Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-10-05
TUESDAY. ACKNOWLEDGEMENT 5, 1885
The State Debt.


WILLIAM l.. RoYAI.L, Esq, counsel foI
the foreign bo1dholders, has sent to us the
following:
TO he Editor Of he Dispatch
ON the 9th Of September meeting OF
yjrelnia's creditors was held in London. III
which the following resolutions were uDani-
mously adopted
I, "Tbat this meeting. while congrstu-
lstIng the Virginia Bondholdes Commit
tee aud the Corporation OF Foreign Bond
holders upon the successful issue OF the long
litigation for the establishment OF the LAX.
Ieceivability OF the coupons. recognizes that
the upex peoted refusal on the part OF the
Stale 10 acquiesoe In the decision OF the SUI
preme Court involves renewed efforts for
the adequate enforcement OF the rights OF
the bondholders, aud II recommends ac-
cordingly that an additional assessment
should be levied on the bonds TO enable the
COMMITTEES 10 take such further steps as 1t
may deem advisable under Inc circuin'
2. "Thst this meeting deplores the long
contest into which the bondhoders have
been forced for the maintenance OF their
Iianis, and, while asserting Its steadfsst de-
teTmipation not to accept the Riddleberger
settlement which, In view or the admitted
ability OF Virginia to settle with her ere
ditom and the sacrifices they have already
made on her behalf 10 considers dishonest
and unjust, hereby expresses Its Willingness
10 meet the State and entertain reasona-
bic compromise. based upon the present
taxstion and the available revenue. after
providing for the constitutional Appropria-
ton for government, schools, and other
public expenditure.
8. THAT the Virginia Committee OF the
Corporation OF Foreign Bondholders be re.
Quested forthwith TO communicate officially
copies Of the preceding resolutions TO the
executive government aud the Legislature
OF The state OF VirginiR."
Now here il a distinct, plain offer Il ON
the creditors tbemselves-tbe actual own.
ers OF the bonds-to settle with the State
upon the basis that taxation shall not be In
creased; that the present appropriations to
schools and expenses Of government shlll
be continued, and that the creditors shall
have what is over only. Could anything
be iairer than that, and can any Vrginian
that has the welfare OF his State al heart
oppose settlement upon this basis!
WILLIAM l.. ROYAL.
Are the men who have funded under the
RnpLEBrRGER bill to be allowed to have
the benefit Of this new proposition, or Is
Virginia expected TO pay the men who have
agreed 10 her terms less than she will pay
TO the men who have hunted her through
the State and Federal courts, and traduced
her good name from John O'Groat's to
Lands End, and even in this country?
These resolutions read as IL their authors
"meant business" But the people OF Nir-
ginia are In no hsmor for entertaining new
propositions like the old ones. They bu-
ried the MeCULL0cu bill, though it pro-
yided an interest averaging only 4per cent,
beneath an avalanche of votes. They will
decide for themselves upon all such ques-
tons.
But we will not comment just now. The
hopeful feature OF this new proposition Is
lis recognition Of the unexpected refusal
Of he state" to pay what BoSD and MAT
THEws decided she must pay. The bond
holders have learned something.