Value of products, including custom work and repairing
Cars and general shop construction and
repairs by steam railroad companies
1900
28
4,922
$6,277,279
1890
8
1,643
1,504,995
Fertilizers
1900
39
1,171
3,415,850
1890
28
600
2,475,638
Flouring and grist mill products
1900
1,726
790
12,687,267
1890
1,179
1,475
11,716,356
Foundry and machine shop products
1900
80
2,912
4,833,137
1890
59
1,971
2,739,695
Iron and steel
1900
20
3,097
8,341,888
1890
21
3,010
6,326,084
Leather, tanned, curried, and finished
1900
65
889
4,716,920
1890
82
401
1,224,800
Lumber and timber products
1900
1,341
7,611
12,137,177
1890
663
5,973
5,630,600
Lumber, planing mill products,
including sash, doors, and blinds
1900
88
1,333
2,686,898
1890
65
1,136
2,350,281
Textiles:
Total
1900
35
3,293
3,282,583
1890
44
2,389
2,342,457
Cotton goods
1900
7
2,931
2,655,002
1890
9
1,990
1,732,648
Woolen goods
1900
28
362
627,581
1890
35
399
609,809
Tobacco:
Total
1900
212
11,815
21,278,266
1890
296
13,658
22,020,298
Tobacco, chewing, smoking, and snuff
1900
69
6,061
10,707,766
1890
93
9,769
11,804,813
Tobacco, cigars and cigarettes
1900
89
2,595
4,843,641
1890
102
2,259
3,727,842
Tobacco, stemming and rehandling
1900
54
3,159
5,726,859
1890
101
1,630
6,487,643
Total for selected industries for State
1900
3,634
37,833
$79,657,265
1890
2,445
32,256
58,331,204
Increase, 1890 to 1900
Per cent. of increase
........
1,189
5,577
$21,326,061
........
48.6
17.3
36.6
Per cent. of total of all industries in state
1900
44.1
52.0
59.9
1890
41.3
60.2
66.0
Transportation. 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.
Commerce. 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.
Banks. 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:
National banks
State banks
Number
59
120
Capital
$6,542,000
$6,587,000
Surplus
2,717,000
1,996,000
Cash, etc.
2,291,000
1,824,000
Deposits
29,035,000
27,478,000
Loans
30,634,000
27,052,000
Finances. 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.