Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-02-04
Our Richmond Letter.
RICHMOND, Feb. 2 1870.

'lVuhh iiOB way -" VI NSooio'
Ward, Fry and McCulloch, seeing
their shadows, ran back this morning
into their vaults at New York. Their
proposition did not take just like hot
buckwheat cakes and butter. So they
seem to think the winter Of Readjust-
mcnt is not over, and so they return.
But there is an idea, well based, that
this is not their last and lowest offer.
| was present in the final interview be-
tween these august ambassadors from
the golden courts, on both shores OF
the Atlantic, and tile select ten APP
pointed to confer with them. DR..
MoGett asked, "Mr. McCuloch, are
we to understand this as your ultima
mm2" The arch-cunning, exsecre.
tary replied, eve would not like to
say arbitrarily it is our nhimatum, for
we are only proposing what we think
we shall be able to have done, or we
should not undertake it. We only
wish to be understood as saying we
think such terms as these substantially
are the best we can influence our cor.
RESPONDENTS TO take"
So, you see, they may be induced
to do something better. Their Offer
is simply this
70 fund the entire debt Of 90 mil
lions 600 thousand dollars and half oil
the a millions Of unpaid peeler-inter.
est, amounting all told to little over
81 millions, into bonds with tax,
receivable coupons to run 10 years
S years at 3 per cent, IS years at 4
per cent, and 10 years at S per cent.
On paper the average is four and
one.eighth per cent. For the five
years rest on one per cent. we are al
the end of thirty years to pay them
back ten years, or double the time, at
one per cent. extra. Really we shall
not have been much more than
snugly warm in bed at rest on that
one per cent. until "our friends the
enemy" will tap us on the nose and
call for their four per cent, 1t is true
the let up on this one per cent. would
relight the Free School lamps in the
State, but we would not have them
much more than in good operation
until, in 1884, their 1880 thousand
dollars Of tax.receivable coupons
would snuff them out again, Mark
you, 1900 thousand dollars have 1oso
snufred out three out of every four Of
them, and 1850 thousand would do so
in 1884.
TO accept this offer puts us in for
this coupon business again, for tie
bondholder holds to his coupon with
the grip Of eternal desperation. II
we concede It we get nothing except
this concession Of one per cent for S
years. No man in the State is more
thoroughly committed against it in
conscience, IN judgement and in pro.
fession than |. II has choked out our
schools and our asylums and | am free
to say will never consent to stop my
war on II unless can get something
in return for il that will repair the
damage il has done. God knows
what il may do hereafter but Il shall
not have peace so FAR as am concern.
ed until II docs permit lis past injury
to be repaired, should like never to
lie down IN peace with IL at all, but ]
doubt whether | should permit sen.
temen,al opposition to prolong a war
upon Our schools and usylums, filed
ms they arc with accomplishing infan.
cy and dumb manhood, II ! could get
substantial terms that would SCR these
great charities at work again through.
out the State Hut this proposition
lqpi@jns no such compensation, Il
JJssJeduee the number Of these dam
D. lie death dealing coupons by about
,pslA " ogeo tM .-lolhi Loo il