Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1860-01-13

benefit the shipper here to the extent 10 which
! his bill is rendered more salcablc in Yankee.
! dom by the rndorsation Of a known Bank, and
| c%o,ppcls the Importers in Virginia either to
send 10 New York a check bought Of the Bank.
! to buy 4 sterling bill, or to pay in Virginia
what the bill is worth in New York and the
Exchange. as it is falsely called; between New
York and Virginia-thr whole transaction in
: this affair, as we'll as in the former results is
! this, that all Of the influence and power which
capital can exert operates against an indie.
pendent Virginia Commerce and in favor oil
pcrpetuating our vassalage to Northern mas.
ters. Without stopping TO trace this evil
! through all lis raniticaiiutis. enough has been
. stated TO warrant the enactment that hereafter
no Bank or branch in This State shall carry on.
either directly or Indirectly: any operations in
any bill, Itte OF other eridriccS nl debt, matu-
ring OFT Of The State. Let them be what they
ought TO he, sinily oiiicsS Of discount anu de-
post, and leave tie Exchange business TO b"
carried on by the merchants Of the State
Tic usual argument relied on for defending
these transactions is, that il enables the produce
lnlvcr TO pay more Tor the wheat and tobacco
than he otherwise could do, if he had, for in
stance, 10 bring his money into tho State,
and pay it down Tor her agricultural pro-
ducts. An easy and conclusive reply
To this S~pcc!ous statclncir; Of this view of
the question, is simply this. Between the sell
Ter aud the buyer as few hands rs possible is
the best for the producer. The instrument
taii,y of the Incorporated institutions, is wholly
from cons;,ierati ms Of p~r5iir, and results SIM
ply in e~l,a!lin. them tn substitute 10 q greater
.Htrrt, their nUIcs instead 0f specie; it is by
this system OF exchanges that the real rrdemp-
ton point Tor the !EI,ik iSsl.S Of Virginia. has
been made in Nc,E York, and not here in Fir-
ginia. Cut these institutions oil from any par.
tlcipation i'll any thing which can divert their
attention from the plain duty imposed alike
by law and rO;nIIun SrIiSc, III keeping their
Lutes ~ good a. geld, being AWAY, convert
bic into CON; arri i;Slng lhc;r means in the lceiti
mat: bulsiIir-s % diScpunting the notes secured
by Two good names Of the ~c.liZeIs uf Virginia,
and lease the business Of buying and selling
bills Of exchange, where the hand Of govern
MT mt ought to be seen or known only in IN.
forcing contracts Gctw cen merchant and mcr-
Chant. This change in our system Of banHing
is demanded by =rrry consideration Of State
intel est AID State piidc, and is absolutely es-
Srntlal in the great REFORMS Indicated in the
previous Observations. Surely, there is enough
ri Legitimate business paper secured by two
Substantial names in Virginia to absorb all Of
the bai!k!u. facilities Is be furnished by our
banks, without seeking To fa>fen ourselves to
the changes and >prcllaiinns oG any other
State Moth ii lis. The present iuIquitouS
system taxes our manufactures Of tobacco ami
every thing else, except, probably, flour, quite
one eighth "f tEr Whole Yalue Of their entire
pIuduc, ions III commissions and other charges,
without returning one iartlIing except the
amount made by me banks in exchange, which
Is not above onr-quaTter cent III any way to
the capital ar lahu" uf the State Tor If any
thing l.. beyond dispute, it is that every charge
of every kIEti iiit!s; CONE out Of the land ami
labor OF tile country Tor il Is Obvious, that II
the manufacturer sad his productions mere in
' Virginia where they are made. whoever bought
them would Of 2S able 10 pay thu prices lie has
been in tit habit nf pay inS through Yankee
commission houses, who are too often mere
rica OF s;raE. kept UP solely BY the fact tina,
our b:n&s eiN discount paper payable in New
York before they will discount similar paper
pay able IN Virginia onghE there TO be this
liberty exercised by any LANDS over which the
State exercises any ~toalroI: The losses suS-
tanned by nur iarIncr. and planters upon the
sales Of tivrir crops are too large fur us 70 To-
feet "l without seeing ,Iat sn'uelling is radj.
cally wrong in orr legislation. The following
table, taken from the Richmond ''Dlspa,ct."
and other sources, AS 10 The priceS Of wheat At
Richmond and N-w York, aud derived from Iri.
vate sources as 10 the .A!rSandrHa market, Tor
cach year from 1851 10 1855, on the first Of
September, shows Il very great loss upon the
crop Of wiiea; il llr Sia;e.