The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-20

Kelly duly Teclecteu, uhu 'n0
the Joint order was thus completed.
Adjourned.
Another Interesting Letter from Eng
Land Concerning the Public Debt.
ECorrespondence OF the Richmond Dspalch.I
LONDON, December 3, 1878.
Onr State debt continues to be the subject
NJ newspaper controversy and Of discussion
in nriyate financial circles. Everybody IS
now awaiting with anxiety the message OF
Governor Holiday which is to contain the
recommendations of his EXcellencv based
ON the advice OF Messrs. Barring. Until 1t Is
known whether the Executive scheme IS
identical with or in opposition TO the pro-
nosaIs of Messrs. McCulloch IL Co. man:
hondholders are rcserving their decision as
to which. OF the two plans OF adjustment
they will support. :, j..
Tn the mean time it is abundantly evident
that the English press is decidedly IN favor
of Messrs. McCulloch Il Co.'S scheme. The
Times gives groWl OF thunder ut The Coun-
eli OF Foreign Bondaolders for not at once
ccUpcrating with Mcssrs. McCulloch d co.
It saws: 1T is pity that the office OF the
Council of Foreign Bondholders should so
often be to create division and difficulty
when united action is so essential" This
Is nrctty rough on the Council. but the
DgiIy TcieGaph and Daily NelcS are not
less severe in their comments on that body.
In conversation with the Hon. Ronald Les
lie Melville, Of Mrssrs. McCulloCh " Co.,
Yesterday, congratulated him on having
managed to secure the powerful support OF
lbe press, when that gentleman assured ne
that the plan introduced by his firm had
gained its popularity entirely on its own
merits. and that no attempt had beer made
TO influence the press in IFS favor. Mr.
Melville said that his firm had only one OBJ
iect in view-yiZ., to secure settlement ol
the DEBT, and that their scheme or one SINH
lar to it was the only feasible means OF ar
irving at a satisfactory result. a I1rse
number of bondholderS have already agreed
TO accent tine proposals Of MeSsrs Mccall
loch. provided the Virginia Legislature
takes the necessary action.
The daily papers publish the following
reioincr OF Mcssrs. McCuloch Il Co. to the
letter OF Mr.. Bouycrie, which gave in my
last: ..
"Sir,-We observe in your city article to-
dav letter from Mr.. Bouverie, chairman OF
the Council Of Foreign Bondholdcrs, appa-
rentlv intended as Il reply to the letter from
ourselves to which you gave publicity yes
terlay. Mr.. Bouverie does not answer our
question. but remarks that his committee
have San imperfect knowledge OF the
scheme Of the Funding Association. On
tho oetb instant we wrote to Mr.. Bouyerie
as follows:
nsIo the Chairman Of The Council OF
Foreign BondhotderS:
"sDear Sir,-We have received YOUR let
ter of Yesterdays date. We note that your
committee are fully sensible Of the impor-
lance OF cooperation on the part OF all in
terested, and we would therefore suggest
that, in furtherancc Of this object, we
should compare the two schemes. We VIII
hand you ours in confidence, and will accept
YOURS on lie same terms. II we should be
concurrently striving to promote the same
object, the sooner we ascertain that fact the
better. We regret to see that
you have advised delay without having first
ascertained that any necessity existed for
that course. We are,' &c.
"Two days have elapsed, and we are
without reply.
"Your obedient servants,
II -.... "MCCULLOCH ~ Co."
The Daily Ne,os, in publishing the above
says: "The subioined is another communl-
cation on the matter Of the proposed settle
menc of the Virginian debt, when makes
Messrs. McCulloch & Co.'S case gooo. IL
seems pity that there should De a dlherehce
of opinion over the affair, as DIVISION sinh
nIy pIays into the hands OF the Virglntnn
LEGISLATURE. The Funding Association have
clearly stated what they propose should be
done. and have received, we hear, consider
able SUPPORT. On the other hand, confidence
is asked in another scheme, particulars Of
which are not supplied. So little nforma-
ton having been given to the bondholders
for many months. it is not SurprisnSast strong
effort should be made to remove the matter
from the regions Of inactivity" .r..t.
Today have had an interview with the
Right Honorable Edward Pleydel-Bouve-
rie, the president OF the Council OF Foreign
Bondholders and chairman OF the "Perma-
nent Committee of Virginian Bondhoders."
A word OF two as to this gentleman may not
be out OF place. MI. Bouverie is the sec
ond son of the third Earl OF Radnor and
uncle to the present Peer. In 1914 he en-
tered Parliament for Kimarnock and oc-
cupcd that seat for thirty years-uulil 1874.
He is graduate Of Cambridge and mem
Der of the bar. He has frequently held high
Office in the Government. In 1S5G--o2 he
was Understanding Of State for the Home
Department. From 1853 to 1855 he was chalr-
man OF Committee OF the Whole House
DOSltlUu WHICH, ID pluSt'Sai'f $50 ~
Deputy-Speaker. He has also been vice.
president OF the Board Of Trade, Pay
master-General of the Forces. trea-
surer OF the Navy, president Of the Poor
Law Board, and a Commissioner of Church
Estates. For thirty years he was a fore
most member OF the House OF Commons,
and for twenty five years he was regarded
as one Of the leading statesmen OF the PEI |
rod. Socially and politically there are few
men in England who stand higherthan Mr..
Bouyerie. AS inancier he inherits his |
aptitude for that branch of business from q
long line of noble ancestors, remarkable for
the shrewd management of their estates |
ever since. the first De Bouverie lifted him
self from the rank OF merchant prince to
that Of an aristocrat. The clearinghouse
of Ransom, Bouverie Il Co. still identities |
the Radnor family with the monetary and
trading interests of the nation. a3
Mr.. Edward Peydell- Bouverie is said to
understand the Virginia State-debt ques-
tion better than any other man in London,
and in conversation with me he certainly
showed, wonderful familiarity with the
affairs Of the Commonwe alth, financial and
otherwise. Considering that Mr.. Bouyerie
has been Il minister OF the Grown, the first
thing that would strike nm American in
meeting him islthe fact that5he has none of
that high-toued" MISUNDERSTANDING
him, zWlich distingu ssome,adi the
offfoo3s