The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-16
o,ha Rondholders After Us.

70 the larger. STYLED the "Gcnerai Cour. u
Members ,of-the Corporation Oh = o.s's :
BondhoIders." We have before US eopy =.
the report of the council. ihe o",ee'a VI
th;s Association of Foreign Bondholders, as
- tod nv themselves, are the vindicatlon
"and nrot.ction of the rights and interests
!" If the holders of foreign bonds and the
:. maintenance Of the public credit of foreign
:. governments By the propagation of sound
..doctrlnes with respect to the punctual ful-
I" tilmeut Of their financial engagements,
"cspecisly toward foreign creditors"
From looking over this report we can have
a faint idea of the immense loans of the Eng
lish creditors. The list of States included In
this report begins with France and ends
with Bolivia. 1t is stated that steps have
been taken in eight States of this Union for
the protection Of English bondholders.
Virginia leads the States in the review of
the committee. Prefxed to what is said of
her are the names of forty committeeman,
who, as kind of jury, were appointed to
"sit on the body" of the Old Dominion.
They report failure of the last Virginia
Legislature to give any relief to the foreign
bondhoder. The council speak of attempts
to get money In England for the develop
ment Of the mineral wealth Of Virginia, but
in view of the course pursued by her Gov
ernment, they resolved to discourage such
investments until the public engagements
have been met.
The report maintains M arrogant ana oc'
casioualIy threatening tone. The remark
just quoted is specimen of the propensity
to put our people on short ratlons until tney
paw. 4 policy not at all rational When we
c,nsider that the State debt is one thing,
and the foe property which her people, 10
their necessities, are selling low is quite
another. If Englishmen reject the opportu-
nifty for speculation they IRE injuring
themselves; and they iujure themselves
doubly, for they not only lose the opportu'
nifty for fine speculation, but they with
hold from our people the assistance that
would revive their prosperity, increase the
public resources, and hasten the payment OF
the State debt.
This wholesome view of the subject was
taken by Mr.. Boom, IN enlightened Eng
lishman, ut meeting of the Society for the
ENCOURAGEMENT Of Arts, whose proceedings
we noticed q few days since. He expressed
il in reply to Mr.. HYDE CLARK, secretary Of
the CORPORATION of Foreign Bondholders, al
most risidly virtuous money-leDder--who
remarked that Virginia's trouble grew out
of her want of moral honor in not paying
her debts. 80. ..,-
MIR. AET1sGsALL, J. P, was sent here last
wear to look after the interests Of the bond
holders, and he made report that was alto
gether discouraging. Many of our readers
remember him. He was quite flinty. H.
deed, impenetrable. He could see no excuse
for not "planking down the money. He
could see nothing in war, fire, and famine,
and went away profoundly impressed with
the idea that we should not be encouraged !;
an idea strongly reflected by the committee,
who say that they cannot recommend In
vestments In Virginia "because no private
can be safe where the obliga.
" tions of justice, morality, and law are set
SC at defiance by the community"
Finally, our English friends conclude with
regard TO Virginia: IF justice be not ac'
. corded it will remain for the council and
" the bondholders to adopt more serious
" measures"
The report gives succinct view Of the
results of interviewing the States through
agents, which they regard as very unsatis-
They report a combination be-
tween the foreign bondholders and the hold
ers of Louisiana bonds living in New York,
in their efforts TO induce Congress to take
measures to displace the present government
in Louisians, which is proceeding to repu.
date the public debt of that State.
The report makes the following conces-
sion in the way Of apology for the States
"The difficulties of the southern States
IRE great in tue sudden endowment OF masses
of the uneducated with the responsibilities
of citizenship, but there is strong desire on
the part OF many Of the population 10 meet
the indebtness toward the home and foreign
creditor"
But Immediately after Informs US that,
nevertheless, We cannot escape payment, IN
the following language:
"The council have not been unmindful OF
invoking the attention of their continentai
allies to the common danger, ana they pc
jeye they are justified ia stating that there
will be full accord i'll dealing strlnsently
with those who do not need the claims upon
them in a tair spirit and to the best OF their
power"
This is pretty plain talk for the "bond.
bolders." They have right to talk. But
will that help them? They approach COM
plicated subject in endeavoripg to use "strin.
gent measures" These States are PROSTATE
by acts of the Central Government. Justly
that Government should relieve them, that
they might pay their creditors, who loaned
US money before the war upon property then
visible, and implicitly pledged for the loan,
and that property the Central Government
has destroyed. How thenp
We wish the bondholders would adopt
"stringent measures" The sooner the bet
ter. Any sort OF pressure from without will
do some good within the Union at this
time. So all hail, Messrs. Bondholders |!
Speed your plans!
=. -..- .'<''Et't
New Rocks ...a..,.
Doom the Rioer or, Practical Lessons
under the Code DueEto. BY au Amateur.
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