The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-16

the average valuation Of 90 81 per acre. Is worth
e2i6 40 AL. Suppose the people. by advocating
and encouraging. induce great extension OF ouI
commerce, and as consequence were to double thu
present value Of our farming lands, or elevate the
cash price mp 10 the Maryland STANDARD Of slS 81
per acre who could calculate the direct and Incl
dental benefits resulting to all the great interests o.
the State Who does it 30 we'll become to take the
| initiative in this great movement as the country
people, Under this impression We respectfully in
vite The cooperation and aid Of all parties. all IN
terests, and all classes. II true to Themselves
alive TO the future prosperity OF the State-we trust
they viii actively and efficiently exert themselves
tofore adduoed relative to the extraordinary
average value Of the farming lands ia those
States enjoying the joint advantages OF com.
merce and agriculture, admoLish us that the lana
owners in Virginia ought not ony to feel deep IN
terest in our commercial prosperity but OF all others
ought TO STIMULATE and sustain whntever movements
may be directed to the accomplishment OF that end.
This is emphaticaly the great question OF the day
Longer TO delay prompt and decided action would
be suicidal. Our agricultural societies can render
great service by impressng upon their members
the importance OF encouraging direct foreign trade,
and inducing our country and village merchants to
purchase their stock of goods in virginian cities,
because organized societies can accomplish great
results; and il has been shown that perhaps OF all
methods Of enhancing the value of our lands none
promise more favorably or more certainly to attain
OF our commerce. This great question, involving
the future policy and destiny Of the State, appeals
with great proprety to the agricultural classes for
support.
We viii proceed now to present other views, equal
Iy entitled to due consideration. Suppose we were
to make Richmond, Petersburg, Norfolk and Alex
sDdria centres OF trace-or, In other words, make
their situation relatively to our own State what
Baltimore, Philadelphia, New York and Boston are
to their respective localities would not our specie
fnnGl no mn abundant and general circu-
lation less fuctuating, and therefore more healthy
because less Influenced by extraneoHs cOnsidera
tions, and more Immediately responsive to the
exigencies and demands of our own interests and
wants? When the great commercial cities of the
North have to pay cash duties upon imported mer-
chandise, they seek their supplies from distant
ponts-otherwise the specie in their city banks
would soon be exhausted, aud down would 60 both
their currency and credit The substantial amount of
specie needed in each commercial centre has then
TO be drawn from all tributary points, and thus by
various expedients the cash funds Of banks are
made subservient to their purposes. The brokers,
IN laying their HANDS upon our specie, must either
send it to the large importing cities to sell to those
paying duties OF else hold it for speculation upon
our circulating bank paper. Under this "surveil-
lance" our banks are reputed to exchange large
amounts with other banks ct remote points, 80 as
to make it more incOnvegient to get notes in the
vicinity Of the banks issuing them TO be offered at
their counters for cash, or its equivalent But II
banks, from whatever exigency or by whatever de-
ally expect their paper to remain at par. Such ex-
pedients, there FORE by augmentng the discount on
their notes. stimulate the appetite Of the broker by
enhancing his profits.
Our existing commercial dependence upon the
North. has converted our banks from Independent
State institutions into provincial banks, because
they ore by the laws Of commerce appendages Of
Northern trade, worked as auxiliaries during it's
food tide and as snbordinates required to bear an
undue proportion Of all money pressures. But the
banks in the great Northern commercial cities being
at headquarters, their business and patrons, to
relieve them in their hours Of need, draw the life
blood from our provincial banks, by this method,
sustaining the commerce and banks OF one c0mmu
nifty by depicting and Gripping both the trade and
banking interest in all tributary points If we aban
con our custom of dealing 30 exclusively with the
North, 1t would not only materially relieve our
banks from these everlasting drains to sustain the
commerce Of other States, but enable them to main
tain in reality and in truth bona fde specie pay
ments, and to second more powerfully whatever
commercial enterprises we might think proper to
undertake. To encourage direct foreign trade Is
therefore the true policy of Onr State banks: and
every motive of senteI est and Independence ought
to prompt them to second our efforts.
BY examining and comparing the amount Of bank
ing capital and circulation together with their dis
counts and bills OF exchange, we find that In the
great commercial and agricultural States there
exists most remarkable difference in favor Of the
commercial States. As illustrative OF this position,
We refer to the following tables taken from the
report oftle Secretary Of The Treasury of March g.
1853, the banks ofthe various States, which pur
roIt to have been prepared near the close Of the
year 1862 -