Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-12-21

Since its passage, this depreciation has
disappeared and the bonds have risen 10
several per cent. above par, and so risen.
unquestionably, under the influence Of
the law itself, which following up in prac-
tice the resolutions Of your body in the
case Of the guaranteed bonds, proved the
lofty and determined spirit in which the
whole matter was considered, and rem
dered It perfectly evident that the power
Of the Legislature would never be want.
ing to protect the Obligations Of the State
from false and causeless discredit. 1t
was rightly considered by the Legisla.
ture that these bonds would not be restor-
ed to their par value, especially under the
apprehensions which harrassed all classes
OF public creditors at the time, except by
tax law pledging in the most substantial
manner the resources as well as the faith
Of the State TO mt ct them, and that this
restoration was alike indispensable to
maintain the credit of the State against
unfounded distrust, and TO secure perfect
Justice to those who had trusted their mon
ely to her hands. This object SO necessa.
ry both to the commonwealth and her
creditors, has been completely effected,
and the credit ofthe State, always intrn-
sically sound, vndicated and relieved
from every cause and pretext Of suspi-
cion.
But this is not the only advantage re.
sulting from the appreciation Of these
bonds that has come in welcome mo-
ment 10 be felt and enjoyed by our citi-
zens. or the outstanding debt OF the
State, amounting 10 seven millions three
hundred and fly thousand dollars, near
three millions OF it are held by foreigners
and by citizens of the other States, and the
residue is divided between our own citl-
zens, and our internal Improvement, liter
airy and sinking funds, together with the
commonwealth proper the citizens holding
two millions nine hundred and seventy
seven thousand dollars of it, and the State
and her funds one million three hundred
and eighty.sIx thousand dollars. The
whole amount, therefore, Of this debt,
which is held within the State, is four
millions three hundred and sixty.three
thousand dollars, and as the difference be-
tween the value oft before the law in
question was passed and wha; il is now,
that, is, between 70 to 100. is the differ
ence in favor of the holders, it follows
that the State, through her funds and her
citizens, has been gamer by the opera.
ton of this law to the amount of some
thing more than nine hundred and fifty
nine thousand dollars; greater sum
than The ordinary annual revenue Of the
State, and tenfold greater than the in.
creased tax, the imposition Of which has
had so decided and beneficial an effect in
producing it. 1t thus appears that whilst
a hundred and eight or ter thousand dol.
lars have been drawn from the people for
the necessary and honest purpose OF pay.
ing the debts of the State, that the very
act of doing this has been the means, SUBJ
sisntially and in effect, of distributing
back again amongst them an active and
available property Of near ten times that
amount; or if the stock held by others
than individuals be excepted from the cal
cula;ion, then more than six times that
amount. But if the sum actually collect.
ed had been even doubled, as it was OK.
pected to have been, u proportional excess
of benefits, highly advantageous, would
still have remained. lfthere ia no mis-
take in this estimate Of results, and the
facts upon which it proceeds would seem
10 be too simple TO admit Of any, it would
be difficult for State 10 discharge any
part Of her obligations upon more salts
factory and indemni(ying terms, and hard.
ly possible to enact revenue law which
could repay its own exactions by so full
an equivalent.
Whilst the rise Of twenty-five or three
dollars in the hundred in the value Estate
stock is an obvious benefit, amounting 10
the aggregate stated, let it not be suppos.
ed that il is the mere addition of fifth 10
The ratabe value OF private property in
the benefit Of which the public at large
does not participate. Such an idea would
be wholly erroneous. As long as this
stock remained at the discount to which a
causeless apprehension had reduced il, it
was necessarily locked up in the hands OF
its holders, and Notwithstanding its vast
capacity for service, was almost valueless
for any. II could not be used in the l,qui-
dation OF debts, nor in the transaction Of
other business except at runous sacrl-
flee, and therefore as whole, it was
scarcely used at all. The moment, how
ever, this discredit was thrown of, and it
rose to par under the double pledge OF
the law, and the honor Of the State TO re.
deem it, that moment il acquired in many
respects the qualities of money, could be
used Tor all purposes except those Of circu-
laiion as money itself could be used, anG
equivalent to the addition of tho full a
mount held by individuals. or three mil
lions of dollars TO the available capital Of
the State. To what extent, in point of
fact, it has been employed as such it would
be difficult to say, so indefinite are the
modes IN which it might have been made
to discharge tho functions of capital with
out involving the formality of transfer
at the auditors Office. But that it has
been literally used in this way is far more
consistent with the probabilities Of The
case than the contrary, as it is hardly
possible that SO immense a sum, SO capa.
bic of advantageous application, could
have been held back from the field Of en-
ployment, and kept in pro6tless inaction
when the most imporiunate motives OF me-
.ose;,y interest and kindness were hour