Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1839-12-12
Governors Message.
Te1lom- Citis ems Of the Senate

Iehon- CtAsenS 81 the SENATE
And House Of Delegates:
In The midst Of some discourag ements md dis
appointments, we have strong motives for humble
and earnest thankfulness 10 the leneficent Disren-
sor of all Good, for the abundance of the prodnc-
tons Of the earth, during the present year, IN every
portion of our country, and the excellent health
which The People Of our own State have, generally,
enjoyed.
Great difficulties have attended the efforts TO ne.
gotia.e the loans authorized by law; and it is NOT
probable, that within any short time hereafter, the
money necessary to complete the Public Works in
progress, can be procured By a resort 10 loans. SO
great are the discouragements 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 il is 10 finish the works of Internal lm-
provement that have been commenced, and TO un'
dertake others no less important, yet unauthorized,
il has become necessary, ! fear, not only TO pest
pone the 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 favorable change in the times would ADMIT
il is the part of prudence to examine rigidly into
the finances, and to lay the foundations OF an ample
fund, not only to pay the interest OF the State debt
but TO ox,inguish the principal, and of any addition
to il which the General Assembly may, hereafter,
authorise.
| regret, exceedingly, that il has become my duty
to communicate to the General Assembly, another
suspension of specie payments by the Banks, in al
mos, cycrv State in the Union, as it is understood,
except New York, and some of the States TO the
north Of ii. The suspension commenced with me
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 IL IS believed
of this State. except those of Wheeling, and a
branch of the Bank of Virginia, at Portsmouth
As soon as the report reached me, my attention.
without delay. was directed to the acts regulating
the banks of this State, to ascertain what measures,
under such a state of things, might be required OF
the Executive, 10 be taken.
BY the eighth section of the act establishing gem
eral regulations for the Incorporation OF banks pas
sed March 22d, 1897, il is provided, That Toe
bills or notes of all banks hereafter chartered, OH,
g;nslIy made payable on demand, or which shall
have become PAYABLE on demand, In gold and SILVER
co;n. shall be receivable in all payments 10 inns
Commonwealth; but, il any such banks shan al any
time fail or refuse TO redeem ITS notes IN gofu OF
silver coin. its bills or notes shall be 10 longer re-
ceivable as aforesaid; and the Governor, Tor 'he
time being, is hereby authorised and required ny
nroclamation. TO declare the fact, aud forthwith to
nrohitit the notes Of said bank to he received IN
nayncnt of any money due to the Commonwealth
and If The said bank shall be one in which any por-
lion of the public revenue shall he deposited, The
Governor shall cause the said deposits standing ~
N. said bnuk to the credit of the Commonwealth
or any of the public funds, to be removed thereiro'n
TO some specie paying bank, or to some o'hef pace
of safety" ior that on
H. h"nneninc Of a certain contingency therein as-
scrihsd II is made the duty of the Governor 10 90
Two ,binps-frst. to issue his proclamation ueoia,
ring the fact of Suspension, andprohib'tiDg the no,s1
~ said bank" $50 suspending specie pay"en,sl
from being received in payment Of any money que
20 Tho Commonwealth. Secondly, 10 cause we oe-
posits of the public revenue in " the saio oahs T.
be removed therefrom to some specie paying penN,
.ts are reouired 10 be performed by the Governor
ON he happening of the contingency
! IN The s,aiu,s for both. il will be seen, are placed ny
,hs ,errns az the law on precisely the same footing
The very grave and important character o. 'hs