Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-04-30
NUMBER IO7.

done uoes mol give the authority do what has besr
nlo Il allows the Board TO employ agents in ncoo,,.
fn ,h nnpsfIVely requires ha the money if rerf;vs
be rerc;rd % elsewhere than at the public sury nn
this State. " o Da"AS incorporated oy
,onds r o,er Wofds The lenders to have The State
us uh me money for them is received ino Tho nnhIc
reasury or in one OF State BANKS And ve, m
standing such s the law, sorr of conact has hsn wv w.
Importing that Srten Herst & Co. are constituted
"i ,ne State. not merely r-soale the bonds n, re @
ana dispose OF them ard receive The money for them 80
~ WI" not do 10 aay that Selden With.rs & Co afer re-
s inIn"y m :Gm the lenders pay in" The treasury
one OF se Banks incorporated by this State The viola
III" W INV Is m IN !seg ae Pf m e4n- I TO o. guard against So
llT as Gov Floyd and he Board Of Public Works 9nd
it, they have empowered Selden Withers & Co
proceeds Of the sale Of the bonds upon their naked
ag.eemr' . - 10 the Board, such agent tho
State should select those proceeds minus tho compensation
pf Selden, Withcrs 4 Co.
This is the which the first resolution applies. ".u
resolution might well go much n-tt-- .?n dO-s The
sIr;"c has been mado without lawful authority in other
Mnco 80 authority for tbs extraordinary provi-
sion
TO enable the said Sclden Wi,hers & Co., 10 redeern in
proper time the coupons OF interest The s"' be
come due the said John Floyd for himself for the board OF
Public Works and Tor the State Of Virginia. hereby
10 ard with The said Selden, WilherS Co.. and wth the
survivors Of item and lie successors Of such Survivors
that the State OF Virginia shall least month during
every months before coupons shabecome due, place
The credit Of Seden, Wi,ers Co.. in proper bank
the city Of Richmond specie funds enough enable said
Selden withcrs & Co.. pay the coupons promptly either
in the city OF Washington the city of New York, any
other place places which the hodcs OF the bonds and the
said Se!dcn, Withers Co.. shal have agreed And the
right 10 pay every half year. during The periods that the
bonds have 10 run the said coupons {" n"s, are hereby
secured to the said Selden Withe.s & Go their suryi
and successors n business unless misconduct the
the agency shall forfeit the right.
II in reference this provision that the committee OF
Finance make these remarks:
at durs not appear that they (Sedsn winners Coz
give any security for The proper application OF The funds
stipulated 10 BE- placed at their control ad subject 10 their
hrTn rho infn 10
be thus placed c.- disposal htng the inter
four millions Of dollars is $50 600 annually
sl20 QUO semi.annualy, the interest on which e" f,l
required 10 be at their disposal equal 10 81 OOU annually
hall ot per cent. As the interest IN the four
millions dollars payable at any point which may be
agecd on by the agents. and the Commonwealth must bear
expense Of transmitting the funds that expense vi pro-
badly be measured BY the rate OF exchange bet"rtn
mnud aud the point ui aymcn ard viii u ' ~ N con
with the 6l2 900 above referred 10, aust make tho
loan Of 81 00000U stock costing more than per cent
So far the money is borrowed rate Of interest e1
ceedng puF in other words far as the bonds are
really sold for ess than the appearing on their to
be owing from the Stale the transaction must DC conceded
be illegal. But the provision Just referred TO- Is obn"x
ous objections The agency IS not ocly eS tended
through the long Of twenty ye.rs, ne the Committee
Finance upposes but is extended until the coupon bonds
become payable which i5 not less nnn hlftynfc yeas
from their date.
Alta time when Convention is engaged In making a
Constitution prohibiting Judge from having term Of Of
flee longer than eight twelve however eooc MS be-
:avia may be- find the Governor constituting Se1en,
Nhcrs & Co.. agents for thIrtytvc years 10 c"ne-nay
more only securing the agency 10 lliem II !'y hNe ou'
securing their in the business with no nher
qualification than that misconduct in the agency shall Tor
lett the right. !~..-, 90
10 EeA intrusre ed semi annually, for month at time with
S2i0 600 of the States money the interest oi WHY" ~
By What rule Of interpretation BY what sort OF ece con
s,rucl,on any authority TO make such spu.atoh o.
duced from The power given the Board 10 aio" ls ue
reasonable compensn0nl And yet the auhory mus' %
drInred from that power, if il exist at all .r,
Under such power il wnnd seem Ia DC going "h i1'
he
lion q! dollars and all ptcnlun above Two per cent On
ren ether lIlons without making, besides, sucn u s"pu
.,lon as That ctcrrrd N.eSc the premium SO al
lowed the agcnl much innVc than reason a2c o'
nensation-wh.thcr it ushahle or poIef !"
Stale Of tie premium far rs il has been coae may -
aps be uuLgslo,d hereafter, if report be made by sS
lnttpc under the Third resolution.
