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

GU III - HoiHfnk IN comparison Win the
substantial and sessonable benefits which
il has otherwise rendered TO the State.
As a further part OF IFS history, il is
worthy of beng stated, that perhaps no
law laying new and augmented exactons
upon community which was struggling,
at the moment, under severe and mani
fold burihens, could have been more gen.
orally acquiesced in. And this has been
owing, not to the universal appreciation
with which its provisions have been re.
ceved---for the sufficlency, the adapted.
ness, and the wisdom Of these, as must
ever happen in the first adjustment and
reception of every scheme upon this SUBJ
ject, have been keenly contested-but i,
is owing to the appreciation in which the
main purpose of the law has been held.
that of maiotaining the credit and fulfil.
ling the obligations of the State at every
cost, and doing this by taking from every
description Of property lis just contribu.
ton. The law in it's essential character
is indeed no more than an appeal to the
people 10 support the legislature in its ef.
forts to preserve inviolate the honor and
the duty Of the State, and in this general
aspect, The appeal las been heartily sus-
tanned. 1t is true that in some places
exceptions to the structure of the law have
prevailed over every consideration of its
purpose, but even in such places TO ex.
ceptions TO that purpose itself have been
taken, and neither there nor any where
else is there to be found any body of our
people who would not scorn the legsa.
ture that should evade, deny, or in any
manner refuse TO carry into full effect the
faith of the State, As to matters Of 10.
ternal policy and economy TO What is
or wba, is not due prosecution and sup
port OF our home interests, and as TO all
the questions of revenue and expenditure
with which these are connected, we must
always differ with one another, TO some
extent, in our judgments. But as 10 the
pecuniary obligatioDs Of the State, those
which have been authorized by her own
laws, contracted by her own agents, end
the proceeds Of which have gone to her
own uses las to those, there are no diff
ferences ofparties, nor persons, nor judg-
Tents amongst US, out the whole com.
monwealth is thoroughly, cordially and
!ndivisibly the same in the sentiment
which consecrates them as obligations of
honor, and which, therefore, demands that
they shall be fulfilled, and fulfilled to the
utternost. Whenever the faith of the
State has been pledged for The repay ment
of monies which have been received and
applied under the direction of her laws,
that faith will be followed up and redeem.
ed, no matter at what inconvenience, and
no matter under whose counsels or for
what purpose Of government the pledge of
it was made. And every element making
up the moral nature of our people will
have been corrupted and lost, or it will
be redeemed, and that in no faultering,
hucks,ering or equvocuting spirit, but
only the more promptly and the more will.
iingly because of the very absence of all
positive. human authority to compel it,
The faith of the State is necessarily and
alone the law of her debt. There is no
other law which can regulate, guarantee
or enforce it; and hence it is one which
can never be checked but by ITSELF nor
its unlimited capacity for evil ever be
controlled but by preserving it as supreme
ID purity as il is supreme in power. That
this will be done in Virginia, an early
end practicable proof has already been
offorded--a proof embracing both legsla-
ture and people, and testifying to all who
may care to know, that the sovereignty
and faith Of the State are incapable Of any
union with improbi,y or dishouor.+
Il was the policy of the last legislature
in framing its revenue law to raise sum
which should be sufficient to extinguish
within the present year the temporary
debt, as it is called, which is due from the
common wealth to the banks, and thus to
remove, at once, this extra burthen from
the ordinary charges against the treasury.
The failure Of the law to produce the
whole amount which was requisite iol
that purpose has defeated this policy for
the present. Should it, however, be con.
sIdered wise one and worthy TO be pros.
ecuted, as cannot but think il is, not on.
ly will i, be necessary for you to continue
the present range Of taxation, but it may
be necessary also to adopt some precsu.
tlonary measures to prevent future disap.
pointment. Such measures may espe-
cially be required IN the case of new SUBJ
jects OF taxation which have yielded so
little, because, PROFESSIONALLY, Of tempo
rary and extrnsic causes, and which for
the most part ought 10 be made, as they
can be made, strong and healthy coniri.
butors to the public 5urihens from which
they have been so long and so generously
exempted.
The temporary debt which is here spo.
ken OF, consists Of loans which have been
made from time 10 time by the banks to
the commonwealth, beginning some three
years ago, and continuing to The present
90. For the payment Of the interest. and the
final redemption of the principal Of any sum to be
borrowed in conformity TO this act. the stock Of
any joint stock company subscribed for OF pur-
chased with the money borrowed, together with
the dividends and other nett income which may
accrue therefrom 10 the Common wealth, OF to III.
fund for Internal Improvement, shall be, and the
same are hereby appropriated and pledged; and
in like manner the nett income and other pi gifts
which may accrue from works in which the
State is interested other than those Of Joint stock
companies, and on which the money borrowed Is TO
be expended shall be, and the same are likewise
hereby appropriated and pledged for the payment
ofthe interest and redemption of the principal Of
the money borrowed and il the stock afo, esaid,