The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-24
I LONDON, ecerl1 Der y, 1878.

So LONDON, DeceHbpry, 1878. s.
Editors Dsspdtcls. Private cablegrams
received here to-day from Richmond state
That af d CAUCUS OIL the ConseEV aftye party
tie H;bondhol ders' schemen has been re
.fected ON account of certain ! |" bnoxieus
clauses. In the absence OF more dehnIte
information it can only be surmised What
particular scheme II is that has oeen con.
demned By the caucus. The Conncii OF
Foreign Bondhoiders have no definite ad-
vices from Virginia, but state that they are
ready to cooperate with Messrs. Barring In
carving out the Governor,s recot1n1en-
dations. What those recommen datlons
are the Council at present decline 10 dis,
close: For the past ten days the Councif
has been constantly called on In the press TO
explain the details OF their scheme, but this
they absolutely decline to do. The Secre-
fary OF the Council Informed me to-day
that particulars cannot be honorabiy pup
IIshed before the Governors message is re-
:ceiyed here. ies ~. t.l:iy
+ Messrs. McCulloch IS Co., onsithe other
hand, state distinctly That their proposals
have nottyet been before any Conservative
caucus, but that they have received assu-
RANGES from large body Of bondhoiders
approving their met bod OF settlement. The
plan advocated s;by Messrs. MeCulloch' d
Co. ia so extremely favorable to the Com
mpuwea|th that it difficult to Imagine any
objections to it in the Legislature, provided
1t were certain that the bondholders would
accept the terms offered. That is the only.
real uifFlculty,iaRd everything depends on
the atti tude Of Messrs. Barring IL Co. The
Legislature may pass hundred bills fol-
lowing that OF last session, but it cannot
compel the bondholders to accept any one
OF them. The true policy would therefore
seem to be-. If the suggestions made by
Messrs. Barring &, Co. through the Governor
are for Just reasons inadmissble, to endeavor
to ascertain whether Messrs. Barring & Co.
are willing,.to give at least tentative sup
mort to Messrs. McCulloch 81 Co. Ifithat
were assured the bondholders on this side
would undoubtedly. comeinto line.
: It will be terrible calamity to- the State
IL in the multitude Of counsellors the whole
idea OF settlement should come to GRIEF.
Nothing can be done in England to secure
investments In Virginia until the State-debt
'bugbear is out OF the way. Strange as 1t
may seem, the recent great bank failures in
England and Scotland-not unlikely to be
followed by others-have disposed the
minds Of great many persons OF small
capital towards emigration. Mr.. Holmes,
Of Birmingham, who has done so much to
furnish Immigration to Virginia in years
past, thinks a great deal OF capital and en-
tetprise could, under favorable circum-
stances, be directed to Virginia. This opin-
ion is, I believe, correct; but for myself, !
find any movements may make in favor OF
our State. Blocked by the condition OF the
State debt. Ii the Legislature again adj
iourns without final settlement the. State
will have two weary years Of calamity be-
fore her.
So LONDON, December 10, 1878.
This morning the financial editor OF the
London Daily Meas publishes the following
remarks:
"Messrs. McCulloch G. Co. notify that
they are now prepared to receive, on behalf
of the Funding Association OF the United
States, the bonds OF the State Of Virginia, to
be funded in accordance with the four-per-
cent. plan. In connection with this an
nouncement we believe that we are right in
saying that advices have been received from
Virginia fully justifying the course now
taken by Messrs. McCulloch. 1t may be apro-
DO to remark that, owing to the lnactlon
Of the holders some few years back, about
ten million dollars Of Yirginian bonds have
since received no interest, while the holders
OF the twenty millions remaining have,
through their prompt action at the time,
been getting about four per cent. interest.
This seems good cause why bondholders
should not let slip the opportunity Of aid
ing and supporting. practical plan OF set
Element such as that initiated by the Fund
ing Association OF the United States"
Doubtless the editor means that four per
cent. is the net interest received by the
holders OF that portion Of the debt whichls
funded at six per cent. e., after the in
have been "shaved - in pro-
cess of collection. ST. ANDREW.