Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1840-12-10

- A., ,,o..d ", rreyant saspensions OF specie pay
menis NAV well be questioned, since they are 'i.-
released and could not well be enforced
without INJECTING severe punishmenis on the com
munity for the deliBquencies OF the BANKS iniin
4 Il better TO subject banks TO the payment Of an
adeonae rate Of interest on their during PERI
"a. Of suspension, as they would be thereby siimu-
.ted 10 resumption, aud induced opreveht snsPen-
Sims v keeping their issues within moderate bounds.
The large amount Of stock held by the State 10
our Banks il not represented at all al meetings u
the Stockholders and only in the Boards OF Direct
ora by a minority IF the State Directors die or re-
sign their places filed by the remaining Direct
ors so that may that the stock OF the state
will be wholly umepresented at meetings o. the
Stockholders and at the Board
While il is reasonable 10 suppose that those who
owa the stock Of banking companies, and who are
10 gain or lose by their good or bad management,
will best understand and administer the details OF
their own business and while IL is true that iegis-
ature would constitute, perhaps, me worst Of an
directories, except an executive, tor these purPo-
ses it il equally TUE that without general regula-
tons and wholesome restrictions, corporations, IKE
.tesrn engines, apt TO produce mischleyous re-
suits 10 themselves aud TO society
The finances Of the Commonwealth VIII, no
doubt. command your early and most deliberate at
tention. while our public debt is by no means
considerable compared with our resources, and
while annie provision has been promptly made 10
NEE, all demands on the Treasury, u Is due to tue
interests and honor Of the State, that our hnanciai
system should be- placed On a more steady and per-
rnanent basis one which will preserve Our faith ana
credit beyond the reach oil suspicion, and accohano
date itself with the utmost attanable aciiiy to IN
means of our citizens. The necessity under which
the States have placed themselves, OF deriving their
revenues from direct taxes, while cherlshes econ
omy and responsibility and exetesa vigilance which
is not felt as to our much larger indirect contrlbu-
lions 10 The federal treasury, has not had the effect
of rendering the people of Virginia parsimoniou',
or insepsiblc to any just demand on iheir Phplic
spirit Its the characteristic of a Commonwealth
thai whatever is wanted for the publ; service, Is
freely given as the benefits and the burdens are
shared by all. The anticipation OF the revenue by
means Of loans, except in cases OF emergency or
where the objects 10 which the State may lend ITS
credit, will certainly be adequate to reimburse the
debt, is a tempting and deusive species OF taxation
founded on distrust of the intelligence and pairo-
lam Of the people. If not timely checked, II VIII
end in the establishment OF a public debt to DIS
charge the interest of whica. the ordinary revenue
will rot more than suffice. We are far from having
reached this point. Our debt IS entirely within our
means, and compared with that OF many other
States, it is really nconsiderabe. But the present
is deemed favorable period fo a thorough exams
iustment OF the account which will hereafter place
our available means more under control.
The details Of our hscal system have become very
complex, not on account OF the numerous subjects
Of taxation, fer these fewer than in most other
Governments nor account OF the rates OF reve-
nue. assessed or state purposes, for these are lower
is believed than any State whose jurisdiction and
civil list approximate to our own, but IN consequence
of the multiplied agencies assigned TO the various
corporations which form parts oft. The two great
funds Of education and Improvement each ct which
consist chiefly oStocks OF the State and OF other cor
porations. the amount OF Stock owned by the Com
monwealth proper in the Banks, State Stock held
by the banks and the relations of debtor ard ciedi
tor which exist between these several corporations
and between each OF them and the State, however
convenient they may be found in Practice render
The accounts Of our finances really very intricate
The aggregate public debt Of the
c.; 49,, c6 7o0 a19