The Daily times. [volume] (Richmond, Va.) 1886-1889, 1886-12-01
The Virginia State Debt.
:. ~ poonl, OF Tir0inid !.

II ne People Of Virginia
A. a meeting of Virginia Bondholders, con
nod bv the Council of Foreign Bondholders
vi held on Friday. the Nth OF September
sSSS nj the Cannon-strect Hotel, London,
~ following resolutions were passed unani-
mousy y,,,,,,,.,s ,,,, ,,,,,.
10 which the bondhOlders have been forced
80 the maintenance of their rights, and, while
asserting its steadfast determination not TO ac-
c,rf the Riddlebcrger settlement, which, in
f6lw NJ the admitted ability of Virginia to set
10 with her creditors, and the sacrifices they
Ssvc already made on her behalf, IL considers
Eishoncst and unjust, hereby expresses its
vrilbngncSe 10 meet the state and entertain a
rnssonable compromise based upon the pres
80 taxation and the available revenue, after
,~oyiding for the constitutional appropriation
Ror government schools, and other public ex-
pVT'be state had the benefit of the whole OF the
money She originally borrowed 4W0,00O. II
isid the foundation of her roads, railways, and
,e,als and has brought millions OF dollars
;rf0 the country. Had you not constructed
chose public works with the bondhOders'
money YOU would have 10 be taxed now for
them. 49,, ,-, ,.. - -
=. nod the benefit of its loans more than Viz
Cgi3ia has done. lSeo Senate Document XIV.
me present unsettled condition Of the debt
&c keeping capital and immigration ont of Nir-
ginia. and rs long as matters SO continue you
,iu never develop the splendid resources of
tbo state i'm the way they deserve.
The revenue OF Virginia Is increasing. The
lasl assessment shows an increase OF S0o'WO-
G,0in taxable values. Your present revenue
might De largely increased If the taxes were
more carefully collected and the present as
scSSmcnts ON property cQualized throughout
What might have been difficult to do a few
,e9r, ago is easy now. and each year the bur
Ban viii become lighter. When the debt qucs-
Kim is settled capital and enterprise, which
now holds aloof, Will flow into the state.
Tho settlement offered 10y the OOndhOlders
rror0scs that the bonds now I'M existence bear
fnrfaN receivable coupons should be deposited
in some trust company; that new bonds should
ia issued n their place. bearing no tax -fecelN-
qhIe COUPONS. and az a low rate OF interest.
When the state pays haltyear'S interest on
the new bonds the taN-rccelNahle coupons Tor
that half-ycar shall Doe cut of the old bonds 10y
the trust company, cancelled. ana delNered 10
the State ANY increase ON the present rcve-
nue. win be appropriated 10y the state, and
fhe h0ndh0lders viii not have any claim on IL.
There was "a cash balance last July I'm the
Treasury of $4,000. and the average purchase
of Riddlebergcr SIS by the State has been at
the rate of S61.W1 per annum IN cash. Inc
state has some millions of dollars OF assets
which would help her in arranging settle
mcuI
The bondholders are as deeply interested as
Won are i'm maintaining the credit and prosper
itv off your State. They ask for a fair hearing
and a discussion of the question by business
men, and not by politicians. whose interest III
is 20 prevent an understanding being arrived
40 and am honorable compromise maze.
The best way of bringing about TINS ScJlle-
ment is for taxpayers to tender coupons IN
payment of their taxes. I'm view OF the con
tiliatOry spirit and liberal offer made by the
creditors / venture respectfully 10 submit 10
Won that il is your moral duty. as well as your
legal right and privilege. 10 tender coupons TOT
taxes now due. JAMES i. OOO1Eh
nO26