Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1872-02-22
Public Debt Question.

ne lOlPWiuE AlcHhFlal, recently oOOpt-
ed by the Council ofForeign Bondholders
held III London. was presented to the
House Of Delegates yesterday, read, and
aid on thu table. 1T is a temperate and
rea sonabie representation OF the view Of
the mcmorialists. and should be read by
every person in Virg inis who feels an in
'erest in the great public question to
which it relates
To the Honorable Senate of the Common
re"lth Of Virginia. and the House of
Delegates Of the Commonwealth Of Iir-
p ginia.
The memorial of the Council oil Foreign
Bondboldess Of London, acting for and
representing the committee Of holders OF
V,r! inia State bonds in Great Britain,
showeth
That the memorialist 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 csiam ;,ous occurrences
affecting the State of Virginia. payments
were suspended;
That lately the Commonwealth of Vir-
ginio voted funding bill under whcht
the creditors of-the State we're requested
to accept reduced rates Of payment. In
consideration Of the sufsrings Of the
citizens Of Virginia. and in confidence ia
their honorable spirit, the conditions SO
offered have generally been assented to
by the creditors, ard their bonds have
been sent to Virginia to be funded in the
new securities, or are aDw on their wav :;
That in compliance wi the c,ndition
the coupons of interest should have been
paid on the 6rst OF January Of this yer,
for which ample funds were lying in the
treasury of the Common wealth. but that
instead Of such coupons being paid in
con formity with the obligations of the
Commonwealth, payment has been sus-
pended, and the whole action oftLc fund
ing bill has been stayed ty resolutions of
the two houses ofthe Legislature. These
resolu,i ms were vetoed by the Governor
but still affirmed by two-third vote =;
That under these circumstances the
msmorialists strongly represent to the
Assembly that the course pursued by the
Assembly has inflicted great injury on
those who in this country have reposed
confidence in the rational honor OF the
citizens OF Virginia. Found d on con-.
mon kin lied. V rginia has for centuries en-
| j"yed III this country esteem aud reputa-
ton. and the advantages of the credi,
consequent apou the character of the
State and citizens. The bondh' iert now
find themselves sufferers by the confidence
they had shown in Virginia.
They felt assured that after hr pas,
mi>fol tunes, the first settlement of Vir
ginla would be to make the best possible
provision for the discharge of her eng ,ge
ments, and it Was in this spirit the fund
i,g bill was received and accepted.
That while this in'rac,on of credit ip-
ficts serious damage or the bondnolders
they are convinced that it NJ less effects
the best interests of the State aud It's
ciizens. AT this time iuvitati ms are
offered to Englishmeu in our daily papers
to emigrate to Virginia and se,tl. in a
country having the sane population
language. laws, and institutions. These
propositions were we'll regarded. but they
are likt ly now to remain aboltlve, as well
as Others for the Development Of the land.
ed and natural resources of the country.
That the memoralists feel it their duty
to urge on the consideration of tie
Assembly, that the natural resource, Il
a country are dependent for their real
value on the intelligence and moral
capacity of its citizens; that material re-
sources may be wasted by the calamities
Of war. but that the good name of the
State and ciiz:bs is an abiding inheli-
lance which may remain in all times
The memorialisis. therefore. solicit that
the Assembly Will, without delay, restore
the funding hill to its full efficiency, or
substitute such other measures as may
tend to tho restoration abroad of the
credit and honor of the anc lent Common.
wealth of Virginia.
For the Council of Foreign Bond
holders:
HYDE CLARKE, Secretary.
lis Palmerston Building, London, %,
January, 1872.
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