The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-29


CURED in the Judgment.
General Taylor and the Bondholders
We have before US the "Third Annua
General Report of the Foreign Bondhold
ers" made to the general meeting held il
London on the 29,h of February, 1876, and
by the meeting adopted. In the part of the
report under the head of Virginia" the
following statement Is made of the confer.
ence with General DICK TAYLOR, about
which much has been said here during the
winter: -- ..---..-
"In November General r. Taylor met the
committee OF Virginan bondholders in Lon.
don to discuss terms on which settlement
could be arranged. He proposed:
1st. To fund both the capital and arrears
of the unfunded securities into gold bonds,
to the extent of two thirds, with thirty years
to run; the remaining one third in West
Virginia certificates, under act Of 1871.
"2d. Coupons on above bonds to bear in.
terest as follows: Three per cent. the first
three years, four per cent. the next four
years, five per cent. thereafter.
"5d. Bonds under act 1872 (peeler) to be
exchanged bond per bond, with additional
bond certificates for the arrears, into new
gold bonds.
"4,h. To render the new bonds "a legally
secure az possible, each bond should be made
q separate contract: which it would be the
duty of the State courts to enforce in priority
over all State rights on the revenue.
"5th.. The conversion to be optional on the
part Of present creditors.
IN MI
bondholders to these terms; but having con-
suited with the principal holders in London,
they were enabled to assure General Taylor
that the terms would be favorably regarded
BY holders of the unfunded debts, and per-
haps eventually by both classes of holders of
the funded debt. .s.s.. Il
"General Taylor returned to Virginia In
December to communicate with the Legisla-
ture, now sitting at Richmond"
The Legislature has not appeared to be
fascinated with the project, and as detailed
here with the very great uncertainty as to
whether, should the State of Virginia adopt
the plan, the holders of the funded debt
would accept 1t, we cannot see that there was
any striking reason why they should have
done more than they have. We think it
would be illogical to suppose that the hold.
ers of bonds bearing the redeenable cou-
pons would surrender the security they have
tor one less certain. If the State had adopted
a plan which failed to do this, of course it
would not have been accepted; and had a
plan been adopted making all the bonds and
interest equally secure with the coupon
bearing bonds now receivable in taxes,
would what are called "anti.furders" be
better satisfied with it?
Their great complaint was that the "fund.
ing bill" ccerced payment by making inter-
est.coupous receivable for taxes. The Eng.
lish bondholders will never dream of relin.
gushing good and secured bond for one
that is uncertain, aud we do not believe that
they and the anti.funders will ever agree
even with the help of General DICK TAYLOR,
whe is, we are sure, sincere peace.maker.
AS to the amount of money that might
hsve been saved by the plan of General
TAYLOR, that is a matter Of calculation, and
easily ascertained; but the question as to the
practicability Of. the scheme, its adoption
with its decided measures for collection, and
its acceptance-in these points lay the doubts
which were sufficient to render action su.
pererogatory.
We cannot but contrast the warm language
of General TAYLOR with the cool statement
of the bondhelders, and we think all will
agree that "perhaps" is an unstable foun.
dation for legislation, and poor corner.
stone for the erection of so hish-pitched a
theory as that which General TAYLOR created.