Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1869-04-30


inpton Globe of tie 9TH list, among numer'
ous others:
AiryAypaIA, March 2&, 1869.
81. Although have not the honor OF your
u r,onal acqu9intaacc, yet | have taken 'n9
lih,r,y (, address You this letter, cn'juraGco
70 i, "a !,y the ab, and independent speeches
which YOU have recently made IN the Senate oil
the United States =.
do not proposc to dis,u>s the subject OF
politics, With which | have Loihing TO do, but
to call your attention to the great restitution
in Virginia OF the capital necessary to all tue
interests Of tic State. =,
AS YOU are aware the entire banking capitai
o. the State having been invested IN coDieder'
ate bonds was 'ost, leaving US without a
single solvent bank in the State,
Since the close Of the war lew bluHS oil
restrictive capital have been established mere
asd there. but they are lew and tar between;
and utterly inadequate to supply the wants OIL
the various Interests of the State. As an cx-
amnIr I may cite this city. where before the
war We had three banks with about million
Gollar, ioint. capita now We have one with a
capital Of 800, 900. The consequence Is that
money is exceedingly scarce, and the rates OF
interest enormous, ranging from twelve TO
say 10 you that no business in Virginia can pay
such rates and prosper. They are necessarily
impoycrishing and destructlvel
Money is greatly needed here, and IN no
stintcd measure. All our interests are languish,,
ing and dying for the want OF It, IL is neeueu
alike by merchants, farmers, and BY our rall,
road companies, all OF whom are 10 - deoI anu
require money at fair rates 10 pay OH oid deO's
| and re reconstruct themselves.
Twenty millions could DO readily and prom.
tally absorbed by Virginia alone and what may
hc reouired for other Southern States l an
not able to say. Cannot Congress be induced
r. enlarge the volume of circulation by giving,
saw ono hundred millions, to the Southern
| States? The sum sounds large, but am 81.
| is6ed that il is not greater than the wants VI
the country. Money must be made cheaper
before ", can prosper. Make 1t cheap LOT hVt
to ten years and we shall By the expiration %
| that time be strong enough to stand tue cHect;
ot INV gradual contraction that may be found
Necessary. You may safely depete full man,
bnt an empty one will die under such process.
| As Virginia has no representative 10 either
House of Congress have taken the Liberty to
address you, asking your attention to this sub
| i,ct, as it is one that concerns the country at
large. for if one Of the members suffer, all must
in greater or less degree feel the effects.
am sir, very respectfully, your obedlent
servant. w. q. CAzENovE,
Hon. William Spraguc, United States Senate
| Washington, ID. Z.
ALEXANDRIA, Va, April s, 1869.
| Dear Sir IL will thank you for copies OF
your recent speeches, not emitting the ono
promised to BIO delivered by you day or two
since.
One million bales cotton do not require five
million tons shipping nor docs one million bales
| employ as many factories, nor so many OF the
working classes. The ramifcations arc. APP
parent 10 any thinking, rejecting. bushes
man; yet cotton crop OF one million may
show larger money figures.
| Excuse me- | am a stranger to you, but nave
been an observer Of these matters many years.
| have witnessed the increase OF ships IN Ca
pacity of tonnage and in numbers correspond
| ing with the increased product of cotton; and
alas have also witnessed the decline III ton
marc with the decline 10 the cotton and tobac-
CO. and other material products.
am, very respectfully, your obed!ent ser
want. JOHN +. DT FIX.
lion. William Sprasue, United States Senate
| Washington, ID. {.