The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-30
Another Plan for Settling the State
Debt.
LYNcHBuRG, Va, November %, 1873.

LYNCHBuRG, Va, November %, 1878.
Editors of Dispatch: The state-debt
question should be satisfactorily
settled. It's weight Is heavy and Increas-
ing-its continued agitation has damaged
greatly the interests Of our State and ztur-
nished ground OF division among our peo-
pie. say, then, that all will admit the
propriety and necessity OF satisfactory set
Element. Can this be done; and il So,
how I believe It can be done, but not By
any present law. The existing law is an
utter failure, involving the consent OF
three fourths OF the holders OF the consols
having tax. paying coupons as preliminary
to funding measure which is condemned
by every business consideration. No set
Element has taken place, or can take place,
under this law. Let Us dismiss it, for 1t Is
dead letter.
The only plan that gives promise of prac-,
tical settlement, as far as can see, IS to
consolidate the entire debt OF the State into
one uniform class OF bonds and pay four
per cent. interest on them free Of all tax.
Make the bonds non-taXable by the State
and the corporations thereof, so as to invite
home investments. There is no denying
tie fact that this debt weighs heavily upon
the people. There is mountain Of debt and
taxation upon International. State, munich
pal and county, northumberland there is not
that prosperity in the land to lift it. me
scale Of satisfactory settlement mast ,6e
struck 5ettoeen debtor and creditor By their
mutual interest, else the result will be dis
content to the one and damage to the other:
aud the people, in the sovereignty Of con-
veution, will, under the maxim that "ne-
cessity knows no law" reverse the adage
that "where there's a right there's
remedv.' Hence, viewed either from ill.,
terest or impartiality, this question must be
solved and settled by concession and COM
promise-such settlement as will regard
present reality, as we'll as past and future
requirements, with due Difference, and bear
no CRATE OF enforced harsbness nor OF
slammed satisfaction. In short, settlement
that shall be fair equal, honorable, Yolln-
tary, aud final. No one familiar with this
question in all its aspects, dare say, will
deny this true basis OF settlement.
Now rs to the settlement
Assume the debt of the State as Of jan
uary, 1879, at S35 100000. Say that two
thirds OF this debt has taX-receiyable cou-
pons and one third has not; then in fund
ing at four per cent. interest, let the party
funding bring in two thirds OF the amount
in consols. with taX-paying coupons, and
one third in the non-taN-paylng bonds, or
such stated proportion rs may be ascertaln-
ed as outstanding, and let this funding be-
gin upon the passage OF the law, and l be-
lieye it will cause the funding OF the entire
debt. Calculate what the market cost of
this new four-per-cent. bond would be at
present current rates, allowing for accrued
interest due January, 1879
Two thirds of. new four-prr-ccnt. nd, from
siX-Dcr-cent. conSo. with taN-DayinG cou-
pons at hfGy-sercn cents Oh The dollar. 80
would cost -, 9ooo
One third OF new fonr-per-cent. bond, from
siX-per-cent. bond. with mountaineering In.
would cot o. ..n. l2o