Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-11-11
VIRGINIA.
Her BondhOlders in Councils
secret Session-An EnterPrising Re-
pOrfer BanIed.

seeret session-An Enterprising Re-
porter BanIcd.
RICHMOND, Nov. 10.-A conference be
tween the Governor, Treasurer Of the State
and the holders of Virginia bonds was held
here to-day, in the State Senate chamber.
Representatives Of the press were refused
admittaDce, except one, who carried pack
age of State bonds Governor Hemper en-
deavored to exact pledge from him not to
| publish the proceedings. He refused, claim
ing the right to be present as bondholtler.
The meeting being organized, resolution
was adopted that the conference 90 into se-
cret session and binding the members not
to divulge the proceedings. The bond
holding reporter then retired.
MISUNDERSTANDING McCuIIoch Rep
resents English Capitalists
RICHMOND, VA, Nov. 10.-At the con-
ference of the Governor and Stale Treasurer
and the holders of State bonds, to-day, re
ports were submitted by the Governor and
Treasurer, and committee appointed to
consider the same and report. Hon.
Hugh McCullocb, late Secretary of the
United States Treasury, made a speech,
representing the views of the holders of
Virginia bonds in England. He stated
that the foreign .bOnd-hOlders were in
clined to be lenient towards the State.
Nothing more Il known OF the Gov
ernor;s report than that it gave most woe
fnl picture of the pecuniary condition Of
the State.
Full Results OF the Conference.
The conference of bondholdes adjourn
ed sine die at IL o'clock tonight, and lifed
the veil of secresy so far as their conclus-
ions were concerned. The committee ap-
pointed at the forenoon session submit
ted their report. They express the opinion
that, notwithstanding The reduced and i'm
poverished condition of Virginia, as cited
by the Governor, that the taxation is suf-
ficiens TO pay the necessary expenses Of the !
State Government, including the proper |
maintainance Of the public schools, and the |
of the four per cent. interest per |
annum on the funded debt, and two=thirds |
of the unfunded debt can be |
levied without serious inconvenience |
cure this end, an arrangement may
be effected by which a larger number Of
holders of bonds can be induced to surren-
der the tax receivable coupons that fall
due and receive the per cent. pay on
QCU6 lily BCAlCNC Sulo
can be largely effected by legislation pro-
sidliig for the prompt payment Of the 4
per cent. interest as it falls due, at points
accessible and convenient TO the bOndhold-
ers. This will result in retiring Is or 80
per cent. of the tax receivable coupons on
the payment Of the per cent. interest, and
hat only the coupons from the bonds held
In Virginia will be used in the payment Of
axes.
ACurious COnsract.
The eouiuiittee have had brought to tficif
attention a proposition from responsible
financial agents, who offer an enactment Of
.he appropriate legislate TO take new
oan Of the State equal to the debt, as it at
present stands admitted by her, and TO sur
-ehder The old debt in exchange for these
new bonds, the latter to bear interest at five
per cent for ten years, and four per cent.
ior twenty years, payable in London semi
in gold, the sinking
fund also to be provided for, the payment
1f interest and the sinking fund to be Sc
,ured by appropriate legislation in the form
IF contract. The committee consider
his proposition is eminently to the adj
7ant3ge of the State and the bOndhoders,
md recumrnend, If such an arrangement
an be made, that it be carried out. They
llsO recommend the adoption of the fol-
owing resolutions:
Resolved, That the State ought to pro-
'ide by appropriate legislation for the per-
naHent setting apart Of specific sum for =
he prompt payment of the ? per cent. Of
Is accrUing revenues for interest semi-an-
lually at London, New York and
Baltimore, and the Treasury Of the State;
md the issue of certificates for the
unpaid interest, payable at the pleasure of
he State at any time within ten years, and
not paid within ten years, then such Ger
ifcates ought TO be fundable in four per
ent. bonds.
Resolved, That the State ought to re-
me payment of the full six per cent. in
crest at the earliest practicable moment.