Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1868-10-12
W5pe Virginia State Debt

baden to Gen. OtOQeluau, CotAluau ZIG GA1St
Military District, asking that the interest on
the State bonds held in Europe be paid at once
He states that the sterling debt Is very small, |
and that the mi-annual coupons amount to
but 50, 800. he urges payment because Euro |
means cannot be made to understand why there
should be suspension OF payment, now that
the war is over. He thinks the delay is serl-
ouslv ipiuring the credit of the State abroad,
and urges prompt payment OF the interest Que
FOREIGN bondholders, as the only means OF res
toriDg it to healthy basis.
on the 9Th of October Mr., Davidge's letter
was forwarded to the Governor, with the follow
ing cndorsation: "Referred to his Ezcellency,
the Governor of Virginia, for his information,
by command Of Gen. Stoneman.
On Saturday Governor Wells replied to Gen.
Stoneman as follows: '
'"Ehe subject matter OF the within letter
has been frequently brought to my attention,
and what has been supposed to be the superior
claim of foreign bondholderso has been urged
with great carnestness and force Of language,
but T am not able to appreciate the claim which
is made, but rather place the obligation OF the
State upon higher ground than the one lndl-
Gated, to wit the moral obligation to pay IN
full, and at the earliest practicable moment, all
of the States Indebtedness /; failing to pay 10
| full at present, then to distribute the largest
per cent possible among all creditors. If, how
ever. any discrimination could be made, it
| should be in favor of widows and orphans, the
HELPLESS and distressed, who need tor their pre-
sent necessary maintenance and support the &C
crued interest on State bonds held by them.
| But even this peculiarly strong and merltorlous
claim has not, thus far, been esteemed sutfi-
Gent to warrant the giving any preference or
priority in payment; and l believe that, indie
pendent Of special pecunlary interest, the poll,
| cy of an equal distribution will finally command
the approval of all the creditors OF the State,
| and establish her credit upon the tlrmcst basis.
| The practical Reputation Of any portion OF the
State indebtedness would receive the severest
ccnsure Of the people, without regard to partl-
| san feeling or political association, and they
would undoubtedly now cheerfully submit to
an additional tax to be levied for the purpose
of paving the instrument due on July last, tce!-
ing themselves more than compensated Tor the
temporary Inconvenience it might occasion by
the consciousness that they had discharged to
the utmost their just liabilities Therefore, l.
cannot recommend the payment of foreign
bondholdcrs before like payment has been
made to all others, but would respectfully urge
such additional taxation, at once, as VIII ena-
bic US to pay four per cent to all bondholders
" u ISigncI] III. II. WELLS"
The following endorsement has been made
upon \ communication referred 10 the Execu-
tive Of Virginia by Gen Stoneman, command
| ing The district, and has been forwarded as
reply to an appeal from Mrs. Eliza j. S. Wake,
| Of Norfolk, asking for assistance in the cOllec-
ton of interest due her on State bonds, and
making statement Of the destitute condition
Of her family:
''rhe case Of Mrs Il. J. S. Wake is not IN
exceptions one. There are thousands OF poor
persons, widows and orphans, in the State who
depend upon the interest due upon the State
bonds for their support. | am informed and
believe that when the Legislature provided for
lcgyng tax Of thirty cents on the one humid
rcd dollars, with which to pay Two per cent.
somi-annualy, it was not anticipated that the
arrangement should extend beyond the year
1867, or the of January, 1868. Alter that
period it was supposed the improved condition
OF the State would warrant q much higher rate
Of taxation. For the last six months have
used all the means in my power to reduce the
expenditures Of the State government to col
lect the debts DUO thcStatc reduce the volume
of its indebtedness, and in all ways to husband
its resources for an early return to the payment
| Of its interest. All that can be expected to be
| done with the present means, and out OF the
! tax already assessed, Is to pay current expenses
and two Der cent. upon the bonded debt on the
| LIST of january next L would, however, re-
spectf1ly recommend that an additional assess
mcnt be ordered of twenty cents on the 500,
to be immediately collected, which, With the
surplus which will probably be On hand on the
| LIST of January, would enable the State to pay
at that time an additional two per cent VIII ich
was due on the lst Of July, 1868.
"GAs"-and REALITY.-It is true that,
PROSTATE as our people are, Inundated by the
foolish or malignant measures OF perVerse and
vicious dominant party-they are naturally
resdy to listen kindly to any story that holds
out some promise of relief from embarrassment
and prostration So that any one who comes
along with scheme for immigration and for
sale of land to immigrants find not only ready
| listeners, but men who are too ready to believe
anything they say-driven by outrage and
tyranny. as they are, to "hy to ills they know
not OF. -.
Several instances have lately occurred to
prove the indiscretion Of putting faith in these
people. Great capitalists have come with
their boasts, and spectators have come in
! tell the most natterlng tales and deVelopc the
grandest sche,nes-neary all of which propose
to bind only the Virginia landholders. The
| foreigners most obligingly undertake to sell
| lands which the owner pledges himself to sell
at a certain price for a certain length Of time
The foreigners bound to nothing; the Virgin
| ian to everything
So with the grand capitalists. They, too,
hatter US that we have everything that heart
could wish to make State. They condesoend
| to give us very fne advice about everything
| They appear to have boxed the compass Of hui
man pursuits, and amaze our people as much
| with their vast field of knowledge as with their
| kind and generous dispositions.
| This is all fudge! Believe in the capital
| when YOU see it. Believe in the sincerity Of
the men when they buy your lands and become
| citizens All else is gas.
| These wild takers and gas:y capitalists arc
not the people that are to advance the interests
of Viroina