Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-12-09
GOVERNORS MESSAGE.

December 9th, 1911.
Fto,c citizens of The Senate and Io,se II Deitgaics
BY the resignation Of our late Governor. Thomas W
Gilmcr the Chief Executive power oithe Commonwealth
has devovod upon as Lieutenant Governor. | pro
coed therefore, under the requirement of the Consu-
ton to invite your attention such SUBJECTS as III my
opinion, deserve your consideration.
1t is Of qualification, 10 be able TO offer the rep
roscniavcs Of the people continued congratulations for
the which has attended the industry and enter
pr oi all classes of our citzcns, for the abundance
our haIvcss the beneficial operation of mild and equal
lawsthc cnayn. A 4, pace with foreign nations. and
tranquility home and The pres, walton 81 our repub
lIcan institutions. proper appreciation OF ti,se e'ss
mgs should stimulate 10 submit chcerully any btu
thcns which the public good may rclulrc,-to yield
promp, obedience the aws,-lnd To practise those viz
tues without which no Republic can long preserve It's cx
srncc II we would merit continuance of these benc
fits should render grateful acknow Judgements To HIM
10 whose kind rroydtn we are so especially indebted
for 81 liberal portion q, rs mun'Y'
Since the a,i seon Of the Legislature ournaton hoe
been deprived by tie dspcnsalon Of Providence oil ,nc
late President, Nm. Henry Harrison. The sudden
death of this eminent citizen after having been 50 recent
" elevated Ia the highest Office within the git OF his
countrymcn slrkngly displays the uncertainty Of human
calculations s admousles OF the vanity Of human hon
II furnishes the first instance m our history. Of the
transfer to the Wee President OF the important functions
of the Federal Executive The quiet and ready acques
ccnce of the whole nation in this transfer, happily Illus
tratcs the wisdom ct or constitution and the disposition
Of our people Weld obedience to the government Of law
The act Of the 22d March last, contemplating defer
cncy IN the Treasury Of the Commonwealth, authorized
the Executive such to be borrowed the
public cAlgenclos might require In pursuance OF its pro
Visions the Treasurer from time 10 time under the orders
of the Executive has obtained ON loan from the Bank of
Virginia the Farmers Bank of Virginia, aud the FIX
change Bank Of Virginia the sum Of t2i5 900, which,
with the sums previously loaned To the State by those
Banks amounts To the sum OF Si5,OOO, being charge
upon the Treasury payable the 9th day othe present
month The responsibility incurred by the Common
wealth repay these loans, together with the of
her funds temporarily unavailable by the refusal of the
Deposit Banks to receive the notes of the Wheeling
Banks general deposit IN payment of aNesasis herein
after cxniar"d present less favorable exhibit of thesatc
of the 1casnr, than might otherwise have been expect
ed On comparing, however. the resources of the Com
monwealth with her engagements, her finances will be
found in a sound condition, especially when consider
the resources Of the Literary Fund and OF the fund for
Internal Improvement, which, after meeting existing
pledges might be regarded aordng, If. necessary an
adt!ona guarantee for the redemption OF the faith OF the
State any unforeseen emergency But 50 long our
country shall be blessed with continuance OF peace there
can be necessity, with prudent management, Tor dl
yerny these resources from The valuable objects to which
they have heretofore been applied There canbe doubt
that the people will eheeruy sub to such increase OF
taxation the exgences of the Commonwealth may re
quirc. Impressed with tins belief, most respectfully
suggest for your considerations whether sound economy
in the administration OF our finances would not be promo
ted by imposing such the ordinary current expen
othe State require, instead OF ang the public
revenue by resort to loans. The system Of borrowing
if continued will nsenshly, but assuredy lead to such
an augmentation of the public debt may be seriously lo
distant day Ii may not be advisable To discontinue
it once. but its gradual abandonment may be easily ct
cctcd by such imposition OF taxes as Will annually re
ducc the amount to be borrowed aud ultimately render
the revenue amply sufficient for current demands. The
nf Tho
full statement Of the condition and prospects OF the Urea
sury, which your early and particular attention is re
spccully invited
In submitting view of financial concerns II is
proper that should call attention TO the present con
dton OF Banks. with whose operations the fiscal ai
fairs of the State necessarily and intimately
ted. BY an act of the Legislature, our banks
emped from the penalties imposed upon them for failing
10 redeem their notes IN specie Notwithstanding the
the relief thus afforded them the Banksf Virginia, the
Farmers Bank Of Virginia and the Exchange Bank de
cared their readiness 10 cooperate with the Banks OF
Baltimore IN rcsumlng specie payments. resumption
accordingly effected almost simultaneously, by these
Banks and the Banks of Philadelphia. In short time
however, the Banks Of Philadelphia again suspended
/ and their example speedily followed by those OF
Baltimore The Banks of Virginia above specified
nevertheless continued 10 redeem their notes in specie in
the sanguine hope that they wOuldbe able osusain them
selves in the effort The suspension Of other institutions
under such circumstances operated entirely 10 dlsad
vantage, enabling them 10 repenish Their vaults at the
expense Of our Banks while the latter received no G
quvaent. Perceving this consequence of persistlne
in the they had adopted and aware that the rpic
cuailment of the circulating medium which would be
necessary enable them 10 preserve, would be severed,
felt by all classes of the community the directory OF our
Banks rescnded their resDu,ion-Ther determination
To specie payments at so early period was NJ
doubt premature. II would have been safe io
them and better for the community, if they had deferred
the execution Of desan credtable TO their public sp
nit, until that design could have been effected whou
regard to the course of others II is to be hoped that
may yet be accomplished a, no distant day, if small
gradual and regular curIamen OF discounts ha rlgdl,
enforced against all the customers of the Banks
sumption Of specie payments by all cur institutions