Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1886-04-09
THE STATE DEBT.

TO the editor Of the .iicroadria Gazette:
knowing the interest and honorable
stand YOU have taken on the Virginia debt
question, would you allow few words in
your valuable paper Oh that Important sub
jet.
IL the Richmond Dip,dch of April 4th
enc Of the State auditors has & long article
advising the holders Of Virginia tax receiv-
bic bonds to fund them into R;ddebeIger
hon,l:. anti telling them it is 10 their n:erc: t
TO do 20. His whole argument and figures
don't really amount 10 y row oil pins on the
subject.
The plain English Of the whole matter
is this:
The State Of Virginia in 1871 said to her
creditors that il they WonId take 66 cents
OH the dollar for what she owed them, she
would pay them that III y lime named in
the agreement, and in the meantime would
receive the interest coupons on the sa:ao as
they became due, for all debts, dues ami
demands due her.
Now. it is proposed to the creditors for
them to give up this bond and take amoth
or for it, at 81 cents on the dollar, without
the interest, which would have been equal
10 Offering So cents or the dollar AT ; PER
cent. 10 her creditors in 1871. AID this is
al. tho calculating auditor say. the credit
ors will get, and if they don't lake ibis they
will get nothing for the bonds al maturity,
and will have to fight their way IL best they
can with the coupons ill then.
This is hard on people who have lent Nir-
hTi tt,.
paid officials of Virginia, most Of them do.
ing very little work for the money they got,
SET the example to other creditors, foreign
ers if you will by taking 50 cents on the
dollar for what salary is owing them as
they 20 along. Just think what could have
boon saved the State in the last four years
if tho legislators had accepted 80 cents OH
the dollar OF their pay aud mileage; hut, in
stead of this they grasp all they can get for
themselves and appropriate money to throw
away testing laws that have been already
tested and TO pay damages they know will
be awarded in consequence.
TIE bonuholdefS are told Virginia has no
money, while every one OF them knows lha!
;lc,e AFRO millions Of bonds in her treasury
that can nav be turned into money at Al
price they may never reach again, and thee
bondholders know further that said bonds
were bought by money that should in all
honesty have been paid over to them as in
tcrcst OIL the money they loaned Virginia.
And yet they are asked TO take th!riy-iivc
cents on the dollar for their money, aud
three per cent interest, all in promises, from
a debtor able TO pay all she owes, for u Sc
curity and guarantee that cannot he
evaded. The tax payers are row asked rot
to u2e coupons in payment Of their taxes,
int to pay money instead, thereby ;;'lncug
them 10 go against their "sE ia!etc7:s, III
throwing away money they cond save, ana
aiding others TO break solemn CONTRACT nt
the Stale and evaae supreme law al the
land Taxpayers can decide in their own
minh if This is ust and honest to themselves.
Those who use coupons can pay their
taxes iar about half the money they would
otherwise have to pny. How long will Inc
Officials of Virginia themselves pay money
for taxes on this imss. Sl!cn they can save
much by using coupons. Perhaps lime
will tel! that, but we can Row tel! how
many Of them have accepted ihiriy-fve
cents On The dollar f:om thc state f,r The
services they have rendered he's. anl This il
what they insist OIL other creditors taxing
20 wad some power the s;ttic gic
To see ourscl's "a ithers u:
IL W.,i !r"n monte !. b'uud'r fic" lis,
And foolish notion.
Some day again, perhaps, Virginia will