Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-06-16
From The Richmond Wig.
STATE CREDIT.

We transfer with great pleasure the
following articles from the Richmond En-
auirer. Not shade Of suspicion should
ever be suffered for a moment to rest on
the State credit, and the more particular
ly now, when some States have, on the
shallowest pretenses, repudiated their
debts. The credit of Virginia is as good
as that OF any other State in the Union,
and II the prompt payment Of the current
interest, and the final redemption of the
principal of her debt, in specie or its e.
qulvalent, is calculated TO keep her credit
unimpaired, then uuimpaired it will re-
main--for although the madness OF party
has, and will again, bring forth apologists
within our borders, of the vlllalnous con-
duct oil Mississippi, yet no son of Virginia
dare, in our Legislative Halls, TO advo.
cate such a doctrine. The noble con-
duct of Kentucky, in assuming the forged
stock of the Bank of Kentucky, because
forged by one of her authorized agents
the noted Levs--would have done honor
to Rome or Greece in their palmiest days;
and Virginia will never suffer the lustre
of such jewel as this Incompatible
daughter, to be dimned by the miscon-
| duct of her mother.
From tie Enquirer.
We regret that any remarks OF ours
should have given the smallest ground loi
doubt, at home or abroad, that the inter.
est on the State Deb, Of Virginia would
no, be punctually met. The object of oul
| first remarks was indeed TO prevent uti
mately any such result. We therefore
most cheerfully give place to the follow
statement, which is entitled to the highest
credit.
We have, also, the pleasure TO add
that we understand arrangements have
been made to dispose Of enough OF the
loan of $3.50, 900 on the part Of the State
to the James River and Kanawha Com.
pany, as will provide for interest due OF
the bonds Of said Company. Arrange
ments are also in progress, and will nc
doubt be duly consumma;ed, for relieving
the bonds now in the hands of the Nor.
risons. The public will thus see that the
credit Of the Old Dominion, in every par.
tlcular, will be preserved invioate anc
what object is more desirable, than at al
times, and especially in times like these
to preserve the Faith of the State, not on
ly pure, but free even from suspicion
The good credit of a State is, after all, the
wisest economy.
Under the Editorial head Of the En-
quirer of May 3lst, and June 81, two ar
ticles having reference to loan Of $3.50,
600 on the part of the State to the James
River and Kanawha Company, are, un.
Intentionally, | have no doubt, so framed
as to authorize some doubts in the mind:
Of the holders Of the public deb, of Wit
gnia. especially foreign holders, as to the
payment OF the semi-annual interest due
in July next on tina. debt, should the sale
Of the stock lent to the James River ant
kanawha Company not be effected. The
explanation in the article Of the 81 inst.
though intended to obvate misapprehen.
sion, is, however, we'll calculated to wea
ken the public confidence in the ability
and determination OF the Commonwealth
to NEE. her engagements, as il implies
subject. On this point it is important
that the public should be disabused, for, il
| is fact, that at no time has doubt o.
the punctual payment of the interest on
the whole public debt of Virginia been en-
ter.ained by the officers Of Government
charged with that branch Of tho public
business.
The phraseology of the original com
munication is capable of misleading the
public in another important point. The
5000, 900 State Stock alluded to in it, is
in fact, not State Stock, but the Sterling
bonds Of the James River and kanawha
Comhany, guaranteed by the State, which
have not been sold by the Company, but
are merely pledged to the house OF Messrs.
Morrison IL Sons, as security Tor sum
of about 100000 Sterling borrowed OF
them.
Whilst making the explanations, it will
not be out Of place to notice a foreign pat
agraph which was copied into the Ameri-
can papers two or three weeks ago, in
which it was stated that the suspension OF
payment by an English house would soc
casion some delay in the paymen. Of the
dividends on Virginia six per cent. stock
as portion of those dividends was remit
ted in the shape of bills on that house. "
Now, it is proper to state explicitly, that
the interest on ALL the debt Of this Com.
monweallh is payable at its own Treasu-
ry at the seat of Government to the hold.
ers or their agents, and that the portion
of it alluded TO in the paragraph above
referred to, has been paid in gold and sill
YER, or the equivalent thereof, at the
Treasury Of the Commonwealth. This
State has issued no stock or bonds paya-
BILE elsewhere.