The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-10
The Virginia State Debt.
To the Rsople Of Hirainia i.

To The People Of Viyginia:
At a meeting OF Virginia Bondholders. ,on-
vened by the Council of Foreign Bondholders
and held on Friday, the oath Of September
1885, at the CannOn-street Hotel london
the following resolutions were passed unanf
mously:
THAT this meeting deplorcs the long contess
into which the bOndhOiders have been forced
for the maintenance of their rights, and. whIs
asserting its steadfast determination not 20 40
cept the Riddleberger settlement. which. N
view of the admitted ability Of Virginia TO SCI
tie with her creditors, and the sacrifices the,
have already made on her behalf, 10 consider.
dishonest and unjust, hereby expresses Hs
Willingness TO meet the State and entertain A
reasonable compromise based upon the pres
ent taxation and the available revenue, after
providing for the Constitutional appropriation
for government, schools, and other public or
penditure."
The State had the benefit Of the whole OF III.
money she originally borrowed ($34, 0cO.UW. h
laid the foundation of her roads, railways aud
canals, and has brought millions Of dollar
into the country. Had you not constructed
these public works with the bOndhOlders'
money you would have 10 be taxed now for
them.
No State which borrowed money ever en-
joyed the benefit of its loans more than Viz
giDia has done See Senate Document XIV
Session, lS77-To
The present unsettled condition Of the debt
is keeping capital and immigration out OF Viz
ginia, and as long as matters so continue yoa
will never develop the splendid resources OF
the State in the way they deserve.
The revenue Of Virginia is increasing The
last assessment shows an increase Of $500
coo i'm taxable values. Your present reyenus
might be largely increased if the taxes vera
more carefully collected and the present as
sessments on property equalized Throughout
the State.
What might have been difficult 70 do a few
years ago is easy now, and each year the bur
den will become lighter When the debt ques-
ton is settled capital and enterprise, which
now holds aloof, will flow into the State.
The settlement offered by the bOndhOldeH
proposes that the bonds now in existence bear
ing receivable coupons should be deposited
i'm some trust company; that new bonds should
be issued in their place, bearing no tax receiy-
able coupons, and at low rate OF interest
When the State pays half-year's interest on
the new bonds, the tax receivable coupons for
that half-year shall be cut off the old bonds by
the trust company, cancelled, and delivered %
the State. Any increase on the present reye
nue. Will be appropriated by the State, and
the bOndhOders will mot have any claim on IT,
There was "A cash balance last July i'm the
Treasury of $4,000, and the average purchase
Of Riddleberger 3's by the State has been at
the rate Of 100000 per annum i'm cash. The
State has some millions of dollars Of assets
which would help her in arranging a settle
ment.
The bOndholders are as deeply interested as
YOU are i'm maintaining the credit and prosper
ity of your state They ask for fair hearing
and a discussion Of the question by business
men, and not by politicians, whose interest il
is TO prevent an understanding being arrived
at and an honorable compromise made
The best way of bringing about this settle
ment is for taxpayers 10 tender coupons 10
payment of their taxes. I'm view of the con
ciliatOry spirit and liberal offer made by The
creditors ! venture respectfully 20 submit %
you that il is your moral duty, as well as your
legal right and privilege, TO tender cOuponsfN
taxes now due. JAMES u. COOPER
nO26