Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1842-12-08

odious than an agrarian law, for BY 1t,
the deserving would at least have their
ratable share in common with all, with
out entirely removing the incentive to
honest industry, whilst the law to take
from the industrious the fair product of
his labor, would remove every induce
ment TO honest industry. He who looks
to the government to pay his debts or pro
vide the means to do SO, will surely be
disappointed. and in the end ruined
! The government cannot whilst 1t acts
only within the sphere for which all gov
Iernments are formed, do anything to ben
eft one portion Of the people, to the in
convenience or injury of another. All
good citizens are entitled to the protec-
ton of the law, no one class more than
another; and hence have always looked
upon all relief and stay laws as wrong
What benefit can result to a community
from stay law ? None. Literally none;
unless it be purchased at the sacrifice of
I Justice. 1fa stay law be passed merely
to defer the payment of debts, it can do
no good: on the contrary, think it will
be productive Of harm. If 1he payment
of debts be deferred, the amount will
most certainly be increased by interest,
and probably costs also. / hold that there
is not more than one man in fifty engage
ed in business who can afford to pay six
per cent. interest for money; and hence
it seems to me that the sure effect Of such
a law would be the ruin of the debtor
class.
I Having briefly pointed out what con-
ceive to be some of the causes of our pre-
sent condition, you may and no doubt do
feel little curious to see what remedy
recommend. to improve the situation of
the state and people; and confess that
L have with the greatest anxiety reflect
ed on that question, Unacquainted as
am with either the science or phslo> ophy
of finance, L feel entirely unable to do
more than present to your consideration
the following as plan by which public
credit can. ia some measure be restored.
[ do not offer 1.-THE public as an infallble
panacea for all the ills af life, nor am
vain enough to view it as specific by
which the present condition of things
is to be changed and Bettered as instanta-
neoasl y as a magician would change his
toy of deceit. Believing that the situa-
ton of the state and its citizens can me-
yer be bettered until, confidence be re-
stored, and that it can only be done by
giving to the world practical evidence
that the legislature will do all 1t can 40
| place the state in the condition of one de
termined to be honest, have to recon-
mend to your consideration the policy &
propriety ofincreasing the taxes SO as TO
cause the supply of funds to the treasury
to be certain and equal to the demands
upon it. This will otAyzTequire a very
small increase of the present taxes. The
receipts into the treasury are now six
hundred and Fifty thousand dollars, indie
pendent of dividends upon stocks.
The regular demands upon the treasu-
ry for all purposes, daring the present
fiscal year, will not be more than about
nine hundred and six thousand dollars.
exclusive Of the sum Of three hundred g.
sixty thousand dollars, a loan which was
made under the authority of a law of the
last Legislature. to meet the demands ap-
on the treasury. | would suggest the
propriety of creating a loan, for a few
years, for the sum of four hundred thou.
sand dollars, which will be sufficient to
supply the present deficiency in the re-
. venue. The revenue Of the state has
hitherto consisted of taxes, licenses, mil.
, itia fines, &C., and dividends upon bank
, and other funds owned by the state
, The dividends are too uncertain to be re-
lied upon as source OF reveaue; by re.
f lying upon it the te4npory debt of the
state has been created. During part
, Ut the time that the banks were IN sus
pended condition they were to certain
, extent tax upon the treasury. The re-
venue of the state is receivable in the
notes of the banks, aud the interest on
the debts of the state is payable at its
. treasury in specie or its equivalent. The
difference between the value of bank
notes and specie had to be borne by the
people.
In order to pay off the 4ebtsaof the STATE
;. would recommend that the dividends t.
be received from all stocks be first ap
!, prapriated to the payment of the foui
f hundred thousand dollars which NAV be-
: borrowed to supply the present dehcien
: cy in the revenue, and then set apart az
a sinking fund, by which, without any
|. greatly increased burden upon the ?eo.
! Pile, the debt of the state, as it falls due
can be paid Of. deem it matter O.
paramount Importance Tor the. state 4,
i shew her determinations fulfil all hel
: engagements-by doing SO, she will re
p gain credit and confidence, which will a
q once inure to to the benefit OF the people
Whilst suspicion rests on the credit o
the state, the credit of the individual ci
tizens must suffer. AS soon as it is see,
. that the people are willing to be taxed tt
r pay the debts of the state-debts to thu
I c, cation of'which many were opposed
their standing and character as natior
4 will be established. On the contrary,
each individual! had met all his obligations
If there had been no failure on the par
4 of any citizen to meet his OBLIGATIONS fo