Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1856-03-12
VIRGINIA LEGISLATURES.
HOUSE OF DELEGATES.
MONDAY, March 10th. 1856.
DEFERRED PROCEEDINGS.
THN BOARD or PUBIC WORKS.

The subject under consideration the bill reported
from the committee of Finance several weeks since pro-
posing to divest the Board of Public Works OF the
make loans; and establish board of loan commits.
souers. The principal provisions of this bill follow
st The Governor Auditor OF Public Accounts, Trea-
surer, Secretary OF the Commonwealth, and Attorney
General shall constitute board under the style aud name
of The Commissioners OF Loans" I'd All power hereto.
vested in the Board OF Public Works make loans
sell the bond OF the State otherwise borrow money
her credit is revoked and every such power is transferred
and vested in the commissioners of loans Sd The said
bonds shall never pretext whatsoever DO hypot-
| ecated or in any manner pledged, etc.
Mr.. FLOYD (ExGovernor,) addressed the House for
upwards Of two hours in opposition TO the proposed
He expressed the opinion that the ndi.
Gated by the committee of Finance would subvert aud
overthrow only the present of financial policy
but also the Of internal improvements hereto
fore established by the State Virginia without sufficient
to justify the change IL appeared TO him that the
charges preferred by the committee OF Finance in their
report aimed the duties imposed by Law upon
the Board of Public Works but the who composed
that Board The committee in their report make this decl-
ration:
THE transactions above narrated the whole history of
the agency of Seden Wthes and Co. aud other reasons
have convinced the committee that Board of Public
Works very bad financial agent and unsafe depository
| of the great power to contract loans"
Mr.. +. differed with the honorable gentlemen compos
ing the committee and contended that the whole history
justified such conclusion. The of their
declaration the truth and he glad of the opportu
" to the miSstatement The committee
that the rested with him show that the tansac
oas alluded for the honor and best interests the
State, and he would now proceed to do
At the time the rst contract made with Selien,
Wthers Co he (Mr. F. a member OF the Board of
Public Works, and it owing hts instrument
aity than other member of the Board that the
aid contract entered into. He the Legisl.
several ago the representative of Washing
county and found the internal improvement system
of the State oddnE its infancy stered and defended
by such Jealous and indctgable friends the amented
Tuusal and Mr. Burwe the present delegate from the
county of Bedford He them struggling maniuy and
boldly against the preuices which arrayed by the
opponents OF internal improvement and being convinced
that the honor the glory, and the prosperity OF the Com
mOnwealth, were all inerwoven in the OF that
cause, he espOused at aud has continued from that
time To the present its unwayerng advocate. He hest
lated not for moment give his humble efforts build
up the system OF internal improvement Subsequently,
he became member Of the Board OF Public Works aud
vas satisfied that unless change made in the
financial policy Of the State all efforts carry the
designs OF the friends of internal improvement would
prove futile Then he recommended TO the Legislature
tie propriey of making the issues Of the Commonw ealth
more acceptable TO the commercial world 10y authorizing
the issues al coupon bonds The measure passed.
Before the Board ready for market-beOre a contract
MADE tor sale of the bonds-as early as ls5I-the
hr ances of the State we're in condition embirras
sug To the Board. The old registered stocks had failed
supply the OF the Treasury They could
isy the contractors and others who and demand
ed the payment Of their dues The Board had money
10 pay them. What the alternatvey IL was ab>o-
lutte rcpudiaon These claims had accumulated until
they amounted 800 OOO and they would to
increase, it indispensable that some financial expe-
/
State might be protected Had he called the Legislature
together, 70 devise the ways and OF protecting that
lit, the very exposure of the financial condition
state would have dug the grave OF the internal Improve
ment system. The circumstances which environed the
Board truly embarrassing They found that out Of
the Commonwealth the bonds OF tie State would not sell
Gs aH In few instances Jews who knew the vast re-.
sources OF the Commonwealth were found willing pur
chase the issues Of the State TO limited extent be.
