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

". l'h Ills Impression was that during the administrative
"a %"ri'ht. perhaps sone Ctncr Governors before Is
" 'u"s were sometimes obtained for the State an ccr
- ,S , ~ bas per cent interest. From 1859 Isl
, rug % interest paid by The State had been higher III
~. " e. =. 'rs ri yeafs 1ui never more than per
Wv fi'yd, Ia has annual message oi December l3:
= s.nnGnu me opnian that State Loans 10 the amount
- 49, would have shortly be raised and he ads i.
=, wan @ a'uh' S'i"niI be raised upon coupon bonds
:" u,!itf and advised conversion int, counnn hrn
"a nc 9'"o bonds previously issued lie said he had r
b, ~ coHs:aerablc premium, would be gladly paid
r..i ' = eAr'ahG' and recommended such exchange
>, vI NC eectei Ut premium OF per cent. on the u.
- a., ne LEGISLATURE, by the of March 30 1851 did NOT
u S;atc debt. They limited the isss ~ sh 80 ~ e o.
. inns - 'e'"sn Tile engagements OF the State; am
us hhi:'ne il, had right To eypect ,ha, chen ,t,
N- oonus IN this fOn-sublrcnp tho S,of, IN incrc,e
s'cnse, o'h in paying the interest umd ,aa princrs
ar :" 'c 'oa!Hcd Tor the STATE premium Of oer ron,
..:,: 1:''e e5iuaf a isaiets as how app a.
What are lhose facts7 TIE act authorizing The Issue Of
coupon bonds passed The 29h March, 1852; on the
Jh Of April, 1851 The Board Of Public Works took up the
subject for considerations and passed resolution
reengh ncaotiacn Of loan Of four millions Of dollars;
t compensation Of The agent be nothing excep; r'rh
srn as he may be able 10 sell the stocks for above par
the first million Of dollars and for what he may sell the bal
ace o c loan hereby authorized after paying 10 the State
III" Par vaae thereof ard per premium upon the
Se, OF SO much thereof as he may be able 10 dis? Off
II an; agent was then appointed il only by tn eaund
resolution, which authorized the Governor transact the
5ns!E"sS embraced in The foregoing resolution aud i, take
means TO have tho coupon bonds prepared Tie tErd cso
as!oA directs the coupon bonds be prepared once ard
the ssrss OF The Governor be attached to the $500
bonds.
Time be taken have the coupon bonds prepared with
te Governor likeness atlaChcd the l2h OF July 1851
IN ilr .! Tie first delivery Of any of The bends Ssden
NhcrS * Co. Seeing that lne must be taken 10
prepare the bonds il is very remarkable tina, without any
preliminary enquiries TO ascertain what terms the seIvi-
.. suitable agent could be obtained the Board Should
the very day Tic subject frs, taken up for consIera-
on haze gore Ear they did. In instant, ncgoa-
lion vas directed o: the large OF four millions. In
! VI the agent.
The Governor OF the State will be observed was
SORT of agent TO transact The business swift agent he
proved to be. The next day he took the and
10 Washington City and the day after he there 1--WE
t.ld) he made contract with SeIden Wlt'i Co. This
was rather expeditions thun agroc.v some
his colleagues III the Board.
The resolutions adopted IL; 9th ofAp were on the ll,h
u April 'ecnnsdered ard escr!, -" Board
resolution which woi heea proper 10 begin the
'at'c wit than the resolutions of the 9Th. They
hoze the Governor 10 visit the Northern cities for the
Of asc,rranirg The racicabty OF negotiating loan
ri two millions of dollars. should it be requimd the terms
.pon which such would be rendersd end they
requested the Governor report 10 The Board tie result Ot
s ni.tc5 and any propose, that might be- submitted 10
HIM The result shows that they right in supposing
hat luan them u millions would suffice for up 10
Inc 5h oi f. bTucTY S52 Che date of document No. 36 lees
Than w millions Of coupun bonds had been sold and yet
with s added 10 the proceeds o other certificates
the Board has met all the demands upon AMI mad surplus
out U which ii has lent money Ia the general treasury
The resolutions OF the lth Of Aprt were sent by Mr De
Wilt Washington but (wc tod) not received BY
The Governor Until after Tie contract had been made The
contract bears The da;e lih OF April One OF two con-
cIsirns is irrcsis'ahle; either The prearranged
between Governor Fuyd and Se!den Wers & Co, there
va improper haste in transaction much i'm
po; ilas" Inconsistent with due regard for the in
u he State This does not admit O the apollo
y ;iat money wanted nnd Immediately otained Tor
there sale 10 Seden, Whca " Co; they only
agents fleet sales and made till alter the l2.h Of
July Had money been wanting nmedlaIfaY ne asIa II Fer G2Gh
n rrrhaps quarter half per cent BY the haste nov"
ever in mixing the contract lmpediment was thrown VI
the way of Gh,r a,raneeinens when might nave oeoh ~
acr making the contract with Seldcn Wilhers Co., the
Governor then visited tho Northern cities he was no men
in condition avail himself OF the best NEAR n heSo
ia, n for the STATE and visit could be for no such
.lcc II could then be for no object nc'r'is,ehi WIN
his contract. That contract ccntuns this cinaFkaoc Pro-
vision: = ,,o, -,
"As il Is doubtful whether nny premium can nc gotten on
The sale OF the coupon bonds o. the Sa,f & ol III
ds,osc of her bonds il agreed that The SAID John D.
