Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1814-02-10
to the statement above
ls2,7l9 5
sl.7le,ses SO


means of the current year is, that after an
plying the whole supplies remaining in the
Treasury en- the LIST January 1914. and n
loan of $4,000 in aid Of the ordinary re-
venue, there will remain a deficiency of
slSS,7l9 sets. to be provided for BY adj
ditional taxes or loans, in order to meet
the expences of the year, and to have in
the Treasury on the LIST Of January 1915.
the usual balance of 100000.
The committee beg leave to suggest.
that IN past years the unexpendeds SUR
plus found in the Treasury in the com.
mencement of the year, has not been more
than sufficient to meet the excess of tho
expenditure, beyond the receipts of the
Treasury for the first months of the wear,
so that there has been period of each
year, in which the Treasury has been
unable, Notwithstanding such surplus to
meet all the demands upon it. Hence re.
suited in the Report of the Committee of
Finances to the last House of Delegates. a
resolution to empower the Treasurer "a
borrow for limited period Of each year,
sum not exceeding $4,000 to meet such
deficiency.
In recommending to the House of Del.
egates, choice between the augmenta-
ton of the present taxes, and the extension
of the new loan beyond $4,000, the Com.
mittee cannot forbear to express their sense
of the danger, to which the public credit
may be exposed by an entire reliance upon
loans, 10 defray the extraordinary expenses
TO which the Commonwealth has been and
continues to be exposed during the present
war. If such loans be extended to embrace
the sum now assumed to be paid to the
government of the United States the eff
feet of the system of both governments,
will be to borrow by the instrumentality Of
the one, the principal sum required 10
carry on the existing war, and BY means
of the other, the annual in'eres, on tn.
sum; thereby destroying tic only solid
foundation of national credit the compe,en-
cy of the national revenue to fulfil tho
national engagements. The commonwealth
having assumed to pay to tie government
of the United States the debt Of her ell.
Gems, amounting TO Lie sum of 3eq.oit
dollars, has fair claim upon iben for q.
sum sufficient to meet that assumpsit aud tie
expenses of collection; which your com.
mittee believe will be paid with alacrity by
them SO that every consideration of JUS
tice and expediency combine to recon-
mend resort to additional taxes to that
amount, your committee therefore suggest
the necessity of adding at least per
cent. to the amount of the present taxes,
with the exception only of such as expefi-
ence may have shewn to be unwise. or
which may be likely to become so from an
interference between the Generel & State
Governments, in imposing taxes upon the
same subjects, Amongst those of the lat
ter description, the committee beg leave to
suggest one. The stamp tax on notes
negotiable at the State Banks. Whether
the imposition of this tax was violation
of good faith towards the Banks who had
paid for their charters very heavy pre-
miums, need not now be considered the
only proper ground, for repeal of this in.
convenient law; for although the principle
of such law might be extended so as to
drive the customs of the State Banks with
out the Commonwealth for the accommoda-
ton of their respective wants, and if so.
would suffice to demonstrate the Injustice
of the tax; as the United States have re-
quired the same paper to be twice stamped,
and at two several places, the policy of con-
tinuipg this tax is no longer questionable in
the opinion of your committee.
Your committee beg leave further to
suggest, that in consequence of some diff.
ference in the manner of keeping the Au-
ditor's and Treasurer's Accounts. there is
now want of perfect conference between
them; not such indeed as to produce diff
ferent result; but such as to render the
reports Of those officers less accurate
guide, than they would otherwise be in a.
ny future estimate of revenue and expendi-
ture-owing as your committee believe {,
variance in several heads of receipts
and disbursements.
Your committee also beg leave to re-
cur TO the reports of the committee Of
Finance sanctioned by the last General
Assembly, and to enforce the expediency
then suggested of changing the fiscal
year, and so as TO make it commence n,
the first Of October in every year, and
to terminate on the S0th OF Septemlier