Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-06-10
SUNDAY. ......... JUNE 10. 1888.
The Virginia Debt.


The owners OF the Virginia consols, ten
fortcs, &C.. seem 10 be totally In the dark as
% the present condition Of ttings In this
State. They are fifty years behind the times
They arc living In the past. To use an eX-
prcssive word, they have been cleft" They
cannot place themselves en- rapport with
The Virginia taxpayers, but look TO
New York city, and other places
where Mammon is the god worshipped by
zoo large proportion OF the population. to
help them out Of their financial troubles.
They are % blind as bats. They are. In a
word, totally unable 10 accommodate them
feyes 10 their environment. II HERBERT
SPENCER Is not mistaken all such animals are
doomed 10 extinction. IL is only the fttest
that survive and the filtest always know
how to fit themselves TO their circumstances.
We are grayely told by an organ OF the
bondhoders, or rather an advocate OF the
payment OF the consols and ten-iortes, that 4
renewed effort Is in progress TO induce those
southern states, including Virginia, which
have " attempted to rcpudiate their bonds"
70 come TO satisfactory settlement with their
creditors, MoRT0N. BLISS & Co., OF New
York, who hold large amount OF the bonds
referred to. having addressed letters TO the
Governors OF some OF the said States. in which
they make the following proposition;
Executive OF each deflutipg state to
appoint a delegate TO meet representative
of the bondholders; the President to be re-
Quesied to name an officer OF tue Federal
Government who shall represent the large
amount Of southern State bonds held by the
United States. These agents to meet IN New
York and to submit their respective views
OF equitable arrangements to board OF arbi'
traiion. This board TO consist OF three men,
bers, one TO be chosen by the agents OF the
States and one by the agents OF the bond.
holders, and the third to be selected by the
othertwo. The board OF arbitration to make
awards Of fair terms OF settlement Of the nom
1nteresi-paylng debt OF the States repre-
scented. The awards TO be ratified by the
prOTer authorities OF the southern States,
and thereupOn the debts 10 be founded upon
the agreed basis"
Virginia has again and again decided that
she Will pay no more Of her debt than the
RDDLEBERGEG bill provides for paying. As
we have sand heretofore, and more than once,
The people Of Virginia are much more likely
TO repudate the whole debt than to pay any
more Of it than they have offered to pay.
morton, Bliss & Co. insult them-assume
that they are foOs-when they make such
uniounded assertions as the following. They
say:
"Capital cannot be tempted by the most
glowing inducements presented by dis
credited communities. I0vestOrs cannot be-
Iieye that citizens who sre continually voting
destruction TO their obligations as taN-pay-
ers will respect their individual liabilities"
Never before in her history had Virginia
90 much northern capital within her borders
as she has now. And there is not In Vir-
ginia an enterprise of any sort that promises
20 pay, whether ii be tramway, coal
mine, railroad. lumber-mill, telephones,
electric lights, electric railways, insurance
schemes, or what not, that northern capital
will not encourage. support, and sustain.
"Money talks" RmDLEBERGER bonds,
bearing only per cent. interest, are held at
IS; consols bearing per cent interest are
held at only 81.