Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-12-05

ioel proposition Of the committee representing
tue Couucii OF Foreign BonGholders was based
ON dobi OF S32,s&C0J. carrying an annual IN
terest Of t93i,5Sl50. (See senate document
page ~ Too difference In the amount OF prin
cipal Ia theso two propositions was s7,gl3N, and
O3i.50.
From tho Treasury was paid during tho pas
year pcr cent on 9L55O,H0 OF the neS SH. nov
IN TIE hands Of the public, equal 20 $lN5W
Inc fnll interest pad 20 colleges on bonds heit
10y thom amounted 10 tli2,V00: tho interest o.
the bonds bold by tho Literary Fund, ti3,bt, and
in add ion t231.00Q. being the annual average
for the past two years Of the coupons received
Tor taxes through suits IN the courts
10 has be,n shown thai tho state, after parting
Win all It's assets, undor It's present offer 70 it
creditors would havo % pay annually Tor inio
res S5'3, sf.20, which exceeds the sum appiica
bis 10 that rurpo-e by Sif2,i2Ni2
IL would not, therefore. be n sound proposition
e. entertain settlement carrying larger
amount Of interest than that
u The debt could be settled by recast OF thf
act OF lSs1, funding, for instance, cOns0l DOnd'
~ a g-cater rate. and the l0-i0s at tho same
rate. nnd the old uniuuded and peelers az lest
ratio than provided for by that act, while h
the samO tine all Old interest and out
standing coupons 10 January J, 1870, could
DO funded a rate Sd 80 70 brna
the whole amount Of interest the state would
have io pay undcr such au arrengcment. within
a. atili 90 10 50, | would unhesiatingiy re-
commend i,0 acceptance upon tho part OF the
state. and entertain the hope that the bond
holiors NAV make some such proposition 70 the
General Assembly which VIII be satisfactory Il
them and honorable q tho state and whose Do
legations could be scrupul0usly guarded aud
faithfully carried out
Tholoiusal OF the holders Of bonds with tax
receivable coupons Q" fund them ald their per-
alsfeut us0 Of coupons for tie payment Of taxes
leaves thc dehs unsottled Tho Octs passed by
the Logsiaturc 20 defeat tho use Oi coupons
have been partially effective. Tho onor oi The
ioint committee in iSS, 10 he creditors was u
fluQ tho COu-Ois Gt 80 and pay pcr cent. INTO
rest on Same: t0 fund ltfUs 40 O3 and pay ~
percent iLtores on same, and 70 fund tax c0u-
yOns Gi I'd and pay per cont interest on same
and, ~ addition. 20 pay the boa1hohers % per
cent. in cash for !l,00l.NJ coupons De state
could not renew TINS 0ier nov. ana 10 is reason
HulC to assume tnat tho bondhOiicts, In the
light of tuh experience oi tho past tWO years
might cxport "a -OmeWha, lower rate ol luu1'hg'
IOr The Uast two years c11lng september ~,
I-.g. 10 has brsn shown that i23G.O0 n year hn'
been forced into the Treasury on Judgments icr
tlxes. while the TAX coupons maturing aLOIh'
o. >l.Nj- 800 per auuum. whist tue iOrcei ro-
cent Of these coupons instead cf money Tor the
faxes 0f tho state has beel q source of great an
noyauce 10 tho officers charged with the coilec-
lection az her revenues. it has in some measure
diminished a. ability Of the S9ts to pay 4iil, H.
700 immediate benefit 10 them, because tho net
ssu rcan1oi from the sale Of these coupons 60
Tax payers. aft0r doiucing tie cost OF niiga-
tiou 20 tnem, b. almost nothing.
Tho aet Oi lss9 requires cOu-Ols 10 De tunfoi NJ
53. l-is 60 te funded ~ I'D, aud all oii uniuudei
poelers aud 800 on az o. Tho equity Of these
rates 4f funding f. not clearly seen Tho mold
erso tue ol1 un'undel dont nave Irlus,l i, Iol
h'Fehi"'h years I'D iih.' "Hio mn, y. -. ,,..
P''i.i- az" h","n d" ~, 'DI. ~, n,9Sotsn,s 'D
iulo ,ho ltt-oul ''n''.' n.,u 'H ~ ,,i,
Iho bonds ihhi are now pressing ior seI,leinSi'
nero uf 700 ii'il'' 'Ii - ~ ''ili ~, g =
""NH oi con.JS WIN taA ,lHio-9' tp.. ,''.J! ~.
