The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-11-11
Meeting OF Virginia BondhOlders.

ence between the Governor and Treasu-
rer of the State and holders of Virginia
bonds, was held here to-day in the State
Senate Chamber. All the representatives
OF the press were refused admission eX-
cept one, who carried package of State
bdpds. Governor Kemper endeavored to
exact pledge from him not to publish
the proceedings. He refused, claiming
the right to be present as bondholder.
The meeting being organized resolu-
ton was adopted that the conference go
into secret session, and binding the MEM
bers not TO divulge the proceedings. The
bondholding reporter then retired.
RICHMOND. November lO.-At the
conference of the Governor and Treas
urer and holder. Of the State bonds, to-
! day, reports were submitted by the Gov
ernor and Treasurer, and committee
! appointed 10 consider the same and re-
port Hon. .4hA McCulloch, late Secrc-
tary Of the Up5Sftftst Treasury, made
aspeech repre& ing the holders Of Nir-
ginia bonds in England. He stated that
the foreign bondholders were inclined to
be lenient towards the State. Nothing
mere is known of the Governors report
than that it gave most woful picture OF
the pecuniary condition of the State.
.SAdiournnent Of the Conference.
THE conference "fbOndholdcrs adj djourn-
ed sinc die, ut IL o'clock, and lifted the
veil of secrecy rs far II, their conclusions
were concerned. The committee ap-
pointed at the morning session, submit
| ted their report, and expressed the upH-
ion that notwithstanding the reduced
ahd Impoverished condition Of Virginia,
rs cited by the Governor, that tho eX-
| pcnsc of State government, including the
maintenance Of schools, and payment
G per cent interest per annum on the
| funded debt. and two-thirds of the un-
! funded debt can be levied without scri-
Qus Inconvenience to the people OF the
State; that to secure this end. an arrange
Inent may be effected 10y which the larger
! number of the holders of the bonds can
BE- induced To surrender the tax recciv-
able coup ons ~ they fall due, and re-
ecvc the two per cent payable on
the debt Scmi-annually. They
! believe that tbs can be- large
" effected bv legislation. providing
for the prompt payment of 1 per cent IN
terr>t rs ii iall- due. at points accessible
ind convenient To- bnndholder>. This
will result in the retiring - or 10 per
cent of the tax receivable coupons on
the payment of 1 per cent interest, and
that only the coupons from the bonds
held in Virginia be used in payment of
taxes. The committee have had
brought to their attention II pro-
fposition from responsible financial
agents, wh" offer an enactment Of apprO-
priutc legislation to tahr II new loan of
cut stands admitted by her, and to retire
! the old debt and surrender it in exchange
| for these new bonds, the latter TO bear
! interest at per cent for ten years, and
4 per cent for twenty years, payable in
London scmi-annually in gold. A sink
ing fund is also to be provided for the
payment Of the interest; and the sinking
tftlnd will he secured by appropriate
| legislation in the form of Il contract.
The committee consider this proposition
cminentlv to the advantage of
the State and the hondhoders, and
recommended that if such arrangement
can be made, it be- carried out. They also
recommend the adoption of the following
resolutions:
R,solrcd. That the State ought to pro-
vide by appropriate legislation for the
permanently -etting apart Of specific
portion, for the prompt payment Of two
per cent Of its accruing revenue interest,
>cmi-annually at London, New York and
Baltimore, and that the treasury of the
State issue certificates for the unpaid in
lrrrst, payabl" at the pleasure Of the
State at any time within ten years; and
if not paid in ten years, then such ccrtii-
icates ought to be payable in four per
cent bonds.
ResOlred, That the State ought to re
sumo the payment Oft the full six per cent
interest At the earliest practicable mo-
mrnt.
Resumed Work.
NORWICH. CoSN., November l0-The
mammoth cotton mills ~ Spragucs at
Baltic ten miles north of this city. has
resumed work after three weeks suspen-
SION, caused by the striA" Of the mul"
>pinncrs. A few Of the strikers have re-
turned. and fresh >pinnr:. will be en-
plnyrd if the rest do not yield. The
Spragues run on fulltimc, not having en-
tered the two-third time league.
Action Of Lumbermen.
WILLIAMsroRT. November l0.-Thc
Lumbcrman's Exchange today appoint
ed a committee to confer with similar
committee from other organizati Jns in
the State for taking active measures t.
stop the undue discrimination in froight'
charged by railroad companies.
The Astounding Priest.
PHILADELPHIA, November l0.-FatheI
Gcrd"man. who clopcd last week. is
reported to have sailed from New York
On "Wednesday last A..committ"e was sP,
pointed by the congregation of 81. Bon.
fi,iu, church. of which he was pastor
to receive and pISs upon claims again 81