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

gu Ut all. ne mOIHtuls noWCFois tHio
discredt was thrown off, and it rose to
par. under the double pledge of the law.
and the honor of the State to redeem it,
that moment it acquired in many respects
the qualities of money. could be used tor
all purposes except those OF circulation
as money itself could be used, and was
equivalent to the addition of the full am
cunt held by inLividuas,or three millions
of dollars to the available capital OF the
State. To what extent, in point of fact.
it has been employed as such. it would
be difficult to say, so infinite are the
moo so in which it might have been
made to dischargs the functions of CAPT
tai without involving the formality of a
transfer at the Auditors office. But
that it has been literally used in this
way, is far mere consistent with the pro-
liabilities of the case. than the contrary;
as it is hardly possible that SO immense a
sum, so capable of advantageous applIca-
ton. could have been held back from the
field of employment, and kept in profit
less inaction, when the most importunate
motive of necessity, interest and kindness
were hourl y persuaGing and impelling to
its use. Looking at these several results
upon public and private credit, and up
on the basis of money operations, as fair
| y 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 il has otherwise rendered to the
State.
/ AS farther part of its history, it is
worthy of being stated, that perhaps no
law, laying new and augmented exactlons
upon community, which was struggling
at the moment, under severe and mani
field burthens, could have been more ge-
neraIly acquiesced in. And this has been
owing. not to the universal appreciation
with which its provisions have been re-
ceived !; for the sufiiciency, the adapted
ness, and the wisdom of these, as must
ever happen in the first adjustment and
reception of every scheme upon this sub
ject, have been keenly contested but it
is owing to the appreciation in which the
main purpose of the law has been held,
that of maintaining the credit and fulfil
ling the obligations of the State, at every
cost, and, doing this, by taking from ev-
cry description of property ITS just con-
tribution. The whole law, in its essen
tial character, is, indeed, no more than
an appeal to the people. to support the
Legislature in its effort to preserve nvi-
olate the honor and duty of the State,
and in this general aspect, the appeal has
been heartily sustained. It's true, that
in some places exceptions to the struc-
ture of the law have prevailed over every
consideration of its purpose, but even in
such places, no exceptions to that pur-
pose itself have been taken. and neither
there nor any where else, is there to be
found any body of our people, who wo'd
not scorn the Legislature that should e.
wade, Ceny. or in any manner refuse 10
carry into full effect the faith of the State.
AS to matters of internal police and eco
nomy-as to what is, or what is not a
due prosecution and support of our home
interests, and as to all the questions of
revenue and expenditure, with which
these are connected, we must always
differ from one another, to some extent,
in our judgements. But as to the
pecuniary obligations of the State.
those which have been authorised
by her own laws, contracted bv her own
agents, and the proceeds of which have
gone to her own uses:-as to those, there
are no differences of parties, nor persons,
nor Judgements amongst US, but the
whole Commonwealth is thoroughly, cor.
daily and indivisibly- the same in the
sentiment which consecrates them as
the obligations of honor, and which
therefore demands that they shall be full
filled, and fulfilled to the uttermost-
Whenever the faith of the State has
been pledged for the repayment of mo-
MES, which have been received and ap-
piled, under the direction of her laws,
that faith will be followed up and redee-
med, no matter at what inconvenience.
and no matter under whose counseIs, or
for what purpose of Government, the
pledge of it was made. And every ell
ement. making mp the moral nature of
our people, will have been corrupted ard
/ lost. or it will be redeemed, and that in
no faltering, huckstering or equivocating
spirit, but only the more promptly and
the mole willingly, because of the very
labsence 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 in purity as it is supreme in po-
wer. That this will be done in Virgin.
ia, an early ard a practical proof has al
ready been afforded--a proof embracing
both Legislature and people, and testi-
flying to all who may care to know, that
the sovereignty and faitf. Of tie State