The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-24
The Propositions Published.

LONDON, December IL, 1878.
At last the murder is out. The Council
OF Foreign Bondholders have this morning
made known the details OF the scheme for
settling the Virginia State debt which they
approve, and which is understood to be
identical with the suggestions made by
Messrs. Barring &, Co. to the Governor. Al
though this plan is doubtless the one which
was rejected by the caucus Of the Conserya-
tive party last week, it may be well to give
it exactly as it is now before the bondhold-
ers in London for consideration.
The chief features OF the proposed bill
are: 1. "To fund all the present. principal!
and accrued interest OF the debt Except the
one third apportioned to West Virginia)
into four percent. gold bonds, having 1910
wears to run, interest payable in London as
well as America. The coupons on all the
bonds to be receivable per taxes. 8. The
bonds and coupons to beforever eXemptfrom
taxation. The principal OF the bonds to be
redeemed by sinking fund, commencing in
1885. 5. The State to aid the creditors in
arriving at settlement with West Virginia
respecting the one third apportioned to the
latter" f'.'t.'
The financial editor of the Daily Neacs,
commenting on these proposals, says:
"It is, however, not worth while to att
rival schemes, even il there is much differ
ence between them. All that is now neces-
sary to remark is that, after long period Of
inaction, some vitality was impaired into
the proceedings of the council Immediately
Messrs. McCulloch published the Funding
Association scheme and asked for support.
A debt OF gratitude is at any rate due to
these gentlemen for the course they adopt
ed"
Closely examining Messrs. McCulloch &
Co.'s scheme, and comparing it with that Of
the Council OF Foreign Bondolders, 1t will
be seen that the former propose to "scale"
the debt down to about twenty.four mil.
lions net, bearing interest at five per cent.
The Bendholders' Council propose toiieaYe
the debt at about thirty millions, but to re-
duce the interest to four per cent. The &C
tual result in annual charges on the State
revenues is alike in both cases. It is also,
noteworthy that whichever plan be adopted
the State will have to provide no more in
terest annually than is at present payable on
the taX-receiyable coupons on the funded
debt. These are the figures = pis -ts.s4 r.. /.
Funded debt. at present twenty mill ~ - =
lions, ut Six per cent?. @AfSuo'uuo w
Messrs. McCuiloch,s proposal, plac-
millions nee, at 1--WE per cent. In !, 600 200 ~
Bo oerfsei.; Council scheme, pisc.
Ing. The debt nj. say thirty millions aoon no IN
net, al four per cent interest..... 1,%uu,ooV w
tits gratifying, therefore, to see that what,
ever the course taken by our Sc most potent,
crave, and reverend seigniors " In e;Le-
gislature, the bondholders have, shown Ia
gratifying spirit OF Cancellation. These
ssbyIocks !, and g kinaints, " these " hard.
hearted INCONSISTENCIES and "bloatcd CAPT.
talists,a have really great: deal fur
Their towards compromising the debt than
could have been expected. The reason, Of
| this is that everywhere there is q kind feel
I ing towards Virginia in this country, and
| that the plain and straig forward course Of
| his Excelleney the Governor has given gem
leTal confidence. ~ $s.se 4 ~ IF
IL the legislature can agree on nothing
/ else, they had better appoint. the Governor
Land Mr,Speaker --ras representing two Sec
Eti0ns Of tthe conservative party-vt0 come
over here md fix things. they would do
fiS and do IL, 7 firmly believe, TO general
satisfaction ANY how. two more years Of
poiisicsl agitation on the. State dehtis deeply
lfochc depTecatad ST.. ANDREW