Sobieski Brady. 461,500 Daniel Lamb.. 522,600 Samuel Jacob. 118,000 430,000 Exchange Bank of Va....Thomas S. Gholson.... do..... William Robertson.. . Farmers' do. Bank of Va... Do. do... John A. Chandler. ..Exchange Bank of Va....John C. Hobson. .. Farmers' Bank of Va... William H. MacFarland..John G. Blair. ..Bank of the Valley... Do. do. do Merchants & Mechanics..John W. Gill.. North Westeen Bank.....John C. Campbell.. do. Total 35 banks...... Circulation $7,000,000.. Specie $2,300,000.. Capital $9,713,000 There are in the State of Virginia twenty incorporated and private companies engaged in the manufacture of cotton, with an aggregate capital of $1,800,000. When in full operation, these companies employ about 54,000 spindles, producing generally coarse yarns, and sold as such, or converted into shirtings, sheetings and Osnaburgs. There are ten woolen factories, running thirty sets of machinery, and having a capital of $275,000 "It is a matter of not less mortification than astonishment, that Virginia, with an area of coal measures covering not less than 21,000 square miles, very much of which lies on or near navigable waters, and capable of yielding all the varieties of British coal, and of equal quality, should be reduced to the actual production of less than 200,000 tons of the value of $650,000, while Great Britain, with little more than half the extent of coal measures, produces annually 37,000,000 tons, of about the value of $37,000,000 at the mines, and $180,000,000 at the markets of sale. "And in regard to the iron trade, while Virginia has an unlimited supply of the finest ores, easily accessible for use and transportation, with the greatest abundance of coal, wood and limestone for their manufacture, yet under the operation of the present revenue laws of the country, her production, in spite of all the efforts of the state to encourage it, has shrunk to an almost inconsiderable amount, and is in danger of utter ruin. "The imports of British iron during the last year were about 320,000 tons, requiring for its manufacture nearly 1,500,000 tons of coal, more than 1,000,000 tons of ore, and about 400,000 tons of limestone; all this, and more than all this, Virginia could casily have furnished, and to that extent have developed her mineral wealth and encouraged her industry, and yet she has hitherto been content to leave Great Britain the profits of its production, although the duty paid by Virginia on the imported product would have been equal to 5 per cent.-ninety-five per cent. of the whole import being made north of Mason and Dixon's line, and there confined."* VIRGINIA GOLD MINES.-Within the past three years several rich mines have been opened and worked successfully in different sections of the state. The attention of the world has been awakened to the importance of this branch of mining. Since the discovery of the mineral wealth of California, thousands have flocked to that distant country, incurring great risks and deprivations in the hope of realizing their fortunes. A few have turned their attention to the same business nearer home, where success has generally attended their labors, while many of the sanguine wanderers who ventured their all are returning, after a year's absence, broken in health and spirits, no richer than when they left. We believe Commodore Stockton was one of the first who introduced into Virginia effective machinery for reducing, on a large scale, the quartz rock, and demonstrating that a profitable business could be done in this branch of mining. Some three years since he purchased the tract of land in Fluvanna county, about sixty miles distant from this city, upon which was a rich and extensive gold vein, where he erected a large mill and other works. The glow * Report of Manufacturers' Convention, 1851. ing accounts received from California of the as well as the facilities completed, or in richness and extent of the auriferous quartz progress, for its transportation to the exportof that country, induced Commodore Stock-ing cities of the state. ton to suspend for a time his mining operations in this state, and to send his experienced workmen, with complete outfit, machinery, &c., to test the newly-discovered gold veins in California. We are informed by a friend who conversed a short time since with one of the company, that they were not successful, the results not meeting expectations; their operations were discontinued in that country, the workmen returned to this state, and Commodore Stockton has resumed his mining operations in Fluvanna county on a larger scale than heretofore, having introduced improved machinery, and has good prospects of doing a profitable and permanent business. There are several other gold mines in operation in this state, and are said to be doing well. The commercial prosperity of Virginia is based upon the employment of the Chesapeake ports; and no project for acquiring the materials or the means of exportation, can be successful, which does not contemplate their employment. The country tributary to the Chesapeake, possesses advantages not surpassed by any other on the Atlantic. Nature has been so bounteous, that the difficulty has been, not so much to discover a good site for a city, but to discriminate between the numerous excellent locations presented. Norfolk, Richmond, Petersburg, Fredericksburg, and Alexandria, have all been established to receive and conduct the trade of Virginia. From the individuality of these local interests, it has been heretofore impossible to adopt any