The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-01-01
THE SOUTHERN DEwTS.
DALLAS, December 80, 1877

DALLAS, December 30, 1874.
TO the Editor of the Dallas Herald;
Your editorial Of Wednesday morn
ing on "the legislatures duty" is to
the point and well taken, but there is
one other very important question
which doubtless will demand legsa-
ton the coming session, and should be
well cared for by the press of Texas,
before any action is taken. The inn
portant question is, "lhe Southern
Debit which involves over 100, 0OO,O0O
dollars, and Texas being interested in
this Indebtedness to about the amount
of two and half millions, the legisla-
ture SHOULD be well advised before the
agent of these foreign bond holders
makes his propositions for en9uliing
the state into n legal responsibility of
Indebtedness, under thevery erroneous
plea of affording the state an opportu-
nifty to revive her credit and pay her
debts. If any one is responsible for
that debt or the depreciation of the
states credit, Oh that score, it is the
government of the United States, and
to congress these accredited agents
should appeal. This question, as you
will perceive below, is being agitated
with some success in diilerentsouthern
states. The agent says
The agent OF the association has been
assured that the governor OF Alabama
will recommend to his legislature the
funding of the debt on these terms at
five per cent So will the new govern
or ofSouth Carolina. The governor Of
Mississippi General Anes, will urge
the funding of the old repudiated bonds
issued for the Planters bank. Georgia,
being easily able to pay what she owes
herself, declines to make any terms at
all. Governor Kemper of this state,
after some delays, agreed to recon-
mend to the legislature then about to
assemble here the funding of the debt
of Virginia into four per cent sterling
bonds, under the plan of the associa-
ton. He urged it Oh the legislature
with great earnestness, and Mr.. IL. Nj.
H. Hunter, the treasurer, also presses
it for adoption. Kemper and Hunter
combined can carry this financial
measure through the general assembly,
and they are sanguine of success with
1t in converting the whole debt into
four per cent sterling bonds.
Georgia, having pretty good knowl-
edge of what these capitalists paid in
cash for the bonds, took the proper
view of the matter, and declined to do
anything, and it is to be hoped that
Texas will do likewise. l hope you
will find room in your well circulated
paper to give the details of the London
scheme for funding the old southern
bonds, as giving below its legal aspects,
as well as your ventilation of the sub
ject, whether you agree with me not.
Yours, etc., w. j. c.
From the New York Hcrald.l
RICHMOND, Va, December 5, 1874.
The statement | telegraphed to the
Herald few weeks ago to the effect
that the foreign bOndholders of the
southern states had proposed, through
an accredited agent, TO fund the entire
debts of those states at red eed rate
of Interest, within the capacity of each
to pay, has created "a widespread gensa-
ton, not only among the bondholders,
but among officials, Legislators and the
people generally. The scheme in
wolves over SIhO O0O 0OO of debt, and