Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-12-23

GOVERNORS MESSAGE.
EXECUTIVE DEPARTMESr,7
December 9Th, 1871.
Felioac- Citi=e Hs IF he Senate

Z
December 9th, 1871.
FeHoec- Citisea ef he Seaote
AID House Of Delegates:
By the resignation Of our late Govern
or, Thomas w. Gilmer, the chief Execn
tive Power of the Commonwealth has de
volved upon me as Lieutenant Governor
proceed, therefore, under the require
ment of the Constitution, TO invite you
attention to such subjects as, in my opin
ION, deserve your consideration.
II is a source Of qualification. to be abb,
10 offer the representatives of the people
continued congratulations for the success
which has attended the industry and en-
terprise Of all classes OF our CITIZENSHIP
the abundance of our harvests,-the ben
eficial operation of mild and equal laws
the enjoyment OF peace with foreign ma
tons, and tranquility at home,-and the
preservation OF our republican institutions.
A proper appreciation Of these blessings
should stimulate us TO submit cheerfully to
any burihens which the public good may
require,-to yield a prompt obedience to
the laws,-and to practice those virtues
without which 10 Republic can long pre-.
serve its existence. If we would merit a
continuance of these benefits, we should
render grateful acknowledgements to HIM
to whose kind providence we are so espe-
cially indebted for so liberal a portion OF
his bounty.
Since the last session Of the Legislature,
our nation has been deprived, by the dis.
pensation of Providence, of their late Pre-
sident, William Henry Harrison. The
sudden death of this eminent citizen, after
having been SO recently elevated to the
highest office within the gift OF his coun-
trymen, sirikingly displays the uncertain
ty OF human calculations, and admonlshes
us of the vanity of human honors. 1t fur
nishes the first instance in our history, OF
the transfer to the Vice President Of the
important functions of the Federal Exec.
utive. The quiet and ready acquiescence
Of the whole nation in this transfer, hap
PLY illustrates the wisdom Of our Consti-
tuition, and the disposition of our people
to yield obedience to the government Of
law.
The act of the 22d March last, contem-
plating a deficiency in the Treasury of
the Commonwealth. authorized the Ex-
ecutive to cause such sums to be borrow
ed as the public exigencles might require.
In pursuance of its provisions, the Trea-
surer from time to time, under the orders
Of the Executive, has obtained on loan
from the Bank Of Virginia, the Farmers
Bank of Virginia, and the Exchange Bank
of Ntrnipgo tho M pf &DtG mn uphfnh
with the sums previously looneG to the
State by those Banks, amounts TO the sum
of $345, 600, being a charge upon the
Treasury, payable on the 18th day Of the
present month. The responsibility incur
red by the Commonwealth TO repay these
loans, together with the amount of her
funds, temporarily unavailable, by the
refusal of the Deposit Banks to receive
the notes Of the Wheeling Banks On gen.
eral deposit in payment of taxes as is
hereinafter explained, present a less favor
able exhibit Of the state of the Treasury
than might otherwise have been expected.
On comparing, however, the resources OF
the Commonwealth with her engagements,
her finances will be found in a sound con-
dition, especially, when WI consider the
resources of the Literary Fund and ofthe
fund for Internal Improvement, which, aE
ter meeting existing pledges, might be
regarded as affordng, if necessary. an
additional guarantee for the redemption
Of the faith of the State in any unforeseen
emergency. But so long as our country
shall be blessed with a continuance OF
peace, there can be no necessity, with
prudent management, for diverting these
resources . from the valuable objects TO
which they have heretofore been applied.
There can be no doubt that the people
will cheerlully submit to such increase OF
taxation as the exigeDcies of the Common
wealth may require. Impressed with this
belief, | most respectfully suggest for
your consideration, whether sound econ
omy in the administration of our finances
would not be promoted, by imposing such
taxes as the ordinary current expenses oil
the State require, instead Of anticipating
the public revenue by a resort to loans.
The system of borrowing, if continued,
will insensibly, but assuredly, lead TO such
an augmentation of the public debt as
may be seriously felt at no distant day.
1t may not be advisable to discontinue it
at once, but its gradual abandonment may
be easily effected by such an imposition
of taxes as will annually reduce the
amount TO be borrowed, and ultimately
render the revenue amply sufficient for
current demands. The reports Of the
Treasurer and First Auditor will exhibit
a full statement OF the condition and pros
poets OF the Treasury, to which your early
and particular attention is respectfully in
vited.
In submitting a view of our financial
concerns, it is proper that | should call
your attention to the present condition of
our Banks, with whose operations the fs-
cal affairs Of the State are necessarily
and intimately connected. By an act Of
the Legislature, our Banks we're exempt
ed from the penalties imposed upon them
for failing { redeem their notes in specie.
Notwithstanding the relief thus afforded
them, the Bank of Virginia, the Farmers
Bank of Virginia, and the Exchange Bank
declared their readiness to cooperate with
the Banks of Baltimore in resuming spe-
Gle payments. A resumption was accord
ingly effected almost simultaneously by
these Ranks and the Ranks of phlladel.