system of improvement calculated to promote the exclusive advantage of any We have taken some pains to gain infor- one of the cities referred to. Apprehensive mation on this subject, believing, as we do, that the limited trade legitimate to each that as the country becomes settled, and might be diverted to some rival, impediments improved machinery introduced, this branch have been thrown in the way of great lines of mining in our state at no very distant day of communication with the interior of our will produce an annual amount of the pre-own and other states, calculated, perhaps, cious metal that will go far towards furnishing us with a solid basis for our currency. The mines of William M. Moseley & Co. and the Garnett Mining Company in Buckingham county, are perhaps paying larger dividends to the stockholders on ther outlay than any other mines in this state. We have seen specimens of the quartz from this vein unequaled in richness by any auriferous quartz ever shown us. We were recently shown a large rock weighing 108 pounds, with the gold visible all through it, with many other specimens which were taken from the Garnett vein at ninety feet from the surface, at which depth the vein is from sixteen to twenty feet wide, all carrying gold. There are several shafts sunk upon the vein, and galleries opened some six hundred feet in length, where the mills of these two companies are situated near together and on the same vein. Six miles from these mines are two other mills worked by Mr. Eldridge and Mr. Wiseman, which are said to be doing very well. VIRGINIA COMMERCIAL CONVENTION. RESOURCES, INDUSTRY AND IMPROVEMENTS OF VIRGINIA-HER CONTEST FOR THE TRADE OF THE WEST, AND PROPOSED FOREIGN TRADE.-The committee appointed to report to the convention the most efficient means of achieving its important objects, have performed that duty, so far as the materials existed for a proper statistical exposition of the value of the trade of Virginia, to vary the local direction of some particular trade, but destined, in the end, to compensate each of these cities, by its dividend of a trade far surpassing in magnitude and value any particular loss. The evils of rivalry will, however, be no longer felt, each of these cities having received a line of internal communication, many of which are now converging to a common point of union; interests heretofore supposed antagonistic are now harmonized in the completion of a plan common to them all, and weapons brightened by the conflict of a generous rivalry are now wielded in the achievement of a common triumph. It is thus that the construction of the Southside Rail-road, and the James River Canal, makes the prosecution of the Virginia and Tennessee Railroad alike important to Lynchburg—to whose public spirit is so largely due the conception and execution of that great project--to Richmond and to Petersburg. The extension of the great central rail-road to the Ohio, no longer a subject of exclusive interest to Richmond, appeals to the support of Alexandria. The completion of the Dock connections will connect Norfolk with the James River and Kanawha Canal, and interest that city in its extension to the Ohio. The Richmond and Danville Railroad is upon the same principle, a work from which Petersburg and Richmond may derive common benefits. Convinced, therefore, that their interest and duty alike demand a cordial alliance, the cities of Virginia will hereafter bestow upon the extension of the great lines of improve- fee. This coffee is, in turn, sent back in ment here indicated, their earnest and combined co-operation. Since, however, the partial completion of these great improvements have already bestowed upon the cities of Virginia a large accumulation of trade, it becomes necessary to encourage the establishment of a commercial marine, of sail-ships and steamers, to convey abroad our own trade, and exchange for it the productions of other nations. The export and import trade of Virginia is now taxed with transport coastwise for exportation from northern cities: it is burthened with the charges of northern merchants; whilst the whole commercial profits resulting from freights, exchanges, as well as from the importation and supply of the goods received on exchange, result exclusively to northern capital and to northern enterprise. We state this fact in no spirit of sectional prejudice, but as a consequence of our own supineness. We think it time that a trade so circuitous, and a tribute so unworthy, should cease. We should now export from, and import into the Chesapeake cities of Virginia, by vessels owned and manned by Southern men. No state can expect to preserve its prosperity, which does not provide for its citizens the varied pursuits in which industry and enterprise shall receive an adequate reward. In estimating the present value of the Chesapeake trade, so far as materials are at hand for a correct estimate, we will find that the James River and Kanawha Canal, its principal tributary, contributed during the last year $6,123,865 49, the products of the interior; whilst it carried into the interior, merchandise and other articles, valued at $7,727,224 29.