The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1852-04-06
THE DAILY DISPATCH
MONDAY, April S.

Hsuse or Delegates.
The following preamble and resolutions
were offered by Mr. Robinson, Of Richmond
City, upon whose motion, they were laid on
the table, and ordered to be printed
The Committee Of Finance having reported
to the House OF Delegates. that on the 18th of
April, 1851. the Board Of Public Works con-
tracted with Sefden, Withers g. Co., private
bankers, OF tae city of Washington, that they
might dispose of the bonds ofthe Common
wealth, to the amount ofone million Of dollars.
atpar; and also the further sum of three mil.
lions of dollars, al two per cent. above par, and
might have as a compensation, for negotiating
the sale, such premium as the bonds would
command above these terms; and the COM
miftee further stating that they do not per-
ceive that any security was exacted of Selden,
Withers g. Co. for the faithful execution of
their part of the contract in accounting for the
money which may be received by them, as
Agents of the State,
Resolred. Inasmuch as chapter 67 of the
Code provides that when money is loaned
elsewhere than at the public treasury, it shall
be so received only through one offhe Banks
incorporated by this State and inasmuch as
this provision is not repealed by the act of
March % 1851, authorising the issue OF the
coupon bonds, but on The contrary is preserved
in full force. as to the certificates issued under
said act by that part which makes said cerIifi-
Gates, when payable elsewhere than at the
Treasury of this State, subject TO such of the
provisions OF the said 9th chapter, as relate TO
the borrowing Of money in Europe, it would
not have been lawful for the Board of Public
Works to allow Selden, Withers & Co. 10 act
az Agents of the State, in receiving money
from the lenders. even if they had given secu-
rity to account for the said money; and the
c0urse NJ the Ron d ia sill less tn he iusfified
If there be no security.
2. The Committee of Finance having re-
commended that all sales hereafter to be effect
ed, not embraced in this contract, shall be eff
fecied, after reasonable notice, and under cir
cumstances of fair and free competition, among
bidders aud capitalists Resolved, That this
House approves this recommendation.
3. Resotred, That the Committee of FL
nance enquire whether it was Unsuitable or pro-
per in the Board of Public Works to deprive
the State ofwhat the bonds, embraced in said
contract, would have produced ii sold with
such notice and after such competition /; that
they report, as near as they can, how many
thousand dollars, the compensation allowed TO
SeldeD, Withers g. Co., will amount to, and
whether the same is not much more than should
have been allowed them, as reasonable com.
pensation for the services they were TO per-
form.
4. The Committee of Finance having sug-
gested the proprety of enquiring into the
practicability of effecting some modification of
the contract in certain particulars, to make il
more safe and consistent with the interest
ofthe Commonwealth Res0ired, That the
said Committee enquire and report to this
House what modification Of the said contract
1t is advisable TO make, and what course, un-
der all the circumstances, the General Assem-
bly, should take in regard TO it.