The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-01-20

existed. were essential to Its success. Tn
first was the ffiiux Of ten years OF time iron
the fst day OF July, 1911; and the the sec
| ond general Improvement In the fnancIa
condition OF the country, Both are now o
hand. Some Of your readers may be dis
posed to Inquire what has the efilux Of tim,
and the advent Of the 1st OF July. 1881, Il
do with the subject? A little consideration
OF fact which seems altogether to hay,
escaped public notice will show that II ha.
q great deal to do with il.
III your readers will turn 10 the Code o.
1873, page 4U0, they Will find hat by section
3 OF the funding bill OF 1871 It Is provided
that the "cousOl" bonds, with interest
bearing coupons, are all required to beai
date OF LIST OF July, 1871, and that they ar,
TO become due and payable in thiriy.fouI
years from that date, but are redeemdbte a
the pleasure ofthe State after TEN YEARS
FROM THAT DATE. In other words, these
bonds are not, a. generally supposed, tbir
ty-four-year bonds, but 10 "a bonds, which
the State NAV, II IT chooses, redeem on the
lst OF July, 1881 or at any time thereafter,
without any violation OF the letter or spirit
OF her contract.
This is most important fact, and yet IN
all the discussions which have taken place
|
in the legislature, in the press. and in dis
cussions before the people, have not OBJ
served the slightest aIlusion to it.. In my
judgment, II our people can be induced 10
act together, describing all mere party con-
siderati0ns and looking only TO the welfare
Of the country, it opens the door TO an
honorable, satisfactory. and practicable set
| Element Of all our difficulties without en-
failing serious burtbens on the taxpayers.
| Let us now consider the mode IN which it
can be effected.
| II is obvious that IL the State can reestab-
lish her credit on a sufficiently firm basis to
| be able TO "float - debt OF thirty millions
OF non-taXable per cent. bonds, the whole
matter could be settled at once, as she
would have the means OF paying off all her
| present obligations, including her per
cent. "conso" bonds. which, as | have
shown, she has, according to the terms OF
the bonds themselves, the uDquestionable
right 10 redeem on and after the lst Of July,
1881. But 1t Is equally clear that it will not
be necessary to a" float" a loan to the full
extent OF thirty millions OF dollars. The
holders OF the classes OF bonds known as
the "peeers," and the remnant OF old un-
funded bonds, which together amount TO
about ten millions, will gladly accept
nOn-taXabe bonds Of the new issue
in exchange for their Old bonds, as
they would be large gamers by the opera
ton, and partial, though somewhat tardy,
reparatiOn would thereby be made to them
for the wrong which they have been COM
PEELED to endure. This would dispose OF
those two GLASSES Of bonds in an equitable
manner. and would leave only the twenty
millions OF "consOl" bonds to be adjusted.
think il more than probable that many OF
the holders OF these bonds, in Orderto avoid
future controversy and uncertainty, and to
save the commissions to brokers and DELAYS
incident TO the sale OF coupons, would be
willing to make a similar exchange OF tax.
receivable coupon bonds for bonds OF the |
new issue. Ii so. that would reduce the |
amount OF the bond, to be "hOated," to the |
extent that the exchange could be effected |
But assuming, for the sake of argument, |
that am wrong in this expectation, there |
would be bur twenty millions Of the new |
bonds to be sold with the view OF redeem
ing the "consOl" bonds.
Is this practicable! We have seen that |
the House OF Representatives, by large
majority, have within a fevAlays, after full |
debate, passed a bill for floating a loan OF
S6jO,00 900 Of 3 per cent. bonds with a
view to The application OF the proceeds to
the redemption OF the and per cent.
bonds now outstanding. 1t is true that
some members insisted that the rate of IN.
terest should be increased to % per cent,
but the large majority favored per cent.
Now, if the United States can readily bor-
row money at 3 per cent. is it unreasonable
to presume that Virginia, for similar OBJ
iect, could borrow $40, 900 on long bonds
bearing per cent! Ii she cannot it is
because by our yaccillating policy we have
impaired our credit by dragging our State
finances into the arena OF Federal politics.
But do not believe that the world has yet
lost all faith In the honor and integrity OF
1t appreciates the difficulties by
which we have been surrounded, caused by
the deyastations OF the war and the uncer-
faintics incident TO our transition from the |
OF military district into that of a
free and equal member OF the bright galaxy
OF states. Ii is apparent 10 all men that
il now standing on firm ground,
and that she Is about entering on new ca
reer OF unprecedented prosperity. Penn
sylyania, Maryland, Illinois, and other
States have, in other days. and from causes
Of less magnitude, been compelled to make
default and seek indulgence from their
creditors; but all that has passed away, and
their credit is now firmly reestablished. so
Il will be with Virginia. She has only TO
show her purpose to fulfil her obligations
with honesty and fidelity, and Il helping
band will soon be extended to her. The !
present dsorganized condition OF her !
finances is an obstacle 10 the advance OF the !
general welfare OF the country, as well as {
llndrance to her own growth and prosper I
ty. The people OF other States VIII, there
ore, have an interest in aiding her in the (
'estorarion OF her credit. I
But 10 accomplish the great purpose :
which we have in view it is indispensable =
hat we shall be Il united peOple-that we :
ball lift the debt question out OF the arena .
If politics, with which 1t has no legitimate
and treat ii as a business mat =
er. which yitally affects the interests and y
Welfare OF all men Of all parties. I
Can this be done? Why not? Is the .
pirit OF patriotism dead in ouI State? Do !
he majority OF our people believe that the
nteress OF the Commonwealth should be |
eld subordinate TO contest Of parties?
annOt think so. n
How is this union OF the people OF Vir. +
,inia with reference to this issue to be ac- +
The mode which has suggest :
d itself 10 my mind is this Let the leading Q
representative men OF the Republican and 4
Conservative parties meet together in Rich y
lond at an early day and confer, and agree il
D hold Joint convention OF the two par /,
es to take this specific question into con- {
Iteration rs one which belongs to neither d
arty, but affects equally the whole people. V
cann& permit myself 10 doubt that men n
Ike W. G.. Wickham. Franklin Stearns :,