Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-10-21


benefit from these stock orders which III
circumstances OF the times have RENDERED
a circulating medium, viii be admitted
The banks having IN 1880, for the secont
time in two yeHrs, suspended specie pay
ments, these orders have supplied the ne
cessary purposes OF the retail trade, OF SC
much Importance 10 the aggregate, with
an easy and secure currency, and at the
same time measurably relieved the COM
muni,y from an amount of tax, which had
the subscription of the city been paid ia
money, would have been imposed upon The
citizens. And it is no more than just &c
remark, that on ihess grounds the che
advantage in the extensive circulation O
the orders must result 10 the city and the
community rather than to the company is'
suing them, whose original design and
purpose would have been better answered
If they could have been speedily funded in
the city debt.
or these stock orders, Of all denomina.
lions, there have been issued by the com.
missionsrs OF stock up to this date the sum
OF sI,449.05I--and of these, Sl3,7la
have been funded. For the entire sum SO
issued, city stock has been transferred TO
the commissioners in trust for the holders
of the orders.
1t is unders,o ID, however, that in the
minds of sumc, an apprehension is enter
tained that this amount is greater than the
ordinary demands Of circulation require,
and appeals have been made to the board
to stop any further issue, or to adopt some
other means by which depreciation in
their par value may be prevented.
The ultimate security of the orders,
based as they are upon the stock OF the
city, Cannot be questioned and the hold
ers may at any time acquire their value,
and six per cent. interest thereon, by fund.
ing them in the stock which they repre-
sent. The board. however, notwitbstand-
ing the Importance they attach to the
prompt completion oil the rail road, now
SO far advanced, to Cumberland, and their
Just claim upon the cordial cooperation
of all interests in the city of Baltimore TO
this end, are not insensible to The obliga.
ton of preventing as far as their nterven-
ton can prevent, any depreciation in the
value Of these orders, arising from any
excessive issue.
1t is understood that the regular circu-
lation of bank paper, even under the spe.
Gle standard, was not much short Of $2,-
900, 900, and that from various causes, II
is now reduced to Sl,000,00O, and in fact.
for purposes of small circulation, the banks
can do nothing whatever. Indeed to OBJ
viate this difficulty the board, upon the
special application of the city councils,
were induced to increase their circulation
by the issue Of orders below the cenomi-
nation Of one dollar.
|, has been supposed also that the en-.
larged trade which has been brought TO
this city by the expenditure on account of
the rail road. would, ). Of itself, require a
considerable increase beyond tho ordinary
circulation, and that these orders, safe ms
they are from the ordinary casualties at
tendant upon irresponsible paper, Knight
be advantageously allowed to take the
place of the various individual issues
which were previously in circulation.
From all these causes, it was hoped, that
the present amount might be paid out
without materially, or If ut all affecting
their value and at ali times. down even
TO the present period, the contractors have
not only been wiling, but anxious 10 re-
ceive even more than il has been deemed
expedent to give them.
1t is taken for granted that no one sup.
posed that the redemption of these orders
in money forms any part OF the company 3
obligation. Unlike bank paper they are
issues from which the members Of the
board Individually derive no profit nor any
pecuniary advantage whatsoever, but on
the contrary in common with their fellow
citizens must share any depreciation in
their par value.
They were issued to enable the Clip OF
Baltimore TO pay her subscription, and
promptly finish the work to Cumberland,
without sacrifice OF her stock, and at q
considerable saving of interest, and con.
sequeni exemption from the necessity Of
taxation. The obligation of the compa-
is on the face of the orders and in each
annual report, and in various ways, has
always been distinctly announced, to fund
them in City stock at par; with the ad
d.ional engagement TO receive them al
par in all debts due TO the company.
These promises will be complied will
in good faith and to the fullest extent; ant
though the orders may deprecate never
so low the company will continue to re.
ceive them at par. Any loss which may
in this way, be sustained by the company
it is not doubted, will be cheerfully borne
in consideration of the vast advantages
which, by the early completion Of thu
work, will be conferred, not only upor
the stockholders, but upon every either
Of this community.
If the board could now incur new ant
farther obligation, never at any time con
templa,ed, and undertake TO redeem .ht
orders in money, they could not redeem
part only for the benefit Of few with
out comprehending the whole; and for such
purpose it 10 apparent that the company
have no means at their disposal neither
the subscription by the City nor ihat oy
the State, under existing laws ana ordi.
nancss, being applicable TO that object.
Even tho amount of interest upon the
stock, which has been saved by the issue,
has accrued to the benefit Of the city trea.
sury, and not TO the company.
Nv an arrangement with the city au.