Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1889-04-19

Its functions were to promote and advance a. H.
rs possible the interest of the English hold. ~
foreign bonds, snd especially those who " n. an
danGered or in trouble owing to the default nj ~
States which had made financial engagements 81
them. When you reflect that in the co1r..,
shout sixteen or seventeen years this Instirp.;..
has been concerned IN arrangements which irv.I-,
a principal of something like very ne,rIr =,
millions sterling ii. G three thousand mi Ion
lars with an overdue interest OF over lC-i rg.
lons-snd that the trans Gctions in which +, l,s
been engaged have resulted in the arrangement et
foreign debts III default to that amount yoa a.-'
see what gigantic business il has been and ,t.,
work i. has done. do not think myself ti..
could have been possibly effected BY any Other
means, unless, indeed some State authority hl
undertaken IT,
There is large sum still uupad d, tutiti,,r.
tional compared with that which has been ar,
cd. You will see at the end OF the rer 49,.
States which have not yet arranged .l't we
and even rs to those there i fair -
ope or two oft them will come 10 te' n,i
sinners in this respect is the State t',,''
which has large territory, l. very we,itly -
natural resources, and as lsr,,,,,, .''
That State has been in sf.nlr now sor.,,.
1t did make au etlor' few vosrs ,,,, T., 49,.
with It's creditors INT il never came TO suytIiu,-
AT last they ha'.e msGe another sign. fora ye.-
ago they sugg~ tied to the Council that they wa, 4
be GLAD 10 h'.ve commissioner sent ont to them
WIN view to try and arrange terms for payment
owing 10 circumstances connected with thor
inter Ial affairs this visit was postponed but dn,
lap the last two or three weeks telegram was 10.
oeived from tho President OF the State begging
that some one should be sent forthwith ami Sc.
cordingiy the Council dispatched their secretary
Mr.. O'Lea,y, to Colombia in the hope that terms
would be arranged
20 lite recently we have had an approx, m.dt
to us.and provisional arrangement come 10
with the State of Venezuea, which ism the neigh
borhood of the stare OF ColoIabis
"One does not like to count ones chickens be.
fore they are Matched, but the prospects Of that IT,
rangement are very encouraging.
There is one other State in'the Vest til
which we have had much 10 do lately. and ugol
which we have spent good deal Of money sud
hope that it will be for the benefit OF the bond.
holders mean the State OF Virginia. The de-
fault in payment of cebt is in the stern part Of
the world, principally among the less highly pop
u ated States. which are less upt0 tho latcStdeye
opments of financial science sui which are less
convinced OF the advantages Of State paying It's
credits faithfully. Many of those deftn.tug States
are now wiped ont, such Is Costa Rics, Guaemsla
and several of the Western States o. America, but
there are still some great sinners aud one Of the
greatest sinners in my Judgment is the state OF
Virginia. 1t was prosperous country before lie
Civil War, but its surface WAS bsckened by the
smoke and desolation which thst war spread over
it, and it was reduced to great poverty. In con-
sequence of that position they repuc lated the en-
gagement of their public debt and ever since then
we have been in astruggle with them witha view
to get an arrangement One or two attempts have
been made which almost Immediately broke down.
but from thai Time 10 this there has been
stant struggle on the part of the Cowcitogct ,hs:
State TO acknowledge It's engagement sud toeuter
into an arrangement with lis creditors. Ga lt15
have inside great sacrifices on more than one oce
sion for the sake of peace and from the honest
conviction that the state WAS reduced III crcum-
stances. The resu,tof my experience is thai q
State can make ont An honest case o. pOyerit $3.50
depression, cx hsus ion of its resources. and la-
bility to meet its engagements, creditors SO
always disp, sod to hold out Il friendly and coa-
siderate hand to help it over its dilicuti,5
have had TO do with great many OF these ar-
rsngements but have never kuCwl hard. eX-
acting view taken by the creditors dgmanimg
the asst penny when they thought there was
fair case made by the State of want aud necessity.
But so far from this being the case with the leq-
pie of Virginia, We are convinced that their means
and revenues sre such that they could II they
chose, Inakc verJ Satisfactory arrangement !
suppose there is delight. voTy pleasant to saata
people and some States, tina when they have onee
tasted the charms of not paying their debt' lGe'
prefer to continue that delightful feeling iusP
of meeting their engagements like honest =
am sure it is the creates; mistake III ~ -
| look upon it that big State debt, reg -
is almost necessity o; civilized ~ -
the States which have the largo ,t..',l,,y
stand at the top 81 Hgos., ,,' *
know the advantage of higa II. Lila
to meet their engsgomonr ''oil' y. 80 ,ba,,
know it is the life-alc, 10 'ue "Ny '1'
semi-cvilized Statas' "a oI tueil .i',,,,r
though could Guy 40 no. seem w. go
off their nosas ria people, that they are cutting
;ntoroct "a TO spite their faces. Tie erA'e''
sonYee .heir own prosperity and the 2fettc'.
,,,oo,t, .or tho development of thrr natghsi
thu al, wou d be an arrangement o. the dent WIN
,r creditors 1t would give them credit at 'Ti'
and be productive in the end aud oi iaf nor
advantage than can be gained by not psyine iheH
debts"
In view Of the above facts which cannot be dis'
pn;ed we feel more than ever the stain wien
rests on our honor. Venezucls the Uui;ti States
OF Colombia, Guatemala Costs Rics, Paraguay
and other States, who have settled Their fe''s aic
inhabited by race OF people in every WAY iu'ei.T
to the Americans Il it not therefore shsm1ia!
eHno thSSc OtdtcS zHUUiu bc SelItGE uI 'Htf.t.'
settle1 their public debts while Virginia "hicl
is an integral part of one of the most en- lglten''
and wealthiest nations in the world insists on Ell
deavoring to repudiatc hers! The above sta'e.
when they repudiated did so in a manner "h.ra
seems almost admissible in comparison with VIZ
ginia's conduct, who will not admit shc is ~
pudiating but who alleges that all her coupons arc
spurious aud then, under impossible condition..
forbids a taxpayer, after she has hauled him mo
her owa court, to establish their genuiuen'7'-
We know OF no such law elsewhere IN the "'1'
world.
To see some of the chief people in the state con.
tucting crusade in order to destroy Their stsle
'wn promises to pay" and prosecuting nose WIZ
laid their taxes in coupons by suit alter SUI
Whereby the Stste is not enriched but ohiy wv,
'fhcers who hope to wiring enormous 'ee7 ou=
heir fellow citizens, is truly painful snd bnni'
ting spectacle.