Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-07
O. oorrnor's Ressaoe.
EXECUTIVE DEPARTMENT. D
December 9th 1871 Z


w. Gilmcr, the chief Executive Power of the Com
monwcalth has dcvolvcd upon me Lieutenant Go
vernon. ! proceed Therefore, under the requirement
OF the Constitution, 10 invite your attention sucl
subjects as, in my opinion, deserve your considera
ton.
II is OF qualification to bc able to offer the
representatives OF the people continued congratula
tons for the which has attended the industry
and enterprise OF all classes of ctzcns-for IN,
abundance of our harvcsts-thc beneficial operation
of mild and equal laws, the enjoymentof peace with
foreign nations, and tranquility at homeland the pre-
scrvaton Of rpublicaninsiituticns proper APP
probation Of these blessings should stimulate us 10
submit checrfully to any burthcns which the pub,
good NAV rcqurc-to yield apromp, obedience To the
laws,-Rnd to practice those virtues without which
no Republic can long preserve its existence. Ii we
would merit continuance ofthcsc benefits We should
render grateful acknowledgements TO HIM 20 whose
kind providence we especially indebted for SO
liberal a portion of his bounty
Since the last session of the Legislature our nation
has been deprived hv the dsp,nsation Of Providence
Ofthcir late President WIN. Henry Harrison. The
sudden death olth eminent citizen after having been
so recently elevated TO the highest office within the
gift of IN. counirymcn strikingy displays the unccr-
tainty OF human calculations, and admoniShcs us of
thc vanity of human honors II furnishes the trSt in
stance in our history of the transfer the Vice Pre-
sident of the important functions Of the Federal ES-
ecutyc The quiet and ready OcquicSccncc of the
whole nation in this transfer happily illustrates the
wisdom of Constitution and the disposition OF
people to Weld obedience 10 the government of law.
The act of the 22l March last, contemplating
deficiency in the Treasury Of the Commonwealth.
authorized the Executive TO cause such sums To I've
borrowed as the public eXigencies might require. In
pursuance Of its provisions, the Treasurer from time
10 time under the orders Of the Executive, has OBJ
tanned on loan from the Bank Of Virginia, the Far
mers' Bank of Virginia, and the Exchange Bank of
Virginia the sun Of S2i5,ONO, which, with the
sums previously loaned TO the State by those Banks
amounts to the sum Of S3i5 600 being a charge up
L.. 4 - ~
sent month. The responsibility incurred nv 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 deposit IN
p,yment of taxes as il hereinafter explained pre-
sent less favorable exhibit Of the state ofthe Trea-
sury than might otherwise have been expected On
comparing however, the resources Of the Common
wealth with her engagements, her finances will be
found in sound condition, especially, when We CON
slider the resources of the Literary Fund and of the
fund for Internal Improvement which, after meeting
existing pledges might be regarded as ofordlng, It
necessary, additional guarantee for the redemp-
ton Of the faith Of the State IN any unforeseen
emergency. But 80 long our country shall be
blessed with continuance OF peace, there can be no
necessity with prudent management, for dIyerting
these resources from the valuable objects TO which
they have heretofore been applied. There can
be no doubt that the people will cheeruy submit to
such increase of taxation the eIIgencies of the
Common w ealih may require. Impressed with this
belief most respectfully suggest for your conslde
ration whether sound economy in the admnstra-
ton of our finances would not be promoted, by i'm
posing such taxes the ordinary current expenses
the State require instead of anticipating the public
revenue by a resort 10 loans. The system OF Dor
rowing if continued, will insenshly, but assuredly,
lead 10 such augmentation OF the public debt
may be seriously felt at no distant day. IL may not
be advisable to discontinue at once hut It's gradual
abandonment NAV be easily effected by such i'm
position Of taxes will annually reduce the
10 be borrowed, and ultimately render the revenue
amply sufficient for current demands. 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 aten
ton is respectfully invited.