* northern vessels to Virginia, for consumption-the freights, commissions, and commercial profits of beth the export and import trade, being a direct loss to the State of Virginia, to which this trade rightfully belonged. During the present year, however, some of the most enterprising merchants of Richmond have shipped nine cargoes of flour, directly to Rio, the vessels to return to this port with hides, coffee, and other products of South America. We are moreover informed that a larger amount of goods will be imported this year to Richmond than has been imported in any one year for a series of years; and that the direct import would have been far larger but for the want of ships in this trade, which compelled our merchants to ship through northern ports. During the year ending July 1st, 1851, the foreign trade of James River gave employment to a number of foreign and American vessels. From a statement furnished from the Custom House, in Richmond, it will be seen that the tonnage employed in the direct foreign trade between Europe and the waters of the James River amounts to nearly 30,000 tons. This amount is itself amply sufficient to give employment to two steamers of 1,500 tons burthen. If it were in our power to present the commercial statistics of the cities of Norfolk, derived from the Roanoke River, the Dismal Swamp Canal, and other sources; the rapidly increasing trade of Alexandria, derived from the Chesapeake and Ohio Canal, and from the country adjacent to her; of Petersburg and Fredericksburg; we do not doubt but that an amount of Chesapeake trade could be demonstrated adequate to sustain at once, by the energetic and united patronage of our merchants, a direct trade with Europe and South America. The materials for this trade already exist. Any doubt, however. which may be entertained of the present amount of Virginia commerce becomes unimportant, in view of the immense accessions to follow the completion of the improvements referred to. Whilst we pause to make the Amongst other important items of an ex-figures, the fact is upon us. A succinct port trade, we may mention that the total in-statement of the works of artificial improvespections of Virginia tobacco amount to 50,- ment now in progress and actually completed 000 hogsheads, of which the larger portion is will serve to embody the facilities upon shipped to Europe; whilst the remainder, which we may rely, and to develop the cawith a large amount not inspected, is manu-pacity of transportation upon which the factured in the interior for consumption at The business of the central rail-road has doubled within the past year; its downward tonnage amounting to 25,000 tons, and its upward transportation is perhaps one-half that amount. The Richmond and Danville, the Richmond and Petersburg, and Richmond and Fredericksburg rail-roads, contribute considerable additions to the 'aggregate of trade upon the James River. home and abroad. future trade of Virginia must principally depend. We think, therefore, it sufficiently appears that, looking alone at the present trade of our cities, we have ample encouragement to commence at once upon this undertaking, with the fair prospects of trade enough to ensure handsome profits to capital The flouring mills in Richmond manufactured last year 1,173,100 bushels of wheat, and are expected this year to manufacture 1,587,100 bushels. This flour is shipped to Rio, through northern houses, in vessels whose return cargoes consist chiefly of cof-ists who may embark therein. An. Rep. of J. R. & K. Co., Nov., 1850. But when we glance upon the future trade VIRGINIA COMMERCIAL CONVENTION. which these cities must enjoy, we are still Statement of the Rail-roads in Virginia completed on the one hand-and Tennessee, Ohio, Kentucky, Alabama, Mississippi and Louisiana on the other. It is certainly a source of pride to know that we have quietly effected so much. Speculation would be at fault in estimating the trade that must follow the completion of these works. increase of our cities will be one certain The rapid effect, while the appreciation of real estate, and the profits of every industrial pursuit, will be increased. At the same time the heart of the patriot will rejoice that this ac22 quisition of strength, wealth, population 15 and power must result in restoring the South to her former position in the Union, and may 60 render that Union, as bequeathed us by our 77 forefathers, more stable and firm-its obliga9tions everywhere observed, and everywhere Com pleted 9...... 32.... 90 35 10 32 sustained and beloved for the benefits con98 ferred upon its citizens. .138. ..100...... 10 Richmond, Fredericksburg and Potomac 76. Greensville and Roanoke Rail-road. 46 21 120.. .185 200 Georgia has now 1,000 miles of rail-roadSouth Carolina is extending her iron arms in every direction, and in two or three years every part of the state will be provided with rail-road facilities. North Carolina has giant schemes on foot, which she is prosecuting with a giant's strength. Tennessee will soon 565 extend the Virginia rail-road, and the railroad extending from Charleston and Sa23 vannah to Chattanooga, to Memphis, on the Mississippi. Alabama, Mississippi and Louisiana are secking connections with these roads, and soon we shall see the South more the North, owing to the level nature of the highly improved by rail-road facilities than country and the cheapness of labor and materials in the South. Charleston alone is moving, with far-seeing sagacity for this inin her means, and we heartily hope she may creased trade. We feel pride and pleasure prosper in her former enterprise to establish direct trade by means of ships and steamers owned by Southerners. We believe there is space enough, and a back country sufficiently ample, if we are true to ourselves, to secure the prosperity of all our southern towns; and their prosperity, so far from causing us to fall, will