The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-08-31

=. az q ~ Isfsess uasnlsselutefs 10 Rich.
msud .ens.s d the fol:pvine lester for ss'
rnblles.ion. i, As worthy q the attention
a the people Of Virginia. II ttlls what
nr,,tsh eapisasis!s inInk o. population.
MARI he rsasoa Or. Hou0uroS gives Tor
the ~faith ann courage" 81 the British
oapifslIsss who have recently Invested
money ir virginia. It was bfcanse they
eesrned whilst 10 this State that the best
naopIe were in favor o. paying the slaie
DEBT. DAxisL, BARBOUR, and hckiSSsf.
ana All Of our speakers, viii End this COCO
aocumen, FOR use To their speeches;
RocxgamoE ALUM SPRINGS,
August IS. 1881.
TO me Editor Of The Lexington Gazette;
a,r II find there ~ difference Of opinion
.c,nnost nsrtIes 10 this country as to the ef.
sacs vrhIch repudlation OF the State debt OF
vir InIa has had, or is likely 10 have, on Tue
develonment OF tbc resources OF tbs state.
therefore beg 10 offer few remarks, the
suhsiance Of which II may be well Tor the
owners OF property and those persons in-
teresied In The opening up OF the resources
Of The State 10 think over as coming from
an Engllshmap having no personal interest,"
one way or the other.
| will begin by saying sm sbarenoloeI
and director Of two large corporations 10
ihis coun,ry-the one q coal'mne IN west
Viroinia. the other the Iron and Steel
Works Association OF Virginia, which mas
recently purchased large estate IN tnis
county. and are now actively engaged I'D
constructing railroads end iron furnaces,
onenipg I'D iron-Ore banks, &c, ana also 10
The construction OF coke-oyens. 90 Dol
own anv Virginia State bonds, nor am
nersonslly acquainted with any one VINO
does. Nevertheless, ] have attended meet
ines OF virginia bondholders IN LONDON,
and know the strong feeling which prevniIs
there on the question OF reputation.
when the Iron. and Steel-W0rks Associa-
Hon Of Virginia was about to be formed ia
London last February, we, the directors
determined that il should be tloated entirely
as private affair .amongst our own 1riends,
and should not on any account appear 10
nrint in any OF the newspapers, well Know
inc as we did The fierce and powerful in'
euences which would have beeo brought TO
hear against the enterprise by the "Foreign
BondhOlderS Association" assisted ana
backed up by public opinion, The press, ana
ali financial corporations. To this privacy
IN the Initiation Of this concern Is lis sue
cess to be alone attributed.
II NAV here be asked how II came that
our English friends bad faith and courage
enouoh 10 invest their capital in Virginia
The answer Is The gentlemen to whose per-
sonal influences the success OF raising tnls
large capital ia due have been 10 Virginia
and spent some time here last September.
While in Virginia they gathered the pre-
yaihng sentiment amongst all Respectable
citizens TO be entirely in favor OF paying
the State debt honestly. and they are stlll OF
opinion that in the end this policy VIII be
adopted.
The richness Of this State in minerals is
known In England. In England millions
OF pounds sterling are lying idle, seeking
investment at reasonable fair interest. No
thing has hitherto kept this oapith from
flowing in this direction except that want
OF financial confidence which has hung ike
q psll over this part Of the country for years.
The Foreign BOndholders' Association.
which Is now such thorn ia tue SIDE OF
Virgins, will be the first TO come forward
and advance tue Interests OF this great ana
rich State (rieh, mean, in It's vet undeVel-
oped resources), when once Virginia comes
TO the front as debt-paying aud Dol as a
repudiaiiug Safe.
Honesty will still be found to be the best
policy, and il no higher incentive than per-
sonal gain is to Influence the voters at the
next election, this one motive should OF IT.
self be sufficient.
/ beg in conclusion 10 state that PERSONAL
lv, or as representing other parties, have
nothing to gain by the State OF Virginia
psying her debts. We have no lands TO
sell, therefore an increase in the value OF
lands will not advance our interests. Our
capital has already been found amongst our
friends, therefore we have nothing TO gain
by improved State credit; and as to the
general opening up Ct the country by Eng
llsh capital, 1t is clear that competition
would not serve our purposes too well.
Something, however, is due to the cause
OF right and wisdom, and offer this as my
contribution thereto.
remain vours truly,
HEN. GEO. H0UGHT0N, Nj. d.,
Grosvenor Square, London.
Now at Rockbridge Alum Springs.