Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-02-02

nearly seven 10 one In Savannah there is a like
complaint Of the want of banking facilities, and
strong efforts being made 10 obtain more out TINS
extraordinary disproportion with Wilmington, does
not even now exist. Banking capital of Savannah is
49, 109 O0O exports So, 42S, 1913 In Chareston-with
whom Whining ton has 70 compete for a trade common
10 them both-the banking capital is 81 00O0 ex
ports S19O0OO0O; Philadelphia capital Sl5,0O0,O0O.
exports $50 OOO O00 New York SAT 754 400 capital.
exports about 60o00,000 In Boston the capital is
49,, $50 $685. and her exports but SIS ,35S875 Now,
Mr. Chairman this bill proposes 10 increase the pre-
sent banking capital of Wilmington 100000. Is it
an unreasonable proposition Is not ITS necessity
shown in the large excess of her external trade
her pecunary means 2 1t is said by the best writers
on political economy that the internal commerce of
any city exceeds ten times the ount of her external
Take the half Of this applicable to Wilmington.
and what extraordinary inanciering it must require
not only on the part of her banks but her citizens to
maintain this commerce! Let any member OF this
BODY visit that place, many did during the holl-
DAYS and you will find quantities of produce lying
upon her wharves unsod except upon sixty or nine
ty days credit Is this not injurious TO the interests
Of the producer Our Banks usually discountng
ninety DAYS paper have been compelled to restrict
their customers to thirty day drafts This affects in
urously our coastwise trade and entirely precludes
any accommodation to our foreign lmportations -
Considerable efforts are being made by merchants
!
to be done upon six months paper, and unless our
capital is increased encouragement in the way of
banking accommodations can be extended to them
Now, Mr. Chairman. it will be recollected by a
few low among us, that when Wilmington applied
10 the Legislature of 4647 for increase OF $3.50.
! 900 in the incorporation of the Commercial Bank,
that bomb-she thrown into the camp of I'M
suspectng enemy, would not have produced more
excitement and apprehension than was exhibited
upon this floor Some of the most eloquent speeches
e kbo mud in hat
measure All the dread horrors of bankruptcy,
reputation and disgrace startled the imagination of
members the tocsin of alarm was sounded, and the
Legislature warned not launch the cd ship of State
upon the vast of speculation, unnamed and IN
captaned, except by Wi d and inexperienced youth
! Yes, sir, and my then more youthful colleague
were requested 10 stand asideto tarry at Jericho
until the symbol Of age gave respectablty and force
to our opinions The wealth of Wilmington was
represented to be fictitious, her commerce over.
strained and ruinous, and her apparent prosperity
but the hectic bloom upon The consumptive patient
denoting only the progress OF the disease, and the
certainty Of its speedy and fatal termination.
Now let these experienced and financial gentlemen
examine these statistics, and say if their predictions
were trLe-if her trade were overstrained and dan.
gerous-her prosperity fictitious, and all her improve
ments but paper fabrics, sub ect at any time to be
blown away by the first disastrous gale of commercial
distress This | have marked, Mr.. Chairman, as
the when old fogy predictions began fail, and
tneV themselves became unSutaOIe representative
of the American character, when their penny pos
ideas of government began to be alarmed and sup.
planted by the more buoyant and extravagant
notions of Young America. And however extrava
giant these notions and predictions, there is ar
element of progress in the American character, tha
in no instance has allowed them to fail be forfeit
ed. Instead of Wilmington answering the prediction
of her old fogy assaiIants, she found to posses:
within herself the elements Of safe and healthy
progress not resulting from dangerous specuIations
hut from the advantages of her natural position
added thereto the industry and enterprise of as de
voted spirits breathed incense around the
altar of patriotism. might here, Mr.. Chairman
indulge my feelings in eulOgistic praise of thai
: people, but when that has been better said by
others, modesy would at least impose upon her owr
sons the reserve OF silence saw short time since
in little paper published in the outskirts of Calor
MIA, when appealing to it's village citizens in behal
OF some contemplated project in order to excite thei
emulation referred to Wilminglo little town
of three thousand Inhabitants, situated the barrer
sand. hills of North Carolina, had actually con
structed Railroad hundred and sixty miles
long Yes, sir, with that reaching into Virgin;
, and the other to Manchester and Charlotte with
FULL broad bosom, fronting Cape Fear and Deer
River, the Central Railroad, and all other purel,
) North Carolina works of internal Improvement Il
receive their treasures into the lap OF her commerce
, who does not see in the advantages Of such posi-
! ton a future career Of increased prosperity to re
ward the devotion of her sons, and to attract th
admiration of the high-oned, public spirited through
= out the and. Whatever schemes Of internal I'M
: provement this any subsequent Legislature may
project, if they shall have for their object the devel
opemen of North Carolina resources-their cheap ant
8 speedy transit to North Carolina market town
Wilmington, from the advantages of her position ant
5 the enterprise of her citizens will become the large
shareholder in their profits Let me then especially
interest those gentlemen upon this floor, representing
constituents living not only upon these works of i'm
2 provemens already completed but all contemplate
schemes TO farward, vote for this bill-give Il
y more capital to buy your produce and Wilmington
will go prospecting and to prosper the bright arc
+ of promise will still span her future, and grand
. UNMARRIED hue pervade its every part.
. The Foreign Military Companies of Massachusetts
r The Boston HdrertiSer, of Monday strongly doubt