Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1855-12-25
Report OF the Board of Public works.

We find in the Richmond Dispatch a synopsis
Of the Report recently submitted to the Legisa-
ture by the Board of Public Works 1t is docu-
ment of great interest and importance at this time.
The Report, says the Dispatch, gives an inter-
esting history of the pecuniary difficulties with
which The Board has had TO contend, and Of its
connection with the house of SeIden, Wiihers &
Co. According To its statement on this subject,
the house of Seden, Withers s. Co. are indebted
to the Commonwealth in the sum Of S6S7 ,5S3.9s..
This Indebtedness, the report says, may be redu-
ced by the sum Of $4,000 in the hands of Pea
body 4 Co. of London, and the further sum Of
$l45,00 ia Virginia 3 per cent. Coupon Bonds,
which were lost in the Arctic. $245, 370.l5 in
stocks Of The Chesapeake & Ohio Canal Com
pany, (not very valuable, we imagiue,) were
secured BY the State as the property of Seden.
Withers s. Co. land MIR. Withers has made deed
of certain properties at Alexandria, Va, and ST..
Louis, Missouri, for the benefit Of the State.
The report then proceeds to narrate the efforts
10 meet the pressure 10 The money market, which
existed at the time the suspension of Selden,
WtherS s. Co.; the appointment OF Barring, Bro
theirs s. Go. as agents TO sell Virginia per cent
sterling bonds the visit of Dr. Graham The Presi-
dent Of the Board, to negotiate the loan in that
city, whore he was enabled TO raise $500 900,
which enabled The Board To pay nearly all the
claims tieu outstanding against them with pro-
spec,ive arrangement reaching rs far as this
month in which, however. they have been dis
appointed; second and Intellectual visit of DIR.
Graham to New York the appointment on the
9Th Of June last. of James 7. Nonlher, Esq.
native OF Virginia, and President of the Bank Of
the RePablic Of New York, for The negotiation OF
loans by the sale OF six per cent. coupon bonds;
the appointment of Mr.. Souther end Mr.. Holla
day, 10 visit Europe and negotiate sale Of bonds
there, and the revulsion in monetary affairs in,
England and France which they found upon their
arrival, and which discouraged the hope Of any
satisfactory arrangement for q sale of Virginia
securities
The gross amount Of the indebtedness of the
Beard is made up of the following items
Drafts allowed By the Board, for work
done State Roads, and on account
OF the st te's subscription 10 the
capital stock ofjont stock companies; SSl6 957 80
Advance on 6 100, 600 ofsterling bonds,
tobe returned by sale through Bar
ing, Brothers & Co. 100000
Advance S;270,O00 of per CT
bonds, obtained by ]. II. Souther
under the resolution Of the 7th Of
June, 1856. 27o,e0o0O
Total amount unpaid to the 9Th Deem
Der, 1856. Sl,4s6, s579 90
Reie' ring to the Covington and o bio Railroad:
the inadequate appropriation OF one million of dol
lars towards that noble enterprise the failure of
the last Legislature to make any appropriation
whatever; the consequent exhaustion of the ap-
preparation the Board urge the immediate prose-
cutiUn OF The work.
The Board submit table exhibiting conden-
sed view of railroad progress in the State, togeth-
er with the interest of the State IN the capital
stock Of the several companies, from which it
appears that the number of miles of railroad is
2,263s; completed, ,32S; in progress, 637
capital stock authorized, S29. 1887 300; States
interest therein. $l0,75l PIG SO.
Notwithstanding The financial condition of the
State, the Board are net averse to appropriations
at the present session, and the resource which
they recommend tor assistance is the enactment
Of general free banking law, one of the funda-
mental provisions OF which is requlstlon that
all institutions operating under such law shall
base their issues dollar for dollar upon Virginia
State stock The conclusion of the report consists
of an elaborate argument in favor of this measure.