South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1835-12-19

y fepienisiled by you. The great
haxsrd TO beguarded against in corec-
ting this mischief, is the risk Of run
aine into excess in the application Of
The remedy. A risk ttet belongs to
the subject every where, but which is
much aggravated in a country and un-
der government like this. Such ex-
cess, under any circumstances, would
be equally pernicious with the mischief
designed 10 be prevented /; and it would
tend, necessarily, 10 the production Of
the evil Of depreciation, which it is SO
desirable TO avert. There is another
peril too, Of but little less importance
than this. 1t arises principally from
The nature Of our government, in which
aruling majority will sometimes regard
sts own interests as those ofthe whole,
and SO overlook the claims ofa mino-
siiy. When the mischiefto be redress.
ed is general, the partial application
even Of a proper remedy, will be Of
little avail. Ii may produce excess
somewhere, but this excess cannot sup.
ply the deficiency in other quarters.
10 make the remedy useful, the same
caution is necessary in lis distribution,
that is required in its creation. This,
while j! will guard against excess any
where, will also provide for deficiency
every where.
There is still another danger, which
ought not 10 be overlooked in any ar.
sangement that may be adopted in ref.
efence TO this subject. 1t proceeds
from the fact, that any plan you may
think ii wise 10 establish, may, and
most probably viii, be crushed, or put
in jeopardy, at some time or other, by
she action OF the Federal government.
Therefore, common prudence requires,
shat any scheme you may see fit TO
adopt, should be but temporary and
shat the Immediate interests of the
Commonwealth should not be involv-
ed in lis success, further than is indis
peDsably necessary. The unliring
vigilance of private interest, and the
proDpi sagacily Of individuals, may
perhaps be relied upon, TO VAIN them
Of the coming danger, and 10 guard
them against its effects but nothing
abort OF this will do. 1t would be
sashness to stake the immediate inter-
rests OF the Commonwealth, yoluntar-
ely, upon any scheme subject to be de-
,9sated by another will than lis own
er upon one, which, when established,
snusI be placed beyond its control,
except at distant intervals of time.
The sum of fifty thousand dollars,
appropriated by the act Of the 10Th Of
March last, as sinking fund, TO be
applied TO the redemption of such
petitions Of the certificates 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, by the
Commissioners Of the said fund, ap-
pointed by the said act. But the sum
SO received, still remains in the hands
Of the Treasurer of the State, subject
20 the order Of the said Commission
els. The only certificates of debt of
the Commonwealth which are yet pay
eble, ere those held by the Presidenl
ind Directors Of the Literary Fund,
amounting to $343 ,0s9 II. The re.
demption OF any of these certificates,
ives positively prohibited, either by the
act referred to, or by that under which
Q portion of them was vested in the
Literary Fund ; and as none of the O.
ther certificates Of debt OF the Com
monwealth held by individuals or 9TH
er bodies corporate could be purchase |
ed at par, the requirements Of the act
referred 10 could not be satisfied by
the redemption Of any such. Nor has
any opportunity yet occurred, when,
in The judgment Of the Commissioners
Of the Sinking Fund, any temporary
investment OF the whole or Of any part
of the said FUND SO subjec. to their con-
uol, might have been advanlageously
made, in any other productive public
stock.
AS the exis,ence CT This fund will
contribute much to preserve the credit
of the Commonwealth, and to keep The
piice Of its stock OF all kinds above
par and as none of It's certificates OF
debt will become payable for some
years yet TO come, it is not probable
that the act creating the Sinking Fund
can be carried into fleet for some time,
unless some new legislation is had up
on the subject. Ii belongs TO you on
" to decide whether the debts Of the
Commonwealth now due shall be salts
fed gu. oil the fund provided for tina,
purpose and if not. what disposition