The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-09-16
Anlmolld 1ispatth,
THURSDAY. SEPTEMBER 10, 1916.
Virginia Credit.

Virginia Credit.
We copy the following gratifying comtnu-
uication to the London Honey Market Re.
ote,c Of the Goth August. Our readers will
be pleased TO see how Virginia credit has
risen in that market. The writer Of the ar
,icGe IN the Reuie,o attributes it to the fund
ing act and the decision of the Court of Ap'
peals OF Virginia. 1t is much more due to
the soundness and integrity OF Virgins pub"
lie opinion and the noble stand taken by
Governor KEMPBa. The indications Of de-
m ,ralizcd sentiment antagonistic to the good
reputation OF Virginia has had feeble ex'
istence. decaying from its own morbid and
often dishones. nature. As the Lsnchburg
Republican says:
"Repudiation is 50 completely dead 10
Virginia it is hardly worth the While to
waste more time in this discussion. FROM
the character OF the men that are being nomi'
mated for the next Legislature we are salts
fed that the honor and the integrity OF Slr'
ysuia will be safe in their bands"
The communication in the London RevteH
is as follows:
VIRGINIA New FUNDED BoNDs.-Io the
Editor of the Money Market Rccieu: Sir
Once again direct The attention Of your
readers to this neglected security, which,
though neglected, is an investment OF the
frs. class. In June, 1874, you inserted q
letter from pe. The price was then Esq for
aSI.O00 boBd. The price is now clos an
advance of G2G in fourteen months; ana
in the interim three dividends have been
paid. amounting to Gi3 per Sl,0oo Dond'
This advance has been steady anu continu.
Gus: vet even now the price IS only one-hal
what il ought TO be. As security II Is, IL
no. better than. fully equa! to United states
fiva.,yenties, 1t is possible that the United
States Government may engage ID war,
or that il may even repudiate its obliea-
fions say this is possible, though wholly
,Dlyy0bab!,; but the Ylrginan State has no
power to repuGmtc. 1t has made contract
with i;s creditors, aud is bound by that con-
tract. IL engaged to receive It's coupons IN
payment Of all taxes payable IN the Sta'e,
and It's Supreme Court has decided That IL
must fulfil that engagement, ana that, ac-
cording to the Constitution, it can ncithcf
re end nor alter that contract. therefore,
So long rs tie State exists as STATE, anu
levics taxes, these coupons must DE received
In payment of taxes. would marvel at the
low price OF these bonds did | not know
that the Stock Exchange hardly ever LOOKS
beyond the fortnightly settlement, and did
! not recollec, that brokers looked coldIy on
Unitcd States tive.twcnties when they were
at 20, though now at Jos. L 40; not
say word on the increasing prosperity OF
Virginia, as, whether she be prosperous or
not, those coupons must be paid. Doubtless
the great increase of wealth in that State
must soon affect the price of her other bonds,
the old SIX per cents, for instance, ana, IN
sympathy with these, the "conso!s may
also still further advance. But what | wish
to impress on your readers is that the "c'n-
sols' stand apart from all other securities,
and that their position is imprcSnablc. 10
this I may add that the whole amount OF the
new funded consUls is Il little over five MIL
lonS-cgual to about the yearly deficlI OF the
Turkish Government. They are being ra-
pidlv absorbed by the knowing ones, both
IN Virginia and here; and any man who de-
sircs perfectly safe Investment, which will
pay him eight per ceat. interest, cannot go
aS'ray il he purchases at once. AT this time
neXJ year the stock may be out OF his reach.
A,Jpu.i IL 1874 Nj.