Page:The New International Encyclopædia 1st ed. v. 20.djvu/209

VIRGINIA. {|align="center" cellpadding="0" cellspacing="0" rules="cols" style="font-size: smaller"
 * colspan="5"|
 * align="center"|INDUSTRIES
 * align="center"| Year
 * align="center"|Number of establishments
 * align="center"|Wage-earners, average number
 * align="center"|Value of products, including custom work and repairing
 * rowspan="2"|
 * align="center"|1900
 * align="right"|28
 * align="right"|4,922
 * align="right"|$6,277,279
 * align="center"|1890
 * align="right"|8
 * align="right"|1,643
 * align="right"|1,504,995
 * rowspan="2"|
 * align="center"|1900
 * align="right"|39
 * align="right"|1,171
 * align="right"|3,415,850
 * align="center"|1890
 * align="right"|28
 * align="right"|600
 * align="right"|2,475,638
 * rowspan="2"|
 * align="center"|1900
 * align="right"|1,726
 * align="right"|790
 * align="right"|12,687,267
 * align="center"|1890
 * align="right"|1,179
 * align="right"|1,475
 * align="right"|11,716,356
 * rowspan="2"|
 * align="center"|1900
 * align="right"|80
 * align="right"|2,912
 * align="right"|4,833,137
 * align="center"|1890
 * align="right"|59
 * align="right"|1,971
 * align="right"|2,739,695
 * rowspan="2"|
 * align="center"|1900
 * align="right"|20
 * align="right"|3,097
 * align="right"|8,341,888
 * align="center"|1890
 * align="right"|21
 * align="right"|3,010
 * align="right"|6,326,084
 * rowspan="2"|
 * align="center"|1900
 * align="right"|65
 * align="right"|889
 * align="right"|4,716,920
 * align="center"|1890
 * align="right"|82
 * align="right"|401
 * align="right"|1,224,800
 * rowspan="2"|
 * align="center"|1900
 * align="right"|1,341
 * align="right"|7,611
 * align="right"|12,137,177
 * align="center"|1890
 * align="right"|663
 * align="right"|5,973
 * align="right"|5,630,600
 * rowspan="2"|
 * align="center"|1900
 * align="right"|88
 * align="right"|1,333
 * align="right"|2,686,898
 * align="center"|1890
 * align="right"|65
 * align="right"|1,136
 * align="right"|2,350,281
 * Textiles:
 * rowspan="2"|
 * align="center"|1900
 * align="right"|35
 * align="right"|3,293
 * align="right"|3,282,583
 * align="center"|1890
 * align="right"|44
 * align="right"|2,389
 * align="right"|2,342,457
 * rowspan="2"|
 * align="center"|1900
 * align="right"|7
 * align="right"|2,931
 * align="right"|2,655,002
 * align="center"|1890
 * align="right"|9
 * align="right"|1,990
 * align="right"|1,732,648
 * rowspan="2"|
 * align="center"|1900
 * align="right"|28
 * align="right"|362
 * align="right"|627,581
 * align="center"|1890
 * align="right"|35
 * align="right"|399
 * align="right"|609,809
 * Tobacco:
 * rowspan="2"|
 * rowspan="2"|
 * align="center"|1900
 * align="right"|35
 * align="right"|3,293
 * align="right"|3,282,583
 * align="center"|1890
 * align="right"|44
 * align="right"|2,389
 * align="right"|2,342,457
 * rowspan="2"|
 * align="center"|1900
 * align="right"|7
 * align="right"|2,931
 * align="right"|2,655,002
 * align="center"|1890
 * align="right"|9
 * align="right"|1,990
 * align="right"|1,732,648
 * rowspan="2"|
 * align="center"|1900
 * align="right"|28
 * align="right"|362
 * align="right"|627,581
 * align="center"|1890
 * align="right"|35
 * align="right"|399
 * align="right"|609,809
 * Tobacco:
 * rowspan="2"|
 * align="right"|35
 * align="right"|399
 * align="right"|609,809
 * Tobacco:
 * rowspan="2"|
 * rowspan="2"|
 * rowspan="2"|
 * rowspan="2"|
 * rowspan="2"|
 * rowspan="2"|
 * rowspan="2"|


