Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-02-07
some Experience with the BOnd
HQic~rN

some Experience with the BOnd-
holders.
To the Editor Of tho Dspstch:
The last card Of hr. Royal, in the Dispatch
~ Feb,uz-y 1T conclude: "Let me say
.gain what / have 20 Oiten ssid-that The
creditors are anxious aud ehger 70 meet the
,tste mi settle Ibis matter within the pres
tent rate OF tskaiioa" To this reply that
he Stste's experience with the creditors
or37es the contrary snd l VOuch the record
10 sustain me-.
In April. 1887, two Englishmen. Sir Ed
wsrd Thornton and Mr. :. y. RrIithwsite,
came here accredited 10 the Governor by The
Council Of Foreign Bendholder' a. COM
mission appointed under resolution OF
DoJv calling themselves the Virginia bond
holders in Ondon, expressing willingness
TO "estertsin reasonable compromise based
upon the present taxation Snd the available
rs.ources after providing for the cOnItitu-
tionAl appropriation for government schools
.nd other public expenditure"
On the l6lh day OF Narch the legislature
Wa convened TO c0oirr VITA the comnlssisn
and e. that end appointed carefully select
Cd ioist committee Of ten members TO mcet
them. IN order 10 prepare Themselves Tor
lhc busius.s the JOINT committee " proceeded
% ascertain from the most reliable sources
the exact amount OF the pubic debt, and
the status OF each class Oi tlst debt: the
amsust a. revenue received into the Tres
,ury under the present rate OF taTatisn; The
,roou-t necessary FOR the support ~ the
Government, The maintentgce oi her educa-
tlougl Interests, her eeemosenary instltu
tiOos and TIE care OF her disabled t0ldiers.
and TIE Amount al revenue which might be
MADE aVailgbie Tor the payment OF interest"
Thus prepared they went into the confer
ence. whicn lasted FOR nineteen dsy'. 10
that time The commission made four fOrmal
propostlons, and the JOINT committee made
one.
The first proportion Senate Document
No. IS, page 49, wss this:
Infuodsl debt sni intsrest.......s 3l,fH ls7
10 which they adio1 ki1 soergers
in the hands Of the pubiic......... 3,liO 300
1853 OS7
Dp h.ld nv ~ Literary farG ....... I,I7o,ie7 %
He'd ~ SINKING fund { n mission
rata truss ior Interest on pubic
debt ........... .,-................. EtA-s43 tU
usl1 py Library fund ................ 1890 O0
tss,l,g,4s7 s.
Ke1ulrng annual interest. sl.2'S7Gs.l3
Their "secesd proposition" tSepnic Docu-
mcnt. page 4 ID without stating The princi.
pal. proposed n payment OF 100000 annual
iutorcsi'
Their third proposition Senate Document,
1a.e 81 VA ISIS:
Principal. which iocludos bonds and
frte-sst dus ultsd states Govern
rnelt which we're Improperly eX-
cllIed By the commissioned. .&3Jo3s,iOJ 90
And also 10 pcr cent ot the untund-
"a debt. which thty presumed
,t,f la rraaeufsl . 81. il1 IS
ts2g,af7O IS
recurring annual interest al 3 per cent -fa3l,-
G6l2.
Tdeir fourth and nnal proposition Senate
Document. page 49, VS., tms:
Principal uucludus bonds l.tE out
e. above. <~l,tOl 81
AnAusl interest. fl,0lL7l0.30.
All OF these The joint committee rejected
and submitted Their own "ceunter prOpo-
,tou" (Senate Document, psse o., which
Has this:
Annual Interest. SOS, jl2.
Taxing their lat proposition for complri.
son with the "iOut committees counter
proportions" the difference in the amounts
proposed to be funded would have been
IN
Principal. llSi3,SJ4 ~
la annual interest, aces 1880.
The commVslOn rejected tho joint COM
mitles's estimate OF receipts and disburse.
nents, thus dWcrediung their statements,
which we're made from thoroughly reliable
ofici.l documents" snl claimed ''thst the
spSrOpralions to educstloual purposes. 10
ssylums for the insane. and TO our disabled
soldiers we're * ~essive, ADD ought sll 10 be
reduced, and the amount thus saved TO be
spilled u the payment Of interest cue the
b0sdhoiders. the great body OF whom are
citizens ot England"
Further, when the commission declined the
'joint committees counter proposition"
they formally withdrew the offer made by The
resolution u the pubic meeting IN London
90 entertain compromise based
upon tie present taxation. &c.. ~ above
quoted. and "claimed their full rights as
established bv law"
Immediately afterrards they published IN
a circIlsr suu through the Richmond pipcTs
"sistemtuts at variance with the formal re-
port OF the loin, committee." aud which the
cemmitles At oace corrected In a report made
TO the Legislature.
Asd the bondaslders. as soon a. they
could ret into court, renewed their war
upon tie STATE. going TO the extent OF ira-
prisoniae some Of her administrative officers.
All thi, IL matter Of record and well known
to our cilizees.
l submit 1t proves that the so.called
"creditors are no! anxious aud eager 10