The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-03
The Virginia State Debt.
p,opi< Of Virginia. :

IN Ropie Of V'rg'n'a
To ~ Meeting OF Virginia Bondholders, con-
Ashy the Council OF Foreign bondholders,
rel%S ON Friday, the oath of September
81 an the Cannon street Hotel, London,
~ lowing resolutions were passed unani-
aoy4SSS3t this meeting deplores the long contest
iI|irh the bOndhOlders have been forced
i1io A. ,nsintcnancc ~ their rights, and, while
fo -. is stcadfaSt determination not 10 ac-
So. fhc Riddlebcrgcr settlement, which. in
ctN ~ me admitted ability OF Virginia TO set
Ntifb her creditors, and the sacrifices they
&c N."irosdv made on her behalf, IL considers
ha, "nsf and unjust, hereby expresses its
c>l..,,,,oss 10 meet the State and entertain "A
''-shlp compromise based upon the pres
p's,,tion and the available revenue after
eut ING for the Constitutional appropriation
r~,,crnmcnt, schools, and other public eX-
peI21' Stgto had She benefit of the whole OF the
l. @, She originally borrowed (S4. 10000. 1t
M5tie foundation of her roads, railways, and
"~sis and has brought millions of dollars
t" tro country Had YOU not constructed
l.'C ,nhuc works with the hOndhOldeTs
me, Non would have to be taxed now for
Them. ,., ,.,, ,,,,,,, - 80
I the benefit of its loans more than Nir-
l3,ss bas done. See Senate Document XIV.
S'. ','c.sent unsettled condition of the debt
D.. ''.,'.,,r capital and immigration out of Nir-
T.
ss-.i never develop the splendid resources of
b State in the way they deserve.
'T6. r.yenuc of Virginia is increasing. The
,,. ss..s.ncnt shows an increase of S55O0O.
81 in taxable values. Your present revenue
,~irIf BE- largely increased II the taxes We're
mn. carefully collected ana the present as
.e,,meuts ON property eQualized throughout
thc state. .,,c....,. 49,. e..
-.-..qo is easy now. and each year the bur
t~ril l.c0mc lighter When the debt ques-
.r +. settled capital and enterprise, which
r.u bold, aloof, viii flow into the state.
Tfrsetrcmcut offered 10y the bondholders
--.,..-.> that the bonds now i'm existence bear
tr-f,.recciyablc coupons should be deposited
ir..lnt trust company; that new bonds should
ia,-,lei iu their place. bearing no tax -recelN-
snr coupons, and az low rate OF interest.
Whou The state pays halI-ycarS interest on
trerew bonds. the taN-rccCNab.e coupons for
find haII-ycar snail Toe cat oh the old bonds by
tp.rll,>t company. cancelled. and delivered TO
Nh. state. ANY increase On the present rcyc-
ruo viu Doe appropriated 10y the State, and
fra lanihodcrs viii not have any claim on II.
There was cash balance last July nm the
Treasury Of S.31.uol ana the average purchase
of EddCOcrgCr Is 10y the state has been aJ
tha rate Of SHOpn per annum i'm cash. The
State has some millions OF dollars OF assets
Wmch would help her I'm arranging "a settle
Tie bondholders are as deeply interested as
youara in maintaining the credit and prosper
It's of your State. They ASK for far nearing
and % discussion of tine question DE business
men and not by politicians, whose interest IL
iSt0ureyent an Uudcrs landing being arrived
81 and am honorable compromise made.
The best way OF bringing about TINS setbe-
mont is for taxpayers 10 tender coupons IN
r4vmeut of their taxes. I'm view of the con
c.latOry spirit and liberal ohcr MADE by the
creditors / venture respectfully 10 submit 10
Won that IL is your moral duty. as Well rs your
legal right and privilege, - tender coupons; Tor
q. an l IL Il.