Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-12-14

the current expenditures of the State, to-
gether with the interest gifts permanent
debt, and to pay off its temporary loan
from the banks, it has effected certain
collateral and contemplated objects of
great value, in the most gratifying and
serviceable manner When it was pass
ed, the bonds Of the State, although they
were bearing interest payable halt yearly
at the treasury. and which had been
punctualIy paid, had sunk to deprecia-
ton as low as seventy-seven or seventy
eight cents III the dollar, in consequence
no doubt of the widespread and indscrl-
inmate suspicion with which the money.
ed obligations of the several States had
come to be regarded. Since its passage
this depreciation has disappeared, ana
the bonds have risen to several per cent
above pw, and SO risen, unquestoha6ly.
under the influence of the law itself,
which following up in practice the reso-
lutions of your body in the case of the
guaranteed bonds, proved the lofty and
determined spirit in which the whole
matter was considered, and rendered it
perfectly evident, that the power OF the
Legislature would never be wanting to
protect the obligations of the State from
false and causeiess discredit. 1t was
rightly considered by the Legislature,
that these bonds would not be restored
to their par value. especially under the
apprehensions which harrassed all the
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 meet them ;
and that this restoration was alike indls-
pensable to maintain the credit Of the
State against unfounded distrust, and to
secure perfect justice to those who had
trusted their money to her hands. This
object, so necessary both to the Common
wealth and her creditors. has been COM
pletely effected, and the credit of the
State. always intrinsically sound. vindl-
Gated and relieved from every cause and
pretext of suspicion.
But this is not the only advantage, re-
sulting from the appreciation of these
bonds, that has come in welcome mo-
ment to be felt and enjoyed by our citi-
zens. OF the outstanding debt of tie
State, amounting to seven millions three
hundred and fifty 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
citizens, and our internal improvement,
literary and sinking funds, together with
the Commonwealth paper; the citizens
holding two millions nine hundred and
seventy-seyen thousand dollars of it, and
the State and her funds one million three
hundred and eishty-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 differ
ence between the value Of it before the
law in question was passed and what 1t
is now, that is. between 70 and 100, is a
difference in favor of the holders, it fol-
lows that the State, through her funds
and her citizens, has been gamer by
the operation of this law to the amount
of something more than nine hundred &
fifty.nihe thousand dollars a greater
sum than the ordinary annual revenue of
the State, and tenfold greater than the
increased tax, the imposition of which
hns haG so decided and beneficial an eff
feet in producing it. 1t thus appears,
that whilst a hundred and eight or ten
thousand dollars have been drawn from
the people for the necessary and honest
purpose of paying the debts of the State,
the very act of doing this-has been the
means, substantially and in effect, of dis
trbuting 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 calculation, then mere than six
times that amount. But if the sum ac-
tualIy collected had been even doubled,
as ii was expected to have been, pro-
poftional excess of benefit, highly advan-
taseous, would still have remained. If
there is no mistake in this estimate of the
results, and the facts upon which it pro-
ceeds would seem to be too simple to ad-
nit of any, it would be difficult for
State to discharge any part of her honest
obligations upon more satisfactory and
lnuemHllylHp tcFiuss anu HoIuiy posSiule
to enact revenue law which could re-
pay its own exaction by SO full an equi-
valent.
Whilst The rise of twenty two or three
dollars in the hundred, in the value of
State stock, is an bvious benefit, amour
ting to the aggre ate stated, let it not
be supposed, that II is the mere addition
of fifth to the ratabIe value Of private
property, in the benefit Of which the pub
lie at large does not participate. Such
an idea would be wholly erroneous. AS
long as this stock remained at the dis
count to which a causelcss apprehension
had reduced it, it was nee essarhy lock.
ed up ir the han,Fs of its holders. and
Notwithstanding its vast capacity for SER
vice. was almost valueless for any. 1t
could not be used in tlie liquidation OF
debts, nor in the transaction of other bu-
siness, except at ruinous sacrifice, and