The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-17
The Virginia State Debt.
a. D-nnIf III lirqlnia /.

,. ~ People Of Virginia
", meeting of Virginia BOndholders. con
81 los the Council of Foreign BondhOldcrs
~ fold on Friday. the oath OF September
- nj the CannOn-strect Hotel. London,
NfoIl0wing resolutions were passed unani-
vThat this meeting deplores the long contest
(which the bOndhOldcrs have been forced
! ghc maintenance of their rights, and while
ling it's stcadfast determination not 80 ac-
.. me Riddlebergcr settlement, which, in
~, ri the admitted ability of Virginia TO set
with her creditors, and the sacrifices they
already made on her behalf IL considers
ef,Drst and unjust. hereby expresses its
-.r.ncsS 20 meet the State and entertain "A
t-s,r3 hlc compromise based upon the pres
D+smtiOn and the available revenue, after
C,ting Tor the Constitutional appropriation
i~r,,crnmcnt. schools, and other public ex-
N-re' state had the benefit of the whole Of the
.'9f, She originally borrowed ($3i,OOOOO. IL
~fthc foundation of her roads, railways. and
s's aud has brought millions of dollars
~, The country. Had you not constructed
49, public works with the bOndhOlders'
~ney you would have 10 be taxed now for
-" STATE which borrowed money ever en-
,rs5 the benefit of It's loans moro than Nir-
..a has done See Senate Document XIV.
Tre present unsettled condition OF the deb
,.kcepug capital and immigration out of Writ
y
III never develop the splendid resources Of
hs state in the way they deserve.
The revenue of Virginia is increasing. The
issf assessment shows an increase of S55OOO,-
M .n taxable values. Your present revenue
~irhf Doe largely increased If the taxes were
-ore carefully collected and the present as
,essmcnts ON property cqualized throughout
fhe state.
resr, ago is easy now, and each year the bur
i.~,riU become lighter. When the debt QuCS-
+1n is settled capital and enterprise, which
INV holds alOOf. viii flow into the state.
Tbe settlement offered by the bondh0lders
,-.roSeS that the bonds now in existence bear
t-t.X -rccoiVahlc coupons should De deposited
.rslmc trust company; that new bonds should
issued in their place. bearing no taN-fecelN-
she coupons. and at "a low rate OF interest.
Whom the State pays a hall year 5 interest on
tto new bonds. the taN-rccclYable coupons Tor
ttst half year shall bc cut OF the old bonds by
he trust company, cancelled, and delivered 10
he state. ANY increase ON the present reye-
mo will he appropriated by the state, ana
-fo b0ndhOidcrs win not have any claim on II.
There was cash balance last July IN the
Treasury of S131 900, and the average purchase
~ RldlChorgcr 3s 10y the state mas been at
,bo rate OF $4,000 per annum in cash. The
state has some millions of dollars of assets
which would help her in arranging settle
Tic bondholders are as deeply interested as
y0u are In maintaining the credit ana prosper
'tvof YOUR State. They ask for fair nearing
and 3 discussion Of the question by business
men, and not by politicians, whose interest IL
$50 prevent an understanding being arrived
stand an honorable compromise made.
The best way of bringing about this settle
ment is for taxpayers 20 tender coupons IN
uayment of their taxes. In view OF the con
ciliatOry spirit and liberal offer made by lne
creditors / venture respectfully TO submit to
Won that il is your moral duty, as well as your
LEGAL wight and privilege. 10 tender coupons fOI
taxes now due. JAMES /. COOfEh
uO26