The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-05-04
Tho English Holders of Virginia Bonos'

III
IT, E,r,,sh holders of Virginia bonos
Mold their meeting already announce'i W
..,orr.rh-on the 18th April in Lonaon'
<,onmissarvG eucral GARDNER In the chai''
rr,o, Gentleman made speech on inc
.,,o.;on in which he INDUCED some car
rc,, censures OF Virginia. lie AWARDED
..-cd;, to Governor kEnrRR 10: saying III nus
rncsssre that no modification CT or departure
rom an original contract should be maze
,.;,bou, ,ae concurrence Of the creditors :
ard having. he said, spoken that muca III
favor Of the message, the speaker "en' "
- sxnrcss his dissent from several ot Luz
Governors positions.
The Governor erred, he said, in saying
.,o, tho funding bill pledged the State TO
tho naymcnt OF full interest on the puDi'
,3eht The bill required creditors WHO tooS
-he benefit Of it's provisions to strike OH one
third their claims, to remain in allegiance
and only paid six per cent. on the TWO
thirds, which vas only four per cent on 'n'
whole. The speaker took issue Will uof'
eroor KrurrR in his declaration concerhins
,,o :. IMPOVERISHED condition OF the State
and cher disrroportioncd resources. II
,ros commended on this point that Tue re-
zoos If The State were ample, and a tax
.r,wo ncr cent. on her taxable values ~ouia
INV. than meet her Obligations. There
,yonld he pleasant time in collecting tnal
W. Cur1Ar, who is member OF h!m
uhicb haS had a large Virginia trade, MADE
= srcccb. in which he commended that VIZ
.,;,;s as nsder the obligation to pay her
deb. irrespective OF "her separation " from
Yves; Virginia.
Mr.. GullA- went on TO show the unrea-
soo,;|euess Of expecting further concessions
from the Virginia creditors, who. ne de-
cla-ce. should take their stand upon the sl1
nor cent on two-;hirds OF their claims and
look 10 Virginia MS responsible for the whole
Gcbt fnciuding the ore-.hird assigned to
West Virginia..
The barshcst OF the orators wss Mr.. GBE-
errsprne. who argued that Virginia had ar
h;,rari,y thrown CT a third Of her debt for
,,aymer, by West Virginia; that she had
funded her bonds and the overdue coupons
promising to pay six per cent. on the whole;
that she had then proposed to pay six per
cent on tvo.thirds, which was generally
screed TO BY the bondholder.; that then she
had offered to pay two-thirds Of six per cent,
bat had imposed lax Of Il per cent. onthe
four Der cent; and lastly, she bad failed to
pay even that
Mr. GrRsrEssKne admitted that they had
not the power to enforce their absolute
rights. Virginia was, nevertheless, able,
but would not meet her obligations. Under
the circumstances, he suggested, as the only
weapon at their command, to exclude Viz
GINA from the money markets Of the world.'
Ee believed, if this were done, " if credit
70 were withheld, not only from the State,
|. but from individuals of the Safe, the
. effect weuld be Irresistible" and the object
Of the bondholders would be attained.
Resolutions we're adopted-6rst, express
NJ qualification that Governor KLMrER had
.llied the attention Of the Legislature to the
memorial of tie hondholdcrs, and trusting
6at the Legislature would take measures
10 satisfy the obligations Of the State" IA
he not realized.l Second, trusting that
Legislature Of Virginia will not adjourn
eth out giving due effect to the provisions
( the funding act. [Anothcr hope frus-
rated by the failure Of the Legislature to
eaiize i'll Third, regrctting the "increas-
or number Of defaults committed by the
tates" as Injurious to bondbo'dcrs, TO tie
redit OF the States, and to the credit of the
federal Government; and fourth, " that ell
attempts TO raise money in the European
markets, by public or private undertak-
ings, in State which is in default to its
public creditors" should be diScounte-
anced.
The hondholders are out Of temper and
AVE reason to be so. The adjournment of
he Virginia Legislature without doing
much to meet the public obligations will not
end to coneiliate them.
A little time will bring US to more seri-
ous point-a point at which Vireinians will |
begin to see how horrible is f.itAles>ness to
public obligations, and then something will |
oe done.