Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-12-14

any, \ wealG be diticni, fos state 10 discharge
any part Of her obligations upon more salisfacto-
l ~ ana indemnltylne lefmSs and hardly possible
10 enact a revenue law which could repay its
own exaciiehs Is 50 .all an equivalent.
must The Iise Of twenty-five OF three dollars
~ ine hundfed 10 the- value Of state stock is an
lahflous eeRehi amounting 10 the aggregate Siak-
ed, let il no, be supposed that d is The mere ae-
dition Of fifth 10 the ratahie value Of private
| property IN the heAefit of which The public 1t
large deeS not anticipate. Such al lcea would
I be wholly erroneous. As long IS this stock re-
NAMED q the discount to5which causeess APP
Pfehension bad reduced il, il was nscessarily
iecked up IN The hands OF 1is holders aud not
= lthsiansi1g lis vast capacity for seEyice, was
zsnsest valueless for any. Il could not be used
e The liquidation Of debts nos 10 HE lfansaction
7 u oihgF business except alta ruinous sacrifice,
and Therefore as whole, il was scarcely used at
ail The moment however. this discEedil was
{iafawn so, and i rese 10 par under he double
plFdse Of the law, aud The honct of lak state 10
redeem i. hat nolaent itsaeqaired in. smany re-
spsc's she qaaliIieyof mcpey, could beI used Cor
~ purposes except these oil circulation Us monty
Itself could be used, and was equivalent to ale
addition Of ne fqlI arsouni held by lnaiyiduaIs,
q shtee nNlis nsiof dollars TO the avsaable eapl-
tai q lAe state, To what extent, liz point Of
lael, y has beer employed as such ii iwontd BE
I c'i'lcdlt TO say, 50 indefinite are The modes n
ts~ heh IT might have been made t0disdhafgeIthe
ancuons Of capital without involving the for
malHf OF transfer a, the auditors eifice But
hat 4 has been literally used 10 this say 4 far.
mere consistent with probabilities az lhescase than
Inc conraryas il is hardly possible Nat so im-
mense sun, 81 capable of- advantageous ap.
plcatlon ceuid have been held back from the
heid o. employment and kept 10 protIgless mac
] sion when the most impo5lunale motives Of ne...
! eesslty interest and kiadness were hcaty per-
suaGieg and impelliug TO lis use. Looking at
, these seyeral Results upon public ard private
credit, and upon the basisfof money operations,
as fairly derived from tha{Eevenue law of isst
winter, tits mani(sslthal is failure ID, prodaca
! the aEgreea e aino0nt that was hoped Tor is no.
thing in ceudpaison with the substantialand seas
senahle benefits which il has otherwise Tsndefed
10 the state
As further part Of its history. ii is worthy sc
being STATED, thai perhapssno law lasting new
and augmented exaclions upon a Community
which Was strugglingl~at lhs momenl Andar Se-
we're and manifold buflhens, could have been
more generally aeqniesced in. And this has
aeen owing. not % the universal appreciation
With which il provisioes have been leeeived-t-
iQf Iho sulicieacy, tlae adaplednsss, and The
wisdom OF these. as nnstever happen ID The first
adjustment and Iecepaonsof every scheme nnon
Tbs sableet, have been keenIy cohlesie6-bul ii Is
4 oNirglo The appreciation in II hidh The main puf
pose q the law has besp held that of maiplsip-
ing the credit and fulfilling lhe o5lie alfonso he
slate AZ every cost, and doing Ibis BY laki4sl
from every description Of proparty ils lukl con
lribuiion. The law ID il essential al Eacler|is
iidsed 20 mo1e lhsn "A appeal ID. snppdrt
ne legislature IN is 6orls 10 preserve ihkjolase
itle henor and The dniy Of the State sDdlin this
general aspect. The appeal has been heartily s0a-
tanned L is tue that ia SONS places excep.
