The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-11-28
The Virginia State Debt.

nh, People Cf Virglpio
10" meeting OF Virginia BondholderS, con
~ Inv the Council OF Foreign BOndhOlders
uss'Scld ON Friday, the oath OF September.
al et the Cannon street Hotel. London,
NN-Wowing resolutions were passed unani-
mousR. n,s meeting dcplorcs the long contest
'.birh the hOndhOldcrs have been forced
inl. NJ, maintenance OF their rights, and, while
lo ing is steadfast determination not TO ac-
a., fhc Rddlebcrgcr settlement. which, in
CIV CIV III the admitted ahiity OF Virginia 10 set
with her creditors, and the sacrifices they
s1 .,lrssdy made on her behalf. IL considers
sseh,,cSf and unjust, hereby expresses its
u>ingncss 10 meet the state and entertain
r,,9sonablc compromise based upon the pres
..fsYafion and the available revenue after
.--,,iiing for the Constitutional appropriation
H. y,,crnmcnt, schools, and other public ex-
lt1,, state had the benefit OF the whole Of the
-. She originally borrowed go. 100000. Ii
VA tic foundation OF her roSds. railways and
M and has brought millions of dollars
20, fhs country. Had you not constructed
~ ~ Dublic works with the bOndhOlders'
..,rry YOU would have 10 Oe taxed now for
state which borrowed money ever en-
s me benefit of its loans more than Nir-
.si3 has done. lSee Senate Document XIV.
Ses..on. lS75-'1Sl
', rr.scnt unsettled condition OF the debt
q. Looming capital and immigration ont of Nir-
'.~,a and IS long as matters so continue you
tn never develop the splendid resources OF
,r5 safe IN the way they deserve.
rI,e revenue OF Virginia is increasing. The
,,.t easement shows an increase of $4,000,
6tI Inn taxable values. Your present revenue
,.,hr hp largely increased II the taxes were
mn. carefully collected and the present as
sl.,mcnts ON property equalized throughout
ywrat might have been difficult TO do few
..v. 4.-., d, easy now, and each year the bur
t~. become lighter. When the debt qucs-
.rr . settled capital and enterprise, which
,.r toIlS alOOf. viii flow into the State.
Tbs settlement offered by the bOndhOlders
,.r.-..sas that the bonds now i'm existence bear
t.rraN- receivable coupons should be deposited
i~ some trust company; that new bonds should
d. issued in their place. bearing no taX-receiv-
ehI. coupons. ana at "a low rate OF interest
when the state pays alt-years interest on
rrnuew bonds. the tax -rccelNaOle coupons for
Fiat half year shall DE cut of the old bonds by
ffr trust company. cancelled, and delivered TO
-br ~t3fe ANY increase ON the present reVe-
,,ra Viii be appropriated 10y the State, and
fhe bundhOldcrS viii not have any claim on il.
There was a cash balance last July in the
Treasury of $4,000. and the average purchase
az Rldlebergcr SIS by the State has been at
fha rate of $4,000 per annum in cash. The
state has some millions OF dollars of assets
which would help her in arranging a settle
meDt
Tae bondh0lderS are as deeply interested as
Won are i'm maintaining the credit and prosper
IFS of YOUR State. They ask for a fair hearing
ana discussion of the question by business
men. ami not by politicians, whose interest il
is t0 prevent an understanding being arrived
90 and am honorable compromise made.
The best way of bringing about this settle
ment is for taxpayers 10 tender coupons in
ravmcnt of their taxes. In view of the con-
t.Iatory spirit and liberal offer made by the
creditors / venture respectfully TO submit TO
y0u that it is your moral duty, as well as your
le-al right and privilege; 70 tender coupons Tor
taxes now due. JAMES i. COPPER.
uO26