In submitting view Of our financial concerns it
Is proper that should call your attention to the pre-
sent condition Of our Banks, with whose operations
the fiscal affairs Of the State necessarily and in
tmatey connected. BY an act OF the Legislature.
our Banks 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 VIrgi-
MIA, and the Exchange Bank declared their readi-
ness to co operate with the Banks of Baltimore in
Tesuming specie payments. resumption was ac-
cordngly effected almost stimuli aneously 10y these
Banks and the Banks Of Philadelphia. In a shor
time, however, the Banks of Philadelphia agar
suspended, and their example speedily follow
ed by those of Baltimore. The Banks Of Virgins
above specified nevertheless continued 10 redeem
their notes in specie in the sanTuIne hope that they
would be able 10 sustain themselves in the effort
The suspension OF other institutions, under suct
circumstances operated entirely TO disadvantage
enabling them TO replenish their vaults at the e1
pense of our Banks while the latter received no c.
quivalent Perceiving that continued drain of spe
Gle must be the consequence of persisting IN the
course they had adopted, and aware that the rapid
curtallment of the circulating medium which would
be necessary TO enable them To persevere would b,
severely felt by all classes Of the community the d.
reciory OF our Banks Tcscinded their resolution
Their determination TO resume specie Payments al
SO early period was no doubt premature. ltwoult
have been safe for them and better for the com
munity, IL they had deferred the execution Of de-
sign creiitabe to their public spirit until that de
sign could have been effected without regard 20 the
course of others. il IS TO be hoped that II NAV vel
be accomplished at no distant day. II a small gFaIu
al and regular curallment Of discounts be rIgiIly
enforced against all the customers OF the Banks
A resumption Of specie payments by all our IN
stitutions, which shall be permanent and cGcc
tual, Is, no doubt. most ardenily desired By the
great body OF the people. But, surrounded as ",
are 10y other Institutions beyond our control an,
placed in a condition cannot entirely prevent d
becomes question Of grave consideration. whether
the requirements OF the charters of our own nstI
tutions shall be rgIjly enforced or further time D.,
allowed them 10 prepare for resumption. As the pe
NOD will speedily arrive when the relief heretofore
extended TO them will expire this question will
no doubt, attract at once the calm consideration o
the General Assembly. In arriving al a correct de-
csion due regard should be had 10 the past as wei
as TO the actual state Of thIngs-the condition 0
the Banks and the business o. the country Th,
whole nation is vet suffering from the banefYl cf
tects Of Oyertrading, Oyerbanking and their in-c,
parable cOncomtant dsOmsred currency Wild
speculation and extravaganza, the natural c0nse.
quences Of the immense accommodation afforded hy
banks whose CuIidty seemstO have placed no limit {,
their issues have heen attended az usual with r1in
fol reaction. Many ofihc State Government i1,
have contributed IN small degree 10 the enbarrs
ment u the times by appropriations 90 works 0r In.
tcrnal Improvement, which SOgId 0nly ba met by
contracting immense foreign debt which has ma.
trriiy affected the state Of our foreign exchange
IL will require time 10 a1y the agitation which h,-
been produced by these causes. The lessons q. eH-
porence they base taught it Is 20 Doe hoped will Es
remembered. In the mean time the TrrUFcfatIyC
energy Of our people will tend o. restore moro
heallhfuI condition. Our Banks musl feel che bee
ueicial effects OF such change. and Dr. rr44rnIy
managed may soon place lacuselyes iu an Iulfag.
nahle position. II should be- remembered that Tie
withdrawal from this State Of the capital supplied by
the Bank of the United States has IMPOSED upgu
our STATE Banks The necessity for a more lrnien'
course towards then debtors than might otherwise
have been required. The accommodation afforded
the Commonwealth Iu loans 40 meet The public rrr
gencies has alsD contributed 90 prevent chat cgntrar
ton n the circulation which % should be- their OBJ.
Ieci 10 effect Under existing Circumstance. %
would seem eIpoIient 90 extend the relief afforded
ly the act Uf the 10Th Of March last limited i.g.
ever 90 a period which while b. may afford I4effr
iJr resumption will preclude iir IIra 1i future fr
dulgencs Whatever your wisdom msy prYrJa r
is essentially important 10 the credit Di lha Bank.
Themselves, 30 The interest 81 the gYumJnwra IfI
and 60 the restoration n sound currency. tIt
care should be- taken tIst another resumption b