Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1841-12-23

doubt, that the people will cheerfully sub.
nit TO such increase Of taxation, as the exi
gencies Of the G mopwealtIi may require
Ipressed with this belief, most respect
fully suggest for your consideration,
whether sound economy in the admins
tratipn ofour finances would not be pro-
NOTED, by imposing such taxes as the or
binary current expresses Of the State re-
quire, instead-of anticipating the public
revenue by a resort to loans. The-sys-
tenn pf borrowing, if continued. will in
sensIbility but assuredIy lead to such an
augmentatio nsof the pnblic debt, ah may
De seriously felt at no nj stant dsy. II
may not be advisable To discontinue it at
once, but, its gradual abandonment may
be easily affected by such an imposition
Of taxes as viii. annually reduce the a.
mount to be borrowed. aud 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
prospectus OF the Treasury, to which
your early and particular attention is
respectively invited.
In submitting view Of our financial
concers, it is proper that | should call
your attention 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 exenip-
ted from the penalties imposed on them,
for falling to redeem their notes in spe-
Gle. Notwithstanding the relief thus af-
forded them, the Bank Of Virginia, the
Farmers Bank of Virginia, and the Ex-
chan e Bank, declared their readiness to
cooperate with the banks of Baltimore
ia resuming specie payments. A resump.
ton was accordingly effected almost SIM
ultalleousIy by these. Banks and the
Banks Of Philadelphia. In short time
however, the Banks of Philadelphia a.
gain suspended, and their example was
speedily followed by those Of Baltimore.
The Banks Of Virginia above specified
nevertheless continued to redeem their
notes in specie, in the sanguine hope that
they would be able to sustain themselves
10 the effort. The suspension of other
Institutions under such circumstances,
nper4 sed entirely to our disadvantage;
enabling them to replenish their vaults at
the expense Of our Banks, while the lat
ter received no equivalent. Perceiving
that continued drain Of specie must be
the consequence Of persisting in the
course they had adopted, and aware that
the. rapid curtailment Of the circulating
medium which would be necessary to en-
able them 20 persevere, would be severe
~ felt by al. glasses Of the community,
ther1 5lrectory of our banks rescinded
their resolution. Theirdetermination to
resume specie payments at SO early Pc
Rod, was no doubt premature. 1t would
have been more safe for them, and bet
ter FIR the community, if they had defer
red the execution Ola design so credita-
bic to their public spirit, until that de-
sign could have been effected without
regard to the course of others. 1t IS to
be hoped that it may yet be accomplished
at NO distant day, il a small, gradual and
regular curtailment of discounts be RI
gidIy enforced against all the customers
of tn e Banks. A resumption of specie
payments by all our institutions, which
shall be permanent and efectual, is no
doubt most ardently desired by the
great body of tile people. But, slirroun-
ded rs we are by other institutions be-
yond our control, and placed in a condi-
4. u