Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1860-06-16

y
1860, amounted to SIC, l47 $50; on the LIST of
January, 1859, SIG ,404,476; and on the lst
of January, 1858, SIS. $50, 4O:-that the dis
count lines of the Northwestern, the Mer-
chants and Mechanics, and the Valley Bank,
were as follows:
January lst, 1850. ,OS37 08
q" 1889 Observation-Disclosures. 5,203,5ll
" OBSERVATION-DISCLOSURES. 3,49l ,6IS
and the discount lines of the 'Independent
Banks" exclusive of the Banks Of the Com
monwealth, were, on the
lst January, 1850. 77493a
1859. ...................."... 0,3Oo
- S5S............. 2,ilS,ZS1
Now, place side by side with their discount
lines, their circulation Mt the same periods,
respectively:
The circulation of the Farmers, Exchange,
and Virginia Banks, was
On the lst January, 1860 .......~......St, 1883
lS59.................... 474O, 80
lS5S...... 4, i}5, 3TU
Of the Northwestern, Merchants and Me
chanics', and Valley Banks
On the lst January, $50
" lS39.................... 3,ii9,952
- lS3S......... ,29f
OF the Independent Tor State Stock Banks
On the lst January, 1s6o.."......"...~S2,o49 ,754
- d" lSo9................. 2,olO,3Uo
:" 1898 Observation-Disclosures. ,9Z3
1t is claimed by the opponents of the re-
demption law, that it has necessarily caused
a diminuti0n of Bank accommodations, and
Il consequent pressure upon the trading COM
munity. confidently ask whether any such
results can be fairly charged to that law, in
view of the above figures, and Of the state of
things since the great financial revulsion Of
1857?
If Virginia did not buy large portion of
everything abroad, even her butter lard,
bacon, hay, dry goods, hardware, railway
machinery, rail cars of all kinds, car wheels
and axlcs, agricultural implements, boots
and shoes, leather, furniture, clothing, pig
iron, apples, fish Of all kinds, riding carria-
yes, wagons, &c, &c.-and, instead OF so
doing, produce, as she well might do. all
those articles Tor herself very different
state of things would exist. Employment
would be given to large number of our
working people, not farmers or planters,
who with their families, must either emf
| crate or lead Il half starving existence
These people are willing and anxious to work,
and would consume the products OF our
farms; but YOU won't let them, because you
prefer to patronize Northern workshops
| The fact Is, Virginia, and the whole South,
is cursed with Il large and influential class
Of gentlemen, who would ''go II mile out OF
their way (as John kandol pin said) to kick u
| sheer" regarding that animal as sort OF
industrial emblem. If we had more home
industry, exercised upon greater variety of
pursuits we would not be 50 dependent, as
we are, upon those most uncertain and tluc-
tuating articles of production, breadstuffs,
our chief product. Certain it is, if we 60
on as we have been doing, depending upon
such crops alone 10 pay tor our purchases
and support, we will never be able to pay
our way. The balances will inevitably be
against us, aud must be paid in coin, and
| our Bank circulation must come in for re-
demption muntrur1e it us you may.
Another thing should be borne in mind
in regard to the effects Of this redemption
law, namely. that when everything was
high-lalutin' iii the West, when crops were
abundant, and prices were high we got out
IL large circulation of Bank notes in the
West and that, for the last two years, in
consequence of the terrible reverses there,
and the failure Of crops, it has taken every
dollar they could raise TO pay up, and conse-
qnently, every note sent-there, is speedily
returned Tor redemption. All these things
must he thought Of and looked fully in the
face. Figures can't lie" and it is as Ger
tain as facts and figures can make it, that,
unless we foster our industry more and vary
its application, we cannot get along.
This is the remedy after all-variety of
productions and this is the true secret of the
prosperity Of the North over the merely
agricultural States. They are getting rich
by manufacturing everything for US, while
our own people in the cities arc doing COM
paratiyely nothing. \.