but add to our own prosperity. But how can the people of Virginia hope to contend with Charleston in the generous competition for this trade, unless equal facilities are provided in our harbors for shipping directly to Europe? If we pause in the contest, the trade will have been fixed in the di It thus appears that there are now completed in Virginia 565 miles of rail-road, and 14 miles of canals; and that there are now in the course of construction 890 miles of rail-road, and 220 miles of plank roads. have, then, the gratifying result, that there We are nearly 2,000 miles of rail-roads and canals constructed, or in progress of construction, in our state. The appropriations or these works are already made, and the money has been almost entirely raised at home, without the necessity of incurring a foreign debt. The State of Pennsylvania, to make her improvements, has incurred a debt of near $40,000,000, to pay the interest on which requires a semi-annual export of over a million of dollars, to be paid the foreign bondholders. On the other hand, our state debt is comparatively small, and owned chiefly at home by our citizens. But this view becomes still more encoura-rection of Charleston, and we may strive in ging, when we recollect that these improve- vain to regain what is strictly our own. ments will be finished at the farthest within the next four years. As cach mile is finished, an increase will be given to the trade of our cities; and when the Virginia and Tennessee Rail-road, the Richmond and Danville Railroad, and the Seaboard and Roanoke Railroad are finished, they will be at once connected with a net-work of rail-roads through North Carolina, South Carolina and Georgia, pated, we may refer to the enlightened and 1840 was 433 miles-it is now 1,033. The Wealth .$120,114,574 266,610,844 Showing an increase of 60 per cent. in population, and 140 in wealth. within the limits of Virginia. Its trade will Looking at the commercial returns of our own ports, the sea-ports of Virginia do not appear to have increased with that rapidity which the general prosperity of the state would indicate: indeed, our direct imports appear to have diminished. These unfavorable indications are, however, contradicted by the positive gain in the assessed value of real estate, and by the increased value of subjects of taxation within the state. The A similar difference between the natural stagnation of our commerce is to be attri- and artificial communication of that part of buted to physical obstacles which separate Western Virginia bordering on the Ohio the productive interior from our sea-board, river, and of the valley of the Kanawha with whilst the enterprise of other states and the Atlantic cities, will be found to exist, cities has actually constructed improvements whilst a small portion of southwestern Virfor the mere factorage of our produce, which ginia sends produce to Alabama and Georgia, we would not undertake for the positive in- purchases groceries in New-Orleans, and crease of the fee simple value of the property, imports its merchandise through Charleston, and the exclusive commerce of its enhanced South Carolina. Let it be remembered, products. that this is a trade to be developed. The land is not a wilderness, requiring the life and labor of generations to reduce it to efficient production. The trade already exists; it has grown up under obstacles. It has been driven from its natural outlets, to enrich a distant and foreign interest in other states. But the fact of its development under such disadvantages, proves that it may readily be secured, whilst the anxious interest of the whole West proves the alacrity with which it would co-operate in the regeneration of the commercial interest of the Virginia cities. It is thus that towns in Western Virginia have sprung up, manufactures have been established, minerals have been made available, agricultural produce has been created, all of which seeks a market in the cities of Cincinnati, New-Orleans, Philadelphia and Baltimore; whilst even Savannah, in Georgia, has participated in those productions of Virginia, which could not have paid the cost of exportation eastward to the Chesapeake cities of Virginia. The cities enumerated have supplied the Valley and Western Virginia with merchandise in exchange for its productions. The commerce of Virginia, like some fountains choked up and neglected, cheers with its scattered streamlet every region except that to which its free and fertilizing current would naturally and gladly have directed itself. There may be persons, however, incredulous that the trade of Virginia, now exported from northern, western and southern cities, can be directed to the ports of the Chesapeake. It will not be doubted that the greater portion of the products of the valley and Western Virginia are destined for conWe cannot make this valuable, though dis-sumption in the northern states, or in Europe. persed trade, the subject of exact estimate. It is reflected in the increased population and taxable resources of the state, so lately the subject of elaborate exposition in the constitutional convention. These products would adopt the most direct line of transit between production and consumption, but for the natural obstacles which intervene and condemn them to the tedious, tortuous and perilous navigation of the rivers and coast. The direct line of transit would pass through the Chesapeake ports of Eastern Virginia. So long as the route of the water-borne produce of Western Virginia was cheaper |