Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-12-16

ny satisfactory arrangements with the Wheel
ing Banks for the redemption or exchange of
their notes, and the loss they must consc-
| quently encounter. The failure OH the part
of the deposite Banks to receive these notes,
! and their depreciation in the eastern portion of
the State, which may be partly attributed to
that cause, induced an application to the Ex-
ecutive from the sheriff of the county of Hem
rico, either to direct that the notes should not
be received in payment of the public dues, or
that the place of deposite of the public reve-
nue. should be changed. The correspondence
on this subject is herewith communicated
Whether the Executive has the power to di-
rect the sherifts to refuse the notes of any of
the State Banks in payment of taxes, is ques-
| ton about which there is some difference of
opinion. But, after the most mature Lelibcra-
ton, think that fair Interpretation of the
law confers the authority, and that the Exec
utve may prohibit by proclamation their re-
ception. Under this Interpretation, should
not have hesitated to exercise this authority, if
had been satisfied that such course was de-
manded by due regard to the interests of the
Commonwealth, and that it would have been
consistent with justice to the Banks The
difficulty in which the sherifs would be plac-
ed, by being required by law to receive notes
for taxes, which, when rendered to the depos-
tic Banks, would be refused, has received due
consideration. i have also anxiously weigh
ed Improbable loss the Commonwealth would
sustain by the reception by her officers of a
portion of the revenue in this ,iepreciaied pa
pcr-a loss aggravated, as it was believed it
would be, by individual purchases for pay
ment INTO the Treasury. But other conside-
rations demanded attention. The statements
which from time 10 Time had been furnished
this department. exhibiting the condition of
the Wheeling Banks, afforded no reason TO
doubt their solvency. The Commonwealth has
large interest in the stock of those nstitu-
tons. As a stakeholder, she has every in
ducement to sustain them as far as practicable
The prohibition to receive their notes. bv di-
minishing public confidence, might tend to
their prostration. But, above all, the incon-
venlence, If not oppression, which such a
measure, under existing circumstances, would
have inflicted upona large portion of the peo-
pie, who are mainly dependent on those Banks
fora circulating medium, and who have no o.
Their means OF paying their taxes, operated
strongly to prevent Interference on the part Of
the Executive. The mere Depreciation of the
paper Of those Banks in Eastern Virginia. is
not sufficient reason for prohibiting its re-
ception. 1t may have been the result of eau
Of those institutions. 1t may have been the
result of a state of exchanges consequent up
| on the balance of trade which they could, in
no wise, counteract. So long as they contin-
ue solvent, it is difficult to determine what
rates of discount or depreciation should sub
Ject their notes to prescription. If the mere
TACT OF depreciation is TO be regarded, there is
no Bank note in the State which would have
been received IN payment of the revenue
The notes of all our banks have been for
some time past at discount compared with
specie. The deposite Banks themselves, in
the month July, allowed three per cent in
paying the interest on the State debt, to make
their notes equivalent to specie. With these
views, am clearly of opinion that the de-
probation of the notes ola Bank in one por-
ton of the State, while the same notes pass
currently, and are in good credit in another
portion, ought not to subject them to the ban
of the Governors Proclamation. If, howev-
er, the depreciation should become great and
general, and the reduced price of the stock of
a Bank, with other unfavorable indications.
should lead to serious apprehensions as to its
solvency, then case would be presented
| which, Ill my opinion, would imperiously re-
quire the Interference of the Executive On a
! full consideration of the Sherifl's communica-
ton, and OF all the facts of the case within the
knowledge of this department, the reasons adj
| duced did not appear sufficient to justify the
Introduction asked for. The right Of the Ex-
ecutive to exercise this high discretionary
| power having been questioned, and as similar
cases may arise in future, | respectfully re-
commend that such declaratory enactments be
made as will remove all doubt upon the sub
ject. have thought it most advisable to
leave to the wisdom of the General Assembly
the decision of the question whether the pla-
ces OF deposite should be changed. Y our
early attention to the subject is earnestly III
| vited.
submit herewith the report of the Adiu-
tant General showing the strength of the Mi
litla, and presenting his views on several sub
| Jects connected with its organization. The
importance of rescuing this arm of our defence
| from its almost useless condition, urges the
serious consideration Of every proposition for
| lis Improvement While every other subject
that engages public attention rartakes OF tic
spirit OF improvement whicl, marks tie age
| THIS alone IS permitted TO languish and become
the object of ridicule and reproach. The low
repute into which the whole system has fall
en-, seems to have deprived it Of whatever III
tereS 1t formerly excited. Nothing more
plainly illustrates this condition than the in.
difference with which commissions are ac-
| cePtcd, the short period they arc retained anc
the readiness with which they are surrendered
rev persons unacquaiDted with the particu
lars, would credit the number OF resignation;
rendered and number of commissions ISSUED
every wear Officers at frat ,,u,,Ccrr,cI vi,