The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-11-11
ceedings without authority from the con.

enCeS CDaL might arise IN discussion De-
tween gentlemen present should be given
circulation in the newspapers. As he un-
derstood, propositions would be made look
ing to an arrangement of the public debt.
If these were prematurely published the Oh
ject desired might be defeated. Mr.. Cogbiil
especially disclaimed any desire to invest
the conference with the veil of secrecy, but
he wanted published only what was desra.
BILE and prudent, aud wished kept secret
what he thought could afford no real salts
faction to the people, yet might be damaging
to pending negotiations.
THE VEIL OF MYSTERY.
Mr.. Thomas Branch declared that he
much diSliked the veil Of secrecy with which
it was proposed to clothe the conference.
He was there by right, and he did not want
anybody to dictate to him what he should
say or not say after he went out. 1t was
necessary that he should give the reasons
actuating the conference in any conclusion it
might arrive it. As representative of for
eign bondholders, that would be expected of
him in making his report.
MIR. Coghiil earnestly urged that the reso-
luton be adopted, as it would not be wise
for the State officers to submit the PROPOSE
tions in their hands until secrecy to the ex-
tent contemplated was insured.
General johnson said if he were assured
that the State authorities wanted a private
consultation with creditors be would con-
sent, though with no little reluctance; but
he would first have the resolution so
amended as to dissolve the Injunction Of
secrecy entirely as soon as the conference had
adjourned.
Mr.. Coghill would not accept the amend!
| ment.
Mr.. Flournoy supported Mr.. Coghil'S re-
solution in brief speech.
General johnson withdrew his amend
ment, and the resolution as originally offered
by Mr.. Coghil was put, and adopted by a
vote of II or y to 8.
FAREWELL ADDRESS.
The gentleman for whose especial benefit
| thg conference put itself to the trouble of
passing this questionable resolution, upon
| the announcement OF the vote by the chair
man addressed the conference. He said be
| was there by right as bondholder, with the
| bonds in his pocket. Before the conference
! was organized he was asked to pledge him.
self not to publish any Of its proceedings
| without permission; he had declined to do
| so, and he would now again decline. But
as it was clearly the sense Of the conference
| that no one should remain in the room with.
out acquiescing in the resolution he could
| do nothing but retire.
Aud, hat in hand, he retired from the
| room.
THE GOVERNORS COMMUNICATION.
Governor kemper read 10 the conference
long communication. ltShoWed that Cover
nor Walker, in his messages previous to the
adoption Of the Funding Bill, had misStated
| the condition and resources of the State and
misled bondholders. 1t also gave his (Gov-
| ernor Kemper's) views of the States present
financial condition, Which were not cheering.
The reading of the paper occupied an hour
and three-quarterS.
On motion. the subject was referred to
committee consisting of General Bradley I.
johnson, r. Fl. Maury, and Frederick Il.
Scott. Subsequently the chairman and Sec
retary were added to the committee,
The committee asked to be allowed TO take
out with them Governor kemper's coDmu-
nication, but Governor Kemper declined to
allow it to 60 out of his hands.
About half-past = or O'Clock the confer
euce adjourned until p. NJ.
THE COMMITTEES REPORT.
The conference reSSsembIed at O'Clock,
Judge Thomas in the chair.
General Bradley T. johnson, from the
committee on the Governors communlca-
ton, presented the following:
The committee to whom was referred the
communication of the Governor, beg leave
| to report that in their opinion it is impractl-
cable in this short time to make detailed
response to the statistics and arguments of
| that paper.
Your committee are of the opinion that
Notwithstanding the reduced and impoYer-
ished condition Of Virginia in her taxable
values and various industries, as cited by the
| Governor, that taxation sufficient to pay the
necessary expenses of the State government,
including the proper maintenance OF the pub
lie schools, as provided for by the State Con-
| stitutiou, and the payment OF four per cent.
interest per annum on her funded and Two.
thirds of her unfunded debt can be levied
without serious damage or inconvenience
to the people of the State; that to secure
this end your committee ane OF oplnlon lnat
an arrangement may be effected BY when the
large numbers of holders OF the bonds can De
| induced to surrender the taX-IeceiVaDle ceu-
pons as they fall due, and receive the TWO
per cent. payable on the debt semi-annu-
ally. ,,n,o.oa
They believe this can be largely affected
bv legislation providing for the prompt
payment of four per cent. interest as 1t falls
due at points accessible and convenient TO
the bondholders. But this arrangement, TO
| be effective, ought to be permanent, ana Sc.
cure prompt payment OF the coupons as tnes
mature.
| Your committee are persuaded that If this
legislation is had it will result in retiring
seyenty.fiye or eighty per cent. of the tax
receivable coupons on the payment OF tue
four per cent. interest, and that only tne
COUPONS from bonds held in Virginia VIII De
used in payment of taxes. Your committee
are of opinion that no arrangement can DC
made at present which will prevent the cou.
pons FROM Virginia-held bonds being palo
| into the Treasury in taxes.
| Your committee must state that this Con-
| ference cannot make any suggestions even
which will have any moral binding force on
any bondholder, and that the only virtue
| its recommendations may have will be from
| their Justice and reasonableness as they com
| mend themselves to the judgment OF each
individual interested in them. But your
committee have had brought to their atten-
tion a proposition from responsible tnanclal
agents who offer, on the enactment oil ap-
propriate legislation, to take new loan OF
fhe State equal to the debt as it at present
stands admitted by her, and to retire the ola
debit and surrender it in exchange for these
new bonds-the new bonds TO bear lnteresta a.
the rate Of four per cent. for ten years, anu
FIVE per cent. for twenty years, payaDle III
| London semi.annually in gold; the sinking
Fund also to be provided for. The payment
of the interest and the Sinking Fund 10 be
/ saonred nv annroDriafe legislation in the