Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-04-20
RICHMOND ENQUIR e X.
'> rI1Es6.y MoRX1NG, April go. 1917.

hinOd
poeon arc ;u hs seen by the proceedings OF Sa'ur-
pb;nson called up his resolutions on 'he coh''ae'
~ e,den Withers g. Co.. and spoke upon theH' a' so''e
length. ,, o,i,,ed n on
He though, that undue haste had oeen co'n'eo -
,ernp into that contract, seeing that the act au'hos WIG
issuing Of coupon. bonds passed on Inc |9h Oh t
1871 and tho contract made on the llth Apr'-'ie
davs afterwards II is sufficient answer 10 ms
~, ,h enactment of such law was recommended 10 Inc
Governors annual message in the December oeo'e' w ~
hill relating 10 the subject reported oy the MANI
c.,,oo :, an early period of the session OF lSoV-
,sl: that Its passage in daily coh'e"p''0"
of N. BOARD for at least months before 'he Gnu
of the session. when it hualIy enae'eu' 'Aa' '''
consultations aud enquiries as TO "hat shouiu VIC ~ nov
heen going on for months before the Dill became law anu w
substantial opinions Of every member Oh inc Doda oi
before lis passage These facts would seem 10 es'aos o
reverse of Mr. Robnsons inerences and 10 sho~ 'hae S
Board 10 posponing carry the law into cttec LOT neaf
TWO weeks acted with deliberations rather than haste II
eoured no great elaboration for perfectly familiar
with the subject TO determine what TO do in matter ha
had been 10 contemplation for probably six months ana
the heavy liabilities OF the Commonwealth augmented oy Inc
alarming appropriations of the session just
I'd them TO be up and DOING lest the credit OF the Stale
should suffer by their delay.
Mr. Robinson also thought there was no authority or 'he
creation agency the Board for negotiating the sales
as TO loans made under it, "such provisions OF the sky
seventh chapter of the Code relate to the borrowing OF
money In Europe !" and Mr. Robinson himself read from
tina, chapter of the Code the section declaring that ANY OF
the banks by this State act as agent Oh
the Board in respectful such oans-not meaning TO say
that agent must be bank OF this Stae-and declaring
also that the may aowa reasonable compensation
10 bank any other agent agents. employed In the
matter" Its plain therefore that the law not only author
atoeo fiDp ing
but authorizes the employment OF osr agents than
bank of thi, Commonwealth 1t also declares that the
"Board may do and all and writings proper to
complete" the negotiation of loans cut OF the State
In respect to the compensation of the agents OF
the Board Mr.. Robinson conceived that the section
of law appropriaing two thousand dollars 10 ei-
objects of The ac furnished the limit TO TINS com
pensation Nothing but entire want of acquaintance
of the nature of coupon bond could such con-
struction. Each bond is bank note upon magnihed
SCALE having seventy coupons attached to it, each coupon
also being in the OF bank note tho bond and cou-
pons being transferable from hand TO hand by devey ana
being therefore extensively engraved and stamped upon bank
note paper tho best quality that can be purchased Sep
arate copper steel plates required TO be engraved lot
each of the $780, $1,000 and $4,000 bonds IS
sued with coupons To suppose that the appropriation OF
TWO thousand dollars intended 10 cover any other e2-
pense than the of paper the engraving and other
charges Immediately upon the execution OF the
bonds is with all due respect Mr. Robinson, simply
posterous grave argument such matter exhibits
an effort catch sraws in order to make
out case.
Mr. Robinson persisted in the mistakes repeatedly cor
rsced which those who have undertaken to ctlcise The
have fallen into to the effect that the cost OF trans
hitting funds from Richmond the points of paying the
coupons would fall upon the State This cost by no means
nconsderabe would certainly have fallen upon the State,
upon Mr. RS system Of advertising; but Is saved TO the
State by which he supposes TO impose It, 1t
would that when mistake OF that sort s once cor
scted and gentlemen assured upon the best authority
of their error would only bs in very feeble cause that
they would persist in repeatngit.
The like evidences that this whole movement is dwndng
down TO desperate effort catch at strawss losing the
dignity of matter of public moment and running into more
personaies-ae found in DR.. Yebys resolution offered
on Saturday calling Geographic dispatches and Mr. Ro
bnson's amendment it calling for the names OF The men
bers of the Board of Public Works present and absent on
different occasions specified
II will probably turn that Geographic dispatch was
ordered to be by the Board and that one was sent
ALL the sending of it mere private act OF frendshp
from member of the Board TO its agent In Washing
on which failed of it's object BY failing to reach It's destna
on The will turn out to be rather dmnutive
subject for dgnfed legislation and will hardly reflect
great of distinction either the mover OF the re-
solution upon ocious gentleman of the Bnse
mcnt suggested the subject.
So we are sure Mr.. Robnsons resolution will reveal no
grea, Of information upon the merits Of the
tract BY showing who for and who against IT, If we
are not mistaken, II will show difference OF opinion be-
members of the Board the proprety of contract
ing with Sslden Whers Co., of contracting at the prices
prescribed in the resolutions of the 9th Of April II we
mistake not 1t will exhibit difference of opinion only upon
the amount Of the oan the majority OF the DO having been
In of four millions, md the minority of ttco millions
the whole Board concur tho propric
" OF having for four millions nasmuch as some
TWO millions and half paid on, by the Board before
the LIST January 1882 and the correspondence accompany
inc the contract laid before the House. developed the fact
that capitalists cond induced to take loan
of millions, any other amount, except upon stipu-
iaon that other part the four millions Of coupon bonds
should be sod before they had disposed of the two millions
taken by themselves, which, for all that the Board could
foretel might have been within two years. The Board
might thus have been in the condition OF being obliged to
raise money compelled conhne themselves to the slow
inadequate sues registered bonds in the Auditors Office
But controlling in favor of four millions was
b the following of acts The Second Auditor in his
Repor, of December 1885, doc s. 7 Message and Doc
uments had announced 1.-THE immediate liabilities Of the
Board on of internal improvements to be provided
for by loan 81 632 s6s 49, which liable to be
still further increased in the of s94aOO for "subscrp-
tons authorized by law but applied r and these a
bites existing the of the session.
increased all know by appropriations amounting
raj millions of dollars during tho progress of that session.
I, was their immediate liability Tor than four and
half millions OF dollars, their contingent liability for
1854 0O0 and their liabilities under the appropriations of
the session JUST ended that determined tho majority Of
the Board upon the Of 81 100000. The year turned
be of pecuniay embarrassment In The
State in tho Union Internal improvement companies
encountered extraordinary embaassments in collecting and
filling their private subscriptions; and il was nothing but
these Rpedmen,s that the calls upon the Board
for the year 1851 from exceeding tho sum of four mil
lions of dollars.
Another controlling object Of the majority of the Board
was 70 put Virginia Bonds in the Of large stock deal
ers who had yet become holders ,hem in
interest them 10 running their prices These
control of the great money markets. and dictate what
bonds shall bear high prices and what low the Stock
Exchanges. or course the stocks held by themselves
are made to command the highest premiums, and those
which they do hold share the fate and reputation OF