! low par, but general thing the bonds of the State
would not sell at all Under these circumstances the
into a. IL
co. which has been the subject Of much animadver-
lion. He had the pride and the triumph TO know that ina.
ny who denounced the proceeding have since acknovl.
edged It's wisdom, and endorsed the then nauru.
rated What the effect of the contractg IL supplied
the Treasury with money. But objection was raised
against because the contractors permitted make
al they could over and above the Of the contract
Would not the Committee Of Finance smack their hani-
with jubant delight aud deem ths nseves entitled 10
crown of laurel heT could make such a contract
That feature of the contract was based upon
principle las old the HILL and sustained by some
! Ot the brightest nteects OF the age But il vas std
that Selden Withcfs Co mad amasseIa pncely fortune
by tue contract. 1t may be lie had never heard
what their profits we're, directly ndirccV IL should
nave been cad hyd they have made a million Of silver
dollars. He did not know what they mad male but
whatever the amount mas have BEEN they have realized
the truth OF the scriptuu adage, riches take wings
themselves and hy whittier man knoweth" The c-y
II not that they have made much money but that
they present themselves piteous suppauts at yuur
doors eXclaming pity the Of a poor old man
they ask you said afford them reefin the d Az
Of their adversely. Whether this affirmation was tue u
not he had no Of knowing hut would regre, the
fact IT 1t true The charge chat these men mad,
too much money " la. did the state make? We're her in
erest -acrhccd or they promotedf after IN,
contract made the bonds of the State went up unit
they reached ten per premium fact unprecedented
in the history Of the Commonwealth The State Conyen.
ton was then IN session, and provision en-
grated upon the Constitution requiring the formation
sinking fund the potential and salutary effect o
which vas that the bonds Of the State up % Ten e
cent premium But things destined to take turn
"a charge came over the spirit Of DREAM tn,
bonds 81 the state went down until they reached the
nous decline Of twenty per cent below par What we're the
reasons Of that reversal In his opinion was caused b,
the unwse Of the Legislature and the assaults OF M
committee Of Finance at the ensuing session upon the pol
icy Ofthe Board "1he whole history lit he were al
lowed 70 plHphnsc of the agency, aud other reason
had convinced bin that the committee OF Finance
il very bad conservator OF the financial policy Of the
State.
At the head OF the committee Of Finance At tina, session
Nas gentleman Of high aainments gilmore than couril
dcmeanOr, who, after being honofed with in Con
gres- returned home and cnoycd for while tina, ofi,o
cDie dgHeafe Characteristic Of South side gentlemen
He then again emerged from retirement with 40 the ri
peued benefits Of an extended experience sud wa. pui
he head OF the committee o Finance and to the saying
aud dOings Of that committee attributable the fapi
depreciation in the value Of State bond. The burden
their song to shOw that the State on the verge
baukruptcythai the policy Of the Board nnvi.e an
dangerous because they failed exact security from IN
contractors for the payment Of the money Such vas h
course Of these politcians-whom be might denomiua,
without offence IurvegdrOps Require security the
had looked at the report Of the Board they would have see
10 that the WHY security had been required Of
s den Wthers Co. because they had by the terms
the contract adrdHced sGUDOO the Commonwealth
, Take security hOm when you owe them more tina
half million Of dOllarsY The idea preposterosi.
That the grand committed by the Board Of Poi
lie Works and it, PRONUNCIATION 10y the committee hint
e 10 the delegate from the city Of Richmond r Coxw,
| ROBiNsOy,1 the presentation Of a series Of resolution
containing insnuaons which vent 10 that iypuri
from whence they never returned But they bad doi
le their worst Like the spider In the dumping like Il
setto beneath the monk gown like the drops Of pois,
in the goblet bey hal done their destroy cor
dence in the Board Of Public WORKS and impair the ere
o. IL Of the State
rr Mr.. r. then referred h the loan u 100000 by ii
" Board 70 the ACKNOWLEDGEMENTS the State
old lady attired in the anquated style Queen Be,
applying 70 the Board for just little pin money! h
'e resources having entirely failed Yet the finan
committee, who cognizaut Of this loan, at sub.
10 quent period and upon Ddre testimony filed a hill
no indictment against the Board for Of wisdom.
Without reason without rhyme, and without the fear
" God, they araigned the Board before the country
1 charged upOn s members derelicton Of duty witho
" even awarding 70 them expression Of gratitude
'h On the lth April 1851 the hrs contract with selde
OF Withers Co. entered into On the 2st NAY 1876
I'd two years aer another contract entered into