The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-02-07
VIRGINIA State Bonds.


London. The intercourse between Nir'
and the chief towns OF England has been
long Of very intimate and satisfactory
character, well calculated to inspire mu'
tual respect and confidence. Therefore
the memorial of the London bond-holdcrs
is entitled to the most respectful considera'
ton at the hands of the Legislature. II all
that is desired by the mcmorali>ts should
not be accomplished, it will not be on &C.
count of any want Of proper respect for
them:
To the Honorable the Senate ami the House
of DeleqQtcs Of the Commonwealth Of lH'
gtnta, respectfully shoereta:
Your memoriallsts, undersigned, for
! Themselves and others, foreign holders OIL
the bonds of the state issued before thc
late war, beg to appear before your honor
able bodies and pray for action by when
they may receive tn" regular payments OF
interest and the ultimate redemption oi The
prinripal sums due to thcm-in fact, Tor
action by which the financial credit 0! IL
rinia may he rec Established and confirmed.
In asking for this your mcmorllllstS are
not unmindiul Of the impovellShed condl-
| ton Of the people, nor OF the great Qepre-
citation in value Of the public property OF
The State. None the less, your memorlail,'s
IRE entirely convinced that it Is III the
ability of your honorable bodies, by prompt
and intelligent legislation. TO resume the
uaymenfS of interest, fund and consolidate
The indebtedness. and, doing simple justice
10 creditors, ut the same time place Tie
credit, honor. and material Interests OF
yolr great commonwealth OH Il firm ioUnda-
ton.
That these may be done, your memorial
>ts respectfully suggest, for immediate
LEGISLATION. action TO secure the following
OBJECTS:
i. Moderate taxation Ito be supplemented
~ aid, if need be, rs hereinafter stated.) to
secure the regular payments OF interests
on and after r on The rhotc
debt OF the State.
=. A formal act, by which the present re-
cogni2ed debt, principal and interest, is
fully. absolutely, and irrerocably assumed,
with a pledge Of the faith Of the State to
the resumption of payments Of interests,
funding of all overdue interest, etc, and
final redemption of the whole debt. hose
distinctly declared and affirmed, and rs part
and parcel Of this declaration the establish
ment by proper legislation OF Il board, 10
he called " The Board Of Commissioners
for the Sinking Fund," in whom shall vest
equitably, legally, and irrevocably, the
whole present assets of the State including
claims upon West Virginia, the United
states, etc, etc, to be held by said board
IN trust for the final redemption OF the pub
lie debt and the interest thereon.
3. The reorganization Of the present
funded Debt, The funding of back interest
and coupons, the receiving Of intcIest.war-
Pc ttf 81 nd rnI AZ, rn q
measures Of detail which the Intelligent
| comprehension Of your honorable bodies
will properly arrange; but your memorial
lists would suggest that no tax for such re-
| organization should fall upon the coupon
stock, because there is no advantage
10 that stock by surrendering old
bonds for new, but rather loss; and
your mcmorialiSts humbly beg to suggest
that it would be much to the advantage of
the public credit and greatly to the reliet
Of the creditors Of the state to pay on ac-
count Of interest. on 1st July, 1871, all
which can be paid, ana Tor the remainder
OF interest, registered and coupon, then
due, TO issue new bonds, registered or cou-
pom, in full settlement, so that the whole
indebtedness OF the State shall be funded to
lst July next, and that OH and after 1st of
JANUARY, 1872, semi-annual interest on the
whole debt be regularly resumed.
4. That to secure the said resumption OF
regular payments, semi-annualiy, of inter-
esl on the whole debt, beginning upon l>t
January, 1872, authority be given to the
proper officer to borrow and to the Board
Of Commissioners of Sinking Fund to lend,
such sum as shall be needed to supply any
| deficiency for said full resumption OF inter-
est payments, and tor such purpose only
| and if said board have no funds, then to
| borrow upon pledge OF assets in their hands
and upon authority OF law and the faith OF
| Virginia. upon the best terms possible, and
| upon temporary loan, said deficient amount;
| the same to DC repaid TO said board from
proceeds of taxes levied for payment of in
terest and from any funds in the treasury
not otherwise appropriated.
| -Mcm0.-lt may seem safer to make no
| payment in cash on the 1st Of July, III, but
10 cary forward any money then in hand
81 as to secure the full payment without
borrowing Of interest as above on january
/, 1872. 1t has also been suggested that
rather than borrow rs minated, it would
he better to defer for 4 fixed period, say
awaiting a settlement with West Virginia
but ut any rate not longer than till january
|, 1874, all interest upon tntereSt-that Is
! to pay The lnterestand coupons in full, be.
ginning on 1st january. 1872, and so or
| funded debt, registered, coupon, and Ster.
ling, but TO deter as above the payment oil
interest upon the new funded and uufund,
Ell debt representing interest. But should
this be done, your memorialists would sug
gest the great propriety OF applying on &C.
| count, and to payment Of back interest and
coupons, all that it is possible to apply on
lst July, 1871, so as to leave as little Of back
interest and coupons to be then funded
(and so, perhaps, interest on same deferred
| as may be:
And whilst your memorialists can only
leave these considerations in the disposal OF
your wisdom, they cannot refrain from
urging upon your honorable bodies their
deep conviction that the shortest and
promptest disposal of the whole matter Ill
manner as suggested would be found to be
entirely feasible. and very greatly to the
advantage Of the people Of the State; over
balancing any Inconvenience or cost attend
ing such prompt and complete action.
Such are the suggestions which your
meinoriallsts beg to offer, believing that
they contain the elements needed TO re-
establish the credit OF Virginia and TO do
justice to her crcditorS--the two being, in
tact, lnsepafublc. Your memoriallsts nave
not pressed upon the notice Of your honor
aDie bodies all those great considerations
deeply touching the character and prosper
ity Of people involved in the due arrange
mcut and settlement Of the matter upon
which they are speaking. They have only