Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-11-28
To he Editor Of lie Nem York Tcrn!d:
OFFICE BOARD OF PURLIc W"RHs OF VIRGINIA.,
R,ruNoSp Nuy ID lSJJ

OFFICE BOARD OF PUBLIC W"RKS OF VIRGINIA,
RIcHMoNn, Nov. ~. 1851. !
Under the "F'innncal aud Commercial" head Of
your issue of the 2lst instant, there is copied IN ar
Gle from the Washington Star "t the 18Th inst, rela-
tive to the recent run upon ibc ESchnngr Bank nj
Sclen, Withcrs Il Co., in which thu following state
mcnts arc made:
"Nothing could he more disnstrnls to the State nf
Virginia ut this time thnu susrcrslon on their (Sel
den, Withers L. Co.l part They are the financial
agents Of that State, and their suspension would ne
crssarilv involve n suspension q! the work nil the
internal improvements i'll progress i'll Virginia. the
State herself being interested heavily i'll them, adj
vancing to them large suu1S OF money obtained
through Seldcn, Withcrs Il Co, who are charged
with the duty of selling the Stnc stocks To realize the
funds SO advanced or paid.
As the publication of statements like the above. in
paper so extensively circulated and real as the New
York Herald, is well calculated 10 further de-
preciation in the price o the stocks of the State Of
Virginia. il not seriously 10 affect her credit in the
great commercial metropolis ui the Union and else,
where, the Board of Public Works do not doubt that
YOU will readily admit in y"ur columns correction
While they sincerely lament the caIses that induced
the run upon the Bank of Srdcn Withcrs & Co., aud
the consequences TINT will probably cnsue-onc Of
which may be Il temporary Inconvenience to tine
financial arrangements Of the Board of Public Works
they admit, brcause they 10 moi believe, thn
those consequences will hr disastrous TO the STATE"
Mcssrs. Sellcn Wtcrs ~ Go. have, for several years
last past, been acting Ms agents for The sale oi The
coupon bonds Of Virginia, and from those sales have
furnished liz. l.ird al lTllir Work. with the FUNDS
necessary tu enable them IL meet the appropriation.
nude hy the Legislature {" ia" various works OF in
tcrma Improvement: but II IL no dispara.emcnt T."
those gentlcmcn 10 say thai in the event uf their
pension, the Board can and will promptly make other
arrangements by which funds i'll be obtained for the
vigorous prosecution Of those works
You may bc assured Mr.. Editor that the suspcn
sion of Scldcn, Whcrs u Co., u any other :isca
agent whom the Stnte may employ, will resu, IN
suspension by tie State Of Virginia The spiri; nnd
the letter Of her organic law forbid it the loyalty Of
her people would never permit it. In the eye OF thai
law and in the solemn estimation Of that people, the
creation ola debt is ins nraby associated with the
creation Of fund for the prnm; annual payment I'll
the interest and the fal redemption Of the principal
of that debt In vercation OF this assertion, pcrni:
Inc to copy fu. the information Of yourself and read
ers few sections Of tile fourth article of the Const!
tuition of Virginia. They in the following words:
''29. There shall be Set apart annually, from the
accruing revenues, sum equal to seven per cent vi
the State debt existing oy tho fst day OF January i'll
the year one thousand eight hundred and fifty two