The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-11-24
QtreQntelligetrrer


The Recent Meeting Of Virginia
BondholdeTS.
We have been ablo 10 CLEAN but very
little information from the Richmond pa.
pers in regard to the recent meeting In
that city between certain representatives
Of the Virginia bondholders and the au-
lhoritieS Of the Commonwealth in refer.
cncO to an adjustment Of the debt. Not
withstandiDg the veil Of secrecy was
nominally lifted at the close ol the confer.
ence, no new information Of Importance
was vouchSaIed 10 the public. We pre-
sumo as q matter Of fact that there Is really
very little that Is new to be disclosed in
regard TO the status Of the debt. All the
world knows about how It stands. II has
been extensively discussed in official and
unofficial papers and reports since the
close Of the war. The debt is large-cloSe
upon fifty millionS-and Virginia has as.
sumed 10 herself two.thirds Of It as II
stood some four years ago, and turned
over the other one-third 10 this State. In
other words, she considers herself as only
morally bound to pay about thirty mil.
lions Of dollars.
10 connection with this recent meeting
at Richmond there has been some vague
talk in the newspapers about efforts that
arc being made to take up the outstan d.
ing obligations Of Virginia and to issue in
lieu thereof bonds bearing lower rate oI
interest. The Richmond DiIpatch says that
gentleman lately visited that city who
represents tho American Bond.lundlng
and Banking Association Of London" and
that he submitted 10 Governor KRMPKR q
proposal to take up the whole funded debt
Of Virginia (amounting to some thirty mil
lions Of dollars, and to accept bonds for
the same to run twenty years, and bear
interest at tho rate Of four per cent per
annum. No details Of tho proposed plan
Of exchange are given, although every.
body who owns Virginia bond would be
glad TO know what they are expected to
do In order TO get their money. They
all know that the proper way to manage
the business would be this: Let MIR.
MAcKINNoN raise thirty millions Of dol
lars, or whatever other sum may be ne.
cesssry, and deposit the same in the Vir.
ginis State Treasury, or with such agents
In Boston, New York, Philadelphia, Bal
tlmore and Richmond as Governor KEN
PER may designate; then let the Governor
give notice 10 all persons who hold any
portion Of the funded debt to send their
bonds to the Treasurer Of Virginia, or to
the agent most convenient, as well as
Whatever interest may be in arrears. As
fast as these bonds are redeemed the 4
per cent bonds representing an equal
amount should be issued 10 Mr.. MAcKIN.
NoN-all bearing date from the day Of the
deposit of the thirty millions Of dollars,
so that he might lose nothing by putting
up the money in advance.
Now, 1t may seem strange to some per.
sons that European capitalists should be
willing TO invest so large sum in four
per cent bonds. We all know that they
were not anxious 10 take up the last
United States loan, snd several financial
agents had 10 be sent abroad to negotiate
the same. Surely a United States bond
ought to bc as desirable an investment
as Virginia bond. 1t is possible that
an explanation ol this apparent willing
ness on the part Of the Bond Funding
and Banking Association Of London" TO
invest In Virginia securities may be found
iu q statement made by the Dispatch
to the effect that this corporation
already owns or controls some If
teen millions of the bonds. II this
be the fact, these securities have probably
been purchased for about fifty cents OF
the dollar, and the owners are now en-
deavoriDg to get their par value by loan
ing 10 the State 100000 at iour pei
cent per snrum. They could afford tc
loan money at four per cent, II by the op
Grafton they could bring the price OF thC
bonds to something near par, and finally
a1at the whole amount on the market
The affair has about 1t, however, severa
features that suggest caution, and until Il
Is more fully explained and the ability o
the parties to tho proposition to carry i
out better substAntiated, 1t Ia not probable
that there will be any permanent rise IL
1he value OF Virginia securities.