The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-22
The Virginia State Debt

To The People Of Virginia..
At meeting Of Virginia BondhOlders ne.
vened by the Council OF Foreign BOndhoidD III
and held on Friday. the 2fth OF Serter,tlss
1886, at the Cannon street Hotel. IondrI'
the following resolutions were passed una ,si
mousy:
THAT this meeting dcplores the long co,,,..
into which the bondhOlders have been a,'sstt
for the maintenance OF their rights. and rt'lll
asserting its Steadfast determination not tose'
cept the Kiddlebcrgcr settlement which Z
view OF the admitted ability OF Virginia IN l .l
tie with her creditors, and the sacrifices ~.
have already made on her behalf. IL cOnsiIey
dishonest and unjust, hereby espresso. ~
willingness to meet the State and enterfai,
reasonable compromise hased upon the me.
ent taxation and the available revenue Az.
providing for the Constitutional appropriate,
for government, schools, and other public ~
penditure."
The State had the benefit OF the whole Of t,.
money she originally borrowed (sHWm +.
laid the foundation Of her roads, RAILWAYS az
canals, and has brought millions Of d0ars
into the country. Had you not cOnstrticfe,
these public works with the bOndhOAorss
money you would have to be taxed now n,
them.
No State which borrowed money ever On.
jOycd the benefit of its loans more than VI.
GINA has done. See Senate Document XXIy
Session, lSl1-'1S.I
The present unsettled condition OF the aeh
is keeping capital and immigration ont 0f V.r
ginia. and as long as matters 50 continue yoi
will never develop the splendid resources N
the State i'm the way they deserve
The revenue Of Virginia is incrCasIny tn.
last assessment shows an Increase of Sj5Dn-
coo I'm taxable values. Your present reyonuo
might be largely increased f the taxes were
more carefully collected and The present as
sessments on property cqualzcd Throughout
the State.
What might have been difficult 90 doa few
years ago is easy now, and each year the bun
den viii become lighter. When the debt Ques
ton is settled canitai and enterprise which
now holds 0lO0f, viii flow into the State
The settlement offered boy tine hOnlholcr
proposes that the bonds now incNlsteuce bear
ing taX-rcceiyable coupons should Oe deu0stod
in some trust company; thai new BOND, should
be issued i'm their place, bearing no tax roccg
able coupons, and at a low rate of interest
when the State pays "a halt-yCar- interest on
the new bonds. the taX-rcccl}ahle coupon. fOf
that half-year shall be- cut oil the old bonds bv
the trust company cancelled. and delivered t0
the state. ANY increase ON the present reVc-
nue. will be appropriated by the state. and
the bOndhOlders viii not have ans claim 0n 10.
There was a cash balance last July In the
Treasury of $4,000, and the average purchase
of Riddlcbcrger 3s by the state has been a.
the rate of 100000 per annum I'm cash. The
State has some millions of dollars OF assets
which would help her in arranging % settle
ment.
The bOndhOdCrs are aS deeply interested as
you are i'm maintaining the credit and prosper
ity of your State. They ask for fair hearing
and a discussion of the question by business
men. and not 10y politicians, whose interest G
Is 10 prevent an understanding beng arrived
at and an honorable compromise made.
The best way of bringing about this sote
ment is for taxpayers 10 tender coupons
payment of their taxes. I'm view of the GO
spirit and liberal offer made by
creditors / venture respectfully 10 submtN
Won that il is your moral duty, as we'll as your
legal right and privilege, 10 tender coupon,if
taxes now due. JAMES p. COOPER
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