New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-06

their when they accepted their commissions, how
powerful Offices to the rghting Of series Of un.
palaleled plumbers. But they cannot hesitate now ,
act they must, and promptly. The loyal Democracy
will accept their rendering without consideration The
Republicans Will rejoice that inoompetency has not
utterly destroyed the Commonwealth and that the
question which has embittered politics and endangered
social order Is forever removed II the aFbitrqtor
are Overruled In England the responsibility at least
is shifted. II, however, they defer decision at tie
mandate Of the creditors the brokers, the state
Committee which asks delay until after the fall elec
defeat '''' VIII '''''' "0'' ''+"''''''''
There never was a debtor more mercileSsly pursued
than the state Of Virginia. IL not enough that
she recognized her enormous obligations In the Funding
act OF lsl 1t required that upon every coupon OF
her bonds there should be stamped the fatal words
Receivable for ali public dues. debts and charges
The sovereignty Of tine state surrendered. Con
troll over her revenues transferred 10 her English
creditors. Whatever might be In the future, war or
famine or insufficient levy her schools, courts.
her charters her government were the last to be
provided for. Although Virginia paid in interest alone
in the first ten years under this act over nine millions
Of dollars although she mad paid previously IN interest
citizens of Virginia were sold al the close Of the war al
a less average price than twentefour cents the
dollar when at last the coupons Outran the revenues
and an appeal was made 10 the creditors to withhold
some proportion, this appeal was answered by the
sending Of more coupons at greater discount. one
currency was created for the rich and another for the
poor. The schools closed. the courts we're ad-
iOurned, because there money with which -
R KY .ee "S S 40 RIUnIou d o The e St IL; w
able to protect society only by making temporary loans
The committee of foreign bOndholders Of London
has assumed the right u represent the creditors, al
though matter OF fact il has never held or con
trOed One-twelfth Of the outstanding bonds. II has
adopted from the first the methods that were effective
in the Of Turkey and OF Egypt. II has placed the
proud state of Virginia, with honorable people. IN
the blacklist OF deauited states Ii has declared that
10 would drive her 10 TO ruin IL has pub
lcly announced that no Engshman who should invest
I'm Virginia while she IN default should have per.
sOnal credit In any bank In England IL has fore "a
coupons into her treasury by every possible means AMI
at every sacrifice. 1t has established a condition where
il the ways Of the treasury Open not one dollar IN
money would reach ID for thirty months and it now
rumOred that the difficulty I'm reaching an adjustment
lies IN the fact that this committee demands enormous
commissions. and that the president OF the Bank OF
England nterpOses his veto power II TIL be the truth
I'm the matter. the creditors are driving the state
toward dangerous resolution. There Is one course
in which the lost sovereignty Of the state be re-
gained There tribunal OF last resort where the
painest citizen Of Virginia has equal stature and
veto power with the president Of the Bank Of England
The people Of Virginia honest to the core. TIL,
repud atOnS Of Wisconsin and Georgia would have been
here impossible and vet she has been treated By the
commercial world infinitely worse than they. There
* a limit beyond which the state cannot be driven.
this debt be now adjusted when every opportunity Is
OPEN If disaster comes anew upon the state and II il
appears that this happens through an unreasonable or
arbitrary demand. through COLLISION with our state
Government some will be bold enough TO call for
Constitutional Convention and the re estabiS hment Of
the state. H. u I-AhoO"S'
Natural Bridge, Va, June %, 1891.