The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-05
The Virginia State Debt.

TO the People Of Vjygiaia:
AT "a meeting OF Virginia BOndhOders con
veucd by the Council of Foreign BOndhOlders,
and held on Friday the 2ith OF September.
1856. at the CannCn-strect Hotel London.
the following resolutions were passed unani-
mOusly:
THAT this meeting deplores the long contest
into which the DOudhOldels have been forced
for the maintenance of their rights. and. while
asserting its stcadfast determination not 10 ac-
cept the Riddlebergcr settlement, which, in
view of the admitted ability of Virginia To- set
tie with her creditors. and the sacrifices they
have already maize on ner behalf, n considers
dishonest and unjust. hereby expresses its
willingness TO meet the state and entertain a
reasonable compromise based upon the pres
ent taxation and the available revenue. after
providing for the Constitutional appropriation
for government, schools. and other public eX-
pcnditure."
The state had the benefit of the whole of the
money she originally borrowed 3l,OOO,0OW. 1t
laid the foundation of her roads, railways. and
canals. and has brought millions OF dollars
into the country. Had You not constructed
these public works with the bOndhOders'
money You would have 70 bc taxed now for
them
40 State which borrowed money ever en-
loved the benefit OF its loans more than Viz
ginid has done See Senate Document XIV.
The present unsettled condition Of the debt
is keeping capital and immigration ont of Viz
ginia, and as long a. matters So continue YOU
will never develop the splendid resources Of
. the state i'm the way they deserve.
The revenue OF Virginia is increasing. The
last assessment shows an increase OF Sl5,W0.-
900 i'm taxable values. Your present revenue
might Doe largely increased III thc taxes were
more carefully collected aud the present as
sessmcnts on property cquaiizcd throughout
the state.
What might have been difficult to do few
years ago Is easy now and each year the bur
den viii become lighter. When the debt 0uos-
"a Ia al
now holds alOOf, viii flow into the State
The settlement offered by the b0udhOlders
proposes that the bonds now ineAistcnce bear
ing taN-recelvable coupons should be deposited
IN some trust company that new bonds should
bc issued i'm their place. bearing no tax-recciv-
able coupons. and 40 a low rate Of interest.
When the state pays haif-ycar's interest on
the new bonds. the taN-reCeiVabc coupons for
that NAH ear shall be cut OH the old bonds hy
the trust company, cancelled. and delivered TO
the state. Any increase ON the present reyc-
nue. VIII be appropriated by the State and
the OondhOldcrs viii not have any claim on It,.
There was "a cash balance last July I'm the
Treasury of $4,000, and the average purchase
Of Nddleberger 5s by the State has been at
the rate Of $4,000 per annum i'm cash. The
state has some millions OF dollars Of assets
which would help her in arranging "a settle
ment.
The bondholders are as deeply interested rs
You are I'm maintaining the credit and prosper
ny OF your state. They ask for fair hearing
anu anu. d discussion Oh the question by business
men, ana not by politicians, whose interest il
IS 10 prevent an understanding being arrived
at and an honorable compromise made.
Inc best way OF bringing about this settle
iheht Is Tor taxpayers 20 tender coupons in
payment OF their taxes. I'm view of the con
ciliatOry spirit and liberal offer made by the
creditors | venture respectfully TO submit to
you that it is your moral duty, ms well as your
iegal rlsht ana privilege, 20 tender coupons for
taxes now due. JAMES p. COOPER.
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