Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1835-12-24

The mischief to be provided for, is that
of a suddenly reduced currency, the va
coum il which will be supplied by others,
and supplied probably by a deprecia.ing
paper. il il 10 not differently replenished by
YOU The great hazard TO be guarded
against in correcting this mischief, IS the
risk Of running into excess in the spplica-
ton Of the remedy. A risk that belongs
10 the subject every where, but which IS
much aggravated IN a country aud under
q government like this. Such excess, un
der any circumstances, would De equally
pernicious with the mischief designed to
be prevented /; and it would tend, necessa
1ily. 10 the production Of the evil Of de
probation, which it is so desirable to avert
There is another peril too, Of but little
less importance than this. II arises prin
cipally from the nature Of our government,
n which a ruling majority will sometimes
regard its interests az those oil toe
whole, and so overlook The claims oil a
minority. When the mischief TO he re-
dressed is general, the partial application
even Of a proper remedy will be oil l'ue
avail. II may produce excess emne
but this excess cannot supply the deiicien
CIV in other quarters. To make the rene
" useful, the same caution is necessary 10
It's distribution, thai is required IN its ere
alton. This, while il will guard against
excess any where, will also provide Tor
de iciency every where. -,
There is still another danger, which
ought not to be overlooked 10 any arrange
went that may be adopted in reference 10
this subject. IL proceeds from the Tact.
that any plan you may think It WISE 10 es
tablish, may and most probably WI, DC
c ushed or pu; in jeopardy, at some Tune
or other, by the action OF tue Federal Oo
vernment. Therefore, common prudence
requires that any scheme you may see M
(, adopt, should be but temporary and
that the immediate interests oil the Com
monwealth should not be involved III It's
success, further than is indIspenslbly ne
cessary. The uniirlng vigilance OF pr,
yate interest, and the prompt sagacity oil
individuals, may perhaps be relied upon,
70 warn them Of the coming danger, and
10 guard them against its effects; but no
thing short of this will do. II would be
rashness 10 stake the immediate interests
of the Commonwealth, voluntarily, upon
any scheme subject TO be defeated by ano
Their will than its own; or upon one, which
when established, must be placed beyond
its control, except at distant intervals oil
time.
The sum Of fifty thousand dollars aP
propriated by the act oil the ION oil alafch
last, as a sinking fund, 10 be applied TO
the redemption ofsuch portions oil The GER
tjGcates of debt Of this Commonwealth, as
were held by individuals and corporate
bodies. and could be purchased at par, has
been received Of the Treasury, 10y The
Commissioner Of the said fund, appointed
by the said act. But the sum so received
sill remains in The hands Of the Iteasu
rer of the State. subject TO The oroer OF
the said Commissioners. The only ccrti
fcates of debt Of the Commonwealth
which are yet payable. are those held by
the President and Directors OF the Litefa
~ Fund, amounting 10 S343, 0S9 IL. The
redemption of any oil these eerthca'es'
was positively prohibited, either by the
act referred to, or by that under when a
portion of them was vested IN ihe Literary
Fund {: and as none of the other eertih'
r.tes of debt Of the Commonwealth held
by individuals or other bodies corporate
could be purchased at par, the require
nents of the act referred TO could not he
by the redemption oil any SUCH
Nor has any opportunity yet occurred.
When in the judgement oil the Commits
,ioners of the Sinking Fund. any tempo
rary investment Of the whole or oil any
part of The SAID fund SO subject TO their
control, might have been alvantageously
made, in any other productive public stock.
As the existence OF this Fund will con
much to preserve the credit ofthe
Commonwealth, and TO keep the price oil
lie stock Of all kinds above par; and as
none of lis certificates oil debt will become
for some years yet TO come, II IS
moi probable that the act creating the
Sinking Fund can be carried into effect Tor
some time, unless some new legislation Us
had upon the subject. Ii belongs TO you
only TO decide, whether the debts OF the
Commonwealth now due. shall be satisfied
out Of the fund provided for that purpose;
and if not, what disposition shall be made
Of it until others may become payable.
Two hlths Of the capital stock OF the
Jsse. river and Kanawha Company ha.
wing been subscribed 10y other persons
than the Commonwealth, but not the
whole stock, the residue Of the same was
taken for the Commonwealth, in pursu.
ance Of the act Of January cath last ; aud
a sum equal to one dollar upon each share
OF the two ffths subscribed as aforesaid,
having been paid by the Subscribers. they
thereupon became a body corporate, in
pursuance Of the act Of the 10th Of March,
1892, The President and Directors OF
the James River Company, having ascer
tanned these facts, made publication Of the
same in conformity with the provisions of
the act last mentioned /; aud in the said
publication they appointed a day for a
general meeting Of the stockholders in the
City of Richmond, TO The end hat the new
Company might be duly organized. The
stockholders met, in pursuance Of this no. |
,ice ; and having performed the duties
x.u,.oJ r ,hau, hv Tho eatd act .hoy al |