Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-11-23
SATURDAY. NOVEMBER %, 1889.
ADnngerons Srhicc;.

Governor LEYs message viii no doubt
show that neither the State debt nor any
other cause is keeping capitalists or their
money out Of Virginia. INSTRUMENTATION
has been exceedingly fortunate in that
from It's beginning II has been marked by
enterprises Of great pith and moment
engineered by northern men. And yet
whenever anybody desires L. manufacture
n reason why the Legislature Of Virginia
should make a new proposition TO the
bondholders. ne declares that the present
condition Of our State debt is damaging
the glorious old Commonwealth.
Men who desire 10 invest money in Viz
gina are not anxious 10 pay high taxes
upon their newly-acquired property. They
would indicate their opinion on this point
with q great deal Of positiyeness, If the
question were presented % them IN a
practical form. Too many manufacturers
seek 10 have their plants exempted from
all taxation. A tax of two dollars on each
one hundred dollar, worth of q mans pro-
perry Is not q tax of two per cent, but
more likely a tax of twenty per cent upon
what his property Yields. But whether the
tax is to boz high OF low, the capitalist con-
templatiug Investment viii be sure to take
II into consideration when he IS seeking TO
use his money proitabiy. We do not for
ono moment credit any Spectator with a
desire to pay high taxes. SO, then, If we
Gre o. DO anything 10 attract capitalists 20
this State, We must not propose TO Iase
taxes.
II would encourage the bondholders 10
expect more than we could AFFORD 10 do
should Virginia now make q new PROPOSE
ton TO them The IBoEsIoN-BRAITHwMTE
conference resulted from in.tiatoTy steps
taken in London. Incorporation which we
rejected two years ago We could not now
afford TO accept. The people have at the
ballot-boy approved of the course pursued
blythe Legislature. u. onthe other hand, the
Ioudholders are now inclined % listen
with fayorng ears 10 orr latest PROPOSE
ton all they have to DO is go signify the
fact 60 the proper authorities.
10 the British commissioners We offered
proposition which they ought have ac-
ccpicd. il wa on the basis of % debt Of
S2i.227,71o. aud a revenue of S7O3,jj2 for
the purposes Of that debt They, having
previously declared that they hadleft Lon
don instructed not to accept the RIDDLE
HrGGRR offer. fixed their ultimatum at a
debt of S33,2l7.5ss. and a revenue for In.
tercst purposes Of 500. sos
How is Virginia 10 bridge this chasm
Shall we say that the last Legislature erred
in declining to accept the offer of the Bri-
fish commissioners? That woull Toe to ask
the bondholders % fix their ultima'um az
perhaps forty millions Of dollars How
can We submit new proposition without
damaging the interests Of the state; II
would bee folly for Us o. take the mitatiy,
in new attempt to settle the debt If oui
first declaration 20 the bondholders must
be that We still stand by our proposition Of
two years AGO. Would they believe u.s.
Would they not Gatter themselves that the
condition of the debt was "injuring Nir
ginia," as so many Of our papers have de
clared and that we We're anxious to settle
upon the terms proposed 10y the British
commissioners
Virginia cannot afford TO pledge all Of hel
revenues over and above n certain amount
70 the payment of interest upon the State
debt. She must have large reserve 70
contingencies Where is the Democrat,
member Of the Legislature who. afte
pledging himself to the people for the las
six wears that he would never vote to in
crease the taxes. would dare TO cast such
vote at the next session of that body! TIT
British commissioners suggested that on
school fund might be reduced ne a means
of enabling us TO rise to their terms. bu
the proposition was one TO be deridc'
rather than seriously considered.
Whom the bondholders make new pro
position Virginia shall be ready 10 con
slider it. We would not have her stand OF
million Of dollars of principal, or thirt!
or forty thousand dollars of annual inter
est. We would 60 as far as the peopl
would allow US TO go. We are as anxious
rs anybody else TO have the debt settled
But we cannot see that it il the duty O
the Virginia Legislature to make any new
offer 10 the States creditors. Rather lei
Us wait with patience until the bondhold
ers learn that Virginia Is a sovereign STATE
so far as her debt is concerned, and that
there is no court in the world high enough
TO cocrce her into a settlement which
does not commend itself TO her approval