Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1881-09-20

do not know,-I dare not guess,
For hearts are like the uncertain morn,
And ere the thoughts, now rife, grow cold.
My heart ON thee may turn with scorn.
REIMBURSEMENT and Foreign Capital.
One of the largest manufactures In
Richmond sends us the following letter
for republication. 1t is worthy of the
attention of the people of Virginia. 1t
tells what British capitalists think OF
Mark the reason DIR.
Houghton gives for the faith and cour>
age" of the British capitalists who have
recently invested money in Virginia. 1t
was because they learned whilst in this
State that the best people were in favor
of paying the State debt. Daniel. Bar
bour, and Mckinney, and all of our
speakers, will find this good docu-
ment for use in their speeches:
RoCKBRIDGE ALUM SPRINGS, i
August Is, 1881.
To the Editor of the Lexington Gazette:
Sir,-I find there Is difference OF
opinion amongst parties in this country
as to the effect which reputation of the
State of Virginia has had, or is
likely to have, on the development of
the resources of this State. therefore
beg to offer few remarks, the substance
of which it may be well for the owners
of property and those persons interested
in the opening up of the resources OF
the State 10 think over as coming from
an Englishman having no personal in
terest one way or the other.
Twill begin by saying am share
holder and director of two large corpo-
raticns in this countryside one coal
mine in West Virginia, the other the
Iron and Steel Works Association of
Virginia, which has recently purchased
large estate in this county, and are
now actively engaged in constructing
iron ore banks, &C., and also in the con-
struction of coke~ovens. I do not own
any Virginia State bonds, nor am per-
sonally acquainted with any one who
does. Nevertheless, I have attended
meetings of Virginia bondholders in
London, and know the strong feeling
which prevails there on the question of
reputation.
when the Iron and Steel Works As
socistion of Virginia was about to be
formed in London last February, we,
the directors, determined that it should
be f1oated entirely as a private affair
amongst our own friends, and should
not on any account appear in print in
any of the newspapers, well knowing as
we did the fierce and powerful infiuen-
ces which would haye been brought to
bear against the enterprise by the
"FOreign Bondholders' Association,
assisted and backed up by public opinion
the press, and all financial corporations.
To this privacy in the initiation of this
concern is it's success to be alone attri-
buted.
It may here be asked how it came that
our English friends had faith and cOur-
age enough to invest their capital in
Virginia? The answer is: The gentle
men to whose personal influences the
success of raising this large capital is
due have been in Virginia and spent
some time here last September. While
in Virginia they gathered the prevailing
sentiment amongst all respectable citi-
zens to be entirely in favor of paying
the State debt honestly, and they are
still of opinion that in the end this
policy will be adopted.
The riches of this State in minerals
is known in England. In England mill
lions of pounds sterling are lying idle,
seeking Investment at reasonably fair
interest. Nothing has, hitherto kept
this capital from flowing in this direc-
ton except that want Of financial con-
fidence which has hung like pail over
this part of the country for years. ~
The ForeigA Bondholders' Assococia-
ton, which is now such thorn in the
side of Virginia, will be the first to come
forward and advance the interests of
this great and rich State (rich, I mean,
In its yet undeveloped resources) when
once Virginia comes to the front as q
debt-paying and not as repudiating
State.
Honesty will still be found to be the
best policy, and if no higher incentive
than personal gain is to influence the
voters at the next election, this one
motive should of itself be sufficient.
I beg in conclusion to state that per-
sonally, or as representing other par
ties, have nothing to gain by the
State of Virginia paying her debt. We
have no lands to sell, therefore an in
crease in the value of lands will not Rd-
vance our interests. Our capital has al
ready been found amongst our friends,
therefore we have nothing to gain by
improved State credit; and as to the
general opening-up of the country by
English capital, it is clear that COM
petition would not serve our purposes
too well. "a
Something, however, is due to the
cause of right and wisdom. and I offer
this as my contribution thereto.
remain yours truly,
HEN. GEO. HOUGHTON, M. D.,
Grosvenor Square, London.
Now at Rockbridge Alum Springs.