The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-05-07
Ghtqtttsllfgentelr:
VIRGINIA, AND WEST VIRGINIA
DEBTS.
Meeting Of the Foreign Doudholders
ssThelT Comments on tho Sltuas

MeeIlng OF The Foreign BonunoIueIs
ssTheiE Comments on tho Sltna.
ti0n. .,..
from the Richmond DlSpatch.l 8
Tho English holders Of Virginia bonds
held their meeting-alresdy announced
by telcgnph-on the 10Th Of April In
London, oommlssary- General Gardner in
tho chair. That gentleman made q
speech on the occasion, in which he In
duIged some earnest censurcs oil Virginia.
He awarded credit to Governor Kemper
for saying in his message that no modia-
cation OF or departure from an original
contract Should DO made without the con.
curTence Of the creditors; and having, he
said, spoken that much 10 favor Of the
message, the speaker went on 10 express
his dissent from several Of the Governors
positions,
The Governor erred, no said, In saying
that the iunding bill pledged the State to
he payment Of full interest on the public
debt. The bill required creditors who
took the benefit oil It's provisions to strike
OF onethlrd OF their clsims, to remain in
allegiance, and only paid six per cent on
the two,thirds, which was only four per
cent on the whole, The speaker took Is.
sue with Governor Kemper 10 his declara.
ton concerning the Impoverished condi.
ton Of the State" and "her disproportion.
cd resources" Il was contended on this
point that the resources Of the State were
ample, and tax Of two per cent on her
taxable values would more than meet her
Obligations. There would be pleasan,
time in collecting that tax
Mr.! Gilliat, who u q member OF G4irm
which has had a large Virginia trade,
made . speech, in which he commended
that Virginia was under The obligation 10
pay her debt, irrespective OF "htr sep
aration" from West Virginia.
Mr.. Gilliat went on 10 show the un-
RESPONSIVENESS OF expecting further con-
Cessions from the Virginia creditors, who.
he declared, should take their stand upon
the six per cent on two thirds Of their
claims aud look to Virginia as RESPONSE
BILE for the whole debt Including the one.
third assigned to West Virginia.
The harshest Of the orators was Mr.,
Getstenberg, who argued that Virginia
had arbitrarily thrown Of third ol her
debt Tor payment by West Virgins; that
she had funded her bonds and the oy9r-
due coupons promising TO pay six per
cent on the whole; that she had then pro.
posed to pay ak per cent on two thirds
which was generally 0Rreed to by the
bondholdets; that then she had offered to
pay TWO thirds Of six per cent, but had
imposed q tax oil II per cent on the iour
per cent; and lastly, she had failed to pay
even that,
Mr.. Gerstenberg admitted that they
had not tue power to enforce their abso-
lutte rights. Virginia was, nevertheless,
able, but would not meet her obligations
Under the circumstances, he suggested. |
as the only weapon at their command. 10
exclude Virginia from the money mar
kets OF the world" He believed, II this
were done, I'll credit were withheld, not
only from the State, but from individuals
Of the etate, the effect would be irresisti.
bIe, and the object OF tho bondhollers
would be attained.
Resolutions were adopted-flrst, ex.
pressing qualification that Gov. Kemper
had called the attention Of the Legisla-
turc to the memorial Of the bondhoIders,
and trusting that tho Legislature would
take measures ITO satisfy the obligations
oil the State" a hope not 10 be real
iSsd Second, trusting that the Legiala.
ture Of Virginia will not adjourn without
giving due effect 10 the provisions OF the
lundtug act Another hope frustrated
by the failure Of the Legislature to real
kat. Third, regrelting the increasing
number Of defaults committed by the
States" as injurious TO bondholders, 10
the credit Of the States, and 10 the credit
Of the Federal Government; and fourth,
"that all attempts TO raise money In the
European markets, by public or private
undertakings, in q State which is IN de-
fault to lis public creditora" should be dis.
countenanced. ~ .tlE tSvs
The bondholders are out Of temper and
have reason to be so. Tho adjournment
Of the Virginia Legislature without doing
much TO meet the public obligations will
not tend 10 concliate them.
A little time will bring US 10 more SO.
rlous point-a point at which Virginians
will begin 10 SEQ how horrible Is faith
leSsness 70 public obligations, and then
RnmethinO will hn dnne