Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-11-27
Mr.. Royall-Agalp.

Mr.. royal sends us the following letter,
which we take pleasure in giving to the
public. We have here at last what be I'M
dcistands TO be the purport OF the bond
holders proposition--to wit. per cent.
interest upon the whole Indebtedness OF the
State. That is to say, Virginia will hsve to
agree TO pay thirty.odd millions OF princi.
pal, tho3gh a majority Of the people have at
least twice decided that they would pay
only about twenty millions.
Mr.. ROYAL wants commission OF per-
sons who are not controlled "by their
views Of what a majority OF the people may
think" But we tried that in 1879. We
agreed upon the McCULLocH bill In
The spring OF that year without refer
cnce 10 what majority Of the people
thought, and In the fall were confronted
by Legislature just chosen by that major
ltv, which Legislature contained twice as
many members opposed TO as were in favor
Of the settlement made by persons who did
not care what majority Of the people
thought. What is the use OF repeating
that experience? Why not rather select
men who, knowing what majority OF the
voters desire, can make final settlement
which the people will approve!
To the bondholdcrs the facts and figures
" are not accessible" All, indeed. We
understood them to say that the ability Of
the State to pay all they demanded had been
clearly proved-demonstrated! We are
glad TO learn that they are becoming more
modest in their statements.
We ore TO pay 8 per cent. upon thirty
odd millions Of principal Including ac-
crued interest and matured coupons). And
this il the liberal new proposition!
Nevertheless, this coming down to 8 per
cent is a good sign. We like 1t. "Tbaps
business" Now, drop the tax.rcceivsble
feature. Then we shall be ready 10 nego-
tiste. Those two conditions must be com.
pied with before there can be any settle
ment made to which "the majority" OF
the voters will agree. And surely every
body, not excepting Mr. royal. knows
that no settlement can be made to which
that majority is opposed.
1t is an amusing comment upon the
tondholders' demand for buslness-men"
that Sir. royal should candidly avow
that he expects to be consulted by the
creditors businessmen, aud Virginia to
consult lawyers on her part!
10 the Editor of the Dispatch:
In your editorial OF this morning you
have the following:
To BUSINESS. MEN The bondholdeu pro-
fees TO desire 10 have business men. not
politicians pass upon their last so called
offer. They adopt bad policy when they
thus by implication cast slur upon tue
authorities OF this Commonwealth. VINO
ie the business man that appears on their
side? William L. Royal, ESQ. an expe.
riencedlawyer. To meet and discuss with
Mr.. Roy ali, they propose TO the state OF Viz
ginis thatshe shall appoint buslness.me
In what ] have said and In what Mr..
Cooper has said there has been no intention
to "cast any slur upon the authorities OF
this Commonwealth" We have both pre-
seuted the idea that this matter should be
treated as q business matter and not rs q
political one. We do not believe that poll
tIciaps are the best persons TO discuss SUBJ
ject like this, because they are inevitably
controlled TO a large extent by their views
OF " hat majority OF the people may tbink.
While the true view OF the situation Is to
determine what are the equities on each
side, what the States resources Justify her
in undertaking to pay, and what the creditor
in all fairness, under all the circumstances,
ought to surrender, we claim that the mat
ter should be treated just - the case OF q
merchants embarrassment when he goes
before all bis creditors, makes frank sta'e-
rent OF bis situation, and always gets such
terms as are compatible with equity and
Justice.
The discussion could not be between
"William l.. Royal, Esq, an experienced
LAWYER" on one side, and inexperienced
businessmen upon the other. IL Is pro-
posed that the State appoint commission
of her best citizens, who are not active
politicians, and the creditors Will appoint
. commission OF their own body, and that
these discuss the entire question. should
expect 10 counsel and advise the crcdilors'
commission, and should expect the state
commission to be cOunseiied and advised
by her Attorney General or by any other
lawyer she might select.
30 lar NJ Tue IlpbO7fttOh Ah"b wv N'NN'-
tors have made Is concerned, there can be no
indeGniteness sboutit il. They cannot forml'
late proposition in dollars aud cents, for
the reason that the facts and figures are not
accessible to them. They outline the theory
upon which they are willing to settle, and
| IL Is easy for any one 10 see that when II II
reduced to dollars and cents 1t would be
| something like 3 per cent upon the princl'
pal q all bonds bearing tax-receiyable cou'
pons and upon the funded overdue cou'
pors, and about per cent. upon all The
rest Of the debt scaled down to the Riddle
berger scale. Upon this heading ! com
| mend to your attention an extract from
letter from one Of the most prominent mem
beers of the Virginia Committe, OF London
embodied in letter OF MIR. Cooper, whlcf
| be will publish in your tomorrow issu'
| along with this. have seen the letter
| and know the writer well, and know tina
| his voice Is "a potential with the State
creditors as any other one mans voice Is.
WILLIAM l.. RoYALb.
November 20, 1886.
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