Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1890-01-17


of sample merchants cut off some $4,000 an
nually, and the sum derived from merchants
licenses has largely diminished, the farming
Interest having been depressed for several
} years, consequently diminishing the volume
of business done by the merchants by which
their licenses are regulated. We are not,
therefore, in as favorable condition now as
then to offer more liberal terms to our credi-
its provisions it would necessitate an increase
in the rate of taxation, unless assessments
this year show a considerable increase in the
value of taxable property, OF unless we find
new subjects of taxation.
would advise that we stand by the Riddle
berger bill and amendments. But if the bond
holders propose different terms not material
ly increasing the principal or interest ascer-
tanned by that bill, that it would be well to
require, as an indispensable condition of con-
| sidering any such proposition, that it should
embrace bona fde tender of SO large proper
ton of the consol and ten-forty bonds as to
guarantee settlement of the whole debt if it
should be accepted.
beg leave to submit the letter herewith to
the General Assembly for such action as its
wisdom and discretion may dictate.
| Z. W. MCKINNEY. Governor.
The following Is the letter which the
Governor refers to in his message:
| COUNCIL OF FOREIGN BoNDHoLDERs,
| II MONGATE STREET,
| LONDON. E. C., December %, 1885, J
Sir.-On behalf of the Council Of Foreign
Bondholders, and of the English Committee
| of Virginia BOndhOlderS acting with them, ]
beg to offer the congratulations of the council
| and committee to your EXcel1ency on your &C
cession to the highest Office in the State of Vir-
| ginia, and in doing so would venture to bring
ing question of the Virginia State debt, which,
no doubt, has already been matter Of your
careful and anxious consideration, and which,
trust, under your Excellencys auspices. may
| be brought to a conclusion satisfactory alike
| to the State and the bOndholderS.
| venture to think that the question is one Of
| the most important matters which can affect
the prosperity of the State of Virginia, and
| that a permanent and satisfactory settlement
| OF it would render your EXcellency's term of
office notable in the annals of the Common
| wealth.
| ANXIOUS TO SETTLE.
The council and committee trust that your
| EXcellency will take an early opportunity of
ture their earnest desire to put an end to the
| protracted contest which has proved so detri-
mental to the interests of the people of Vir-
gnia as we'll as to those of the bondholders.
The points in divergence on which the nego-
tlatlon IN 1873! failed are not SO great as to
preclude, as the council ventures to hope, the
| adjustment of the questions at issue, especial
| ly bearing in view the increase in taxable
values and the consequent increase of availa-
| BILE revenue.
Bearing in mind, however. that failure,
| your EXcellency will agree with me it is high
| ly desirable in order to preclude the pOsSibili-
| ty OF similar miscarriage that before a for
NAL negotiation is reopened, either here OF in
Virginia, a previous understanding should be
arrived at as to the general principles which
should govern the negotiation.
Such an accord would simplify and facili-
tate the task and tend largely to successful
issue.
| The council and committee are most desir-
Gus of giving to any suggestions of your EX-
cellency the best possible consideration, with
every wish to meet your views on all points in
which it is possible to do so, due regard being
had to the necessities of the case, and the
knowledge which they possess as to the kind
of arrangement which the bondhoIders would
| alone accept.
SEND ACCREDITED AGENTS.
| If we could arrive in some way at preli-
minary accord on the general basis of an az
rangement would then suggest that your EX-
cellency should reditrepresentatives of the
State to carry out and conclude the negotia-
tiO1lS in London.
This, I venture to think, would be the prefer
able course and one most likely to lead to a
definite settlement, but if you could not see
your way to meet this suggestion, the council
and committee would be prepared to send a
commissioner to Richmond with full power to
conclude an equitable compromise.
| In the meantime can assure your Excel len
cy of the sincere desire of the council and COM
mittee to cooperate in bringing about an early
and equitable arrangement which may afford
a permanent settlement acceptable to both
parties.
For the past seventeen years the council
have been Instrumental in the settlement of
debts of numerous States in various parts of
the world, and in no single instance have they
arrangement which they have negotiated, and
have placed before the bondholders with the
weight OF their recommendation for its adop-
| ton.
THE COUNCIL AND COMMITTEE.
The council are in direct communication
with the bondholders and their representatives
and they are In a position to speak with au-
| thority ito the kind of arrangement which
the bondholders would accept and what they
| would refuse
Your Excellency may therefore with perfect
| confidence rely that any arrangement made
| by the State with the council and committee
would be permanent settlements far as the
| bondholderS are concerned, and that there
would be no chance Of its failure for want of
ratification by the bondhOlders of the action
taken by the council and committee on their
behalf.
| [ have the honor to be, sir, your Excel
| lency'S most obedient servant,
JOHN LUBBOCK Chairman.
Has Ercellency the Honorable t. W mckinney,
Governor Of the Commonwealth of VGq51aaa
THE COLLECTION OF DEBTS FROM THOSE
WHO HAVE ASSIGNED.
The Judiciary Committee of the House
of Delegates, Hon. James Hay, chairman,
were occupied On Friday hearing the views
of leading business men, representing the
various commercial bodies of the State, in
connection with the bill recently introduced
into the House by MI. Hay to prevent in
solvent and embarrassed debtors from
making deeds of assignment and preferring
their creditors. The Dispatch says:
The delegation which appeared before the
committee consisted of the following gentle
men: Mr.. L. a. Williams, representing the
Norfolk Chamber of Commerce; Mr.. r. W.
Burke, the Staunton Chamber of Commences;
Mr. J. F. McIlwaine, the Petersburg Chamber
of Commerce; Messrs. P. A. Krise and ]. A.
Gillian, the Lynchburg Chamber of Com
merce; and Col John b. Cary and Mr..
Commerce.
Hon. Beverley b. Munford, of the firm of
Staples & Munford, which firm represents the
merchants in urging the passage of this bill,
was also present, and explained its object
and provisions.
No formal and definite action was taken by
the committee but the PROBABILITIES are that the
bill will be so amended as to make the provi-
sions of the proposed law apply only to per-
sons engaged in trade.
All the members of the foregoing delega-
lions urged the passage of the bill; and de-
clared that their communities were in favor
of its adoption.
RAILROADS oBsTRUCTING STREETS.
On Friday, in the House, Mr., Arnold Of