Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-08-03
3, 1886.
The Equities.

The Equities.
fall The holders Of Virginia bonds
resided within the limits Of this Com
mouwealtb, the question Of her ability
to psy more Of that debt than is pro-
yided for in the RIDDLEBERGER bill
would present itself in very different
light from that in which it now appears.
II is Q superficial consideration OF the
question which contents itself with do.
claripg that the present rate OF taxation
would produce money enough to
pay all the interest the bond
holders claim for it is not the
interest alone that has to be paid,
but the principal; and paid to people
who expend no money here. Nearly
thirty millions Of dollars Of principal
would have TO be paid at the maturity
of the bonds if the State were to re-
open the debt question and agree to &C
cept coupons for taxes. The accept
ance Of the coupons for taxes would
render it necessary for her to pay the
principal Of the bonds from which these
coupons were cut. Messrs. JOHN A.
HAMILTON d Co., Of Baltimore, have
put to us the following interrogatory on
this point:
1--WE would like to ask the Dispatch
and all other advocates Of forcible
REIMBURSEMENT if they would be willing
to pay such a rate of interest on the
bonds now outstanding as the present
revenue and rate of taxation will
Justify? The creditors do not ask any
thing else. If the people OF Virginia
are willing to do this, let them agree to
Day what the State can afford to pay
after all necessary expenses are deduct
ed. II, on the contrary, they refuse to
do so, let them throw aside all shsms
and subterfuges and come out squarely
for reputation, in which latter contin-
eepcy the bondholders can continue the
fight and take advantage of all oppor-
tunities TO protect themselves. The
bondholders do not demand their pound
of flesh because it is so nominated in
the bond, but only ask for simple JUS
tice and fair treatment"
Here it is assumed that because Vir-
ginia could this year pay the interest
upon her debt out Of the funds arising
from the present rate Of taxation, she
could continue to do SO for the next
forty years, besides paying the princi-
pal of the millions Of dollars Of bonds
that will fell due commencing in 1889.
But this is illogical reasoning. Vir-
ginis could perhaps pay a million of
dollars q year for few years without
bankrupting herself, but it seems
to US to be certain that she could not
continue to do so for many successive
years without bringing that calamity
upon herself. If she collects million
of dollars in 1856 and sends that sum
to Europe, bow is she TO get it back?
And If she should collect like sum in
1887, and again in 1888, and so on fol-
thirty years, and each year send it out
Of the country, how would or could
she avoid bankruptcy? One town
in New York has more banking
capital than number Of the
largest cities in the South. Vir-
ginia has not half the capital she
had thirty years ago, when there were
in this city alone banks having an az
gregate capital Of more than ten mil
lions Of dollars. 1t would, we repeat,
take million of dollars year to pay
the coupons Of the Virginia bondhold-
ers. To send annually this large amount
Of money from this poor State to Eng
land would soon bankrupt the Common
wealth. We do not see how any other
result could be expected. We seriously
dread the results Of sending out of the
Commonwealth every year the interest
called for by the RIDDLEBERGER bill
over six hundred thousand dollars.
II there be any truth in the theory OF
absenteeisu--if Ireland has become
poor and impoverished as consequence
Of collecting money in that country tc
be expended in England aud elsewher,
BY non.J ssidentland-o wners--then Viz
GINA would inevitably suffer from ab
senseeism, and become poor and im
po,erished If her lawmakers shout
\ commit the great blunder Of legislatin
SO as TO compel her TO send over 4
Europe = million Of dollars . year ou
Of her slender store Of capital. w
said year or two ago that if this cit,
were to build four CITY Halls at . cos
Of 100000 each, and pay the sun
total to contractors residing in Boston
such . proceeding would drain Rich
nond Of large proportion Of bel
banking capital. Certainly, il would
cripple her. We apply the illustration
to the Commonwealth. II does moi
seem possible to US that she could
every year send . million of dollars
scross the ocean without draining her
comm rcial veins Of tier LIES blood.
Have We answsrsd our Baltimore
friends, or will they contend that the
evils va fear would not follow from
sending 90 mach money on. Of tho
Ststs
- -
The Raleigh Ners and Observer
keeps up the var upon indspsndsntism.
II Gays:
"Ihs Independent is the Same 10 81
Il a a H. - = L.