The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-09-21
.ars vMMAsDasr.

Foreign Bondholders IN reference TO ths
State debt has been addressed to thu
First and Second Auditors Of Virginia
We publish il, though the whole matte,
is now before the. Supreme Court 'coJ
Appeals of the, State, aud it is believed
will shortly be decided: 81
CouNcn OF FOREIGN BoNbHdLpBRs, /
LONDON, August 26, 1872 s.
To ths FIRST and Second +Asditers Of the
Commonwealth of Virginia:
The protest of the Council Of Foreign
Bondholders Of London. acting fol
and representing the Committee iol
Holders of Virginia State Bonds in
Great Britain. showeth:
That the, professors have advanced
various large sums of money to the
Commonwealth of Virginia, Tor. which
they received titles OF security, and that
the interest thereon was. duly paid for
many years until, cafamitous occur
rences affecting the State OF Virginia,
payments were suspended. ... ..s
That lately the Commonwealth OF
Virginia voted funding bill under
which the creditors Of the State were
requested to accept reduced rates ef
payment, and that afterwards they
modified such funding bill and sus-
pended payment, with a full treasury,
and in a manner most embarrassing
and unjust.
In consideration Of the sufferinge oil
the citizens OF Virginia, and the conf
dence in their honorable spirit, the con-
ditions 30 offered have generally been
assented to by the creditors, and their
bonds were sent to Virginia to be fund
ed in the new securities. but many have
been compelled to hold back and await
the decision of the law courts in conse-
quence OF the alteration in the form OF
the coupon, which has been regulated
by the committee OF the New York
Sock Exchange.
That in compliance with the condi
lions, the coupons OF interest should
have been paid on the first OF January
OF this year, for which ample funds
were lying in the treasury Of the Com
monwealth, but that instead of such
coupons being paid in conformity with
the obligations OF the Commonwealth,
payment was suspended, and the whole
action of the funding bill stayed by res.
olutlons of the two houses OF the Leg
islature. These resolutions were vetoed
by the Governor, but still affirmed by a
two-thirds vote.
That under these circumstances the
professors strongly represent that the
course pursued by the Assembly has
inflicted great injury on those who in
this country have repose confidence in
the national honor OF the citizens Of
Virginia. Founded on a common
kindred, Virginia has for centuries en-
joyed in this country esteem aud repu-
tation, and the advantages Of the ere lit
consequent upon the character of the
State and citizens. The bondholders
now fad themselves sufferers by the
and reliance they had shown
in Virginia.
They felt assured that after her past
misertunes the first sentiment of Vir-
ginis would be to make the best posi-
BILE provision tor the discharge OF her
and it was in this spirit
the funding bill was received and &C.
cepted All such reliance was, however,
weakened by the subsequent tsmpering
with the funding bill and the insufficient
provisions made for payment on the
coupons.
That while these infractions Of credit
inflict serious damage on the bond
holders, they are convinced that they
no less affect the hest interests of the
State and its citizens.
At this time invitations are offered to
Englishmen in our daily papers 10 emf
crate to Virginia and settle in a coun-
Try having the same population. Ian
guage, laws and institutions. These
propositions were well regarded, but
they are likely to remain ahortive, as
well "a others tor the development OF
the landed and natural resources of the
country until justice is done.
The professors likewise object to the
in the coupons urder the
new iunJiug as involving a breach OF
faith on the part OF the Commonwealth
OF Virginia.
the professors further object to the
heavy amount OF State tax as being a
tax ar beyond the ordinary burthens
OF Stare taxation, and as being, conse
quently, what it is Intended TO be, q
form OF reputation and a spollstion Of
the bondholders.
The bondholders also object to being
kept out OF dividend or the plea OF an
assignment o. one-third to West Vir-
ginia, tor the umption Of which no
terms have been made with West Vir-
ginis.
That the professors feel it their duty
to urge that the natural resources OF a
country are dependent for their real
value on the intelligence and moral ca
pacity o. its citizens; that material re-
sources NAV be wasted by the calami
ties of war, but that the good name of
the State and citizens is an abiding in
herilance which may remain IN all
times.
For the Council Of Foreign Bond
holders, lis Pamers'on Buildings,
London, Goth August 1872.
HYDE P Cooke,
Secretary of the Council and OF the
Committee of Virginia Bondholders