The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-03-01

Upon this aggregate Tic SlttLc pays luil
interest. Some Of the bonds are original
unfunded bonds, upon which six per cent.
interest is paid on full three thirdS-bonds
bought at from $50 to S3S per 800, and
therefore paving about seventeen per cent.
per annunl interest, while others are funded
bonds on which six per cent. is paid. being
on two thirds OF the original unfunded
bond; whereas to the creditors generally, I'M
der present legislation, the State only pre-
fesscs all attempt to pay four per cent. on
two thirds OF her debt, except so far rs her
enforced acUuicscence in the decision OF her
highest court requires her to receive the
taX-receivable coupons at par, less the tax,
those coupons amounting to six per cent.
upon two thirds OF the original debt repre-
scented bv the bonds from which they are
taken. II cause produces effect. and State
can be held to contemplate the natural, in
evitable result of its action, and hence be
morally responsible, one not endowed with
more than ordinary charity might indulge
| the thought, upon an examination OF Flr-
einia's conduct, that even if she has been
generous she has not been Just. Her. enor-
nous appropriations to public free schools,
her preference to her schools and colleges
over her other creditors, might be mistaken
| for generosity by one unacquaintcd with
her financial history; but when her bonds
are found deprecated as the natural result
of her course, and it is asceTtalned that she,
contemplating such result, has set apart
! fund which ought to have gone to her
creditors with which to shave her obllSa-
tions thus deprecated, even that charity
which her loving sons ought to have finds
utterance in criticism-not to wound, but
as remonStrance.
The literary fund of Virginia consists
of bonds, &C., to the amount OF $685.
717SS, the greater part OF which IS In bonds
OF the State. the interest whereon Is regu-
larly provided by law, and the income is
largely increased by fines, &C.; all OF which
is devoted to public free-school purposes.
The sinking fund consists Of
PRINCIPAL. Virginia bonds txclu-
sive OF West Virginia certificates. ,9S6,771 90
Arrears of interest due on Virginia
cerI catcs-deferrcd ntcrest...... 2s7,796 %
West Virginia certificates. 2,o23'479 AZ
Total sinking fund. ........."."..S7.659.579 go
Total Literary fund.......... ...... 2,lS3,117 SS
Making o total SO ,S43,297 "a
which is composed almost entirely OF evil
dences OF the debt OF the State, which she
holds rs her own preferred creditor, which
common fairness to other creditors demands
should be treated as cancelled and eNtln-
guished. The small part Of these funds,
which consists OF stocks and bonds OF other
corporations, should be applied, together
with the States remaining interest in inter-
nal-improyement companies and some other
State property not used for State purposes,
at once to the payment of her creditors.
Instead of this large amount annually
from the revenues Of the State which the
creditors are entitled to 60 to swell the
| funds in the one case to support public free
schools, in the other to provide the means
whereby the State buys her obligations, de-
preciated to great extent, as have before
shown, by her own action.
| I have endeayorcd clearly, without I'M
necessary proliXity, and with perfect fair
ness, to state the present status OF our in
! debtedness and the causes which led to our
embarrassment-so of them beyond our
control. and others not. 1t only remains to
be stated, and that completes the account,
that our annual revenues from all sources
now amounts to the sum OF S2,6I9, 339 sc,
of which nearly 100000 is paid in cou-
pons, and that an increased revenue OF from
800, 600 to $1,000,000 is necessary 20 enable
the State to meet the recognized demands
upon her Treasury; and then the whole
mischief is known, and the question arises,
What is the remedy? fear the Legisla-
ture will not furnish an answer. Many
Virginians are indifferent to the subject.
| Others fear that the creditors have learned
| to distrust Virginia's financial plans, and
arc unwilling again to offer compromise to
men who have once accepted such an offer,
which was neither carried out nor fairly
attempted by the State. Butif the creditors
would consider the subject and determine
what the State should do, and would pro-
pose a basis OF settlement with which they
| would be satisfied, there are sons OF VIZ
ginia to whom the honor and credit OF the
State is dear, who feel keeniY her present
position, who appreciate the vital impor-
lance OF credit, who regard the action
herein mentioned as calculated utterly to
destroy 1t, and who especially deprecate
the policy whereby that greatly influential
class who are interested in her schools and
colleges are hushed into silence by the
abundant provision made for their support,
who will spare no effort to stir up q healthy
public sentiment which would fnashor time
comprehend the situation and overcome
Its difficulties. s'ss2
/ know that your acquaintance with
finance and fnanciers, and the earnest in-
terest you feel In the State, as we'll as your
knowledge OF her affairs, eminently hts you
for the task of leading in any movement
looking to combined action upon the part
of the creditors, and invoke your earnest
effort In that behalf with great confidence.
/. With great respect, i am your obedient
servant, CHARLES u WILLIAMS.
The witnesses in the Mississippi case
have been dismissed. The report viii not
ha made until nayt session. z, sTfsfs{ 80. N