ID-4U4 with tax rOlp0n-. aud the ta,-JJ,VJ OF TAX
coupons lh' iI-iF' oi Hio9o q" i'i]'''e y" 'H9 4'
ol 'huNHi9' i''l' , .-s.t... ,,.,,ho
NV "' t.'9-' ~, -, - w 80, ,,I - e. ,91
c2n~ols nei" InupD "a. ~ 'o.'s' jun W ~, - :,
e. "'' o,, "a" , ',,.,,.,,t 49,, a., fst -,
.-'0''' 49, fV., q" - .,,, ,9'1, ~ 'P i.i,. i
"'- ''' '',, .-t ',l % - ,,' ,,,t,..st az, sor,a
t'.4l o.. leI g. u lu-yi -. ~. O." ,.r ~"
Wnlii ie tii",1'' lh plh'I ""IiS, ,i'7 J, d"
position was accepted by the b1nlhoi1ers VINO
L1.l tho above classes OF hohl7 III "oNiu ul-
douhieily settle the drnt ns tte Nllsh.loh nus
been for them nud FOR them hlonr.
We have seen ihai mo Nlh." ms hhN ip PAy
S3i,.rJ per anuum Tor tte past TWO years Ioi
coupons forced ini' the treasury On judgments
sp tnuf THE matter mRhs be narrower TO Wf
simple proposition Wnoiler " Woull not be
visor n tbc opportunity offered, for The Stat" ~
pay tlf3,lJJ year, mo,e tlHn wo are now pay
ing. rather than 90 continue TO bee defendants In
litigation that promises 10 outhVe me preseh'
generation ID WIN hn IoI 'no q ~ ~ ~ y
.-li,''.. .t'''' ,,i' st,', 319 ,'or ',,n1o,'
lp ll..,an,,, ..,i.,Ifnfiol of honda those held
bv the colleges arc NOT given, because not in The
.ontcs. tns slate paw. them and, it is sup
f.o4e1 viii continue 10 pay them the fun liz
terc-f OF slt2.r.l
N9r are fhe , 4. 800 900 now 3's i'm tho hands OF
fha f,tlII. tu.IuteL Ila ~fafo has no COntNs AZ
fre,o ,lfn.r buf ia having on them now an an
niiai frt.ra4t of s13i -0u
By thc exercise of the greatest economy, by
senrcniur your tax laws closely, boy the eXamina-
tou of tax ia,r. ~ other ~tatos ;hcre may DE
az UV
sufu greater than tho one I have stated would
rrpre-ont it, interest ability, after providing for
those cvpcrso. absolutely necessary % carry on
ft,e ~+ote r.varnroeri. Iut pufil This u done u
d.. ,ot .afo or sf.,i.l tg mako any compact GRITTY
inc a rrseter obligation tunn YOU have In signi
40 r,eaf,. tn proyide for
In concluding THIS portion o. my message I
cannot too strongly impress upon you The Inn
portauco OF rosOluteiy refusing 20 enact any
legislation which viii produce an increase in our
list OF expenses. Your bil "ppropranng the
pubnc revenue shouli show IL p'97lhit, les-
amount OF expenditures q Le amount iele al'oI
alt precision has boon mnl' FOR mo necessary
ozponea- oi fno ~tatc, would represent fund tu
bs sci aside for the payment OF Interest ~ by
the refusal of The cfediioTs To accept Slch sell
teuenI a. tlc are can make. tN'7 una 's n"
u7'l. II 7h''l u pO,''o,o ', ga - 20, y, ~
On tho form oI sinsins iuud so az % enable the
State o. meet Win Iicliy inc Terms OF her uep'
laws.
reF-r-,.r cTtTre or TUr STATES DTgT TrGTs-
M, .... ls ,,.. ,... 80 Afar 10 te7~ b,ro
In' provisions ol 'ue ac' ol 'iHS - u. - I'a !.
heoh 7n7l al"'' N'ihoul 'NO'l.lun .y 'l' .,,H,' 80,
courts. Cases however lAN'INins ,is ,ols''."'
toHhIly ul tul7 4a" .io no" "oiVi 'lo ~ ,tii'
court lh"F were hIe"hD " nui o0l ~, @' '.'
nlent Rt the pres ~ 'rrIN' u"' ""'u Io9'no NJ o' w
IA" d"rho' lho h',I JuTii. ''unyuuS'' S''a. ia
iNrF luNoiVoI lAo vi .Dli"i I','
unhs me clutl pielciIci 'V h'oI al ''l.l' .',
fore iHH beu'h. lh'H 'On 'l'- 'L 80 .,ou ~ va, " a,
pass, ny rDi '' ,i @ tb ,oI p,.,ed, - +, =.
.''' 'i.o''- ,i,,,,..,t ,,,ar ~. made uTon
w., .,',,,i,,., ~ Congr.es and those ca.e- ar.
80 ,,,s -n,inet durira, fhr r,rc.ent session
I.,s,,,,,+. I-nn,. no r.lYl, az suci DO
I ,. - .,.,.,,,f ,, ,,,,.s.t., Tor fDrther lepis.
, .,, ~ t.i,,i ,,.f,,,.1. involved ore.
-, ,r,-, i,,,.t,t,' t,ar.lif, a.. fhe at of Nav
,, te~ r-.,,r,,,., ,,,it. r., 6a b-ofIght oOain.i
>ee"nl ho ~, ny, oi ,e I0 oeo,io
,,,',,,, sa,i a',. si..,ai uaurally.
Third Tho flN-fIfIlffOullllF or Inc net re