pork and Southern sugars, a periodical
transfer OF funds is required to he made 10 those
Cities They thus become the recipients and de
positories OF large sums OF money from every por-
ton Of the West and South so that the balance of
debt may be preserved IN our favour with any one
81 these tributary States, without any advantage
over her, in the mere exchange Of commodi'ies."-
Nor does the analogy hold between Charleston and
the towns Of Virgina-that City to which though
IN less degree the same remarks are applicable
the settling point for extensive countryside
only tolerable shipping port, sir from the capes OF
Virginia 10 the Southern cepe Of Florida.
What then, sir7 Why sir, I'll tel you. / am
not satisfied by the gentleman's reasoning that the
n 1
not satisfied that the Northern Binks are in a situa
ton TO do 50 successfully. Under cOnstraInt they
done so, and sir tits not the action which results
from the persuasion Of force that deem generally
prudent. Our Bank officers | do not understand
10 intend that upon forced and inconsiderately
forced resumption at the North they can resume,
but rather when that net is ludiciousiy undertaken
at the North, they too can safely resume And sir
LEI me tell you, apptehend another suspension, and
before leave this city (for ioresee that the Banks
will be obliged to resume.) will leave my name
upon some pleasantly situate desk-to be ready for
n summer session.
Mr. Speaker, will say incorporating OF the
Banks as whole, certainly not meaning to include
certain Banks referred TO yesterday by the gentle
man from Isle Of Wight, as having very ample
means md whose circulation could so readily be met
Ivy cash means-nor the Exchange BANK, whose
President tells Won il can resume and the reason
why-that only Bank whose special interest am
to guard-ior u is Norfolk's own Bank, in a great
measure md very admirably managed by ns safe
hands and sagacious heads as can be found in any
CITY OF equal extent anywhere. As 10 the
other Banks they have much more able special ad-
vocntes here than am, and they must defend them;
for God knows some OF the Banks need IT, They
have discounted too much. They have not prepar.
ed as they ought for resumption. The Virginia
Bank here admit is in a very bad way, and the
20 tleman from Isle ~ Wight denounces the con.
duet Of the Farmers Bank too. III tell him, how
ever, without knowing anything ofthe situation Of
The Farmers Bank here, which ! must leave to the
gentleman to establish, have letter from very
highly intelligent and esiimable genlleman-his cor
respondent too-whIch informs me Of the very adj
nirabie condition Of the Branch Bank with US, and
how much more easily IL could resume. Aye, Sir
he Formers Bank IN Norfolk, and Sir, the Virginia
Bank too, though not so readily, yet With Tar more
base than you, gentlemen here. But Sir, as a whole
the issues have been inOrdinate, and the Banks are
nnmn-nud Fhrr ta