The times. [volume] (Richmond, Va.) 1890-1903, 1890-03-14
FRIDAY. MARCH, "A, 1890.
THE cORPoRATION or Fohhi'N
HeNDHOLEEKs.

The English corporation has taken sucn .
rrominont part in the Efforts OF tue c'eu-
;,ors n this state in court and Lesisia'u'.''o
~h,a;n a settlement Of our public debt tna'
,,o col,owinc extracts from their proceed
inos at their last annual meeting nelo 10
London February path, as reported ID iiei a.
Mathis Railway and Commercial 'ouin"''
will be read with Interest,"
The chairman. Sir John LubDocA-ne ~
a. eroot scientific repuiation-in 'h'
course ofhis address TO the meeting Ioo''''
,ho raison d'etre Of the corporation, saying
..ar,o creation Of national debts has ih'iV
a,cod n new factor into human history 1t
has become possible for de iacto so'e' ''
nept. not necessarily, and ~ many 0"'''
NOT actually, Of a representative cn"I"0'.'
g. nlodDe the whole property and creoil VI q
nation. This being 80, country ma! INV
;,solf committed 20 responsibilities "h'oi
are practically impossible oil Jun.
neut Under such circumstances y
Is most important that the 0''"'
,o~s should secure representatives, wiz
while insisting ON all just rights may %
able 10 advise them whether IL may pc ann
generous and wise TO forego some o' .n'''
iogai rights. English bonahoidei' nav
a,,yavs shown themselves ready to take
i,st and liberal view under such c'rcuin
stances. and the taunts sometimes css' ="
hem are absolutely without luslihc"'lo'
ontbe other hand. il is just TO aoili'' 'n"
~,,h some few unfortunate exceptions
e,reion Governments have shown 'Den
selves anxious to effect an honorable se''e
mont and they have had their Just reM"''
- tho Improvement Of their finances tne'
credit and their commerce
Aoer commenting the honorable ana i s9SS
cessnll efforts Of Ausiro-Hun5fmous an,
and Turkey TO sausaid: "Looking at III,
onnrarrangoments effected by the council
os whole. during the last eighteen years.
some thirty-two debt settlements have been
made dealing with defaults Of from
one 10 over fifty years standing
and embracing an Indebtedness OF no
less than f7l9,5o0,OOO (S3,74l,5O0,ooo Of
nripcipal and Of fl06,5O0,oOO (S508, 2oO,OOOl
If arrears Of interest and drawings, making
the gigantic total Of fs56,oOo,OoO ($i2'O,VOo'
oOM. one halfof which at least may be
considered as having been held by British
Investors - "That an associa-
tion which is, after all, only a combination
Of uriyate individuals, should have acquired
40 oreat an influence and should have dealt
with debts amounting TO the enormous TO-
tai of es56. OOO. 900, seems almost fabulous.
almost like fairy tale Of finance
Certainly it would seem from Sir John
Iubbock's remarks that the British bond
holder Is not an implacable shylock, and
the Council in charge Of these debt settle
ments have had large experience and fire.
ouent opportunities Of exercising sound
,demcut in such matters.
But whether they have these qualities OF
moi, virginia should not be inferior TO Tur-
kew or Egypt or TO any other people OF
nation under heaven. in an anxious en-
deayor 10 eject am honorable settlement OF
a debt. not one dollar Of which was not
voted for By a truly representative pody Oh
Iooislators of her own choosing.