Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-12-14

w Ucit par 'aluc, especially Onuer the apprehen-
sions which harrassed all classes Of public cred
itors 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 indispensable to main
tain the credit of the State against unfounded dis
trust and to secure perfect justice to those who
had trusted their money to her hands. This object
so necessary both to the Commonwealth and her
creditors, has been completely effected, and the
credit OF the State, always ntrinsicaly sound,
vindicated and relieved from every cause and
pretext OF suspicion.
But this is not the only advantage, resulting
from the appreciation Of these bonds, that has
come in welcome moment to be felt and enjoy.
ed by by our citizens. Of the outstanding debt of
the State, amounting to seven millions three hun
dred and fifty thousand dollars, near three millions
OF 1t 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 proper; the citizens holding two
millions nine hundred and seventy seven thou
sand dollars Of it, and the State and her funds
one million three hundred and eghty-sx thou
sand 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 between the value
oil IL before the law in question was passed and
what it is now, that is, between rs and 100, is a
difference in favor of the holders il follows 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
and hfty-nine thousand dollars; greater sum
than the ordinary annual revenue Of the State,
and tenfold greater than the increased tax the
Imposition OF which has had so decided and ben
ehcial an effect in producing it. 1t thus appears,
that whilst hundred and eight or ten thousand
dollars have been drawn from the people for the
necessary and honest purpose of paying the debts
oil the State, the very act of doing this has been the
means, substantially and in effect, of distributing
back again amongst them an active and available
property OF near ten times that amount; or, il
Tie stock held by others than individuals be en-
cepted from the calculation, then more than six
times that amount. But il the sum actually col
lected had been even doubled, as il was expected
to have been, proportional excess of benefits,
highly advantageous, would still have remained.
III there is no mistake in this estimate Of the re-
suits, and the facts upon which it proceeds would
seem to be too simple to admit of any, it would
be difficult Tor State 10 discharge any part of her
honest obligations upon more satisfactory and in
Identifying terms, and hardly possible to enact "a
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 vale of State stock, is an
obvious beneht, amounting TO the aggregate sta
ted let it not be supposed that it is the mere adj
ditlon OF fifth TO the ratable value of a private
property in the benefit of which the public at
|
be wholly erroneous. AS long as this stock re-
manned at the discount to which causeless APP
prehenslon had reduced it, it was necessarily
locked up in the hands Of it's holders, and not
withs'anding its vast capacity for service, was
! almost valuess for any. 1t could not be used in
the liquidation of debts, nor in the transaction of
other business, except at ruinous sacrifice, and
therefore as whole, it was scarcely used at all.
The moment, however, this discredit was thrown
oil, and 1t rose TO par, under the double pledge of
I 4 I,.al lam, ,t,I sl,1lx r. Al
that moment 1t acquired in many respects. the
qualities OF money, could be used for all purposes
except those of circulation as money itself could
be used, and was equivalent to the addition of the
full amount held by individuals, or three millions
| OF dollars to the available capital Of the State
10 what extent, in point of fact, it has been en-
ployed as such, it would be difficult to say, so in
definite are the modes in which it might have
been made to discharge the functions Of capital,
without involving the formality Of transfer at
the Auditors office. But that it has been liberal
ly used in this way, is far more consistent with
the probabilities of the case, than the contrary
! as 1t is hardly possible, that so immense a sum,
! so capable of advantageous application, could
have been held back from the field Of employ
ment, and kept in prohtless naction, when the
most imporunae motives Of necessity, interest
and kindness, were hourly persuading and impel-
ling to It's use. Looking at these several results
upon public and private credit, and upon the basis
OF money operations, as fairly derived from the
revenue law of last Winter, it is manifest, that
its failure to produce the aggregate amount that
was hoped for, is nothing in comparison with the
substantial and seasonable benefits which it has
otherwise rendered to the State.
! AS further part of it's history, it is worthy OF
being stated, that perhaps no law, laying new and
augmented exacons upon community, which
was struggling at the moment, under severe and
manifold bu5thens, could have been moro general
| ly acquiesced in. And this has been owing, not
to the universal appreciation with which its pro-
visions have been received for the suficiency,
the adaptedness, and the wisdom of these, as
must ever happen in the first adjustment and re.
, ceptlon of every scheme upon this subject, have
been keenly contested; but it is owing TO the APP
| probation in which the main purpose Of the law
has been held that of maintaining the credit, and
fulfilling the obligations Of the State, at every
cost, and, doing this, by taking from every de-
| scHpton OF property its just contribution. The
whole law, in lis essential character is, indeed,
no more than an appeal to The people, to support
the Legislature in its efforts preserve, inviolate
the honor and the duty Of the State, and in this
general aspect, the appeal has been heartily sus
tanned. IL is true, that in some places, exceptions
to the structure of the law have prevailed ove
every consideration of its purpose, but even ir
such places, no exceptions TO that purpose, itself
have been taken, and neither there nor anywhere
else, is there TO he found any body of our people
who would not scorn the Legislature that should
eyade. deny, or in any manner refuse TO carry In
TO full effect the faith of the State. As TO matters
Of internal police and economy--as to what is, Of
what is not due prosecution and support Of ou
home interests, and as TO all the questions Of rev
enue and expenditure, with which these are con.
nected, we must always differ from one another, L
some extent, in our judgments. But as TO the pc
cuniaIy obligations of the State those which have
been authorized by her own laws, contracted by
ner own agents, and the proceeds Of which have