The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-24

per cent
The Boston Telegraph Of the ed says
decided panic seemed to pervade the entire market
days prcss were eagerly accepted Boston and Mane
declined u, and was offered at l0l, sellers option at
the close Providence sold as 80 regular and % seller
at the close large lots Ftchburg sold at s0-a fan
sbou, passing the January dividend; but it is fear Of
this undoubtedly which the stock to be pressed
for sale; Eastern advanced to ~, and was the only
stock which improved Vermont and Canada suddenly
dropped TO so At the board to-day in consequences Of the
almost certainty that the dividend due December will
be postponed for the present. II is rumored on the
street to-day that injunction has been put upon the
Vermont Central Company (who hold lease Of the YER
mont and Canada to prevent their psyns the interest
management OF the affairs Of the xpnada road Will
mington held firm at sk-yesterday price. Michigan
Central sold at S2 after the board adjourned. Man
chester and Lawrence offered At 63 and not taken.
Esvt Boston and waverley sold fraction lower bank
sales win show. Nothing was done in bonds, and very
little inquiry made Rutland FIRST wanted at 30,
active defined topper sad ali the ss
offered were not taken. Copper Falls stood the fire we
and only declined " with sales Of 2is shares 2sx
the asking price at the close Isle Royale sdd at TO-
seller thirty though at the time five shares offered
at and not taken, but hear Of sale at that price
since the board
Another effort is to be made TO dispose OF the main
line of the public works of Pennsylvania. The Governor
that sealed proposals for the purchase OF
the said main line, any division thereof will be
ceived at the Office Of the Secretary Of the Common
wealth, until Monday, the first day of January next
The proposals must state distinctly whether the bid is
for the whole line or part, and for what part.
The annexed statement from the Secretary Of the
Board OF Public Works Of Virginia. in reference the
reports emanating from Washington regarding posi-
ton Of the financial agents Of that State we give in
justice to the parties concerned and interested Its i'm
ia n for n vii
be read by every holding Virginia bonds or contem
plating purchasing at the current redu ced rates.
TO THE EDITOR OF THE NEW YORK HERALD.
OFFICE BOARD OF PUBLIC WORKS OF VIRGINIA
RICHMOND Nov. -, 1854. (
Under the Financial and COMMERCIAL head of your
issue OF the 2lst instant there is copied article from
the Washington Star Of the 18th instant relative the
recent run upon the Exchange Bank Of Seldom Wthers
Co., in which the following statements made
Nothng could be disastrous to the State OF vir
gina at this time than suspension on their (Selden
Withers co., part. They the financial agents OF
that State, and their suspension would necessarily in
vove suspension Of the work all the internal inn
provements progress Virginia. the State herself be-
ing interested heavily In them, advancing them large
sums Of obtained through selden, wthers Co,
who are charged with the duty OF selling the State
stocks to realize the funds advanced or PAID
As the publication Of statements like the above in
YORK HERALD is we'll calculated to cause further de-
probation in the price Of the stocks Of the State of
commercial metropolis Of the Union and elsewhere tie
Board Of Public Works Go not doubt that you viii read
ly admit into your columns a correction.
While they sincerely lament the causes that induced
the upon the Bank Of Seden, Wtbers Co.. and the
consequences that will probably Of which
may be temporary Inconvenience to the fnancalar-
rangements Of the Board Of Public Worksthey cannot
admit because they do not believe that those conse
Seldom withers Co. have for several years last past
been acting agents for the sale Of the coupon bonds
OF Virginia. and from those sales, have furnished the
Board Of Public Works with the funds necessary
BILE them to meet the appropriations made by the Legis
ature to the various works Of internal Improvement
that in the event of their suspension the Board can
and will promptly make other arrangements by which
funds will be obtained for the vigorous prosecution OF
those works
You may be assured, Mr.. Editor that the suspension
Of Selden Withers Co., Of any other fiscal agent
whom the State may employ. will result in
pension by the State Of Virginia. The spirit and the
letter Of her organic law forbid IT. the loyalty OF her
people would permit it. In the eye of that law,
and in the solemn estimation of that people, the crea
ton of debt is inseparably associated with the
interest and the anal redemption Of the PRINCIPAL Of that
debt In ycrication Of this assertion permit to copy
for the information Of yourself and readers few
tons Of the fourth article of the Constitution OF vr
ginia. They are in the following words
'.2e. There shall be set apart annually, from the
State debt existing the first day Of January in the
year thousand eight hundred and ffty-two The
shall be applied to the payment OF the of
state debt and the principal Of such part may be
Of tie sinking fund.- after tn payment Of such interests
shall be invested in the bonds certificates of debt of
this commonwealth OF Of the OF this
Unon and applied TO the payment OF the state debt
shall become redcemabie. Whenever after the said
GIst day Of January debt shall be contracted by the
commonwealth there shall be set apart in ike manner
annually for thirty -four years, sum exceeding BY
FER cent the aggregate amount of the annual interest
agreed to be paid thereon the time its contraction
which shall be Part Of the sinking fund, and shall
be applied in the manner before directed The General
Assembly shall otherwise any part Of the
sinking fund its accrung interest except in time Of
war; instruction or invasion.
eco. The General Assembly may at any time direct o
nf oSfn aha1l hv tlo
nal Improvement and other companies but the proceeds
Of such SALE made before the payment Of the public
debt shall constitute part Of the sinking fund.- and be
applied in like manner.
"31 The General Assembly shall not contract loans or
to be issued certificates Of debt bonds of the
State, irredeemabe for period greater than thirty four
years
These the provisions the constitution Of Virgil
mia in regard to the contraction OF debt and the prompt
payment Of interest and principal six cent Of the
sum set apart annually paying the interest, and one
Gent to pay the principal To carry those provisions
INTO effective practice the Legislature Of the State
ITS session Of 1923 enacted laws imposing taxes upon
the people and property Of the State, which have since
been in successful operation and will continue In force
until dollar Of State debt present and prospective
Of the Sinking Fund have redeemed portions that debt
the same became redcemable and viii continue an
dempton By the way The first day q February mex.
instalnent of This debt
been paid promptly the first days Of January and Ju
y Of each year. and upon the first day Of January next
usual the semi annual interest upon the entire debt
Of the State will be paid-he necessary amount having
been raised by taxation in obedience TO the foregoing
provisions OF the constitution.
These gratifying events must and cannot be pre-
vented by the failure suspension Of any agent or
agents that may be employed by the state: They
the result Of laws in operation in the midst of
people who regard them just not burdensome OPP
prcssive in their execution and who would cheerfuly
submit to quadrupe their present taxation rather than
consent, directly or indirectly to the idea Of repuda
tion They have Incorporated into their constitution
and ndclby impressed upon their statutes the pract
cal economical and safe Idea that honesty the best
policy and have therefore, determined that debt
shall be created without, at the time making GER
tain provisions for it, positive, unconditional recmp
ton ut a specified time.
In the face Of these factsand they inconroverti
be and will be facts long there honor and good
faith IN yrginiansI ask YOU sir, how the suspen
sion OF financial agent Of the state seriously affect
her credit 10 prove disastrous to her interests and
necessarily involve a suspension Of the work all the