Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-16
BANK or VIRGINIA. FrH. z1s.a

BANK or VIReMrA, FEs. 7, 1872
JOEL HOLMAN, Esq, Chairman Of the Comni;tes
on Banks Of the House OF Delegates
srR, reply TO the inteuogatories pfopounded
70 me by your committee on the 29lh ult., | bee
leave to submit tie following answers which the
orei intervals OF other pressing duties have enabled
me TO prepare:
!. Answer TO the fret Inierrogaiory.
am unable 70 form an estimate of the probable
amount of the circulation of the b,nks of Virgini,
in the cities Of New York, Phiade phia and Bali.
more lnreply 10 applications for information, the
amount IN the city Of Baltimore has been variously
estimated al from 100 coo to 100000 dollars.
The genera complain; of the scarcity OF money
throughout this state, with the circulation Of our
banks not materially reduced for the las, twelve
months, leads mo 10 conclude that larger propor.
ton OF this circulation than usual has gone into
other states and the depreciation of the paper Of
the virginia banks IN the northern cities has doubt.
es' arisen ifan an undue accumulation OF it q,
these points, whittier il has been RENTED from va.
rous parts OF the country as medium Of exchange
2 Answerto the Second Interoga;ory.
| heneVer The notes Of our banks, by resump tion
shall be raised 10 tic standard Of gold and si,Ne-
they will cease 10 I've used for ordinary circulation
IN other states, and tho amount abroad viii probl.
bly, be returned FOR redemption through the northern
cities. Our circulation, therefore, would have 10 bs
reduced at least TO the amount required for domes
tic circulating medium.
| 3. Answer 10 the third In,errogatory.
| IL correctly understand this question, ! am moi
prepared to say that any additional demand (be.
yond present liability abroadl would likely be
made upon the banks Of Virginia from the northern
cities. in OF resumption unless the notes mo %
circulating within the state were brought On and
su5stiut, With paper currency Of lower value n
order to draw our specie for ex 1oriation. BY such
a process the demand might in a short time reach
nearly the amount Of our entire circulation,
4. To the Fourth lnterrogaiory.
ain unable 10 give On answer at all satisfae,o.
| ~.
! s. Answer to the Fifth Inteuogatory.
! concur 10 the opinion generally entertained tia
the balance Of trade is, TO coasiJerabe extent il
favour Of the north against Virgini1; and as Rich
mond 10 the principal medium Of this trade, il, j
probable that this city is more largely indebted thai
ony other IN Virginia TO the northern cities-as, il
turn, the country 10 more indebted 10 Richmon,
than 70 any other Of her sister towns in tie state
! The amount ofdomesiic indebtedness to Richmond
from on estimate .ately made, must Vastly excee
her Indebtedness abroad.
But although this balance OF trade against Vi-gi
MIA may in considerable degree have Tcsu ted from
an excess Of our purchases over our s1ics ~ III
north, other causes besides the direc, trade have nl
toeted the ra'e5 Of exchange. Tho northern eie
. llsspccniy New York; have become the settI mi
points Tor our comnctcs wrh EurOps md the NOR
r distant states Of the south end wcs'. in psymon
The interest on our st-.e and various corporation
loans ABROAD ts well as Tor large portion Of on
z purchascs Of western pork ard sou htrn s.r,rr
peuooicai tfens'tt Of ionIs is Teqcifed to NJ al
- - Ne' DtcoiNe liN ffClpfni
and depostofes Of lhrso sums Of money Ton, 49,,
!, portion Of the Hcs and south, 20 that tie b,ia,c
! of deb may DO preserved in their favour wi h On
ono q these " buarY states wilhoutony udvant
over her IN the mere exshnnge Of com oJit,s
i Anoth'r cause affecting our exchanges may sris
4 IN my opinion from tho fact that the blnks n Co
!, siote now keep a larger am7un, Of specie in the
own vaults, IN proportion 20 their circulation, tia
formerly. Unul few years past, they were cor
Z. tent 70 leave largo cash balances in the nouher
ewes tseepng At home a smaller suppy Of coin
when enabled them better 10 regulate the ~
,s changes, as we'll as TO to.ure greater pvour tos,,
o, their NOES 10 tic northern ei les. II teskine
2. AVOID discredit a. home by augmen,ing that mo
=, ineligible security for their noiosnsfoeiv ,nsc
ho -hoy have impaired tn II credit at tic north l.
10 not Keeping there the means Of redcemioe lie
Ee THIS view might be lu'Isie1 more fully III j