The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-28
The Virginia State Debt.

To the People Of Virginia.
AT meeting of Virginia BOndhOlders, con
vened by the Council of Foreign B0ndhOlders,
and held on Friday, the oath of September.
1886, at the CannOn-Street Hotel, LONDON,
the following resolutions were passed unanl-
mOusly ,-,.,..
into which the bondholders have been forced
for the maintenance of their rights, and whlle
asserting its steadfast determination not 70 ac-
cept the Riddleberger settlement whlch, III
view of the admitted ability OF virginia 10 set
tie with her creditors, and the sacrlnces they
have already made on her behalf, 1t considers
dishonest and unjust hereby expresses us
willingness TO meet the State ana entertain
reasonable compromise based upon the pres
ent taxation and the available revenue, atter
providing for the constitutional appropriation
for government, schools, and other puolc OK
penditure.' o.,
The State had the benefit of the whole of the
money she originally borrowed ($3,ODWO 1t
laid the foundation of her roads, railways, ana
canals, and has brought millions OF dollars
into the country. Had you not constructor
these hubble works with the bOndhOlders
money you would have 10 be taxed now LOT
them.
No State which borrowed money ever en-
joyed the benefit OF its loans more than w IN,
ginia has done lSee Senate Document AAlF.
Session, lSl1-'1S
The present unsettled condition OF the deb
is keeping capital and immigration out OF Writ
ginia and as long as matters so continue you
the State i'm the way they deserve.
The revenue of Virginia IS increasing. The
ST assessment shows an Increase OF SODIUM,
100 in taxable values. 1Our present revenue
might be LARGELY increased If the taxes were
more carefully collected and the present as
sessments on property equallzed 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 bondholdcH
proposes that the bonds ROW IN eXistence bear.
1 ~ taX-receyable coupons should be deposited
/ in some trust company; that new bonds should
be issued i'm their place, bearing no taXieceiy
able coupons, and at low rate OF interest.
| When the State pays a halt-year's interest on
| the new bonds, the taX-receiyable coupons for
/ that half-year shall be cat OF the old bonds 10y
/ the trust company, cancelled, and delivered 70
/ the State Any increase on the present reve-
nue. will be appropriated by the State, ana
/ the bOndhOlderS will not have any claim on &c.
/ There was Il cash balance last july IN the
/ Treasury Of S73 600, and the average purchase
/ of Riddeberger 3's 10y the State has been al
/ the rate of 100000 per annum in cash. Inc
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 a 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 II
payment of their taxes. I'm view OF the con
ciliatOry spirit and liberal Ofer made by th'
/ creditors | venture respectfully 70 submit u
you that il is your moral duty. as well rs you
legal rgnt ana privilege 70 te9dpr S G63PPFR 70
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