Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-12-12
GOVERNORS MESSAGE.
O~-Ciii=ens ofhe Senate
and House Of DeLeontes -.

and House Of Delegates:
In the midst of some disbursements and
dlsappolntments, we have strong motives for
humble and earnest thankfulness, to the Be-
neflcent Dispenser of all good, for the album
dance OF the productions of the earth during
the presentyear in every portion of our coun-
try, and the excellent health the people of our
own State have generally enjoyed.
Great difficulties have attended the efforts
10 negotiate the loans authorized by law; and
1T is not probable, that within any short time
hereafter, the money necessary to complete
the public works in progress, can be procured
by resort to loans. SO great are the dis
couragements to any new attempt to borrow
on public account, and the rate of interest is
SO high, that the purpose of raising money in
That mode, must, for the present at least, be
abandoned. Desirable as it is to finish the
works OF Internal Improvement that have
been commenced, and to undertake others, no
less important, yet unauthorized, it has be-
come necessary l fear, not only to postpone
tie latter class, but also to suspend some of
the former. In that event, as this interesting
branch of public policy would be REQUIRED to
again, as soon as a favourable change in the
times would admit, it is the part of prudence
to examine rigidly into the finances and to
lay the foundations of an ample fund, not on
ly to pay the interest of the State debt, but
to eXtlnguish the principal, and of any addi-
ton to 1t which the General Assembly NAV
hereafter authorize.
regret exceedingly that it has become INV
duty to communicate to the General Assem-
bly,, another suspension of specie payments
by the Banks, in almost every State in the
Union, as it is understood, except New York
and some of the States to the North of it.
Inc suspension commenced with the Banks
OF Philadelphia, and was soon followed by
many others to the South and West as far as
l have heard, including all the Banks, as is
believed, OF this State, except those of Wheel
Ing, and branch of the Bank of Virginia at
Portsmouth. As soon as the report reached
me, my attention without delay, was direct
ed to the acts regulating the Banks of this
State, to ascertain what measures, under such
state OF things, might be required of the Ex-
ecutive to be taken.
by the eighth section of the act establish
ing general regulations for the INCORPORATION
OF Banks, passed March ODD, 1887, it is pro-
vided, that the bills or notes of all banks
hereafter chartered, originally made payable
on demand, or which shall have become
payable on demand in gold and silver coin,
snail be receivable in all payments to this
commonwealth; but if any such banks shall
al any time fail or refuse to redeem It's notes
| In gold or silver coin, its bills or notes shall
be no longer receivable as aforesaid; and the
Governor for the time beingis hereby author
lzed and required, by proclamation, to declare
the fact, and forthwith to prohibit the notes
OF said bank to be received in payment of any
money due to the Commonwealth, and if the
SAID bank shall be one in which any portion
OF the public revenue shall be deposited, the
Governor shall cause the said deposites.
standing lnthe said bank to the credit of the
commonwealth, or any of the public funds
70 De removed therefrom to some specie pay
Ing bank, or to some other place of safety.''
IL VIII be perceived from this provision
"idt OH tiie happening OF a certain contingent
cy tnereln described, 1t is made the duty OF
he governor to do two things. First, to is
sue his proclamation declaring the fact ofsus-
pension and prohibiting the notes of ..said
Bank $50 suspending specie paymen;s) from
being received In payment of any money due
me Commonwealth" -Secondly, to cause
the deposltes of the public revenue in othe
SAID bank to be removed therefrom to some
specie paying Bank, or to some other place oil
safety. Both OF these acts are required to bf
performed by the Governor on the happening
OF the contingency contemplated in the sta.
tute; Tor both, 1T will be seen, are placed by
the terms Of the law on precisely the same
footing.
Inc very grave and important character o
the consequences to flow from either or botf
oil them, whether regard be had to the ease
ana convenience of the people in meeting the
PUBIC our'hens, the safe keeping and collec.
ton OF the public revenue, or the general ON.
eIduonS oil the Treasury in CONDUCTING the
Puolic finances, and UNFOLDING the public
lcredit-all these considerations made il in.