Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-05-02
From The Rlebmohd enquirer.


the views of the writer correspond with our
own opinions, often advocated in the Enquirer
we take pleasures IN giving place to them:
New York, April 10, 1857.
Hon. Robert y. BradJ0rcl
Dear Sir: am glad to see that you arc not
SO much 0ccupiedby legislative aud other official
duties in your adopted state, as TO preclude
lively interest in the prosperity of the state Of
yonr nativity, and you are right in presuming
my readiness to do anything in my power bya
way Of suggestion or otherTise to sustain and
advance the character and progress Of the Old
Dominion-a state which we have both many
and wcighty reasons to regard with the most
measures would, Mt this time, most readily re-
lieve her Pecuniary embarrasSments, and assist
in developing her great natural resources? In
order to apply iudiciouSly the proper remedies,
We must thoroughly understand the condition
of the patient we see, then, that she has a
public DEBT Of nearly thirty millions mag.
niRcent system Of internal improvements stiil
uncompletcd, her siT per cent. stocks selling IN
the markets at ninety tuCo per cent, hertaxation
already so severe that there is great unwilling
ness to increase the debt, and sec that ona
recent public occasion, our old friend Colonel
Voolfolk. solemnly declared that he considered
reputation 5neCitHbte. / understand also that
her banks are unable to supply the demands of
business men. Indeed, this would seem entire
" probable when VIC reflect that the whole
banking capital of that great state in 1850, was
less than ten millions, and that the banking ca.
Pital of this single city, with less than half the
population of Virginia, exceeds sixty millions.
understand also, that individuals who have
money, can, by the purchase Of the best of pa,
per, obtain in almost every town from twelve to
twenty per cent, although the legal rate of in
tereSt is only six per cent Such deficiency
in the circulating medium must Of course be as
facilitating to the business interests of the body
polite as the loss Of hair or t'Oo-thirds or its
blood would be TO a healthy human body. The
first great want then, unqucstionably, is an in
crease of capital aud of the circulating medium
in the shape Of coin and banking facilities
In my Judgment then, Virginia would be
greatly relieved by tho immediate adoption Of
two legislative measures. First, the increase of
her rate of interest to seven per cent. know
there is prejudice everywhere against increas-
ing the legal rate Of interest," but IRE the finan-
ciers of Virginia aware that whore the legal rate
islhigheSt, the actual rate paid and received in
business transactions. other things being equal,
is usually the most moderateg Why dc people
in want Of money come from all parts of the
country to New York to borrow, whom the rate
here established by law is seven per cent, while
in all the other commercial States 1t is only six
per cent! Because, undoubtedly, the legisla.
tnrc Of this State had tho wisdom to adopt
higher rate than its neighbors, and by so doing
attracted all the moneyed men who came to this
country from abroad, aud thus, not only sup
piled its citizens with tho means necessary to
establish her immense commercial supremacy,
and to develop all the resources of her varied
agricultural, mineral and manufacturing indus
try, but has enabled her to become tho great
money lender for all the western world, on bet
ter terms than can be obtained elsewhere and
IN short, has made this city the great centre of
trade, commerce and finance, for the entire con.
hncnt The second measure which Iwould
recommend, would be the adoption Of general
banking law based upon her own State stocks,
substantially similar TO that in such successful
operation in this State. I have no doubt that
this measure would greatly revive the credit of
the state, soon bring her six per cents. up 10
par, and at no distant day raise them to the en-
VlablC standard of our own, which would now
readily command a premium of fifteen or six
teen per cent The two measures should be
united to be ettectUSl, and if adopted we should
soon see new life infused into that glorious old
State, capital would flow thither, and those nat
ural elements Of wealth existing in her unrival-
led mineral, agricultural, manufacturing and
commercial resources would be exhibited to the
world, and our dear old Virginia would enter
upon her legitimate career of prosperity and
glory,
The deep interest which 1 feel upon this sub
jcct has often induced me to discuss it with our
most distinguished fiRancicrs, and know
have only stated tho most measured reflections
and clcarest conclusions of all who have given
the matter serious and enlightened considera-
ton.
Other important measures might be mention.
edauxiliaFy to those above enumerated and dis
cusSed, which regard of most immediate and
pressing Importance but perhaps have alrca-
dy said enough and besides, prefer to, see
how these suggestions shall be received before
trouble you with anything further. may re-
sumo the subject at some future time IL in
your Judgment the publication of these views
would be calculated to contribute in any man
ner to the progress and prosperity of state
whose honor we both so sacredly cherish, they
are at your disposal but as their value, il any,
depends upon their intrinsic merits and not ON
any authority of sanction which my name could
confer, and as do not desire any personal no.
toriety, let them be considered simply as the
opinions of an earnest and sincere friend of the
advancement of all the great interests of that
great state
A NV DopoE-An ingenious attempt was
made on Thursday TO swiHdle firm Of Phila.
delphia stock brokers out of S, 800 by means