Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-04-20

| ehO hp
ooventiop to record his for Gen. Scott IN company
, r. solid column of abolitionists marching and wheel
| H.. command of Seward" He will have lard time
=; dendino his own position before his Wing friends whom
he EQUALLY pledged with himself We WISE him IN 'ha1 ou
sness better luck and than IN MS bo~s continued
with increasing bitterness upon The insensloe anu SOHO
Woehng,on Monument, which his last NO. dencunccs as
rne most clumsy shapen Pile that ever met our eye
and member OF ne Legislature we Wouau iuH.
a, yn,s IN null down and relieve the avenue IN which II
stands from tie disfgnra,iOn which it has suffered Than
vnr 10 spend another dollar Of the peoples money upon IT,
f. is baciy located wretchedIy planned, miseaby proper
;,n .Jend in short as Stale monument 10 the most H.
lusrlious OF her aons. il is total and mortiyng ianc
Tho substantial effect Of the action OF this tame, oprcss
Who Convention 10 play into the hands oil The Scott par
~ and wheel up Virginia Whggery into The Seward com
mand We have something 10 say Oh 'he uhlhHSateo
b,mbug Of this same old aac OF Whsgery and OF other
SCENE, ON Thursday might've have nc fpace 'hs mel-
ming .
The resolutions OF Mr. Robinson respecting the contract
If the Board of Public Works last spring Tor the SAFE O" the
ounon bonds will be taken up in the House OF Delegates
to-day.
We have already noticed Them TO some extent. ha'e
only now TO se,era,c the opinion that any resolution ohu
Do the Executive department Of the government in all
10 advertise the State bonds when required 10 De solo,
ould be extremely hazardous That this mode OF selling
onL be safe well the spcedicst and least trouble al
times when Virginia bonds command high premiums in the
maj kcl and when the monetary condition OF the country Is
ho,,hv and buoyan is not questioned. But the case Is
vory different when Virginia bonds are commanding ohiy
mar prices and the money market is stringent The Legs
a,urc cannot possibly prescribe rule answerabIe 10 all
cases OF financial transactions and cannot possibly Judge
in advance of the best mode OF negotiating puohc loans
under the ever varying circumstances and phases OF e
oncv market, as well tho Executive department. OF Inc
government may do in each exigency as IL arises.
ssnec,s The terms of The contract with SEtDES WI
THEIRS Co.. il is very probable the Legislature VIII hnd,
from the printed correspondence laid before them on the
that the very best terms were obtained that could
have been procured from source at the me and under
tho then existing circumstances and mat Inc contract
has been productive of immense beneh not only TO the
State in carrying her safely through the money pressure
of lssl bur for all tho interests in the State dcpcn-
dent upon ne maintenance Of The public credit 1t is a
proud trophy of the Board of Public Works that by means
of that very contract for which they attempted TO be
censured the bonds OF State which they sold with the ut
most difficulty in The Auditors Office, before the contract al
mar now sell readily in that office at $685. that whereas be-
fore that contract they could obtain only $4,000 from i'd
ycrscments for loans Of $1,000 OO and such made
oua,e sums only at prices which bidders chose give they
can now dictate their terms purchasers al the Audi
tors office, for any amounts they require TO sell.
Very absurd statements have found their way into the pa
pers concerning the amounts made by SELDEs WRITER'S
Co. out of the State upon these bonds The facts In regard
10 the matter these and VIC have them from the best au
thoty We dare say they will be developed more aulhen
cally before the subject finally disposed Of OF tho four
million loan authorized be negotiated by that enerPrsnS
banS about $500 900 taken by different departments Of
the United States government at par; and 100000 were
sold 10 New York and other dealers at SOB. SELDEs,
W7uERs & Co.. therefore make per cent. on three mil
lions in gross Of which they pay al the expenses attend
ing the transmission of funds through all The stages OF The
loan and all other expenses incidental TO their agency
These facts are only worth Mentioning TO put to flight the
,bsud so,ies attempted be pu, in circulation OF
mons profits made by these agents. and the idle conectures
made by some as the whole four million loan from quota
ton Of the sum Of one thousand sold in New York, by
the fourth fifth, sixth or seventh holder 10 whom The bona
had passed.
While on this subject will cifuy correct an crorrn
the Rc3ot the Committee OF Finance which MAKES out tha
The State has 10 pay the difference oexchangc between Rich
mond and Now York (Tanging from Il 10 one and =
DER cent? upon the interest Of the coupon bonds as well as
the EXPENSE of transmitting funds from ono point TO an
other, This would undoubtedly have been mo case
if the bonds had been advertised But Inc contract
in question expressly saves that expense oy supula
lin, Thai the Interest shall deposited by the State TO the
cred, of Sclden Wthers d. Co.. Tin some proper oanK III
s v OF Richmond" The interest on the oonds-that IS 20
cav rho eooons-is payable TO the bondholders principally in
YORK But the State pays that interest in Richmond and
her agents are at the by the difference
81 h,noen os the Report coniectures-of transmitting the
ends n the proper destination II rather singular that
rho contract criticised for imposing expense upon the
State from which il expressly relievea IT. and which the
State would necessarily incurred If the bonds had been
advertised.
i, made very grave point against this contract. that
the scmi.annual due from the commonwealth 70 INC
bondhodcrs i. stipulated to be deposited in some Nch
mond Bank" 10 the credi, OF SELpEs, WlTHERs G. Co,a
month before ii is due The bundholdes The contract
au,horses that house spuae 10 pay the bondoaefs
such pon,s as they may deem best Tor giving Inc oohos
currency These agents may MAKE anu ao"o"esS "a'e
1node hem p,yube in parcels New York London Paris
Amsterdam and other great money marts Is one moh
100 long time beforehand for the nereH 10 be at their DIS
for 10 these various localities II is no
now thing for money The State TO lie on deposit In hc
o,d Banksn Hundreds OF thousands OF dollars belonging
% the lie constantly in their vaults from one
veprs end to anoher and we believe ms Is Inc hfs he
far y wears that the fact has been discovered TO be nc"
rbno scratch OF the pen transfers the amount OF inter-
est due upon coupon bonds from the cfedt OF The oae
- ,h,, Of SvrpEs, WlTHERs & Co., the books of the
aRichmond Bank The State has 1s much security for its
keeninq before as after this transfer upon the bank
mol
a. Al, tnon funds which she is obliged 10 have somewhere
% opd lose IS much if The transfer was mado but
hofore their paycnt in New York. and the ocean,
oa If made in full time send them across the water.
In regard 10 execon OF security from Seden Withers
e. Co. for the proper disbursement OF the funds of tho State
at any tImo their hands, is expressly stipulated in their
contract that any Gisconduct in the agency shall forfeit
the right on their part rccevr those funds that the
loss OF single cent due from them to the State BY their
act would annu their contract II strikes us that the rcpu
ation of bank OF undoubed credit theirs, and the
known high character and standing OF the gentlemen who
compose it, coupled with provision Of this Sort is far
safer security the State than be provided by lawyers
in the sha pc OF legally drawn bonds and covenants The
bank Of Scdcn Wihcrs e. Co. is in high credit as any
hank in our own State; OF which have been
oured 10 give security for the 6aekeePpg of the State
nice To require security of bank ia bran idea Of
Virginia iEanciers.
or the four gentlemen who compose this rm the "Alz.
ordria Age their ncxdoor neghbor. speaks follows.
We will simply PROMISE that Mr.. William Seden Trea-
surer of the United States under Mr. Polk and left the Office
to make way for political avorite of General Taylor Our