Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1889-10-02
Why the Terms of the English BOndhOlders
were not Accepted.
WHAT GOV. LEE SAYS.


A correspondent of the Baltimore Sun, |
writing from Roanoke, having stated that a
prominent Republican expressed the opin-
ion that Gov. Lee should have accepted the
terms of the British bondholders in the
conference called by Gov. Lee several years
ago, and that his failure made capitalists
say of Virginia, on last Friday night rep
resentative of the Richmond Dispatch IN
quired of Gov. Lee what he bad to say
about it, when be replied as FLOWS:
Il thiuk | know the gentleman who
talked to the Suns correspondents. He is q
Rspuhlicau-a straight RspublicaI-sGd a
good man, ard knows much in the line Of
his business, but nothing about The States
debt.
Three hnudred Thousand electors have
charge Of the settlement of Vrgiuia's dept
that is, they elect the Leg ature, which
in .nrn enacts the legislation, and if the
iegisia ion does not accord with Their views
the earliest opportunity is embraced to send
another legislature to chsbgs it.
The DEBT CONFERENCE.
recommended to Democratic Legisla-
tuye, said The Governor to invite a confel-
ence with the agents of the foreign holders
Of orr bonds. l wanted to get these agents
here that they might see for themselves the
revenues It the State, its expenses, and
what sam would be annually available for
| payment Of interest. The members of the
| Legislature belonged either to the party re-
sponsible FIR the act approved Feb. 14th.
| 1882, or the one pledged not to disturb it.
Still hsd hopes that perhaps slight de-
tho+ tor Of tha o0f l i cnt.
| tied finally the vexed question, might have
been carried before the people; but the ul-
timatum of the bondhoders put an end to
all such hopes.
FIGURES.
Now. Continued the Governor, it is easy
| for this man of large affairs to say that
should havs accepted this final proposition;
| but let us see what would have taken
place il ire Legislature, which had the
power. had SO exercised it. The State
would have had to make provision for a
principal of 1874, 609 919 and tbs payment
of an annual interest of 1922, 500. A that
| time the annual expenditures of the State
amounted to So 057, l19 Ga, and the annual
revenue to 81, 421, S75.64. The difference
between these two sums-viz 1854, 1855 20
represents the amount applicable to the
annual pay uent OF interest other than that
| upon bond held by institutions of learn
| ing.
Now subtract this amount from the inter-
est to ba pa d each year under the British
| Conn.ittes 3 proposition-viz $685., 408-
and there would be default of interest Of
$457, TAI. 90
AN IMPOSSIBLE PROPOSITION.
TIE State Treasurer held some railr Dad
and other stock which properly managed
would have red iced this deficit some, but
| the fact wolld have remained that had the
British proposal been accepted the state cold
not have c,rried out its provisions with
out an increase of taxation, the Democratic
party would have broken its pledges to the
people, ard succeeding Legislature would
have been elected to break to atoms such
settlement.
| THE COLD FACTS.
As for C. pital being shy of Virginia, he
continued. something of the sort was said
in the Malone platform, but what are the
cold facts ? Why, that millions of capital
more have sought Investment in Va during
the last four years than at any time during
her past /, story-developing to much
greater deglee than ever before her enor
nous res0a ces.
1t has been calculated, the Governor con-
cluded, fh t hundred millions of foreign
capital have been invested in Virginia since
| rave bee', honored with the adm inistra-
tiou of htr fairs"