lions % lle stuosugs e sha Lev hafe pfkvsikd
Eorer sve{5 censiasfaIiYn Of is paipaSe,lhnl I'll
ven q such places nq receptions g ihas purpose
our people who would mol s1ofn The lleE Ia
ture that shonld evsde, deny, OF ia any manner
refnse 10 carry into fall etfecs Inc fassh nf he
state. As 10 matters Of internal policy and
/ ecoEony--aas 10 what is orsehat is mol duo
/ prosecution and SUPPORTED our home interest,
and astosll The questions ofIevenue andexpendi4
lure with which these are connected We fnnst all
ways differ with cue another, to some extent. in
our Judgments. Bat asIto the pecuniary obliga-
lions of The State, those which have been auhor.
ized by her own laws, contracted by her own a.
gents, and the proceeds of@which have gone to
ber own uses las to those, there are no differ
eDce Of parties, nor persons, nor judgments a.
moDgsi US, but the whole commonwealth d
Thoroughly. cordially ahd indivisibIy the same
in the sentiment which consecraies them Is OBJ
1 legations Of honor and which, therefore, de-
mazda that they shall be fulfilled, and fulfilled to
| the utiermost Wherever the faith Of The Slate
has been pledged for the repayment Of monies
| which have been received and applied under
the direction or her laws, that faffh will be fol-
| lowed up and redeemed no matter al what in-
convenience, and no mater under whose coun-
sells or TOT what purpose Of government the
pledge Of ii vas made And every element
making up The moral nature of oar people will
have been corrupted and lost, or il W i'll be re-
deemed, and that in no 5a!geriug, bucksiering Or
eqnivcating spirit, but ony the more promptly
and the more willingly because of The very abb
sence Of all positive, human authority 10 COM
pelit The Gath Of The state is necessarily and
alone the laws Of her debt. There II no otker
lawwhch can regulate, Ruarranlee or enforce II Z
and hence it is one WHICH can never be checkel
| bnt by itself, Rnr its unlimited capscity for evil
ever be controlled bul BY preserving il as SUI
Il pgeme 10 purity as III il supreme ia power.
That this will be done ID Virginia, an early and
a practical ptoof has already been afforded--a
| pfoofembracing beth legislature and people, and
testi<yiHg 70 all who may care 70 know, that ihe
sovereignty aud failh OF The state are Incapable
q any union with imprpprieiy or dishonor*
Il was lhespulicy Of he last legislature 10 fra
ming lis revenue law to raise sum which should
he sufficient 10 extinguish wiihin'ihe presentyea
ihe temporary debt as il scaled, which is due
from The commonwealth 10 the banks. and thus
al Utftts itlto ezra liDf tHG
ordinary charges against the treasury. The fail
ure IF The law 10 produce the whole amount
Il which was requisite for this purpose has defeat
u ed IBIS policy for The present. Should il, how-
ever, be considered wise one, and worthy 70 be-
prosecuted, as cannot bat think. il is, not only
will it be Necessary for Jon to continue the pre-
sen, range Or taxation, but it may be necessary
also to adopi some precautionary measuresto pre-
vent furnfe disappointment Such measures
may especially he feqaiFed 10 the case Of new
subjects Of taxation which have yieldedso hlte,
i breause, uDquestonably, of temporary and ex-
i rinse causes, and which for The most part
ous ii ii be made, ashley car be made, strong
and healthy contributors 10 the public burlhens
! from which they have been SO long and 50 gem
ferensly exempted.
4. s. Fer the garment Of The interest, and the e.
nal redemption = principal Of any sum % Be
borr0@edin cent this act, the stock 81 any
Joint stock comps - "A bed for Or purchased with
the noney 50 bqs 2.sspf together win TIE dividends
AID other melt ipJ q fiel faay aeef4le therefrom
iothe CommonSss.ess,, Ii 10 he fund ior Internal
Improrsmelt shall be, aDd1Ae sane are hereby ali-
! pfopsiated and pledged; and in like manner The
4nett income aud other profits which naay 20 accrue
from Ks in which the State IL Interested other
than those Of joint stock companies, snd on which
the money borrowed IS 10 b. expended, shall be-.
and the sire are likewise hereby appropriated and
firdged for the payea Of the interest aud rede4ifz
ton Of the principal Of The moaey 50 borrowed. and
n The sfek afor, said ant III. Al lit ..s.s