The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-11-26
The Virginia State Debt.

To the People % Virginia
At a meeting Of Virginia BOndhOlders, con
yened by the Council OF Foreign Bondnolders'
and held on Friday, the Ash or Septemper'
1896 mt the CannOn-street hctel, LONDON,
the following resolutions were passed unani-
mOusly: 49,, ,,,.,s.
"That this meeting deplores the long contest sd
into which the bOndh0lders nave Deeu ioI ,c,il
for the maintenance Of their rights, ana, while
asserting its steadfast determination mol 10 nc
cent the Riddeberger settlement, whlch, IN
view of the admitted ability OF 'lrgIiIa ~ ho,
tie with her creditors and the sacrinces ti,oS
have already made on her behalf, IL conslue ~
dishonest and unjust, hereby expresses its
Willingness to meet the State ana entertaln d
reasonable compromise based upon tne Pr
ent taxation and the ayalaDle revenue, 60
for government, schools, ana Other Puon0 GA
The State had the benefit of the whole OF the
money she originally borrowed (*of,V,o,oV, IA
laid the foundation of her roads, railway > anu
canals and has brought millions Oh uolIsi .
into the country. Had you not conStructeu,
these public works with the bondnoldeIs
money you would have to be taxed 10" 1oi
them. .. or an,
No State which borrowed money ever , en-
joyed the benefit of its loans more tnan w ~
ginia has done. lSee Senate Document AAi''
Session, lS77-'1o.l ,,.,o ~ .ho dobt
is keeping capital and immigration OUT on VIZ VT,
Qinia, and as long as matters SO continue YOU ~
will never develop the splendld resources VI
the State in the way they deserve rr
The revenue of Virginia is increasing: Inc
last assessment shows an increase OF soo,VVv,
coo i'm taxable values. Your present revenue
might be largely increased II the taxes were
more carefully collected ana lhe PIcsonsS 90
sessments ON property equaliZed throughout
What might have been difficult to do few
years ago is easy now, and each year tne our
den will become lighter. When the debt ques
tion s settled capital and enterprise, which
now holds aloof, will flow into the state;
The settlement offered by the bondholders
proposes that the bonds now IN existence pear
ing tax-receiyable coupons should DC dePQsI.1I9I
in some trust company that new bonds shOulu
he issued i'm their place, bearing no tax -recelV-
able coupons. and at "a low rate OF interest,".
When the State pays half-years interest," vi
the new bonds, the taX-recelyaple coupons III ~
the trust company, cancelled, and delivered 10
the State. Any increase on the present reVe,
nue. will be APPROPRIATED Dy the SIale, an ~
the bOndholders will mot have any claim OH II.
There was q cash balance last july III tne
Treasury of S737 900, and the average purchase
of Riddieberger 3's by the State has Deen al
the rate of 100000 per annum III cash. ne ne
State has some millions OF dollars OF assGIS
which would help her in arranging se''ie
ment. .., -,
The bOndholders are as deeply interested az
Won are in maintaining the credit ana prosper
ity of your State. They ask for far 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: ..,o
The best way of bringing about inns setti -
ment is for taxpayers to tender coupons III
payment of their taxes. In view OF the con
ciliatory spirit and liberal offer made by tne
creditors [ venture respectfully TO submit 20
you that it is your moral duty, as wen as your
legal right and privilege to tesder c9a9PPPFFsR
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