Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1852-04-29
[PROPRIETORS.

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iour millions In an instant, il was de,er
mined what should be the compensate,
ofthe agent.
The Governor Of the State, it win h,
observed, was 70 lie n sort ofagcnt to trans
'ct the business. A swili agent he provce
to be. The very next day be took the ca r,
and went TO Washington CITY; and III.
day after lie got there I'VE are rold) il,
made contract with Selden. Withers &
Co. TINS was rather more expedition.
han was agreeable 10 some OF his col
leagues in the Board.
Tie resolu'onsadopicd the 9Th Of fApril
were on the lrh of April recons;der.d
and rescinded the Board now came TO y
resolution which would have Leen uore
proper 10 begin the mat,er with, Than ,be
resolutions the 9th. They now author.
'z-d The Governor TO visit the Northern
ciiits Tor the purpose Of asceriainior the
P'ac'icahIlity Of negotiating loan Of Two
millions OF dollars. and in case the services
OF an agent to effect such loan should be
required. The terms upon which such ser.
wees would be rendered; and they nov
requested the Governor TO report to the
Board the result of his enquiries and an,
proposal that might be submitted To him
ne result shows that HEY were rishr IN
snpposlng that loan ,hcn Of two millions
would suffice; for up To the 5th Of Fehrun.
ry. 1852. (da'e of document No. 36) less
Than Two millions Of Coupon bonds had
been sold; and yet with this amount added
10 the proceeds of oiher cer,ifca,es. the
Board has met all the demands upon il and
hada surplus oatofwhich it has lent money
toihe general treasury
he resoinifons of the llth of April
~ere sent by Mr. De VIII 10 Washington.
hut TIVE are to,l) we've not received l,y The
Governor until after the contract had been
made. The contract bears date the 1lth
ni April. One of two con, lusors is ire
siSilbe: c,ther the mut,er was pre- arrany-
I'd hetwern Governor Floyd and Seldcn,
WHhers Il Co. or there was most i'm,
proper haste in a transaction Of SO much
importance-a hastc inconsistent with a
due regard for the interests OF the Sta,e.-
he case does not admit of tie apology
that money was wanied and immediately
obtained; for there was no sale 10 Selden.
WHhers d Co.; they were only agents to
effect sales, and none ill after the I2,h of
July. Had money been wanting immcdi
atel,; 1t could doubtless have been obtain
ed from our State Banks, upon dcposire
Of the Coupon bonds with them as agents
and they would prnbably have acted as
such for very small per centage. pcr-
haps quarter or half percent By the
the hastr. ho"ever.ln making the contract.
an imprdimcnt was throw n in the way Of
other arrangements hich nigh, have been
more advantageous to the Satr.
Atler making the contract with Sclden
Withers and Co.. The Governor then visi
ted the Northern cities. he as not then
in "A condtion to avail himself oi' The best
m, ans of negotiating loan for the State.
and his ,i,r could be for no such oi j,.ct
1t could then be for no object Inconsistent
with his contract. That contract contains
This remai kahle provision:
"As i is doubtful whether any premium
can lie gotten on the sale of the Coupon
bonds fthe State Of Virginia, and if none
can be gotten the STATE might suffer from
an inabit. to dispose Of her bonds; it l.
agreed that the said John b. Floyd, and
any others whom he shall select to attend
him, shall visit Baltimore, Philndelpha
and New York and inform himself az fuI.
y as practicable about the present state
and future prosperity cithe Money Mar.
kct as well in Europe as in this country.
and that. if after that, the said John B.
Floyd shall be clearly Of opinion that the
pro, ions as herein before stated are too
high aud may prevent sale of the bonds,
| that then in such event he will report the
result Of his convictions 10 The Board ot
Public Works, and use his efforts and in
huence N getting those premiums icdu'ed.
After all which, sltoul the Board Of Pub
lie Works still insist on keeping Up the
premium as herein fixed, The SAID Selder
Witl,ers & Co. shall possess the option 10
continue the contract or not as their judg
meat, ,ur inclinarion shall dictate
The Governor now was in the be., pos
slble POSITION 10 sul'scive the interests Of
Selden, Withcrs & Co., Certainly in Al
much better position for subser,ing their
Having rnade The contract under reso-
luton rrscGdcd by the Board, his bias
now as 10 show the contract to be ludi
cious for tie Satc-to show The preni-
nms high enough. ii not two high. and the
rcasonah!eness Of the compensation.
TIE three leliers which the Governor
obiained, il is Obvious " ere obiaiacd w ith
II view Of satisfying The Board of the JUDI
ciousness Of his cnurse Yet there is very
little in them cuiilled TO wright for any
>nch purpose. The Governor asks Mr..
Cuttings OF Baltimore. 10 give hun HI
views as 10 the causes operating upon the
minds capiraiis,s seeking securities for IN
vesimrnts in favor Of MARY land stocks
over those Of Virginir, and accordingly
Mr.. Cuttings politely gives hinsuch views,
The onl. letter obtained from New York,
is from George New bold and William II
Aspinwal. This we may infer, contain,
as much to sustain the righteousness Of III.
Governors course as any which he found
ii Convenient 10 obtain, and yet this Letter
contains This clause:
I'VE would however suggest for yoiii
consideration whether it would not b,
best for You 10 Offer the bonds for sale BY
a Suitable public advertisement. inviting
bids or scaled proposals for specified
period. and thus dispose OF the bonds !.
the highest bidders. but of course no bic
below par to be received.
This mode ofselIing would place yot
in direct contact with al. those " no ar,
seeking Investments, and would test the
value OF the bonds in public estimation
and would al the same time give the Stai'
the henefit Of the premium on the bonds
| {if there should be any onlhe sale of then,
Onile other hand We must NOT overlool
the .acr. that if this mode OF Offering th