However Illegal and nju'icious we may oe.Ie'e -:
tract TO have been the State il must be admitted N
awkward position far there have already Dec o" oi
The bonds and payments account OF hen -" ''e eus
ury But it vel! deserves consideration ~lht IIursn su
be taken in respect TO the bonds not YET oeen
delivered 10 Sedcn Wtiers & Co. lhls VIII Dc alef
proper 10 be considered by Committee II one should DC ap
poin,ed under the fourth resolution As II sup
a ton for The years that mas been referred Inc
Committee consider the e1pcdiency oi aIfahElhs l1
modification Of it, for testing its validity oeiofe
tribunal ,ro,or
Whether the contract be inerfered with or not proper
TO adopt the second resolution, or some resouo "S
future sales in view so that bill may be brouGh IN making
future provision To protect the interests VI i' SO
wealth in transactions hereafter.
DEFERRED PROCEEDINGS,
In the House Of Delegates, Monday last the death o.
RosERr G. RlvEs, Esq, having been announced
Mr. WALLACE of Petersburg then rose, nnd, with much
emotion amid The unboken silence OF the House. aue 7
following remarks: -. a.. xo.o
rise r Speaker; for the purpose of secondng the reso
utious which have been offered for the adoption oil INC
House by that member Of this body whom tue ceceaee
loved and regarded as But few days ago, ana
our lamencd friend mingled umong u.s. one OIL our osl
tive and energetic members He then ett US lot us
dence and but nine days have elapsed since his
and now .he knel sroud, the maock and 'he sfhSe
ell the sad end human life. That end SPEAKS 'o,,
umc. 1t tells us that we, TOO are TIE pensioners - 49,
| hour
Dream Of II Dream and slaiow Of a shade
There ore some circumstances, Mr. Speaker coraecten
with The death OF friend which feel II my au!y 10
dwell upon because can look to them WIN al'aarT ~;
pleasure. From the time he was taken SICK, ne
rds,osi,jon would ccd his existence; and "hrn "o Gay
n.G,re his death. hs picus and aged mother ben; over w
and asked him as to his hopes beyond the grave i1 "a el
I'm, since 1884 he had been firm believer m INC us
"a gnnnrss of God and The truth OF the Bibc anu ~" en-
TO his life TO its p'ecepts inat ne mao
Of his ai'h and had no iear ou' as M" wha
sc.l lf the body il would wing its fight TO the ah' u.
rave it, Before his death, h= mentioned !nc .A h
md vcr.c from which he wished his funeral sGlhon m h
ed and after disposng OF ea'a'y II is from such
scene thal those loved him best can gamer 'he'' s
est their only consolation ;, c. orx Iocoosec
friend was an active and useful member OF this House
ypian, chairman Of OF ia most uselul ~
guarded the public treasury win Tue mos. d ma
dunn of expression, his nature never pemt,eo nun "
srsnicion or hesitate dislike" The bold ana
nu advocate of TRUTH wherever he thought ne ga" VIZ
r stood manuliy up for it, opposing ial "h,Sn ' Z, ~ NJ
Cd wrong with equal zeal and energy IN s 's iS. h.
: Snenker we will miss him from his accuo1oleu oI h g. e.
vii anncar no more among ard inc sea- eu W ~ ri
n Eve years will know him no more ioesei.
C flIow couny-rnen will regret an en'epilsc" "nu AZ
,;7., who ever warmly supported ttuh aha opp"ecu 10
I;o, and wrong His neigh5ora VIII missa sIlhpa i
f;,d and counsr!ur His brothers and sisters III ms
,,ornd whose memory cluster the sweet assoc!a'oh
I, ~ a. McIilihood and family affection.
,e R", there is hoic sacrod circle STILL an innf
y where his loss will be more deeply el' 81
III mnurned He the support and stay ol MS is'.,!
Tnc wife OF his bosom will the friend ana cor''p -
Of her sorrows and her her soiace her prop NM
strength ier little children they gather aonhu o @
p will miss the protecting hand o! fathers care .I b,
1t iop tenderness OF father love- How ieeble Is AZ" h
ie sympathy 10 soothc grief of the "do" aho INC M
rs He has gone from amung lhem but ne nus 'e' ' nn,
10 console them, that in his lat hoafs ~ gid :,
II hack on well spent lils-that Ne s., a. a,h,
death Of The gheoun and his soul has wnseu 10 - end
ng c;ndhc has departed with peaceful conse.no NV ~
d. ~; cnrnt beiore that Maker 10 wnom we oo 'u @ - -
II. n,I, ms rnndsr our account. Mr. Speaker we Gun :
10 a,hinothe language OF truthful cuogy can say np.s
,er Jr,nns sDeak nothing that can aoace inc oeteaV
nd S family. We ure but dscharglne our GUY
he ana do is 10 extend heartfelt sympa'hss ana ea
thu