Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-07-15
NUMBER l2.

se nnd owners in Virginia ought not ooIy 10 fec,
.. ~ 'u cur commercial prosperity, but Of all oth.-
| pusn' 20 stimulate and sustain whstever movements
DC directed 70 the shmcp, Of that and Tt,.
emphat'eaiy the great question of III, d.x In,,.. .
u'.y prompt and decided action would be snict,.I ,
; 80 a. soce'es can render great service by impress
S upou 'ner members the importance OF encoors yps.
prect foreign trade, and inducing our country and
to purchase their Of good, In yi,sirs
result. soa oganned societies can accomplish great
anu u nas been shown that perhaps of ali netboa.
OF enhancing the value Of lands. none proni.s r,
'oaoy' or more certainly attain that object ,hsn
rapid aud extensive augmentation Of our Th.
great question, involving tho future polcx .na -
STATE appeals with great ptopety to III. asricuurs
classes for support.
ne WI proceed nov TO present other view, eou,l, an
ttIed to due consideration. Suppose wa vera "a ,,.L
iaehmond Petersburg. Norfolk Ale een,rs ~
e Or IN other words make their ,ou relatively to
Uui own state what Baltimore, Philadelphia New York and
Boston are to their respective localities would no, o,r ss
eve nnus he more abundant and general Circulation
nuctuatng and therefore healthy because in
nuenced oy eItraneous considerations and more irnmea
aey responsive to the exgepces aud demands of our n
interests and wants? When the great Commercial ej,iss
ne North have to pay cash duties upon imported mer
they seek their supplies from distant points 9th
ei"e the specie in their city banks would 500. he
ususeu' ana down would go both their currency and
e'. ine substantial amount of specie needed IN each
commercial centre has then to be drawn from ali ,,;h,,
points. and thus by eIpedieut. the ca.b ~
our oahks are made subservient their purnoses Tn
% 10 hy,ng Their hards upon specie must either
70 tue large importing cities sell To tho.e ;r
dues or else Eold it for speculation upon our crcn.,;r
bank paper Under this surveillance opr h.nLs
pu'ed to exchange large with other banks AZ
oe points so as To make incouy en- lent IN .t
NOES In the vicinity Of the baks sueng them to be o
ereu at their counters for cash. equivalent Bot f
oanks rom whatever eIigeucy or by whatever device
usced their own notes. they nationally expeet
sher paper to remain at Such eIpedients
oy ansmentng the discount their notes. stimulate the
appetite OF the broker by enhancing his profits
our existing commercial dependence upon the Nortb
mas converted oar banks from independent STATE ius
lions into provincial" banks because they are by the
laws OF commerce. appendages of northern trade worked
as auIiares during Tvs flood tide and rs subordinates
required to bear undue proportion Of all money pres
sutes But the banks in tho great northern commercial
cities oe'ng at head quarters their business men and nat
ons 10 relieve them i'll their hours of need draw the liz,
oooa from our provincial banks. By this method .us-
tanning the commerce and banks Of community by DE-
p'ehns and Gripping both the trade aud banking inter
ests IN all tributary points II abandon our custom Of
dealing 50 exclusively with the North il would not ooly
materially relieve banks from these everlasting drains
10 sustain the commerce Of other States enable them
% MAINTAIN IN reality and in truth, bona fde spece
paymens and to second more powerfully whatever com
ne'cii enterprises might think proper to undertake.
10 encourage direct foreign trade therefore the true
pohcy OF our State banks and every motive of self
e'es ana independence, ought to prompt them second
our efforts.
BY examining and comparing tho amount OF BANKING
capital In circulation, together with their di.couns and
bills OF exchange nd that the great commercial and
agricultural States, their exists a remarkable differ
enee IN avor OF the commercial States As of
the poson refer TO the following tables taken from
he por oil the Secretary Of the Treasury March Cd
1885, on the banks of the various States which purport tn
have been prepared the close Of the year 1889