Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-12-16
Governors Message.
ExEcurivs DEPARTMENT.
December 9th. 1871.

Feilo,c-eitixcns Of the Senate and House of Dele
gates.
By the resignation Of our late Governor,
Thomas w. Gilmer, the chief Executive Pow
or OF the Commonwealth has devolved upon
me as Lieutenant Governor. Iprocced, there
fore, under the requirement OF the Constitu-
ton, to invite your attention to such subjects
as, in my opinion, deserve your consideration.
1t is a source of qualification, to he able to
offer the representatives of the people contin-
ued congratulations for the success which
has attended the industry and enterprise of all
classes of our citizens,-for the abundance of
our harvest,-the beneficial operation of mild
: and equal iaws,-thc enjoyment of peace with
foreign nations and tranquility at homeland
the preservation of our republican institutions.
A proper appreciation of these blessings
should stimulate us to submit cheer(ully to-
any burthens which the public good may re-
quire,-to yield prompt obedience to the
laws,-and to practise those virtues without
which no Republic can long preserve its ex-
istence. If we would inertia continuance of
. these benefits, we should render grateful &C
acknowledgements to HIM TO whose kind provi-
dence we are so especially indebted for so Ii
beral portion of his bounty.
Since the last session of the Legislature our
nation has been deprived by the dispensaton
; OF Providence, of their late President VIM.
Henry Harrison. The sudden death of this
eminent citizen, after having been so recently
elevated to the highest Office within the gift
OF his countrymen, strikingly displays the un-
certainty of human calculations, and admon-
ishes us of the vanity of human honors 1t
furnishes the first instance in our history, of
the transfer to the Vice President of the i'm
IF tbo
The quiet and ready acquescence of the
whole nation in this transfer, happily illus
trates the wisdom of our Constitution, and the
, disposition of our people to yield obedience
to the government flaw.
The act of the 22d March last, contemplat-
ing deficiency in the Treasury of the Com
monwealth, authorized the Executive to
cause such sums to be borrowed as the pub
lie exigencies might require. In pursuance of
Its provisions, the Treasurer 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 Elk
change Bank ofVirgnia, the sum of S245000,
which, with the sums previously loaned to
the State by those Banks, amounts to the sum
of$345,000, being a charge upon the Treasu-
ry, payable on the 18th day Of the present
month The responsibility incurred 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 general deposite in payment of tax
es as is hereinafter explained, present less
favorable 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
.x.,,ll Lor
especially, when we consider the resources OF
the Literary Fund and of the fund for Internal
improvement, which, utter meeting existing
pledges, might be regarded as a11ording, if ne
cessary, an additional guarantee for the re-
demption Of the faith of the State in any I'M
foreseen emergency. But so long as our
country shall be blessed with a continuance of
peace, there can be no necessity, with prudent
management for diver.ing these resources
from the valuable objects TO which they have
heretofore been applied, There can be no
doubt that the people will cheerfully submit
to such increase of taxation the exigencies
OF the Commonw alth may require Impress
ed with this belief, most respectfully suggest
for your consideration, whether sound econo-
my in the administration of our finances
would not be promoted, by imposing such
taxes as the ordinary current expenses of the
Slater equlre, instead of anticipating the pub
lie revenue by a resort 10 loans. The system
of borrowing, if continued, will insensbly,
but assuredly, lead osuch an augmentation of
the public debt as may be seriously felt at no
distant day. 1t may not be advisable to dis
continue 1t at once, bnt its gradual abandon
'ment may be easily effected by such an impo-
'sition of taxes as will annually redeem the a
mount to be borrowed, and ultimately render
the revenue amply sufficient for current de-
mands. The reports of the Treasurer and
First Auditor will exhibit full statement of
the condition and prospects of the Treasury,
to which your early and particular attention
is respectfully invited.
In submitting a view Of orr financial con-
Germs, 1t is proper that should call your at
tention to the present condition of our Banks,
with whose operations the fiscal affairs of the
State are necessarily and intimately connected
BY an act of the Legislature, our Banks were
exempted from the penalties imposed upon
them for failing to redeem their notes in spe-
Gle. 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 specie
payments. resumption was accordingly
effected almost simultaneously by these Banks
and the Banks of Philadelphia. In short
time, however, the Banks of Philadelphia a
gam suspended, and their example was spec
Oily followed by those of Baltimore The
Banks of Virginia above specified neverthe-
less continued to redeem their notes in spe-