Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1886-11-20

,nentof taxes. Stated briefly, this
proposition is an offer to accept
snch RATE ntinterest on the lirilcl-
pail and overdue coupons Of the
bonds Sin question. aggrcgatinS
about S25, 632, 900. as can he paid
with the present surplus of re
State treasury, after full provision
has been n,atle for certain specific
Objects name y, the general expcn-
SEES of government as nnw appor-
tiomwlsl,y law; the expenses ot il'r=
free schools as now provided To-;
Tho amount. required To pay Hitter
,st OH Tie l.ildleherger IS. Accord
ing. tu.lils plan operations under
the Ri,ldlel,ergel act Moull be slls-
pended, and new bonds without
tax receivable coupons would he is
sued, to run forty Years if The State
So desires, andlo nc re'lccnable ut
HE pleasure of HE State. lisisnot
designed, however, To surrender
the old bonds with their tax recelr-
able coupons in exchange Tor the
new. The old bonds are 10 he de-
posted with Il trnSt company in
New York or BALTIMORE, and The
company, when II halt years utter
terest on the new bonds shall have
been paid to it by the State, will
cnt off Tie haf years coupons from
The old bonds and deliver them to
the State. Should the State at any
time fail to pay the interest fallen
due on The new bonds, the tax.ie
celvable coupons could agaillsbe
brought Into tile field, as at pres.
cit, to intercept the States rcye
nueS. For the State the adranta-
ges of the proposed arrangement
would be The cessation OF coupon
suits SO long as the Interest or the
SIS 100000 OF new bonds was
promptly met, ard the certainty
that there will hereafter he no need
to increase taxation 10 mect-iilter-
est OH the State debt. The prlnrl
pal OH the debt would, it is irlle.
from tue readusier's point OF view,
be increased, as the plan recognizes
as v;rlnl the gross amount "I Tue
conSol and McCnlloch bnn'iS. and
imposes a fresh obligation To pay
it, together witliintereSt OIL l,0O0-
Goa Of over dEr coupons. but the
TAXPAYER is in no event IT. be called
upon IL pay more than Il given sum
annually in the way Of INTEREST
Nor is lie to pay less. II The State
sees fit To increase its expenditures
Tor general purposes ui government:
or Tor tnc punlic >cnooiS, II VIII
have to Increase lis rate vi 6aX :
non. The alnonnt to be paid SEMI
annually into Tie hands ui the Trust
conllmny is Fixed aud invalltOie.--
What would De the status oi lie
new bonds wlirn the 'ld have ma
tlired aud the lax rccelr"oic cutl-
pous nave all been eXiisns'cd' Is
nor stated. I've oiie, vi Lie bond
holders looks ike a conces>ion.-
Thciy 3ousolS at present bear % per
cent, their McCullochs per cent
but they are wiling, it may be IN
TERED, to accept ii little over : i'cf
cent. on tber So, OGO.0OO III cldlls.
The ANNUAL surplus OF he State,
which is at present devoted to me
purchase Of Ri1ldlebelger is, II Iii
vlded as proposed among the bond
holders, would give them, II Is eSil
mated, about HAT rate OF interest
Whether the people OF virginia, al
Ter having declared through the
platforms vi both polItcisi parties
!, that the Rlddlcbergcr bill shall 6e
re fiiisil SgTIltIiJilt; ii Tie uttS
viii icce.ve with Open
less of mind any new scilen c, how,
involving tlIe recog-
ltiou OF the validity ot The total
mount. of tile cou,olS aud McCul-
och bonds, is dis YET uncer,itlli. a
number vi Virginia
,aperS OF bvlh parties receive the
Outlined above with ia
,ol, their objections to il, il any,
applying to details. The volcrS may
II The end come around 30 it, but
81 Pm,