Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1862-02-28
5oULp VIRGINIA INCREASE her BANK CAP

tgOULD VIRGINIA INCREASE her BANK CAP
ITAL'
To As E9'tr Of ne Whig:
20 answer this al stion in the negative is to assert
AZ virginia must b. eJm rercsly and financially de-
pdsn upon the Sortb for il Virginia ia free she mus:
commerce and manufactures of her own, and these
cannot have Without a. increase and a large IL
se Of her banking eApis, for no state can have ex-
1s;vs comnerc, or uanufaosurss without the all Of
1nks-
That virginia has no. s1ficsn, Bank Capital appears
he comparison between the Banks Of Virginia and the
Is of other states aud countries. Thus, Virginia
appears .5y the report Of Jhs Secreary Of he
urs Of the Uailsi States in March 1850, Including
|Blnks Of Western Virginia nov in IN Po's,sion Of
enemy, bu, 65 Ba1ks including Branches, and The
oss Of she Secretary Of S.A,e Of the llh nst gives
ssl7ss as the sum OF tie capital Of the Banks IT.
ed 10 that report Virginia has population Of l.
lss and her Bank capital is less than nirs dollars
espitl. VIII reas Massachusetts, has populton Of
81 asa and had i7s B,nks si.h a s64 Sls. 200 p
tsing nearly 6f.y,lhree dollars psr saBisa Coanoc-
sieus has population Q! 46o67O aud had a Banks
With s2a 25S capital, bei-g nearly sf,y dollars per
sapi.a. Ns~ ork hAs popul .d'n Of SrSal,So1 a'd
had SOS Banks uish capital Of illl,t4l s4l, being
nearly thirty dollars pr cop "a, and Kiode IS'na has
70 ul,,ion Of l74 6gI and had VI Banks sih espsl
o. $40 sos 5sor nearly hdudred and twenty dollars
-r eapitL II We compare the mtnuiSc!ures OF these
s,ss We 6nd that according 10 the compendium OF The
ssasus OF 1850 a. prepared By D.BjE, the product
O, Connecticut was s55 llOlOl or one hundr
and forty liars per capita that Of Massachusetts,
vAs Sl.l lETl45, or n. ally one hunored and tSeny
th.s. dollars rer capita that Of Eeu York vas $751;
Sl7 239 or yearly SKY tEo dollars per capita; that OF
Rhode Island S22 Og&25s or one hundred and twenty
dolars per capita; whilst the product Of Virginia
was bu. 50 7O5 SS7 being fraction more ihAn twelve
doll Es per elpn What is tie purpose Of the cruI
and relentless war vsgld sgAioS, By the Northern
States? Is /, not that they may compel rS to purchase
a. their ,rices their surplus manufac:ureg, and also to
plv them pro6, on the goo5s which they import With
qr moreyy Is il not 70 make Ogf capital AID labor
tributary to their pgcs parity Can We relieve ourse!v
from our depenien. Tss'2age unlss We Increase our
Bank capiIlll
Again, why old our Barks dis'oun: bills OF exchange
oa New York 10 preference 10 the commercial pa2,r Of
Sluthern me1cHanis' Was /; not because there va
not sufficient B,rk capita! ia Redmond Norfolk to
enable them to compete With New York as conner
cia depo. Who doss not kHOE that the tiect OF com
,lLs or wholesale merchants TO import through New
York vas to compel the people Of the spuh TO pay
profit 90 NeE York az well as 70 Rchmondi The str.
tsies Of the Csasus OF 1850 show thls the annual pro
Of manufactures, mining snd the msoiaais arts in
the savehodiog States vas tsi5 $50 42s giving profit
OfsI.57 per cent How much Of that large san did the
South consume Oas bali. Il 50, then, 10 add ton 10
n, psoats ou toe foreign goods imported through New
YORK ve we're paving up yards Of gao 600 900 per
nun prcs on their nAnuiAoures Why is il that Ihty
laugh at the idea Of our Independence: Il it not b =
e.ass they believe that people Who, With aup's
resources, had neither the intelligence tho esergy
or iadus ~ to establish BlnE3 and to manufacture
fer ourselves have neither the Ralaeia skill the intel
Egsnee the snefgy the industry regulate - prevent
our subcglto-, Whence can be obtained the rtqu'ts
Supplies, during the present war if We do not produce
them ourselye. Can We produce them Wi,hou: 40 ia
erase Of bank eapiia Can manufactures be sucsess
fully carried on without bank Ia what country have
they p.Ospered Hi.hcu. the aid Of bank! The answer
Il enphaic-in none. In proof Of this We refer 10
Scotland where, vi a pOpulA ion mucl the same g
Virginia they nave nineteen banks Of issu', W;th 81
buldred and fifteen branches snd capital Of sJs 6Sl
s55 paying dividend Of eight per c,uL although the
average rate Of uteres on discounts IS below ave pc
cent? ar they pay this divided because their system
ngs into use in the shape Of depOsites large
Of capital and Of cree dit which under cur system you'll
bs dormant aud unproduetiv,; but which, lder their
gy4.eH siys Aie ami energy to the commerce. the
HfAc,ure and sg'suu,e Of Scotland. Why may We not
employ ous surplus capital in MANUFACTURED Have the
s.ss TO which have referred Scotland more va.
GER power, more coal iron, copper lead than Vrgi
uIs Have the PsOP.s more 10 elgenes, energy or en-
tsrpLseg L il no, because have drted with cur
N, which has made Us dependent upol
,iclss which We could much more pro-
S. ,uhAA = viii be wisdom to EN-