Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-12-05

o,taiu collateral and contemplated objects of
t''" y,lue, IN the most gratifying and serviceabe
60. when il passed, the bonds Of the State,
@i',b they were bearing interest which was paya-
''1ft rea.!Y at the treasury, and which had been
u III; pad, had sunk to depreciation as low as
fo,yssyen or seventy-eght cents in the dollar, in
s,enee no doubt OF The wide spread and indiscri-
g.. -, susn,cion with which the .noned obligations oil
p"srs,al States had come to De regarded. Since IT'S
".e tins depreciation has disappeared, and the bonds
-,sen 10 several per cent above par, and so risen,
'-,,,nablv under the influence of the law itself,
Hrb following up in practice the resolutions OF your
-. N The case of the guaranteed bonds proved the
.. aud determined spirit in which the whole mater
~" considered, and rendered it perfectly evident, that
.,yer 81 the Legislature would never be wanting
f t,ss, In, obligations OF the State from false and
".lsss dsctedt II rightly considered by the
,,.,rs that these bouds would not he restored To
.ey value, especially under the apprehensinns
IN parrassed all classes of public ced''ors at the
, except BY tax law pedging in the most subs,an-
y oanner The resources well as the faith OF the
. 10 meet them, and that this rest ration was alike
ners.tls MAINTAIN the credi, OF the Stat. against
,j1dsd dis,rust, and to secure perfect justice TO
.., y 40 had trusted their money t. her hands Inns
s.c, 50 necessary both TO the Commonwealth and
. e,ed,yors, has been completely effected, and the
,, O, the STATE, always in,rinscay sound, vindi
d ard relieved from every cause and pre,ext OF sus
~, ,b;s IS nc, the only advantage, resulting from
,,,sci.,;on of these bonds, that has in n
Ne moment 10 be felt aud enjoyed by our citi-
ui the outstanding debt of the State, amount
:, seven millions three hundred and fifty thou.
vs. a-r..s near three millions of it are held by
r.rs and BY citizens OF the other States, and the
;,s = l,yded between our own cit zens, and our
| ..,,,l Improvement, literary and sinking funds,
. her with the Commonwealth proper; the ct
49, ho dag two millions nine hundred and seventy
.s.o thousand d.llars Of il, and the State and her
,ls one million three hundred and eighty six
sand dollars. The whole amount, therefore, of
4 ~ debt whsch is held within the State, is four
/ lions three hundred and sxty,hree thousand
las ard as the difference between the value
- h.f5;e the law in question was passed and what
/ ~, now, taat is. between - and 100, is difference
yo Of the holders, 1t follows that III. State, through
. lads and her citizens, has been gamer by the
,.,-n Of ,h;s law t, the amount of something mere
-. nine hundred and fifty-n thousand dollars a
.,sr sun than the ordinary annual revenue of the
s+ aad tenio.d greater than the increased tax the
,,..,on Of which has had decided and beneficial
~ eaec. producing It 1t thus appears, that whilst
-'3d.d and e,sh, len thousand dollars have been
l .gn TO the people for the necessary and homes!
,.,ase Of paying the debts of the Sia'e the very
Of dong th,, has been the meabs, subs,ant ally and
4 sH.ct 0. distributing back again amongst Them an
..ya and araiable property o: near ten tines that
,sca o. If the stock held b. others than individuals
excepted from the calculation, then more than sI
,as that amount But it the sum actuslsy collected
4 h. been doubled as it was expected to have
~ proportional excess oil benefits highly edvan-
,,.oGs would still have remained. IL there is M
j s4ks in this estimate of the results, and the fact
,,sa which it proceeds would seem TO be too simple
/, ADMIT Of any, IL woui be difficult for State 10
sh,re any part OF her homes. obligations upon more
9. sa:,ory and ndemnifying terms, and hardly posi-
so enao, revenue law which could repay its own
! .t,s..oas ty iuil an equivalent.
