Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-02-17
Virginia Legislature.
FROM TIE wHtG.
Gen. JAMES X4'lILIUN and TIE James Rirer
Ou1 K0no,vLo H,,.,o,..

yer Company presented memorial, Saturday, L
the Legislature, which developed facts startlin.
and mortitying. 1t appears that the Compan,
employed Gen. iiamilton TO acgotiate for them ;
portion of the loan, authorized by the Lcgisla
ture some years since. TO this end, they en,rust
ed him with State bonds TO the amount of $780,.
600, when on his way to England i'm 1870. BY
depositing about $4,000 of this sum, he sue.
ceeded in obtaining from the House oil MorIIsou
& Co. OF London, 100000 for the Company,
which was duly paid over to their use. The
payment Of this 100000 is now den,anded-anj
its payment is necessary for the redemption OF
the $4,000 of bonds which Morrison g. Co.
| hold.
The remaining $4,000 of State bonds was
Hypothetical by Gen. Hamilton with Dutch
House, and the proceeds Of il have been diverted
from the use Of the Company to his own inJivid-
ual uses.-Ihe amount received on account of
these bonds and the terms on which he disposed
of them, are not known-anl consequently it
cannot be ascertaieed what loss, iiany, the Com
pany will sustain by the operation. Letters
have been received from Gen. H., we learn, ad-
hitting the misapplication of the funds-with as
suranccs, however, that he had made was ma.
king ample provision, to reimburse the company
and save them harmless. These assurances have
not proved satisfactory to the company, and hence
they apply 10 the Legislature for means to ena-
bic them to make good the deficiency, and pre-
serve their own and the credit of the Common
wealth. We annex extract from their memo
rial, which will more fully explain the transact
ton. rsr
Iha Is. To- o al, : r
the embarrassmenis which it brings upon the
Company at a time Of universal pressure and on
account of the shade which it casts on the char
acter Of man, who has been regarded the very
soul of honor.
SIN the spring Of the year, 1910, the prospects
for negotiating the loan in Europe, having inn
proved, and opportunity having occurred, of
employing an agent to negotiate it, of very high
character, and in every way deemed adequate,
General James Hamilton, of South Carolina,
who was on his way 10 Europe, upon financial
negotiation for another State, was employed by
the Company TO undertake the negotiation Of the
loan to the extent Of about $3.50, 900, and for this
purpose, sterling bonds of the Company to the
amount OF Gi23,SOO, equivalent TO S5550,222 %,
bearing interest at the rate OF FIVE per centum per
annum, and redeemable according 10 the provi-
sions of the Act OF Assembly, were placed i'm
his hands on the Sh day of May, I3iO-to this
manent loan, and was most ri gorously enjoined
not TO dispose OF the bonds AT less than 9o3 6 8.
III the hundred; Il sum which being given for five
per cent stock, deemed equivalent TO par for
per cent stock. In order, however, to raise small
sums, Indispensable to meet the cash engage
ments oil the company, especially the interests
upon their debt, he was authorized to dispose of
a small portion OF the bonds at minimum of ESQ
in the bundled, or inst. ad of that, he author
lied TO raise those small sums upon temporary
loans, and 10 pledge sterling bonds as a security
Tor their redemption.
After Gen. HamiltOn'S arrival in Europe, lie
gave to the company the most encouragin. hopes,
from time 10 time, thai he would be able sue
coed In making the permanent loan, to the full
extent of his authority and upon favorable terms,
and he appeared To be actively, Zealously ,and in
deed, generously engaged in different parts of Eu-
rope III the service OF the Company. He did not
succeed, however, In negotiating any part of the
permanent loan; but obtained temporary loans,
| from tine TO time, TO answer the Indispensable
| cash demands OF the company, so that at the end
! OF the year 1871, the company stood debtor TO
the house of Morrison, Sons q Co., Banking
House oil London, on account OF those loans In a
sum which Is Stated in their account rendered, at
! I22, $685.. o sterling, whereof .GI9S6 IS was
due on the 30th Now, 1871; $4,000 on the 9TH
| February, 1879; G5500 the Sth February
| 1912; $1,000 on the 23J February, 1912; $1,000
! on the 18th March 1912; $500 on the Slh March,
/ 1912.
There is no room to doubt the accuracy of the
account, unless it may be that six per cent the
! Virginia interest, has been charged, by mistake,
instead OF the English interest of five per centum
! per anBum. For the security of the loan thus
! negotiated, Morrison, Sons & Co. hold in pledge
| bonds oil the Company TO the amount, it is be-
lieved, of one hundred and eight thousand pounds
| sterling, of which bonds they authorised,
| by the contract entered into with then, by Gen.
! Hamilton, to take in payment or to sell enough
| TO discharge their debts at price not less than
eighty pounds in the hundred But they have
neither sold, nor consented TO take any of them
| in payment of the loan, but are DESTROYS to have
| the whole loan with lawful interest refunded 20
them with all practicable despatch This the
company most anxious to do without any loss
OF time, and this. until very few days past, they
had expected to be able to do through the aid oil
the Banks; but in that expectation they have
been disappointed.
The stock itself, TO the amount Of ESQ., 900, is
now in this country, actually deposited III the Bank
| OF Virginia, but under the charge of MIR. Alfred
Morrison Of New York, member Of the firm oil
| Morrison, Sons q Co. The balance OF tina
stock, which was in the hands OF the Londor
House, is daily expected to arrive i'll this country
TO the of the same gentleman, MIR. ALFRED
! Morrison, to whom is entrusted the whole nego
tlaion for redeeming the loan and surrenGerIne
the conpany's stock. The President and Direc
tors are exceedingly anxious to effect this objec
In time for remittance to London by the packet o.
the LIST of March, so that their credit may be pro
tected, and the possession of their bonds restored
to them.
With respect to the balance Of the company
bonds placed in the hands Of Gen. Hamilton
they have not been returned, nor has any salts
factory account been given of them. and the-