The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-12
The Virginia State Debt.

To the People Of Virginia:
At a meeting of Virginia B0ndholders, CON
vened by the Council of Foreign Bondholders'
and held on Friday, the Ath OF september
! 1896 at the Cannon-street Hotel, London
| the following resolutions were passed uniihi-
mously
"That this meeting deplores the long contest
! into which the bondhOders have been forced
! for the maintenance of their rights, and, while
asserting its steadfast determination not 10 ne
cept the Riddl eberger settlement, WHICH, VI
view of the admitted ability OF virginia 10 set
/ tie with her creditors, aud the sacrliices they
| have already made on her behalf, 1T considers
dishonest and unjust, hereby expresses lts
willingness 10 meet the State ana entertain
reasonable compromise based upon the pres
/ ent AVIATION and the available revenue, after
providing for the Constitutional appropriation
/ for government, schools, and other puonc e&-
\ penditure.' -,
| money she originally borrowed (S3iOOO,DO). III
/ laid the foundation of her roads, railways, ana
canals, and has brought millions OF collars
into the country. Had you not constructed
these public works with the bondholders
money you would have 10 be taxed now Tor
them.
No State which borrowed money ever en-
jOyed the benefit of its loans more than Nir-
ginia has done See Senate Document XIV.
Session. iS11-7S.
The present unsettled condition of the debt
is keeping capital and immigration out of Nir-
ginia, and as long as matters so continue you
will never develop the splendid resources OF
the state i'm the way they deserve.
The revenue of Virginia is increasing. The
last assessment shows an increase of S55,OOO,-
600 i'm taxable values. Your present revenue
might be largely increased If the taxes were
more carefully collected and the present as
sessments on property equalzed throughout
the State.
What might have been difficult to do 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 DOndhOlders
proposes that the bonds now in existence bear
ing taX-receiyable coupons should be deposited
i'm some trust company; that new bonds should
be issued in their place, bearing no taX-receIV-
able coupons, and at low rate OF interest.
When the state pays IA halfyear's interest on
the new bonds, the taX-receiyable coupons for
that half-year shall bc cut of the Old bonds by
/ the trust company, cancelled and delivered TO
the State. Any increase on the present reYe-
nue. will be appropriated by the state, and
/ the bOndhOlders will not have any claim on it.
There was Il cash balance last July i'm the
| Treasury Of $4,000, and the average purchase
of Riddleberger 3s by the state has been at
/ the rate of 100000 per annum in cash. The
State has some millions Of dollars OF assets
which would help her in arranging settle
ment.
The bondholders are as deeply interested as
you are in maintaining the credit and prosper
| ity of your State. They ask for fair hearing
and Il 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.
The best way Of bringing about this settle
ment is for taxpayers 10 tender coupons in
payment of their taxes. In view OF the con
ciliatOry spirit and liberal offer made by the
creditors | venture respectfully TO submit TO
you that il is your moral duty, as well as your
| legal right and privilege, to tender coupons for
taxes now due. JAMES L. COOPER.
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