Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1886-11-24
The Bondholders' Proposition for a new
Settlement.

Thou gh both parties in this State are
solemnly pledged to faithful and persistent
adherence to the Riddleberger bill, the
bondhelders have proposed that we discard
that bill and accspt in lieu thereof settle
ment proposed by them. AS some seem to
be favorable to the acceptance of the bond
holders proposition, we copy from an article
in the Richmond Dispatch the following,
showing what would be the effect if we
should abandon the Riddleberger bill, and
agsin beSput to sea on the vexed question of
the public debit
"The moment the Riddleberger bill is
abandoned, and the State agrees even to
try to make new settlement, the food
gates will, We fear, be opened and stream
of the matured coupons will flow into the
State Treasury. All of our defences will
be swept away. We shall be at the mercy
OF the bondholders, so far az concerns the
payment of taxes in coupons They will
not need any other settlement-thOss of
them at least whose bonds bear tax-receiva-
bic coupons. You may then settle or not.
as you choose. The coupons will 90 up to
81 or SO cents, and the bondholders will
snap their fingers at you.
What then? Nothing but an increase of
taxes-a large increase. Coupons in the
Treasury are worth no more than old rags.
Money. however, must be had in order to
keep up the State government, and the
Governor and the Legislature eau get it
only by making the taxes SO high that all
the coupons presented can be redeemed
and still money enough be left in the Treas
ury for the Commonwealth needs.
| What is the amount Of the Stale debt that
the candidates for the Legislature will, if a
new settlement is to be made, have to go
before the people and pledge themselves to
pay? We have fingures which we procured
from State officer in the Capitol about
three months ago, which are substantially
| correct to-day. They will astonish some
people. Here they are, changed in no ma
teriai respect:
Bonds issued before 1870 (face val
Coupon bonds of 1870 good and not ''- ~ :
good for taxes) ....... IA 232 lI6 So
teeief bonds OF lo72...............- 90l ,331 q
| 10 40s of 1879 Coupons good and not
good for taxes -........ ........., 7403 800 90
Riddlebergers (oesides those owned
by the Slate) 943 S43 AZ
Matured oupons-.................. 8 100 900 CO
Total. 1872 39S 1874 q
We do not claim that these figures are
strictly correct. On the contrary, we are
confident that there is some portion of the
State debt that is not included in the above
statement But we need not lock for more.
There you see three million sig hundred
thousand dollars of matured coupons ready
to flow into the Treasury the very moment
the Commonwealth agrees to accept them
for taxes. There you see nearly thirty
millions Of debt besides the coupons. which
debt the party that agrees to make new
settlement must go before the people next
year and pledge themselves to provide fol
paying.
But suppose Virginia agrees to abandon
the Riddleberger settlement and no new
settlement is made; what then? Why
about a millien of dollars of coupons mature
every year, and these will swamp the treas
ury. Again we ask, for how many year,
GOULD the people of Virginia send millior
Of dollars annually to England before they
would have left neither lands nor money!