and sny others he shall scect TO attend him. sha! vis-
il B,noe Philadelphia and New York. and inform lin
self ~ fy as practicable about the present aale and future
prosperity Of he money Market as well in Europe as IN ms
country ard that it, alter that, the SAID JoNn D. S
be Clearly of opinion that the provisions as herein before STA
I'd are 100 hnh ard may prevent sno OF ie ooGGs tna'
heu in suc event he wi report tho rrsdit OF hS CON
yicons 10 the Board of Pnbc Works ard use his enoEs
mi in,nc. in getting those premiums reduced. Alter all
which shonl The Board of Public Works still insist on Keep
n ~ the premiums er.lr ixed the said Sclden "hnere
& Co shall possess the option tn continue nei' coldc' u
moi rs r,eic Judgment may dictate .
The Governor in the hest possible position 10 SUD
serve The interests Of Seldcn, WiIhcrs Co certainly IN
| much better position lor suoaerFine e!e' in'e''''' ~ "
interests 0! the State ~. "a J.,
wig made the contract undea resolution rcscnaeo oy
The Hoard his bias 10 show The coniIact 10 oe
icors f- lie Siae-to show the premiums hsh cnou2h
if higl-ani the rcasonaoeEcSs Oh '''e cope"''
ihc i. c,,c:s which the Governor obaiDcd. il is oby
or were obianed with view Of satisfying The Board o inc
righteousness Of his Yet there is very c IN tncs
entitled 10 weight for any such purpose he Governor ASKS
Mr. Cuttings Of Balmorc give him his views aa 10 INC
causes operating upon The minds OF capitalists sceahs
ritifs for investment in favor n alaryahh s'cAS ovGs
Of yrnjnia and accordingly M-. GittlEss pohcy gives nn
such views The only letter obtained from View DIN
r, ~, C;r,rne Ncwhod ard William H. Aspinwh. Itls w
may infer contains much 10 sustain Inc righteousness
c G,vsrnG,s any which ne found II coh'eheh
10 oht.in; aad yet this letter contains this clause:
"Ic would, however suggest Tor y"nr c"nsricfauo' e
yicr j, would be best fur you TO oiier thc oohas "
ai u,i. pubic advertisement, inviting bids or seal
ed PROPOSALS :cr specified PERIOD thus dispose oil me p
10 lie l!icsl b5ers but OF course no od oeo" par "
This mode of ceiling would place you in direct contac
with all those who seeking investments, an" "ou1 es
;r value of the bonds in public sstln.ation ana "Guu'
rr soc time give the Stale the benefit Of The premium
ii. bonds (f there should be any on the sale OF lfe;
Tie other hand, we must not oVcrinoA I. WI, h
lie MOD. Of Offering the bonds for sale shnld pc aa"p'e'
hon, nni ne successful the result would be very prc)L
aI 4, the interests OF the State, and mgh prevent t'
NJ Tho bords altogether ras during The existing nns
70 IN. oinon however, that this mode OF oSp'
sing OF IN bonds would prove TO be successful 10 'e c"'e
NJ least Of million Of dollars. : ,:,.;.
II ,n. however TOO late this mode oil disioS!h"
,hn bnnds Coming back from New York mo 'oVcInp,
aimed his third letter 1t is from Mr. Wm SGidcn OF Nhs'
,oon cirv This gentleman ex"ls the wisdom OF IoIe
: nor TIoyds course Mr.. Seden's partners IN ne nm m
. Sslaen. W;ters & Co., would doubtless express s'h
. views. - . h,,I,ed ,bousor
y dollars Il is very natural they should thnS very iaEo
! ~ cf ,ie contract If we, however, on examining H. M
8 nr ,b,r was made in disregard OF the niers.s "a =
Si,, ana in violation of her laws, II is natural hu'
y -hni;;d view il ::h less avo! -, :.
u Where c.n we find tic authority OF law Tor such CO
,r,ct as This? In vain shall such authority be looked o
: ,h ,rt un;ozing the iseue Of coupon bonds ny we
u ,in f rha, act hs sum of $1,000 ia placed under
ID management Of the Board OF PUBLIC Works 10 effect is
Sc sc,s ef the oct All will agree that the copeisao"
i loved the a.en, is more $1,000 Aud yet tsTs
sdss This 4h section, provision IN 'na act o. i2
Ill ohorjzn the employment and compensation OF an ue
i: ,o, - il he tat mart of tie act OF 1851 when makes
non bonds when payable elsewhere than al me itec
If ho S,,,c subject such Of the provisions o c "
chnnt.r Of the Code az relate TO the borrowing OF ooy
:" Europe. s.; ! ,h,, ,ha ,hird is
re- niy section If i: e'ating 10 Tie power ~ 'Hc ha "
80 ,;c, an .can, Ieatiag :" the agent i,;
n may \, w.l Ia adver, The history 0! hat see., s
o ,rr ii Anr 1898 empowered the Board 20 p,ss pocu.
ans in the United States Europe and Tor tna'
a. nrnoirt AGENTS and allow liem reasonaoc M,
e- r. I,nwe9 any Bank incorporated in TINS o''e " a.