Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1841-12-23
WooDsToc OK SfIRGINfA DECEMBER :

AStFt ~ cttutf VI QtfccL lndL Tie notes
-EshouM pot be received in pay meat Of the
J, public dues, or that the places Of depos
: tie Of the public revenue should be chan.
4 ged. TIE correspondence on this sub.
Il ject Is herewith communicated. Wheth.
8 er the FIX ecutive has the power to direct
j the SheriHHs to refuse the notes Of any Of
], the State barks, in payment Of taxes, is a
Question about which there is some diff.
ference Of opinion. But after the most
pattsre defiheration, think that a fair
: interpretation Of the law confers the au-
, thoritg. and that the Executive may pro-
i hibit b peael alaations their reception
Under this Interpretation, I should not
}. have hesitatesl to exercise this anthrity,
! i'll had been satisfied, that such a course
was demanded by due regard u the in
,f:terests Of the Common wealth; and that
/ it would have been consistent with JUS
tice so the banks. The difficulty ia
which the Sheriffs would be placed, by
q being required by law to receive notes
u for taxes, which, when rendered to the
tdeposite banks would be refused, has re-
ceived due consideration. have also
anxiously weighed the probable loss the
] Commonwealth would sustain by the re-
eeipt By her officers Of portion Of the
i revenue ID this deprecated paper loss
/ aggravated, as It was Believed It would
be, by individual purchases for payment
into the Treasury. Bit other consider
i ations demaHd attention. The state
ments which from time to time had been
furnished this department, exhibiting the
condition OF the Wheeling banks, afford
J ed no reason whatever to doubt their sol
EvencY The Commonwealth has a. large
lihterestin the stock of those institutions.
i AS stakeholder she has every induce
ment to sustain them, as far as practical
4 BILE. The prohibition to receive their
notes, by diminishing public confidence,
might Tend to their prostration. But a.
bove all, the inconvenience, ifnot OPP
| preston, which such measure under
existing circumstances would have In
fiicted upon large portion of the people,
who are mainly dependent on those banks
for circulating medium, and who have
no othermeans Of paying their taxes, oper
ated strongly to prevent interference on
the part Of the Executive The mere
4 Geprec;;atian Of the paper CT those banks
III Eastern Virginia, is nota sufficient
rerson Err prohibiting its reception. It
may have been the result of causes in no
way connected with the management of
/ those iiritutions. 1t may have been the
result ii a state Of exchanges consequent
/ upon tie balance Of trade, which they
! could III no wise counteract. So long as
/ they continue solvent, it is difficult to
determine what rates Of discount, or de-
preciatien, should subject their notes to
| prescription. If the mere fact of depre-
/ citation is to be regarded, there is no
bank mite In the State which would have
been received IL payment Of the revenue.
The notes of all our banks have been for
some time past at a discount compared
with specie. The deposite banks them
selves, in the month of July, allowed three
per eept. iE paying the interest on the
I State debt, to make their notes equiva-
|Jent to specie. With these views | am
clearly of opinion, that the depreciation
Of the notes Of a bank in one portion Of
i the State, while the same notes pass cur
rently, and are in good credit in another
i portion. ought not to subject them to the
ban Of the Governors proclamation. II,
however, the depreciation should become
great and general, and the reduced price
i Of the stock of bank, with other unfa-
I vorabIe indications, should lead to serl-
Gus apprehensions as its solyency,
( then acase would be presented. which
ilmy opinion. would imIeriously re-
i quire the interference of the Executive.
/ On full consideration Of the SheriH's
i communication, and of all the facts of the
] case within the knowledge Of this de-
i partmept. the reasons adduced did not
appear sufficient to justify the interdic-
! ton asked for. The right OF the Execu-
tive, to exercise this high discretionary
I power having been questioned, and as
similar cases may arise in future, | res
/ pectfully recommend that such declarato-
Try enactments be made. as will remove
TALL doubt upon the subject. | have
si thought It most advisable to leave to the
wisdom Of the General Assembly. the de-
cision Of the question, whether the pla-
ces Of deposite should be changed. =
! Your early attention to the subject is ear
i nestly invited.
{ submit herewith the report Of the Adj
i Jutant- General, shelving the strength Of
4 the militia, and presenting his views on
4 several subjects connected with its or
j ganization. The Importance OF rescuing
4 this arm Of our defence from its almost
i useless condition, urgessthe serious con