The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-03

WeSent resources anu II WILL p0Sfpole, the
residue OF unpaid Interest until the increas.
los ability Of The Stats shall be sufficient to
meet il. Il IS recommended, that effect be
given 70 Ibis plan BY approp riate enactment,
TO continue In operation unless, and until, Il
may &c superseded BY any still better, adjust.
rAent. ~, -. -. IS 800
I { II s REcAPITALI2aTI0N or ,TKs DEBT, rs Is
Al recent correspondence between this
Office and the accredited 8geat of the Ame-
ricani ,Bond-funding and Banking Assocsa.
ton llitnitcd). OF LoilIlap, is hsreW th com.
rnunicated.s It viii be Seen, that tue ascot
asion aoffeFi to retire and i4recapitalizs the
neRly-assumea debt proper insnew uniform
obligations payable Thirty yeas and
bearing an annualihteresto OF flour per eentuin
sterling. The Details be the pani are ernbo-
died Id the,draft of d billtwbich forms part
Of the correspondence They are stringent,
and WithoGSuaoubt would insure punetual
compliance. with the new Obligations. Of
course the bill! should sbe amended In many
minor particulars snchl Rs the one subject
ing,t the State to suit in Federal 'court, and
others whirhimighs be MENTIONED But its
provisions being thus amended involve no
Important stipulations,' no relioauishn,ent OF
Authority, mo remedies against the State, for
which precedents may hot be found In the
lhbituai legislation Of the past nt!i 80 lbs
My;owninformation is not sachla to- war.
rant the expression of any positive opinion
as to. the nature and character. OF this asse-
clationj Or Us tolits ability TO- carry the pro.
posed plan Into successful execution! The
plan itself is, in my {judgment,; just and eg-
pedient, and with proper amendments 1t
ohght TO be adopted, provided its PROFOUND
eEs, shall first clearly and conclusiyely show
/ that they areahie to aecompllshit, and ought
To be entrusted. with it. $50, =,
Its Submitted that If this PARTICULAR offer
is not accepted the Executive should be
clothed with authority to contract with any
other parties OF undoubted responsibility
for the retiremento of the debt on terms not
less favorable to the Commonwealth than
those now proposed, with the amendments
Suggested. Reason exists for the hope that
sueh an adjustment Of the debt can be
effected. .E'h'r.'i 'o9'''it5.1 - !,
If creditors surrender the bonds they now
bold on the terms. proposed they would re,
ceIys. good and valuable cons liberation for the
faf Better Security And greater market value
Geive the full interest agreed on with Ger
receive but part Of the agreed interest with
constant uncertainty and irresuhrity.. ~ Y; ~
|; Un,the other hand, such an arrangement
would ultimately and largely relieve the
State of burthens which are greater than can
lie carried at!this time, while it would SUBJ
ject the State to nc, greater immediate obliga-
tions than can be met by the due exertionsof
its taxable resources in conjunction with q
|tsgid economy OF administration. It is in
vain to argue. that this arrangement ties up
our bands. Our hands are worse tied up al
ready, 1t unties and relieves us of the most
disastrous entanglements in which our
finances were ever involved. It substitutes
new obligations, which we can perform, for
existing obligations which we cannot now
perform. ,{I -,,,-.t9
In ,an important sense the State has now
reached the crisis OF it's fortunes. We can
! dot longer postpone the inevitable task OF
fgrappaing decisiSely with the'inanciait pro-
blen. isItsmust be- mastered sbY'as solution
which will settle it at once and forever. isNo
disposition ofthe public indebtedness short
DR., the dreadful alternative of reputation
can well be worse, or more, obnoxious. to all
conceraed than the present. Enterprises OF
great magnitude, capable Of developing dor
mant ,but! vast resources withintbe State,
are now paraly zed by such continued finan-
eial ithroes lsRs alarm capital: The, tax-re-
eeivable coupons, while wholly unsatisfactory
TO creditors who; really hold them as an in.
yestment, are fast becoming mere pabulnm
for. vicious speculation and: stock JobbiRg
among our own people. They are being
bought up and thrust upon the Treasury 10
large amounts at the most, inOpportunes Pc
siods Of each fiscal year, and thus they pc.
fiodically threaten to, suspend the opera
lions, of the Goyernmen mt !; ana their further
afftct is to create Ia our midst combinations
Interested 10 resisting any r. justment, OF
the debt. IF we further postpone q finan!
dial settlement We engendeF stichi internal
difficulties and, agitations !asimag he strong
shough to Tear the lyitalstoE tie State: q De-
hyiIi making an adjustment of itself multi
blies obstacles In the way tof the adjustment
a prompt and decisive adjustment brings
order out OF chaos, repose out ofastrife; and
Of its own vigor enables ths State 70 fulfil l
Che adjustment saigaif al aan naa,l .p.q
/ When at the beginning Of your present
biennial term you assumed the lawrmaking
bower you found, for The first time in the
history of the Commonwealth, lis ability to
maintain its existence imperilied Us finances
In confusion; its credit prostrate,,at home
and abroad !; It's integrity aspersed itsbonds
tiishonored la the markets Of the world. i A
holden opportunity invites you to bring the
payment of the public debt fairly within the
ability of the State; to sabstisute,the policy
af perinane stability; and fepose' for TINT
Of vasciIlation, uncertainty, and strife ito re-
cover tia withdrawn confidence of the
monetary world, and 10 assure such an in
lux OF capital and immigration assWi!l re.
store more than pristine prosperity and
btreppth to the Commonwealth: Invoke
The most determined exereise0 OF all sour col
iectiye ability to achieve these ends. IA sue;
Eessful settlement u, the public indebte dness
will bestow greater pOsitiye.gOOd than any
sinale legislative service rendered the State
within the present century. It will entisie
fon to the plaudits OF II grateful people and
win transmit yours names. "a With h0uor 70
qAxArios. =! !. !, 6, e.. H.. ,'ss 4.
/ / commend to, your careful cons'de q ration
ihe plan OF taxation report ted bH tie :freaa'
hreraHd Auditor Of Public Accounts, 10 ne
sponse tot resolution the House OF l'eie-
gatest9sa 8Gt =: its,i |. . Ss &c :,
I The EHeResed plaza disIsanses with abe pre'
beat 81 Weiilas iineefta. 4
mods ;of sassHsair 9,erson nal pfozarsyi I, a6,is
brop0sed 10, 60the taxatia ibf spersoRalty "a
such proportion ITO realty as experiences 10
blher eounsrles and careful ealenlati tons prove
10 Zoe lust. i TiIe pianlWilln ot anerease exists
ing 5burtheus hat ,is is expected fodistribute
themImo fairly, alnangt aRdigl dnas: tax 7ny.
srs, ahile twill save much ofithe expenses %
HE present. sysfefM 81! " tyii !! CT fs
The report further proposes to supply, az
Sar asI posaih atha pTesent defcieneyin 'the
Ereas1rR byaubstl tnting ,Sorthe present, aeH