Evening star. [volume] (Washington, D.C.) 1854-1972, 1854-11-25
WARRINGTON NEWS AND GOSSIP.

announcing that yesterday their firm expired
by its own limitation, promising to make every
exertion to redeem the liabilities of the house,
and announcing that Messrs. William Selden,
L. P. BsJne and Jno. A. English will attend
to settling with the creditors. A further ad
vertisement from the same parties explains
what they conceive to be the position of Mr.
Selden as member of their firm, and on their
part exonerates him from any liability what
ever for the debts of the house, further than
the law may fasten upon him under the cir
cumstances.
These publications make it necessary that
we should explain the facts involved, which
induced US to treat this house, in the columns
Of the Star, as We have done during the re-
cent run upon them.
We have therefore to say, that when the
run began, from private information We had
reason to fear vacillating course on the part
Of the house, and deemed it, therefore, to be
our duty to thu community, so to notice their
affairs as would induce their note holders
among our readers promptly to secure them
selves by exchanging the notes of the firm for
for stock-secured Virginia money, which, we
knew, they were ready and willing to give,
and with which they have since been redeem
ing their notes up to the close of the business
day, yesterday. Our belief was, that notes
secured, dollar for dollar by deposit of Viz.
ginia six per centum State stocks, were bet.
ter securities than the unsecured notes of any
firm shaking In the wind, it mattered not what
amount of property its Individual members
were worth previous to the events which shook
their credit
This course we followed for two days; or, in
other words, long enough to warn the note
holders in the community of the Importance
of thus protecting themselves. Having done
this, it then became Our duty, as the conduct
ors of Washington journal, to protect the
community and the depositors against the pos
sible contingencies of the entire stoppage of
the house. We set to work, accordingly, to
induce them to resume full payment, by ma
king publications designed, if possible, to re-
store the public's confidence in them. We
knew that nothing we could then publish,
in that way, could by any possible chances
lessen the prospect which the depositors had
OF getting back their money, and hat we might
thus aid greatly in inducing them promptly
to resume full payments. This we conceived
to be most desirable, because their entire stop
page would greatly embarrass their hundreds
of depositors in and around this CITY, while it
could not fail to operate disastrously upon the
value of Virginia State stocks, by which the
notes they had been paying out were secured.
We had the assurances of Messrs. Bayne, La.
than and Whiting, that without falling back
on the property Of Mr. Withers, the assets of
the house and its other partners under the
worst possible combination of circumstances.
were sufficient to pay $500, 900 more than all
its liabilities; aad further, that the whole pro.
perty of Mr.. Withers, as well as that of the
rest of the house, was bound for the concerns
obligations.
Under these assurances and circumstances.
our readers will perceive that we simply did
our duty to them, in pursuing the course we
followed. 1t was the unanimous opinion of
the bankers of Washington that they should
have adopted the line of policy we indicated,
and all such persons here consider their stop
page, under the circumstances, most suicidal.
The note shavers, of all degrees, are busy
in efforts to depreciate the value of the stock.
secured notes they have been paying out, in
order to make speculation by buying them
in at the heaviest possible discount As We
know that Virginia (State) six per cent stecks
are as good securities for permanent invest
ment as United State six per cent. stocks-as
sure to be redeemed, dollar for dollar, and the
interest on them as sure to be paid-we recom-
mend to holders of Trans Allegheny money
not to be frightened into disposing of them for
a song. As soon as the current money pres
sure blows of, those stocks must again 90 up
to, if not above, par when, if the stocks hy-
pothecated to secure the Trans Allegbany
notes be not forced previously into the market,
every note of that money must be redeemed
in specie, dollar for dollar.
We take it for granted that no private ar
rangement between the partners or between
luem duu OtuoIs, can Ia the least weaken the
legal obligations of any member of the firm,
for all the transactions Of the house on any
account whatever
The Know Not hing National Convention
now in Session in Cincinnati-From private
advices from Cincinnati, We Judge that few
persons of influence are in attendance who are
known as political sympathisers with Governor
Seward, or abolitionism. 1t Is concluded
from this fact Gin Cincinnati) that the ultraism
Of the anti Seward feeling of the Know Moth ing
leaders in New York has caused the with
drawal Of the Seward men from the lodges in
most Of the Northern States With the excep.
ton of Mayor Conrad, all the app. aren't lead
ers Of the convocation are gentlemen either
from the South, or determined anti-Abolition-
lists from the North. There are certainly Tor
We are greatly misledD two prominent points
under consideration before them First, the
expediency of suppressing tho outside lodges
composed Of Protestant foreigners, of which