The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-03

Let Us Settle.

The propositio of the Council OF Foreign
Bondholdcf and the Funding association
81 Tho United States Is Published an full an
our columns this morning. Il IS q liberal
one. Is il 10 substance 40 offer % accept = 9
per cent. for b years, Tor % years, ana " 2
Tor il, wears. Il allows DIS 10 pay sie smallest
rafe suntil times are better and the larger
rates when We are more able. IT relieves
I me State d, ono-haii o. tho present aggre.
gate Of interest for 3 years !; OF one third
81. Il for the next 2E years, and OF one.sixf:ii
d, it for the next 10 years or, TO state u
differently, it relieves the State Of SOC, guy
per annum for the first years; S600seoo
r,er annum for the next % years and %
100000 per annum for the last 10 years.
Is NOT that d liberal offer : Will any legis-
lstor refuse ii who eaIIy desires TO settle the
debt question and longs for the return OF
T prosperity to Virginia? Shall we not have
pence on this subject? Shall we not take
this disturbing element out OF our state
politics? viii the people bold any man
cui,t,ess who fails TO avail himself of this
generous offer, and to strike OF at single
blow one half Of the interest account that
now presses down upon the shoulders 81
the old State
The new proposition adheres to the tax
receivable eoupons2 OF course it does.
The creditors could not be expected to sur
render SO large part OF their just claim to
interest and also surrender the tax-receiYa-
bile coupon feature. The objection to it is
merely sentimental practical--that Is,
il we provide q sufficient revenue to pay
the Comparatively small annual interest
which will hereafter be due by the State,
no man will sell coupons when ne can 60
to the Treasury and get bis money for them.
The coupons are to the State what green
backs are TO the Federal Governments
mere promise to pay money; and IL the
State pays her interest promptly her cou-
pons might pass at par for money. The
United States Government will no doubt
hereafter allow her revenues to be "inter-
cepted'' by her greenbacks; but will not
feel that it has surrendered its "soye-
reignty" in SO doing, seeing that
the holders OF its notes can go to
the Treasury and get gold for them,
Just as Virginia's creditors can take her
coupons to her treasury and get the money
for them If we are wise enough to close in
with the magnanimous offer Of our credi-
tors. AS to that matter, Virginia may fol-
low Georgia's example and print Der new
coupons in the similitude OF bank-notes
or grecnbacks, and thus facilitate their use
as currency, and at the same time indulge in
little llcalthy g imitation" We agree with
Governor HOLIDAY that there can no good
reason be given for not issuing new taxs
receivable coupon bonds. We have them
now, and they bear 6 per cent. interest.
surely, we cannot be damaged by substi-
tuting like bonds bearing per cent, or 4,
or5. The objection, we repeat, is scnti-
mental, not practical, and ought not to in
fluence any legislators mind fora moment.
Again: The State will have the right to
redeem any Of her bonds at the end OF ten
years. So she will only have to pay per
cent. for five years, and per cent. for five
years, il at the end OF ten years she shall
restore her credit ana become rich and pros
porous.
The due and unpaid interest is to be
funded at the rate OF fifty cents on the dol
lar. We say nothing as to this feature just
now, except that it ought not to be con-
s;dered OF sufficient importance to defeat
the scheme.
We may make the same remark as to some
others Of the details Of the new plan for
funding the debt.
But, taken altogether, the proposition is
one that should not be rejected. Its accept
ance by both the State and her creditors
will put q new face upon affairs in this
Commonwealth. and enable her TO show
that
There Is life IN the old land yetn