Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1840-12-10
o,54S $50 S3
1,468,Il6 so
7,937,5S3 50
6l,547 Is
$l2 066,l87 80

IL has created, ana over WINCH III mas
From the amount of these stocks viz: 81 937 583
So held by the fund for internal Improvement, aud
the amount OF these wiz $2,7l4 278 Al, which are
now productive it will be ttiat large portion
OF the stock held by the State and the State instts-
items, are not available "a means OF revenue.
OF the aggregate Of $l2 ,066 1877 80, the sum OF
$6 337 100 n il either now productive. or may
soon become so and of that portion o! The public
funds which is now to;ally unproductivc, there is
large -monnt held in works of internal improvement
not vet complete. much Of which, ii is hoped, will
ere long become productive. The aggregate OF
debt viz: $500 948, and the aggregate OF funds,
viz: $I2, 600 1877 30, both include the OF 5 ,,
247 500 81 of State certificates held by institutions
under the control Of the State, OF in fact by the
State itself Deducting this amount, the debt oil
the State will be reduced to the sum OF s. 473 Sc
In estimating the public debt 1t is proper to regard
the amount OF subscriptions authorized, but not yet
applied for, on account of some contemI lated inn
provements, viz. S2,737 $40.
1t will be several years before sny considerable
portion of our debt is Iedeeuable and many years
before it is entirely There is. therefore, ample
time, aud in my estimation. abundant reason, for
the establishment of an adequate sinking fund,
which will render the redemption Of our debt grad
ua and easy: and It, in the mean time, the stocks
owned by the State aud not now productive, shall
become so, heir proceeds be applied TO aug
ment this fund, to such other purposes as the in
/ terests of the commonN eath may require.
The actual deficit in the revenue of the last fiscal
year. exceeded the estimate OF tiie last General As
,embl> aud made il necessary for the executive,
under the act of March g, 1870, TO authorize the
treasurer 20 borrow from time TO time, from the
Bank OF Virginia the Farmers, and the Exchange
Bank, the sum of $4,000, prior to the 1T Of Oc
tober and s2J 600 since that period 1.-THE policy
of loans generally is questionable, there can be no
doubt that ii is mpohtc to borrow to meet the or
binary expenses OF government. The necessity for
imposing the tax is only postponed, and its burden
is finally increased 10y the accumulation Of interest.
This policy of loans in time Of peace, commenced
long since, and has been so gradually connected
with the operations OF our treasury that il ia dh'
cult to put an end to il at once, unless
advantageous deposition can be made of some of
the Stocks held by the State. As very littls OF he
revenue which you may assess will be received into
the treasury before the LIST OF October next, and
large portion Of the revenue in the treasury,
will be required pay tho banks the 18th Of the
present month, it will be necessary o provide some
temporary means Of supply ug tic deficiency The
value Of all stocks IS OF SO peculiar and delicate
nature, that peremptory sale of any large amount,
must always affect the price and cause n sacrifice
discretionary authority to sell, with aterna-
tive provision in case sale cannot be aiiecled on
advantageous terms, is probably the only means by
which our stocks can be used to answer the imme-
diae demand Of the treasury.
The banks which promptly aided the common.
wealth during the past year, were required by an
act of the ast session, furnish means Of paying
the interest the public debt in specie OF is
equivalent, when demanded by the public creditors
SO far as this demand was made they were subject
ed to a loss Of the difference between spece and
current notes. and as it incurred for the accom-
mediation of the State, | submit whether it is not
proper 10 relieve them from it.
The public warehouse at Petersburg, the proper
iy Of the State is represented being entirely
productive, and charge on the treasury suggest
therefore, whether it be expedient TO authorize
its sale. 1t is eligiby situated and may command
/ its value.
! recommend to your consideration the bill pre-
pared with great care by our experienced first audi
tor, and submitted TO the general assembly at its
last session. on tho subject Of our revenue laws.
In 1857, the executive loaned s98,065 33, part