Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-10-28

| temporary ana arlllClhl, ana furnishes no crl'
terion Of the Intrinsic value Of the bonds. II
is caused for purpose and is not at all the re.
suit Of any lack Of confidence in tho ability oi
the State, or the integrity Of her people
| am somewhat familiar with the opera.
tons of the Board OF Public Works, and |
see no reason nov, nor have at any time seen
any reason 10 throw any imputaton upon the
system Of administration pursued by that
Board. They are in no way responsible for
the state Of things complained Of by the gen.
tlcnan, ald should, therefore, bc cxe.np; from
any censure in that connection.
This whole inquiry | regard in no wise
pertinent to tho subjects which this body il
now considering and | therefore moe 10 laY
the resolution On the table.
Mr.. WlLsoS:The gentleman saeus to mis-
understand my position. | d. not desire to
impute any improper moti7e to the members
Of the Board of Public Works. ] attribute
the evil complained Of to radical defect 10
our financial system, aud mt 20 lhe Board. -,
II cannot be denied that this defect exists il
cannot be denied tha! onr bonds were sold
hare arnn before tho Convention went in To
session, at S5 per cent. below r--. r,',s i"
the result Of system Of traffic, which has
been going on hero for years past A state
CO. cor calls upon the Board Of Public
| VI . presents his certificate for work done,
a..u .,u..,ands payment. He is informed that
there is no money in the Treasury, and he
will be compelled to take the bonds. lie
| finds il convenient TO borrow money from 4
broker, say thousand dollars, and invests
| that IN State bonds. So Suon GS the thousand
dollars, which we will say Is the amount Of
his contract, is deposited to the credit aud 80
soon rs he draws it Of the State, he applies
land obtains warrant upon it. lie then
returns the thousand dollars 20 his friend and
| disposes Of the bonds at the currant price,
The contractor, however, is not at n losa on nc.
count OF the discount upon the bonds but The
State loses, inasmuch as he taxes cara to in
demnify himself in advance by taking the
contract at a rate " hch will more than cover
the discount.
Now, take it, ii that Ii iact-anl am
told By credible gentleman that it is fact
| Virginia looSes 50! per CENT upon every sl00
she passes ont of her treasury. That /; not
much upon $l00 but it will he a vast sum
upon four millions All that | now desire is
to get your authority to call for the informa-
ton referred to in my resolution. If it be
true that these operations are going on, we
ought TO know it and if a defect does exist,
We ought to correct it. do not ask to rais. 4
committee. | merely propose to call upon the
Auditor to give us the state Of sn,irs that
exist now with reference to our bends.
Mr.. VIM G. BBoTS. My friend from Ane.
lia (Mr. HARvlE) was pleased TO say tia. tie
reduction in the State bonds was owing TO the
policy recently pursued by the brokers in
New York. Sir, they have gone down very
rapidly within the last two days, as ne is
aware Of but this sudden depreciation is not
the resql, Of any operations by the Wall street
brokers. II the gentleman will look at reso-
luton or ordinance passed here this morning
withouebeing read first, ST o1nd or third time,
he will probably find the true source Of this
mischief. 1t is this kind Of reckless lcgisla.
ton that has led to the depreciation moro than
any thing elss The reckless, careless manner
in which appropriations are made here, could
have no other result than that which is ex-
hibited in the depressed standard of the bonds
Of the State. 1t is natural consequence of
such system, and I lhipk it would be we'll
for the Legislature, or for this body, 10 lnnl.
into this system. and correct it, il they desire
to keep Virginia from rcpudaton and her
people from dishonor I do not know the
best mode in which that could be accomplish
ed. My friend from Amelia (Mr. HAKTiFj is
decidedly more experienced in matters Of that
kind than l am. l am willing to give that
title to my friend, and trust that he will Use
that experience which know he possesses in
devising the necessary means to restore tie
credit Of the Commonwealth
Mr.. BRANCH, Of Petersburg.--I did not give
very particular attention to the remarks offer
ed by the gentleman from Harrison (Nr. Wn
soS), but caught enough of them TO satisfy
me that the expedient referred to By him vas
very adrot QUE to get money out of the
Treasury. have no doubt he believes eve
rything he says to he true md whilst ad
NIT that the action he proposes is more OF
Legislative character than subject Of inquiry
by this body, yet the information asked ior is
so simple that I should feel very willing to
voto for the resolution.
Mr. HARr1E, of Amelia.-I certainly wonll
not have asked the gentleman from Preston
(Mr. BgowN,) to give me any little" if could
see any motive for the remarks which ne made,
except to charge this Convention with rcck-
less squandering Of the public money. This
morning the gentleman did all lie could 10 pre-
vent the State of Virginia from guarding
against consequences the runous character Of
which no body could even contemplate, much
less foresee. regard the position which :he
gentleman has assumed rs peculiarly reckless,
inaStnuch as it is calculated TO embaTrass the
State and paralyze her energies; for how can
she enter upon her defence unless the ncccs
sary means are provided by this body: Us
regards the proposition Of the gentleman frGal
Hanover, which the gentleman from Preston
(Mr. Brown sustained, look upon il rs III.
iudicious and inexpedient in the last degree.
Mr.. BRowN.--I would say to the gentcman
that did not care to see this Convention ap-
4 .
merely stated that the ordinance appropria'ing
q million Of dollars was passed this morning
in TWO minutes without any deliberatlon. |
refer to it as q mattcr calculated to impair tho
credit of the State by showing the careless
manner in which appropriations are made; and !
10 that view of lis effect, took the liberty Of
admonishing the Convention Of the necessity !
of more dciiberston in appropriating large
sums Of money.
Mr.. HARvIE-The gentleman referred to
the course Of this body and attributed 10 1t a
recklessness in appropriatng the public
money.
don't know what the gentleman has been
thinking about; but have becn and an fully |
sensible Of the consequences that would result |;
to the State Of Virginia in her present position
il the policy Of the gentleman were pursued. |
For my part, in view of these consequences,
would cbcerfully vote for en appropriation at
ten millions, much less one million il required |
The gentleman has evidently not made up his
mind to maintain the action OF this C9nven.
ton, and, doubtless, will not until he go:s
home to his constituents and ascertal1a their
sentiments upon the subject.
will remark that and those acting Will
me are very willing to take the full RESPONSE
hjltv of what we have done The gentleman |
has no responsibility attaching to hm III tins
matter. He is going homo Tor the purpose OF
beating US if ne cam ain going h"Ino tc
cur action here before the penlle.-
The difference between the gcatleman's posi-.
ton and nine, il manifest and plain. | tell
him that represent tweaty dollars where ne