The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-24
The Virginia State Debt.

TO the People Of Viyginia:
I At a meeting of Virginia BOndhOlders, con
vened by the Council of Foreign BOndhOlders
and held on Friday, the 2ith OF september
I 1886, at the CannOn-street Hotel, London,
the following resolutions were passed unani-
mOusly:
THAT this meeting deplores the long contest
into which the bOndhOlders have been forced
for the maintenance OF their rights, ana, WINE
asserting its steadlast determination NOT 10 ac-
cept the Riddleberger settlement, which, in
view Of the admitted ability OF Virginia To set
tie with her creditors. and the sacrlllccs they
have already made ON her behalt, u considers
dishonest and unjust, hereby expresses its
willingness 10 meet the state and entertain a
reasonable compromise based upon the pres
ent taxation and the available revenue. after
providing for the Constitutional appropriation
for government, schools, and other puDlc eX-
penditure."
The State had the benefit Of the whole Of the
money she originally borrowed lSWWOUO). II
laid the foundation of her roads, railways, and
canals. and has brought millions Of dollars
into the country. Had you not constructed
these public works with the bOndhOdcrs'
money you would have 10 be taxed now for
them.
No State which borrowed money ever en-
i0yed the benefit of its loans more than Vir-
ginia has done. See Senate Document NNlN.
Session, lS17-TS.
The present unsettled condition Of the deb
is keeping capital and immigration out Of Writ
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
asst aSse ssment shows an increase Of S55,OOO
100 i'm taxable values. Your pr sent revenue
might be largely increased ii the taxes were
more carefully collected and the present as
sessments on property equaliZed throughout
the State.
What might have been difficult TO do a few
years ago is easy now, and each year the bur
den will become lighter. When the debt cues
Al NrHfalN
now holds alOOf, Will flow into the State.
The settlement offered by the DOndhOlders
proposes that the bonds now IN existence bear
ing tax receivable coupons should be deposited
in some trust company; that new bonds should
be issued in their place. bearing no taX-receiV
able coupons, and at q low rate Of interest.
When the State pays a halfycars interest ON
the new bonds. the taN-recelYaDe coupons for
that half-year shall be cut OF the old bonds by
the trust company, cancelled, and delivered 10
the state. Any increase ON the present reVe-
nue. will be appropriated by the State, and
the bOndhOders will not have any claim on IT,.
There was a cash balance last July i'm the
Treasury of $4,000, and the average purchase
of Rddleherger 3's by the State has been 1t
the rate OF S6O0,OOO per annum i'm 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 i'm maintaining the credit and prosper
ity of your state. They ask for fair hearing
and discussion OF the question by business
men, and not by politicians, whose interest it
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 10y the
/ creditors ! venture respectfully to submit 10
yOu that il is your moral duty, as well rs your
legal right and privilege, TO tender coupons for
taxes now due. JAMES p. COOPER.
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