Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-12-15

france, Germany and Switzerland. -
The State owns OF bank and other
stocks, about sl2, 500 900.
The internal Improvement debt of the
Stale during the pest fiscal year was M
creased about three hundred and nifty
Thousand dollars, Of which two hundred
and fifly thousand dollars was loaned the
James River and Kanawha Company, and
one hundred thousand dollars, the bal
ance, was paid by the Board Of Public
Works in compliance with contracts pre-
yiousy entered into by that Board under
the direction Of the Legislature.
Having stated the debt Of the State and
It's resources the question naturally pre-.
sents itself to one acqn ainted with the
facts, how is il that State, with resour.
ces nearly double its liabilities independ-
enl OF all taxes, should be embarrassed in
its financial condition ?
The answer is plan one--the inter-
est upon the debt OF the State is certain
to be called for when il becomes due, and
must be paid--the funds held by the Statt
t and which constitute her resources, ex.
cept her Bank Stock, yield very little or
no revenue, scarcely any thing goes into
the Treasury from them.
Some of the States, in consequence, as
they allege, Of their having been cheated,
refused TO pay the interest upon money,
which 1t is alleged they borrowed. and
Capitalists seeing they could resort to no
remedy to infoice payment, became sus.
picous of the credit of the States
Many holders Of State Bonds forced them
into market, and being sold, whilst dis,rusl
rested upon them, they fell much below
their nominal value.
Several of the Legislatures of the States
have failed or refused to tax the people
to meet the interest of their State debt,
and all have shown the greatest reiuc.
lance to do 50. Monied men sec this, and
very nationally conclude that if the Legs
latures refuse TO lay taxes or provide in
some other way for the payment of the
interest Of the State debt, that it will be
difficult ever to induce them to tax the
people to pay the principal.
am much inclined TO think that the
Legislatures Of the different States have,
by the creation Of private JOINT Stock
companies, and other acts of private in.
corporation, contributed more to the pres
ent state of things, than all other causes
combined. By the incorporation Of
many Of these companies, an opportunl.
,y has been afforded 10 many base and
dishonest men to rob and cheat our people.
1t is very true that the first projectors OF
some Of these acts Of private incorposa-
ton, have been, together with all who
had anything to DO with them, ruined. -
But, it is equally true that many acts OF
private incorporation have been obtained
by individuals, that they might under the
sanction of law, with the greater facility
perpetrate the crosses: frauds upon the
community. BY the investment OF money
in these various schemes, q vast amount
Of capitsl was diverted from its legitimate
channel, which has not yet found its way
back. Confidence between man and man
became shaken by these frauds, and when
suspicion was aroused as to the debts Of
the States, the demand for money in.
creased, and under the effects of the panic
thus created, States and individuals alike
| failed. Thousands of the active business
men Of the county sank under the times:
| he disappearance of each one only in
creased the gloom, and the people began
to cry aloud 10 their respective Z vern.
ments for relief.
| The government Of the United States
was looked to by many, and the tables Of
the two Houses Of Congress were almost
pressed down under the weight of the Pc
titions which were heaped on them
Congress took the subject up and resolved
on doing something: truly fortunate
would i: have been if they had done moth
ing.
! The result of their labor was the pas
sage Of a Bankrupt Law, which has en-
tirtly Frustrated every thing like conf
drnce aud credit. There never has been
md there never can be any legislation
devised by which individual debts can be
paid. No Government has ever existed,
dishonest enough to tax the thrifty and
| industrious, for the sole benefit of the
slothlu and lazy. Such law would
be more odious than an agrarlan law, for
| by it, the deserving would have at least
their ratable share in common with nll a,
without entirely removing the incentive
10 honest industry, whilst the law to take
| from the industrious citizen the fair pro
duct Of his labor, would remove every If.
ducement TO honest industry. He who
looks to the Government to pay b, s debts
or provide the means to do Sc, Sill surely
he disappointed, and in the I'D ruined. -
The Government canrot while it act:
only within the sphere FOR which all good
Goveromen,s are >tmed, do any thing tc
benefit ore pert. on of the people, to the
inconvenience or injury Of the other
All goo' citizens are entitled to the pro
tecron OF the law, no one class more thar
aAoiner and hence have always looked
upon all relief and "Stay Laws" n:
wrong. What benefit can result to &
community from a Stay Lave Nome
Literally none unless il be purchased a
the sacrifice Of justice. Il Stay Law
be passed merely to defer the payment o.
debts, it can do no good on the contra
ry, | think it will be productive of harm
If tho navtnent Of dahfe ha dafarred tbs