Richmond Enquirer

INTERNAL IMPROVEMENT—THE BANKS.

TO THE EDITORS OF THE ENQUIRER.

I understand that you will publish in your paper of tomorrow, a notice from each of our Banks, calling a meeting of their stockholders some time in the month of May, for the purpose of deciding on the expediency of subscribing to the James River and Kanawha Company, conformably to the provisions of two acts of the last General Assembly, authorizing such subscription, and augmenting their respective capitals. I learn that many of the stockholders in those Banks have entered into this matter with alacrity, and it is probable that the whole body of stockholders will meet the liberal spirit of the Legislature with a correspondent feeling—but, as a majority of all the votes that can be given must concur in the measure, it is essential that the stock should be fully represented. The power given to the Banks to increase their capitals as circumstances may require, is a favorable provision, inasmuch as it enables them to guard against the inconvenience of reducing the amount of their loans to individuals, while it secures to them the advantage of selling out the new shares for the benefit of the present stockholders. The Banks, too, will be the depositories of the subscriptions of others as well as of their own, and will disburse all the monies, as the works of the James River and Kanawha Company advance. With this addition of a million to the contributions of the public-spirited people of Richmond, and of the inhabitants along the line of the contemplated improvements, the consummation of this great work may be hailed with pride and gratification by every friend to the prosperity of Virginia. It will give activity to our internal commerce, extend the range of agriculture and create manufacturing establishments. It will unite in closer bonds the Eastern and Western parts of the Commonwealth. And we shall see the tobacco and bacon of Ohio meet the cotton of Tennessee on the way to market. The iron of Botetourt will come to us under a moderate rate of transportation, while foreign articles will find their way through this channel to their places of destination in the West. With the advantages of an abundant supply of fuel—with our admirable sites for working machinery by water power, he should not be deemed a visionary who looks forward to the establishment, at no distant day, of manufactories at Richmond, that must add incalculably to her wealth and population.

March 21. B.