The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-15
The Virginia State Debt.
To the Reople of Virqinia !.

To me TcOpe ~ IWnlHd'
At a meeting of Virginia BondhOldors. en-,
yened by the Council OF Foreign Bondholde,
and held on Friday, the 2ith OF Scptemte,
1885. at the CannOn-street Hotel. fondos'
the following resolutions were passed unani
mOusly:
THAT this meeting deplores the long conte,,
into which the bOndhOldcrs have been fOreei
for the maintenance Of their rights. and wb :
asserting its steadfast determination not tO ~
cept the Riddlebcrgcr settlement, which Z L
view OF the admitted ability OF virginia o. set
tie with her creditors. ana the Sacrifices the,
have already made on her behalf, 1t consider
dishonest and unjust, hereby expresses h.
willingness TO meet the State and entertain
reasonable compromise based upon The bros
ent taxation and the available revenue. AFTER
providing for the COnstitut0nai appropriation
for government, schools, and other public Ok.
pcnditure.'
The State had the benefit Of the whole 9th.
money she originally borrowed lS3tWopO. n
laid the foundation Of her roads, railways a,d
canals. and has brought millions of dO.ars
into the country. Had you not cOnstructed
these public works with the bOndhOller,'
money you would have 10 be taxed now fo,
them.
40 state which borrowed money ever en-
loved the benefit of its loans more than Viz
ginia has done. See Senate Document XIV
Session, lS17-',s.l
The present unsettled condition OF the deb
is keeping capital and immigration ont of Vim
ginia. and as long as matters SO continue yCu
will never develop the splendid rcsOurcs0
the State i'm the way they deserve.
The revenue OF Virginia is increasing The
last assessment shows an increase of $500.
go i'm taxable values. Your present revenue
might bee largely increased 10 the taxes we've
more carefully collected and the present as
sessmcnts on property eluaizvd inrou4h0W
what might have been difficult 90 doafev
years ago is easy now, and each year the Dur
den will become lighter. When the debt CUES
tiOn Is settled capital and enterprise which
now holds alO0f. will flow into the State.
The settlement offered by the u0nlh0doN
proposes that the bond. now incXistcncc bear.
ing taX-receiyablc coupons should Doe deposited
i'm some trust company; that new bonds should
be issued i'm their place, bearing no taA recey-
able coupons. and at low rate 0t interest
When the State pays a hali-ycars utcn,tm
the new bonds. Che tdN-rcCciNaulc coupon, '0r
that half-yCar shall Dee cut OIL the obi bond. lT
the trust company, cancelled. and delivered %
tine State. ANY Increase ON the present rcFe-
nue. will be appropriated 10y the State. and
the bOndhOldCrS viii not nave amy claim ou BE-
There was cash balance last July 'u Doe
Treasury of Si3i 900, and the average purchase
of RiddlebCrgcr SIS by the state ha. heouat
the rate of 100000 per annum in cash. The
State has some millions OF dollars of assets
which would help her IN arranging % tile
mcnt
The bOndholders are as deeply intore-tcl rs
you are in 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 20
Is to prevent an understanding being arrived
at and an honorable compromise made.
The best way Of bringing about thi, settle
ment is for taxpayers 90 tender coupons n
payment of their taxes. I'm view of thc con-
ciliatOry spirit and liberal offer made by the
creditors ! venture respectfully 10 submit Do
Won that il is your moral duty, as well as your
L.. lrHsaN III HfnHH .I..a
taxes now due. JAMES =. COOPER
nO26