New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-05

amount One-tlru li31l OIL the lOua
until SIS .000, 900 have been retired" The purpose
of this was to prevent the Peelers from being wholly
funded or, indeed funded at all. unless twice as
many consO holders could be induced to come IN.
To this extent the injustice to the eeler holders was
perpetuated 1t the subject of vigorous protest
on the parof the represent aves of the bOndholders
but never from any source was there given inc
slightest encouragement that better terms would Tor
moment be considered
The sympathy for Peeler-holders, now feelingly
expressed by the Readjusters. found no expression
then. Numerous amendments to the bill were Of
fered, some of them in good faith Others simply OBJ
structive but took the form of just relief for
the holders of the unsecured bonds While this bill
did not ought to have been the case. wholly re-
leve the Peeler-holders from the disadvantage I'M
posed upon them by former unjust legislation. it
greatly bettered their condition and eagerly
accepted by them. They in the position OF
second mortgage bondhoders, and were forced 10
buy out make terms with the holders OF the prior
liens. Both methods were pursued some went INTO
the market and bought oOnsols, others made sucn
concessions TO COnsol-holders as enabled them TO
fund together and the price OF Peeers advanced
from "a to 40 cents on the dollar The weight and
influence of the associations, so far as they could be
exerted were exerted in favor of the Peeler bonds
The endeavor was made to secure for them
bonds in the new ten.forties. they were Called
and, for the most part, this figure was obtained
But COnsol-hoders felt secure. and long years OF
waiting without any recognition had made the
holders Of Peeers eager to convert SO that i'll many
cases they made greater concessions but few II In
deed any, realized less than 90 cents IN new bonds
for their old ones. Neither of tho associations
through whom the funding was done ever maze
terms for either class of bonds. AS every circular
issued will show, tenders were invited from the
holders of both classes Of bonds aud so far as these
offerings could I've matched 1t was done and new
bonds were delivered tn each nj the rates liked by
the depostors. If their views could not be met
their bonds were returned without charge There is
not to be- found the holder of Peeler bonds who
funded who would be willing to Resume his former
pos,tion and 1akc back his old bonds the sole secur
~ of which now seems to be the faith and honor Of
the ReadiusterS If such there be. he can find
parties who Will gladly make the exchange and pay
him a handsome bonus. The charge made by the
associations for conducting the operations of fund
inr was per cent, from which was paid broker
ages agents fees and other expenses so that the
net rate realized was something less than three
eighths Of per cent land this was the sole source
of uro6t Never was So hard aud difficult work done
by responsible parties for 80 small considerations
II Is not true rs has been charged that my asNoc-
atrS or agents uutItu - ''hA'' VI any '' lNN
for bonds when presented. Their operations were
limited AS above described. BIT it Is idle TO waste
time IN detailed drnlals: the silly and malicious
talk about the motives. methods and gains Of the
associations ~ absolutely false, and is known to DO
50 10y many of those who are responsible" for 1t.
Under the Act oi Marco -. 1879. the funding was
carried on ), rapidly th4 over eight millions of dol
lars were converted in r. first tiy" months. winch
very considerably REDUCED the burden Of I'll" debt.
Had the reminding been allowed 10 =" on, II w"nld
have. been long completed. and 'hc annual IN
tcrest charge would have been $96o0OO instead OF
1IGlO 79l a, II now Is. II was shown coucuNycly
M the tmc IF tin, settlement, by figures which can
be reproduced and cannot be coniroycrted. that,
without ucrcl-In. the revenues OF the state the
EXPENSES of the Government and the demands O tho
ec.oo iund could hr met, th" interest on The debt
pad and a handsome surplus LETT 10 BE- applied 10
the reduction of the principal Of the debt
RrrrprArIox AND TIE EEADJUsIEEs.
This J., the measure which General Malone de-
nominees rs a bfohrG-' job" Brokers. IN fact. had
nothIng to DO with bringing 1t about or carrying
iuto effect. " The Council of Foreign B'nbh"lo'Is
of London consist, Of many Of the leading
merchant, and bunker, OF that city; and Such firms
a, Drcxel. Morgan y CO., Wlnslow. L'nrr " Co"
l. Van Hoffman a Co.. member, OF which firms
coIl,o "A majority OF the slockhodcfa and directors
Of tLc Funding Association OF N""-lnrk, are
too we'll known and strand too hlgil. 10 need dr'chce
from any one The prevailing sentiment among |
large Irai ,rty OF tue best mon Of Vagina IS that
having done ali in their power 10 deprive the state
Of the benefit, which would have resulted from the
orcrtion- of this Act, for personal ends ana having
won them the RradjusteIs shrink from bearing the
nam: by winch alone their can he fifty de-
-criled and seek to evadc It by abuse OF the Fund
cr, ana Misrepresentation Of the action OF the Assoc
ca,lons winch under ook tine settlement of the debt
Their INTERPRETATION of honest drbt-pdyIng Il:
~. That with a valuation uuduly reduced by Re |
adustcr asses-0Is III the rate OF taxation
can be allowed; that IL to say, there must be no ex
ertIou to pay.
On, That from the revenues derived the ex
pensrs of the State Government must be paid.
49, That the demands Of tho schools and colleges |
must be met IN full.
a. If There is anything left, the creditors can
have II.
If this be not reputation the word has lost its
meaning The simple fact 49, that the lteadjusterS
have deprived the State OF aD opportunity to adjust
her debt upon easy terms, such will never again
Le offered and in doing 81 have caused her heavy
direct losses aud indirect injuries that cannot DO
oyer-estimated. They now threaten TO continue the
work of reputation Nv uakug valueless the tax re-
ceivable coupons, unmndfu of the fact that the
matter will not with them so long AZ there arc
creditors to demand then rights aud courts to uphold
them Nor will their plea for free schools avail
them If the Act OF 1870 lad not been annnlled the
present revenues of the state land without an in
crease of taxation. they will day by day rapidly in-
creased are more than sufficient to pay the interest
on tho entire debt If it had been funded under the
Acl of 1879 to support the state Government and
sustain the colleges and schools If this were not
80 lam unwilling 10 believe that mon III whose veins
Old Virginia blood still flows would consent that
ne .ducatIou of Virginia children should DO at the