Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1862-03-08
sI67 s12 1856
S'272oeIs
Si75 T3s 3s7
S5,sls,s42

0ne.third Of this sum Is Si75 73s 3T
If We deduct ~ above % sls, s42
We have the sum Of S799l7, 655
AZ the additional sum which was required to enable the
South to ST. ply the manufactures which they
PEELED 10 purchase Of the North because did not pro-
| duoe them for ourselves.
We entreat the rtader to pause for moment and ask
himself IL the Of the late disasters which have
given confidence to our snemes' Is it the valt If
arms and other necessaes which h9 North produce
for themseve but which cannot Obtain because our
prtadiee-sye prejudice political prejudice-ha' pre-
yeptsd u, 'ro7 producing them' II an addtona, sum
Of $7s ST. 300 requisite to supply the o. the
South in 1850, what additional should be invested
in manufactures to enable the South to supply
wants, And can the requisite be supplied in any
otherwise than by increase OF Bank capitals
But are told that the large payments by the Gov.
eminent will create redundant currency ana furBish
the capital requisite for manufactured The answer Is
that the use Of Banks Is to consolidate the monty'd
oap so a. to sustain the value Of the credit currency.
B. we mean the credit used In the creation end
.rr- 4 the rrod1cc Of the soil, aud Of labor from
Tho ..r,o he consumers which includes the credit
Off .du. .s IL ill tho credit Of the Government
TIE merchant Is Indispensable intermediary between
the producers and the consumers. Thus, say that 9
manufacturer OF cotton goods In Richmond purohasts
ten thousand dollars worth Of cotton in Augusta Ca
and gives bis note payable IN Richmond ninety days
after date II he sels thousand dollars worth Of bis
goods to Q merchant whose note Is discounted by Q
Bank IL Richmond ths payment Of the merchants note
enables he manufacturer to pay for this cotton bought
In August, and II his note had been discounted by
Bank III Augusta, the planter was enabled TO realz,
upon the sale Of his cotton. Il will be that tsc
operations be made without the agency OF Bank
There must be concentration Of capital appropriated
to that use of suicen, amount TO supply the demand
created BY such negotiation The manufacturer could
purchase the cotton il his note could not DO dis
counted 10 the bank at Augusta, and the merchant
could purchase the goods II bis note could not DO
discounted IN Richmond and all must sec that this
could no, be doae ia such to inspire the
quisi.s confidence without the agency Of large capit
associated in Banks.
Bat 10 return to the currency issued by the Govern
ment We not only admit that the thus TO pc Issued
will be greatly than will be rag Tired for currency,
but We insist that the fact that this cy will be 10
excess and must therefore. depreciats, makes abso-
utey necessary that there should be iacresse Of
Bank capital the only means by which an utter pros.
traton of the psbc credit can be prevented The sls
before cited teonsuqe that had not si ,ient csp
ital before the war; and IT, argue Bank col.
ital 10 required to sustain the public credit, then our
prep sition is doubly proved.
The Banks Of Venice aud Of Euglsud originated 10
the necessities created BY var. A writer Of the limo,
speaking Of the origin Of tie Bank Of EpgAud, said
Il. In ar hlad
Change Alley; the Kirg and bis troops dsvoured
By mechsoics ard cold by usury ,ses lay bundled up
ike Bath fasgots in the hands of brokers and stock
,bbsrs, who showed their mercy BY devouring the
King the Army, and the Parliament, and indeed tho
nation. Such we're the tTgences Of tho
King ,b, BIS soldiers marched Into bstts without shoes
or kings while bic servants haYe been every day
waking in Charge Alley to get his money o; Tia
stock iobbers eysa sf.er ell tbs horrible demands OF
discount have been allowed and q! last SCARCE afy psg
cent. of the money grauisi By Parliament has ,oms
the hsrds Of the EIcbqdsr and that late to- late
for sarviss ed 81 tsoieH til !hs Kiog bAs bean tI'd
with tn. delay"
We ba,s ssrn 1s!, during the SEeues var, the d2s.
e,rnsnt c5i. sv through the agency Of tie Bank Of
Eeslsnd, va eiAbsd to fuad t:cs34ii, $50 Of their
pubic d.ht and no one who has carefully Ecad the tL.
tow Of til, time bsiev, tina! England could have
sustained herself 10 that conflict without the aid OF hsr
Banks five turn to France, We mod that the opera.
tons Of Banks snd banging Of no less national
yslae To Blak OF france vas organised during ,ss
PreEch Revolution at the close OF the las century,
capital of 900 fAuo, which, in 1906 was inersss
cd to 30 900 900 .nos Tor tls 900 OOo) and Egg.
lsh writer, speaking Of the Revolution Of ls45. fsSs
From the com encemsnt Of the outbreak, ct the epa
Of February March 18Th, the Bank discounted bills
the ameu. pf 10 900 900 france repaid to the
sury n Oo francs out Of 1875 900 600 francs then
ouiag; i I'd 10000, 900 ftaEcs TO the prcSboiAl
bsnch Banks discounted also for them bills 10 tie
amount of 5000 900 francs in the tosns where Ii lad
branches by this ,duced lis bullion to O0o-
900 francs or e. 900 900 sterling which sufficient
70 cover abou; thirty per cent Of is inu' date lb'
ties - The transactions in spsce we're equslT
great The Bank obtained speeds from abroad TO the
amount 10 900 900 francs, At srss: cost, providing
Pari. SO 500, 900 hsncs, and the departments With
q0l,es ;...cr, and the Governnsnt 1876, 900 90
mako total Of 400 900 900 francs Of specie or Hfs-.
" E2c 100000 = Tseve months from b,
same ate, the bullion In the Bank bad increased 70