Na the rise OF tgenty-'w or three dollars in the
,gcl-d IN he value of State stock, obvious be
- amounting TO the aggregate stated, let it not be
,sa,asd that IT is the addition Of hth 10 the
,.t. valne Of private property, in the benefit OF
SAGA he public al large does not participate. Such
81 ga would be wholly erroneous. As long rs this
see, ;rnairec al the discount 10 which causeless ap
--asaslon rad reduced it, it necessarily licked az
Ia IDS Of us hoters and Notwithstanding It's
., rl,y or service, almost valueless for any
,. ao' be used in the liquidation Of debts, in the
sac,iou Of ,t1e: bas ness except al ru,ncus sacr
Ice: ard therefore as whole, il scarcely used o
81 The moment, however, this dscredit was th-owr
E an: rose TO PER. under the double pledge of tbs
and lie honor of the Stl,e 10 redeem il, that mo
70, acqnr rad III many respects, the qualities ct mo
coy used for ali purposes except those OF CIR
g. .'1r money itself couli be used, and was equi-
,s.a. % the addition Of tae fol amount held by inov
i millions OF dollars To the available cnp
y Is. I'd hc State. To what extent, in point OF fact, L
;ae.n employed such, it would be difficult TO say
asein.;e the modes in which, might have beer
{, 10 discharge the functions of capital without IN
y.,ar IL. fo-mal;ty Of transfer at the udors or
e Ba, tina, has been literally used in this way, is
mr:e consistent with the probabilities of the
.1 ,,.s Contrary; Il is hardly possible, that so i'm
/ s-os sam, so capable of advantageous apple
,,r.l rave been h I'd back ffom the field of employ
usi' sd scp, IN pro.,iess naotlon, WHEN the most
ag..rn.;e lnotig.s of necessity, interest and kind
a.:. s,re hourly persuad ng and npel!;ns to It's
..s9, these several results upon public and pri
va ctt and upon the bass oil money operations, al
III ie:tvd from the revenue Law o.. las: Winter it i;
.r'es,, that it, failure to produce the aggregate
Il a 1G' Ina; vas hoped for, IS nothing IN COMPARISON
II :t tic substantial and sessnrahe benefits which il
a:s a:ls'wse rendered to the State.
tI.aAr part OF rs history, II IS worthy OF beng
s:lt. In perhaps no law, laying new and augmented
c''.'mps upon n community, winch was struggling, n
mon.a, under severe and manifold bur,hens, coul,
i.s seaG more generally acqre seed ~. And this ha
20 o@'nc, no. TO the un,versd appreciation witt
gie1 provisions have been received for the snih
.acT, the nGa2,edness and tie wisdom of these, a
F4s;egcr happen in tho first adjustment and reception
,'s'r sci!ene upon this subject, have been keenly
Missed but il is owing 10 tie appreciation in which
@ mi.a purpose If the law l1s been held, ,ha. o
a'saDg the credit. and fulfilling the obligations o
Ste, n every cost. and, d'ing this, By taking irou
e's: description of property It's JUS. contribution The
T1'' las, in It's essential character, is indeed, M
ihrn an appeal TO the people, to support the Legs
ne N ito Efforts to preserve ayiolae, the honor
ms been heartily sustained. 1t is true, that II
az places, exceptions to the structure of the la
e prevailed every consideration of its purpose
EVEN N such places, exceptions to that purpose
I'll, haze been taken, and neither there, nor any
's'e else, there to be found any body of our PEG
%ho w,u!! not sco,n the Legislature that SHOULD
e'f' den? or in any refuse to carry intc
eitc: the faith of the Sat-, AS to matters
'n'e;nli p'iice and economy-as to what is, o
wal Is ho due prosecution and support of our hon
'''ss, aud ~ TO all the questions of revenue mt
a''nati with which these are connected, we mus
'@9Ys caer from another, to some extent, in Gu
'.nenis But TO the pecuniary obligations Of the
say, ino.e which have been authorized by her owl
avs contracted by her own agents, and the proceed
"~ch have gone N her own uses-as B, those, Their
ga heFrnces Of parties, nor persons nor judgment
sass. us, BIT HE Who'll, Commonwealth is thorough
''c9'1ia!iy aud ndivisibly the in the sentimen
lea consecrctss them obligations of honor, AM
-',n' therefore, demands that they shall he fcltil
.l'a.ied 10 re uttermost. Wherever the faith @
State has been pledged for the repayment o
nag, which have been received and applied, un
'ae direction of her laws, that faith will be fol
20 up aud redeemed, matter OF what incon
( cncc, aud matter under whose counsels o
VIA, purpose of Government, the pledge Of
: msce And every element, making up the mo
nature Of people, will have been corrupted
"s', or il VIII be redeemed, ard that in falter