The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-23
The Virginia State Debt.
~ Ne Reople III Tirqinia

To the People Of Virginia:
AT a meeting of Virginia BOndhOldersi con
vened by the Council of Foreign BondhOldefs'
and held on Friday, the 24th OF september
1856 at the CannOn-street Hotel, London,
the following resolutions were passed unahi-
mOusly:
THAT this meeting deplOres the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, ana, Whlle
asserting its steadfast determination not 10 ac-
cept the Riddeberger settlement, whlch, III
view of the admitted ability of Virginia TO set
tie with her creditors. and the sacrlhces they
have already made on her behalf, II considers
dishonest and unjust, hereby expresses ITS
willingness 10 meet the State and entertain a
reasonable compromise based upon the pres
cnt taxation and the available revenue, yer
providing for the Constitutional appropriation
for government. schools. and other puOhc eX-
penditure."
The state had the benefit of the whole Of the
money she originally borrowed (S3l,VONnV IL
laid the foundation of her roads, railways, ana
canals. and has brought millions OF dollars
into the country. Had you not constructed
these public works with the bOndholdefs
money you would have 10 be taxed now Ioi
them. 80
No State which borrowed money ever en-
loved the benefit OF its loans more than Nlr-
GINA has done. See Senate Document AAlF v
Session, lSi1-'1o.l
The present unsettled condition OF the QSD
Is keeping capital and immigration out OF VIII
ginia and as long as matters so continue YOU
will never develop the splendid resources OF
the State in the way they deserve. -,
The revenue Of Virginia is increasing. Inc
a st assessment shows an increase OF soo,uVO,-
100 i'm taxable values. Your present revenue
might be largely increased ii the taxes were
more carefully collected and the present as
sessments on property equallzed throughout
What Youhave been difficult to do few
years as and k now, and each year the bur
den vii toId roIghter. When the debt cues
ton is Vol'i neapital and enterprise whlcf
now no my frien(yill flow into the State.
The an know offered by the bondholders
nropos laau,e bonds now in existence bear
mo fax-'o "u Alle coupons should be deposited
i'm some --)mpany: that new bonds snOulC
be issue in'e-sir place, bearing no taA-receIV
able coupons and at a low rate OF interest
When the State pays halt-years interest Oh
the new bonds. the taX-recelVaDle coupons loi
that half-year shall be cut OF the Oh bonus ny
the trust company, cancelled. and delivered tC
the state. ANY increase on the present reye-
nue. will be appropriated by the stare, ano
the bondhOlders will not have any clam on IL
There was a cash balance last july III Iht
Treasury OF $4,000 and the average purci'st
of Riddleberger rs by the State has Deen az
the rate of $4,000 per annum IN CASH In'
State has some millions Of dollars OF asset
which would help her in arranging a setue
ment. -, -,
The bondholders are as deeply interested as
Won are i'm maintaining the credit and prosper
ity of your State. They ask for tdlr nearing
and a discussion Of the question by business
men, and not by politicians, whose interest II
is TO prevent an Understanding being arrived
at and an honorable compromise made: 49,
The best way OF bringing about TINS settle
ment is for taxpayers 10 tender coupons II
navment of their taxes In view OF the con
ciliatory spirit and liberal offer made by th'
creditors / venture respectfully 10 submit u
Won that it is your moral duty, as well as YOU
! legal right and privilege, 10 tender coupons Oh
taxes now due JAMES T. OOOI hl''
nO26