Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-09-28
MILLIONS OF MONEY.
CAPITAL FLOWING INTO THE STATE
or VIRGINIA.
Governor Lee Talks About the Bondhold
ers' Proposition and Oar Present
Prosperity.

Oh. yes, said Governor Lee TO Dispatch
man who called at his house last night.
have read Mr.. Foard's telegram to his pa
per from Roanoke, and as the Baltimore
Sun is such a strong advocate OF the best
interests of Virginia, and Foard such
well-informed man generally, / do not OBJ
ject 10 reply 70 any question you may ask
me concerning it.
TIE BRITISH BONDHOLDERs.
Well. then. Governor, YOU have noticed
Mr.. Foard telegraphs to the Snn that
gentleman in Roanoke largely interested
in developing the resources of the state
expressed regret that Governor Lee bad
not embraced the opportunity presented
bv the English bondholders OF settling the
debt question, which they regarded as un,
settled and that Governor Lee missed
the mark widely in not coming 10 terms
which time will show to have been adyan-
tagcous, TO the State" and that your iali-
ure to make terms with them has made
nOrthcrn.as well as British capital shy OF
Virginia.
A MAN OF LARGE AFFAIRS.
The name Of tho gentleman who talked
in this way 10 Mr.. FOard is not given, con-
tinued the reporter. but he IS represented
as knowing how much English capital has
been already invested, a man OF large
affairs and breadth Of view, and an eXten-
sive operator, who voted for you Tor G0Y-
ernOr and against Cleveland Tor PRESIDENT
and who is against Malone in this contest,
but thinks the Republicans might have
won with another nominee.
What have You got TO say to tins state
ment, GOVERNOR
HE KNOWS TIE MAN. q
Just this. replied Governor Lee. think
know the gentleman who talked 10 the
Sinfs correspondent He is Republl-
cana straight Republican-and good
man. and knows much IN the line OF his
business. but nothing about the State :
debt.
Three hundred thousand electors have
cbarco of the settlement Of Nirginia's
debt-that is. they elect the Legislature,
which in turn enacts the legislation, and II
the legislation does not accord with Their
views the earliest opportunity IL embraced
to send another Legislature 10 change IT,
TIE DEBT CONFERENCE.
recommended to Democratic Legisla-
ture. said the Governor, to invite a con-
ference with the agents of the foreign
holders OF our bonds. ! wanted TO get
these agents here that they might SEQ Tor
themselves the revenues of the State. It's
expenses, and what sum would be annually
available for payment OF interest. ne
members Of this Legislature belonged either
TO the party responsible for the act ap-
nroyed February IL. 1882, or the one pledged
not To disturb it. Still | had hopes that
! perhaps slight departure from the terms
Of that act. # it settled finally the .vexed
question. might have been carried before
the people: but the ultimatum of the
bondholders put an end 10 all such hopes.
FIGURES.
Now. continued the Governor, it is easy
for this man Of large affairs to say that !
should have accepted this final PROPOSE
ton; but let us see what would have taken
place if the Legislature, which had the
power, had so exercised II. The state
would have had TO make provision
for a principal of S24, 4,909,9l9 and
/ the payment Of an annual IN
terest of 1927, sos. At that time the
annual expenditures of the State amount
ed to S2,O57, 1856, and the annual revenue
! to 81. .521 1854 The difference between
these two sums-viz., S4Gi, 75G.2O-repre-
scnts the amount applicable TO the an
! uual Davment of interest other than that
upon bonds held by institutions OF learn
ing.
Now. subtract this amount from the
interest TO be paid each year under tht
British Committees pfOpOSlllou 10.
sop 500 and there would be a default OF
interest of S457, 7,741.2O.
An IMPOSSIBLE PROPOSITION.
The State Treasurer held some railroad
and other stock which properly managed
would have reduced this deficit some. but
the fact would have remained that had the
British proposal been accepted the state
could not have carried ont its provisions
without an increase of taxation, the Demo
cratic party would have broken ITS pledges
to the people and succeeding Legislature
would have been elected TO break to atom,
such settlement
TIE COLD FACTS.
As for capital being shy of Virginia, con
tjnued the Governor, something of the
sort was said in the Malone platform. but
what are the cold facts2 Why, that mil
lions of capital more have sought invest
ment in Virginia during the last foul
wears than at any time during her past
| history developing TO much greater de
| gree than ever before her enormous re-
| sources.
1t has been calculated, the Governor
concluded. that hundred millions o
| foreign capital have been invested IN Nlr
ciuia since have been honored with the
administration of her affairs.