Measured by these standards, the growth of wealth in the Virginia group of States was not less rapid than in Massachusetts, and the same conclusion was established by other methods. In 1816 Virginia contained two State banks, with branches, which returned for January 1 a capital stock of $4,590,000, with a note circulation of $6,000,000, and deposits approaching $2,500,000. Their discounts amounted to $7,768,000 in January, 1816, and were contracted to $6,128,000 in the following month of November.[157] Although Virginia used only half the banking capital and credits required by Massachusetts, the rate of increase was equally rapid, and the tendency toward banking was decided. In 1817 the legislature created two new banks, one for the valley of Virginia, the other for western Virginia, with a capital stock of $600,000, and branches with capital stock of $100,000 for each. Between 1800 and 1817, banking capital exceeding five million dollars was created in Virginia, where none had existed before. If the estimates made by Timothy Pitkin, the best statistician of the time, were correct, the returns for direct taxes showed a greater increase of wealth in Virginia than in Massachusetts.[158] The valuation of Virginia for 1799 was $71,000,000; that of 1815 was $165,000,000. The valuation of North Carolina in 1799 was $30,000,000; that of 1815 was $51,000,000. Maryland was estimated at $32,000,000 in 1799, at $106,000,000 in 1815. The average increase for the three States was in the ratio of one hundred to two hundred and forty, while that for Massachusetts, Rhode Island, and Connecticut was nearer one hundred to one hundred and seventy-five. The normal increase for the Union was in the ratio of one hundred to two hundred and sixty-three. The result obtained from the estimates for direct taxes was affected by a doubt in regard to the correctness of the valuation of 1799, which was believed to have been too low in the Southern States; but the general conclusion could not be doubted that the Virginia group of States increased steadily in wealth. The rapidity of increase was concealed by an equally rapid impoverishment of the old tobacco-planting aristocracy, whose complaints drowned argument. As the lands of the ancient families became exhausted, the families themselves fell into poverty, or emigrated to the richer Ohio valley. Their decline or departure gave rise to many regrets and alarms. With the impressions thus created, the people associated the want of economical machinery as a cause of their backwardness, and became clamorous for roads, canals, and banks. The revolution in their ideas between 1800 and 1816 was complete. The North Carolinians were first to denounce their old habits of indifference, and to declare their State in danger of ruin on that account. A committee of the State legislature reported Nov. 30, 1815, that vigorous measures for self-protection could no longer be postponed:[159]--