The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-11-27
srrnrx w,rurn.a co-The National

SELpEH, wfrHERs & Co.-The National
Intelligencer contains anotice dated the gath,
announcing that this House expired on that
day "by Imitation The gratitude of the
late partners is rendered to the public Tor the
indulgence extended to them amidst the
troubles which have lately brought the
house to this painful step" If the house
expired by limitation on the gath, and that
limitation was incorporated as usual in the
original contract, we don't see how 1t was
painful step" produced by the late 'trou-
bles."
To this notice are appended the following
names VIM Selden, John Withers, l.. p
Bayne and G. w. Carlyle Whiting. Messrs.
Selden, Bayne and John A. English ara APP
pointed by the firm to attend at their bank
ing house and settle with the creditors.
TO this notice is added another signed by
William Selden, which includes contract
entered into between himself and the other
partners named above, on the cath, which
stipulates that Mr.. Selden does not incur any
additional liability by his agency in winding
up the affairs Of the house, and that his pre-
vious liabilities shall be "solely dependent
upon the facts and law of the case" Mr..
Selden adds that he sold his entire interest
in the house to Mr.. Whiting on the 9TH June,
1852, and since that time has had no interest
in the profits of the concern or voice in its
management.
From the reported resources Of the mem
bers of the house there is good reason to be-
lieve that every dollar of its liabilities will be
paid.
Mr.. Selden's withdrawal in '52, not having
been duly announced, he is liable to the pub
lie, and that liability will fall upon him in
case there is any deficiency in the resources
of his late partners to satisfy the demands
upon the house. He is a cautious man, and
his notice is simply, we suppose, to protect
him from any additional ENHANCEMENT or re
sponsibility in the aff.irs of the concern by
his part in the liquidation and winding up of
the business.
Mr.. IL. ". Lathdm's name does not appear
| in any of the announcements, and we must
conclude that he is not a member Of the firm
We do not remember any formal notice of
his exfoliation from the house; but singular
| notice appeared some time since, in sub
stance that he had the permission of his col
| leagues TO devote himself to the management
| ofhis own private affairs. 1t was a notice
we did not comprehend the meaning of; but
perhaps as things have resulted it may have
been Il privilege which others may regret
they did not enjoy.
| SO Selden, Withers Il Co. "wind up We
repeat our belief that the creditors of the con
cern will be paid. But we must say that
events prove the wisdom OF Mr.. Conway
Robinson in the Legislature when in so he
moved the House of Delegates to look into
| the contracts of the Board of Public Works
| with the house of Selden, Withers Il Co, and
| urged that the relation between the State and
that house should be changed. He made no
reflection upon the house itself; but insisted
that it was a contract which should be made
with no banking house whatever Last win
ter Mr.. Garrett of Essex, attempted to get
the matter up but with no better success
We do not suppose the State will lose any
money by the expiration of the house; but
she has learned lesson which we trust she
nor her agents will never forget
THE INTEREST ON THE PUBLIC DEBT AND
THE STATE BoNDs.-Mai. w. r. Drinkard,
Secretary of the Board of Public Works, has
written letter to the editor of the New York
Herald, in which he contradcts an assertion
that has been made, that the failure of Sci.
den, Withers & Co. would be disastrous to
the State" lie says it may occasion tempo
| rary difficulty; but that the Board of Public
Works will soon make other arrangements
that will enable them to push the public
works of the State ahead with vigor.
Maj. d. announces that the January inte-
rest will be promptly met; and he contends
that the constitutional provisions touching
t he public debt are such as to preclude the
possibility of involving the State in liabilities
she will be unable to meet, and thus of i'm
pairing her credit. 1t requires that pari passu
with the mourning of debt, taxation sufii.
Gent to pay Seren per cent upon it shall be
levied: six per cent. for interest and one per
cent. for sinking fund; that one per cent.
compounded for thirty four years being equal
to the principal. The Legislature, he states,
has strictly complied with these provisions
He AYERS that so lOng as there is honor and
good faith among Virginians, the liabilities
of their State will be promptly met and her
credit firmly maintained.