Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-09-29
Hrs.lco oornrr. rsh. cam. 1as..


Sir :-ob'srviug that you ere active In the Banking
Affairs OF the State, do not apologize Tor troubling you
with this letter. custom prevails among the Scotch
Banks which has been emneny advantageous to those
instu tons and to the districts 10 their nsighborhood
informed that these Banks usually open secoups with
10 their vicinity by loans secured on personal or
real property, with sueh margin a. may be detsrmned
the periods of loans varying from one TO five years
farmer lodges security th the Bank suppose $1,000
value, the Bank hereupou credits him (say) with $780,
or with such other agreed the Directors
slider SAFE Tho farmer not obliged once draw his
$500, but be has open account to that limit
for term specfsd-his acoount Is balanced evory half
year, and on all sums drawn hs 10 charged the current
rate Of interest for that half year. aud all pay ments
made be is allowed interest ons-haf per cent less than
the current rae-hus suppong the rate Of interest 10
the market TO be ls per cent the borrower is ch.rg
cd that his drafts, but Is ouly credited with per
cent on his payment. similar system Obtains betuceu
the Liverpool BANKERS aud the merchants of that town
but the security there, being commonly, only per-
sonal credit without writing, except the account
and vouchers Of the Bank boo the credit Is for short De-
RODS aud u closing the half years account the Bankers
charge IL per cent commission the amount to the
debit side, besides le per cent difference Of interest
Three four mouths Is the Of the loans of the
Banks Of Virginia In Richmond, and commouly they re-
qure upon discounted paper tho Of residents
IS general rule therefore, the farmer or ndhoder In
Virginia who Is without trade in town. has his credit lin
tied BY his cash. But four months tune TO
dereope any improvement on land aud /, is manifest II
real estas Is Of any value 10 Virginia then "Tarmers
Bank on the principle said to obtain with the Scotch
Banks, would do good business, provided It vas cou.
Quoted with proper precauton Capital being dearer
here than In Britain, difference Of per between
the interest charged and alowId, could perhaps be
paid besides Bank commission there could 10 no dif-
Guilty in making the terms Of loans Amply
TO the Bank aud advantageous the customers and IL
would not be the interest OF the Institution take more
than iair remuneration. Sir here, as 10 Scotland the
agricultural community Is Of the most n not Nh.
most important in the State ssd the Banking interest in
virginia being in great part the State itself this valuable
portion OF her citirens ought no; to be rejected. be-
heFs you are not an advocate for the assistance OF
the State TO private Interest If any interest
should De exception TO this rule IL is that Of the
Agricuturiss os the land is state and his coud-
uoo osnaot De improved without bencstng every inter
est IN the State Khe capital OF Bank supp the
credit OF the state watch would Ss realty Farmers
Bank, one whose would be occupied in iu-
proving the isai aud advancing the prosperity the
very urge Sass OF ci-sas engaged in its Culture would
conduce more 10 oa c. the peoples ~eire than mil
lions speot 10 oSer ipprovemelt whatsoever II
Bank vas well managed, the PROFITS would be imnedi-
ate and not problem itic, Moreover If branches scrc
mpartsly divided among the ctiEeas, and noae could
avail himself OF those benefits except By his individual in.
dustry and eXeriions
Unier ihe Influence OF well directed capital Pic bar
rens, tracts OF Ok scrub aud of Broom straw
would be converted to fields OF and wheat aud Log
huts be changed commoiods aud respectable
consequence Railway dividends woui swell by the car
rage OF our own produce aud wood aud msrsh give place
TO popular villages TIE benefits probably be derived
from such an Institution are iucaclsbe, bu, many will
occur 10 rsscIiol. NJ 10 addressing you
IS the hope that position will enable you benefit
very large portion Of your constituents By usutng or
leading others to institute Biuk such described With
the "eglt And credit OF the Safes assistance and re-
main wIIh respect
ONE OF YOUR CoNsTIrU ENTs.
RobFST 4 MAYO, Esq, Representative for Henrico.