 * align="center"|1900
 * align="right"|212
 * align="right"|11,815
 * align="right"|21,278,266
 * align="center"|1890
 * align="right"|296
 * align="right"|13,658
 * align="right"|22,020,298
 * rowspan="2"|
 * align="center"|1900
 * align="right"|69
 * align="right"|6,061
 * align="right"|10,707,766
 * align="center"|1890
 * align="right"|93
 * align="right"|9,769
 * align="right"|11,804,813
 * rowspan="2"|
 * align="center"|1900
 * align="right"|89
 * align="right"|2,595
 * align="right"|4,843,641
 * align="center"|1890
 * align="right"|102
 * align="right"|2,259
 * align="right"|3,727,842
 * rowspan="2"|
 * align="center"|1900
 * align="right"|54
 * align="right"|3,159
 * align="right"|5,726,859
 * align="center"|1890
 * align="right"|101
 * align="right"|1,630
 * align="right"|6,487,643
 * rowspan="2"|
 * align="center"|1900
 * align="right"|3,634
 * align="right"|37,833
 * align="right"| $79,657,265
 * align="center"|1890
 * align="right"|2,445
 * align="right"|32,256
 * align="right"|58,331,204
 * rowspan="2"|
 * align="center"|........
 * align="right"|1,189
 * align="right"|5,577
 * align="right"|$21,326,061
 * align="center"|........
 * align="right"|48.6
 * align="right"|17.3
 * align="right"|36.6
 * rowspan="2"|
 * align="center"|1900
 * align="right"|44.1
 * align="right"|52.0
 * align="right"|59.9
 * align="center"|1890
 * align="right"|41.3
 * align="right"|60.2
 * align="right"|66.0
 * colspan="5"|
 * }
 * rowspan="2"|
 * align="center"|........
 * align="right"|1,189
 * align="right"|5,577
 * align="right"|$21,326,061
 * align="center"|........
 * align="right"|48.6
 * align="right"|17.3
 * align="right"|36.6
 * rowspan="2"|
 * align="center"|1900
 * align="right"|44.1
 * align="right"|52.0
 * align="right"|59.9
 * align="center"|1890
 * align="right"|41.3
 * align="right"|60.2
 * align="right"|66.0
 * colspan="5"|
 * }
 * rowspan="2"|
 * align="center"|1900
 * align="right"|44.1
 * align="right"|52.0
 * align="right"|59.9
 * align="center"|1890
 * align="right"|41.3
 * align="right"|60.2
 * align="right"|66.0
 * colspan="5"|
 * }
 * align="center"|1890
 * align="right"|41.3
 * align="right"|60.2
 * align="right"|66.0
 * colspan="5"|
 * }
 * }

. The numerous bays and arms of the sea afford a number of excellent harbors, and, together with the rivers, form an extensive system of navigable waterways. The James River is navigable for small ocean steamers as far as Richmond, while Norfolk and other coast ports afford an excellent harbor for larger vessels. The Rappahannock and other streams are navigable for river boats. Virginia took an early interest in the construction of railroads. In 1840 there were 147 miles; in 1860, 1379 miles; in 1880, 1893 miles; in 1890, 3359 miles; and in 1899, 3721 miles. The principal railway systems are the Atlantic Coast Line, which is a combination of routes on various connecting lines, by which travel is possible the entire length of the Atlantic coast without change of cars; the Norfolk and Western and its divisions; the Southern, and the Chesapeake and Ohio. Other facilities are the James River and Kanawha Canal, from Richmond to Buchanan, 198 miles; the Albemarle and Chesapeake Canal, from Norfolk to Albemarle Sound; and the Dismal Swamp Canal, which makes the same connections by another route.

. For the year ending June 30, 1900, the imports exceeded $3,000,000, and the exports were nearly $48,000,000. This was an increase of $19,000,000 over the exports of 1894. Newport News is the most flourishing port; the exports from this customs district alone amounted to $34,900,000, making it fifth in importance among

the Atlantic coast ports. Nearly all of the balance of the exports was from the customs district of Norfolk and Portsmouth. Only a very small percentage of the total was foreign trade. The principal exports were flour, oats, corn, cattle, tobacco, lumber, and lard.

. Though there are no records of organized banks in Virginia before 1792, the banking business was known in the State for a century before, and was conducted by private individuals. The special act of 1777 prohibiting the issue of currency by private persons shows how common a practice it was. Lack of instruments of exchange forced the State to issue notes, and the necessities of the Revolutionary War increased their number, but the rapid depreciation of these notes left the State without a stable currency. In 1792 the banks of Alexandria and of Richmond were established. In 1795 branches of the Bank of the United States were organized. In the first two decades of the nineteenth century there developed half a dozen large banking institutions with a great number of branches all over the State—altogether over 40 branches. The issue was strictly limited to three times their capital, and directors were made liable to loss. Because of the branch system, these banks were very strong and did a profitable business. This called forth a large number of private or unchartered banks of issue, but they were all prohibited by the law of 1816. In 1837 a free banking law was passed and a large number of banks of issue organized under it, and a still larger number of banks of deposit and discount. In 1860 there were 24 banks of issue with 41 branches, and between 150 and 200 banks of deposit and discount. Not a bank survived the war. The national bank, however, soon appeared. State banks began to reappear in 1869, after the new Constitution was adopted. There was no regulation at all of the State banks until 1885, when a law was passed requiring reports to the State Auditor. Not only the Legislature, but circuit courts are empowered to issue banking charters. After 1885 the number of State banks greatly increased.

The condition of the banks in 1902 is shown in the following table:

. During the colonial days the financial needs were very small, and for almost a century the budget increased hardly 50 per cent., being £4200 in 1660, £4500 in 1700, and £6500 in 1754. The main sources of income were a poll tax and an export duty on tobacco. The Revolutionary War necessitated expenses for which there was no provision in the system of taxation, and thus a debt of about $2,000,000 was created. The debt was assumed by the Federal Government in 1790, and until 1820 the debt of Virginia consisted only of $343,139. borrowed only for purposes of the War of 1812. Several small issues of bonds were made between 1820 and 1835.