The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-11-25

The Embarrassmeats of Seiden, HTthers Il Co.
Hhat effect they viH hare on Yirgiaia Her Jan
Uary Interest ul, be pa;d
Correspondence of the Dispatch !
BALTIMORE Nov 3d. 1854.
4Mr. Editor-1 wrote you, by las. mail, about
banks and money matters in this place. In looking
head of =" Money Markets" find the following re-
msrkable production, copied by that paper from
the Washington Star of the 18th inst: sd
The Washrg gton Star of Saturday, says:-
TIE run or the Exchange Bank of Selden, With
ers Co., by note holders, this morning merely
nominal. it having been found that they promptly
deemed every cellar of their issue presented since
Monday morning last, when the rush began. We
presume that on Monday morning next they will
commerce regularly repayiug their dspostora inas-
much ss by that time they will probably have made
arrangements enabling them to do Nothing could
be disastrous to the State of Virgins ct this
financial agents of that State and their suspension
would necessarily involve suspension of the work
on all the internal improvements in progress in Vir
einis, the State herself being interested heavily in
them. advancing to them large sums of money OBJ
tanned through Selden, Withers & Co, who are
charged with the duty of selling the State stocks to
real ze the funds SO advanced or paid.
With the suspension of hsse works must come
.till greater sweeping depreciation of the Virginia
to cause an Immediate run on q the stock secured
banks OF the State. We do not know how many of
them are able to redeem all their issues the in.
SAINT without relying tn .ir hy pothecated stock
Such run en- these banks must react on the old
banks of the State quite as disastrousy We sim
cerey believe that there not sound banks in the
Union than those of Virginia one and all, far
we know their condition Though thus based
stable foundations. and managed as general thing
quSnees ss we depict above 10 nearly all of them
well as to the progressing internal improvements,
cou hardly fail TO result from the stoppsge of the
house OF Selden, Withers& Co.
ia not INV infapt;on fo COW ooa uord for or
against the house of Seden, Withers & Co but
do protest against the conclusions of this writer
Ihe State OF Virginia is in way dependent the
rise or fall of this any other house. and the idea
Is most preposterous that the failure of Selden,
WEbers d Co, could so far effect the credit of
Our State as to place her our banks in the posi-
ton which he describes. He certainly has forgot
ten that the Board of Public Works have the pow
er to reappont or change her agents whenever 1t
shall be deemed sxpedient; and they will do SO
when In their opinion they shall deem it necessary
Tor The public interest; or from want of ability
the part ofthe present agents to carry through the
negotiations which may be required by the wants
OF the State. There are others with ability
point of wealth and business talent In the conn
try equal to this house, and it only requires trans
stigma il any there be in this matter How then is
the State to fall by the failure OF Selden, Withers &
Coz am at loss TO see The great and almos.
unprecedented pressure 10 the market, and which
Is every where prevailing, may probably forestall
her for the time being from lending assistance to
her works OF rnalimprovements but her credit
will remain as ever, unshaken and in the conf.
dence of the monied capitalists throughout the
country. There be no doubt as to the fact that
the works of internsl Improvement in the face OF
all the terrible consequences which the writer
thinks will befall our State, will be carried on, |
am aware that the stTingency of our money mar.
ket may occasion temporary Inconvenience, and
possibly delay but the failure OF Selden Withers
q Co, will never turn Virginia aside from the rapid
march In improvements she "a making
know am trespassing on your columns and
patience, and feel warned that | have gone lar
enoueh-but for the Information of this writer in
The star, and for the information of others who NAV
be Ignorant of the resources ofthe State will here
say, that she will promptly pay her January inter.
est; This will be paid out of her own resources,
and certainly without the aid of any concern in or
OUT oil the State. Yours truly B.A.