The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-02-18

IE-. =
cost n1oney. There are charges for rsnts,
and employ yes. FOR telegraphfng, printing,
ndyertising, legal ard other necessary e1-s
penses which are incurred ,botiiin preiimt-i
nary negotiations aud In the final details Of
carrying out settlements. These expensfs
are met by commission-charge. which sis
usually paid by the. State or mnnici-,
paiity, but sometimes by The bonl1es
holders. In the latter case 1t lis obviously
proper that tile business should be so!coE-
Quoted as to enable the corporations to coli
lect their commission. az
As TO influence and ability to carry
cut their undertakings, that portion of the
inquiry can, perhaps, be best answered by.
q reference 1) to the personnel Of the MAN.
agements; (2) to the work that has been
done. .t.. sf 80 80
The Council OF Foreign Bondholders has
for It's chairman Rt. Hon. E. P.aBouverie,.
M. p. Privy Councillor; chairman OF Com
mittee of Ways and Means in the House OF
Commons. and connected with the direc-
ton OF several leading financial institutions.
The deputy chairmen are % Thomas III.
Wegueiin, Esq, M. Pr, aopartner in the
firm OF Thompson, Bonaer q Co., one OF the
most powerful financial houses in England;
(2) Sir John Lubbock, M. ;iP., of the: :old
banking firm OF Robarts, Lubbock & Co.,
fellow Of the Royal Society. He is
widely known for bis scientific attainments.
Members Of the Council: General Z Sir
George Baliour, NJ. p, chairman Of the
tlCredit Forcier of England; Sir John Rose,
partner OF Morton. RoseYt& Co.; London,
and Morton, Bliss 6 Co, New York--foF-
merly Canadian Financial Minister; Sir
Henry W.. Tyler, chairman Grand French
railway, Canada, and Great Eastern rail-
way, England: Hon., Hugh McCulloch,
and list of distinguished names, too long
to be given here, including representatives
OF some OF the best houses in London. and
men OF high official position.
The management OF the Funding Asso-
citation, United States OF America (Limited),
is as follows: President, Hon. Hugh Nc.
Culloch, ex-Secretary of the Treasury, and
OF the clearinghouse OF McCulloch & Co.,
London; Vice-President, J. Pierpoint Nor.
gan, ESQ, OF the firms OF DreXel, Morgan
g. Co., New York, and j. s. Morgan & Co..
successors to the well-known house OF
George Peabody & Co.. Treasurer, Charles
Lanier, Esq, OF Winslow, Lanier d Co.,
OF New York; Managing Director, Francis
O. French, Esq, Of the First National
Bank of New York. L. Won Hoffman Co.,
q leading clearinghouse, as we'll known
in Europe as New York, Is also connected
with the management.
Three of these houses have been members
OF the syndicates employed by the Secretary
OF the Treasury to refund the bonded debt
Of the United States, and have, as is well
known, conducted to successful issue these
transactions-the largest hitherto known in
the financial world. The other two houses
are of equal prominence although dealing
chiefly In other securities.
The corporations have each an organized
staff, specially selected to attend to Details
whose labors are conducted under the su'
pervision Of the managing boards.
The Council OF Foreign Bondholders has
been instrumental in consummatng mum.
Der OF very important settlements with de-
faulting foreign States, and is now engaged
in conducting others to conclusion.
The Funding Association, United States
OF America, has been employed in connec'
ton with defaults occurring within the
United States, and with satisfactory results
Increased demands are being made upon
both OF these corporations, and their sphere
OF usefulness and influence for good are
being widened and strengthened. The fac1
being that their existence is due to an i'm.
peratiye demand for the kind Of service
which they render, they are the outgrowtt
OF that tendency to division OF labor which
is concomitant OF civilization.
or the importance to States and munich.
palities of employing such agencies it would
be easy to give ample illustration. Mum
bers of communities trying to adjust thel1
debts upon equitable terms have failed be-
cause they did not employ suitable me-
dium through which to reach their credit.
ors nor use the instruments needed to make
adjustment successful. The result has been
Injurious to both debtor and creditor.
The United States Government could Ger.
tainly afford to dispense with such an agency
il any government could; for its credit Is
of the best. But the Treasury Department
with two thousand national banks at its
back, has broken down in its operations
every time it has undertaken to conduct
them without the aid Of those who had
special experience and facilities. The les
son to be learned from this is obvious.
Whatever may be the decision OF the Gen
eral Assembly in regard to the settlement, oil
this they may feel assured: that the propo-
sition now before them means an organized
attempt to refund the State debt on the part
OF responsible men who are accustomed to
and have facilities for such operations.
Submitted herewith are the annual report
for 1877 of the Council Of Foreign Bond
holders and prospectus and circulars OF the
Funding Association, showing the names OF
the managers and the nature OF the work IN
which they are engaged.
We have the honor to be your obedEen1
servants, ISAAC 81. CARKINGToN,
for the Couscll of Foreign Bondholders
e. R. LELAND.
| ..-.. CHARLES S. CARRINGTON,
for the Funding Association OF the United