Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-03-08
NEW STATE BONDS.
How Virginia Can Eaiarxe the Circulating
Medium.
tn ne Editor of The Dispatca:

To ne Editor Of ne Dispatch
Tientenant- Governor Tyler says that
cnrrency is 80 scarce in the country dls.
tricts of Virginia that with $4,000 worth OF
hosiness az a merchant less than $50 IN
money passes over the counter OF MS store.
WHY not utilize the debt settlement 10
give our people an increase, OF currency ICY
Increase our circulating lneululi anu ~
qinia will obtain an advantage over other
States. ,,x
gestion before he understands IT.
IN may be assumed that the Ollcott COM
miftee will be guided by some one who has
studied the debt matter sufficiently 10
Thoroughly understand all its ramlhca-
tions. If the committee IS guided by such
person, then it will offer to surrender
the bonds and tax-coupons Tor such an
amount of new securities as they are en-
t;tied IN under the principles of the Rid
dleberger bill.
The amount of new bonds being measur-
ed by Riddleberger principle, / offer sugI;
pestion as TO the kind OF security we snail
issne. / propose that we ofer TO issue a
security that will give our people more
ready cash. propose asecurlty whlch VIII
pass from hand to hand like 81 or fIO
preenbacks. / propose security payaDle
In instruments. these instruments TO be 50
Graded tHhU WlaltNtl ID PelA 49, -
cent. interest will 60 TO reduce the inte-
rest bearing principal so that the bond
will be paid off in a given mum Der OF years:
These instalments are also to be SO graded
that the annual payments by the State
will be easily within our revenue without
increasing taxation. and will not exceed
what would be payable under the prlncl-
pies of the Riddleberger bull. 3.
This generation does enough II IL pays
IAu
thirty or CITY years hence she can pay 10
easier than ST. now. am more solicitous
about prosperity in Virginia within the
nert Ave wears than | am about that pros
perity which will be Witnessed fifty years
II will be observed that this proposition is
an enlargement upon the plan offered by
Hon. L. M. L. Hunter, when state treasurer
under Governor Kemper in 1874. The Su-
preue Court decided in 1885 that 9 coupon
ia not a bill of credit prohibited by the
Federal Constitution, and thus INDICATED
Mr.. Hunters judment.
II the State issues such a security as is
suggested below the semi-annual, install;
ment., in the form of coupons, can be used
az money precisely as the old Treasury
notes were used There are many ways TO
bring these coupons into use. Enter
prising newspapers will advertise TO re-
ceive them for subscription; retail Iner-
chants, lawyers, and doctors will take them
as money. The town-bqildlng company
which first advertises in London Offering
TO receive these coupons in payment OF
lots or stock will obtain the ear Of
foreign capital. Bondholders will IN
ouire into its advantages Of location,
and. if the property is valuable, will in
vest. The difficulty now is TO induce capt.
tai to investigate our properties, unless we
nut the price so low that little or nothing
Is left for ourselves. 1t would make this
letter too long to 90 into details, but the
more the subject is considered the palmer
it becomes that little sagaclty at THIS
iuncture on our part will give Virginia
a boom which will surprise the country.
We have the natural resources; let the
nresent generation gather the harvest.
The following illustrates security suit
ed to the occasion:
$1,000 Certncate NO.
Tie commonwealth Is indebted 10 bearer
81, 0U0, which will be paid In the instruments evi-
depced by the annexed coupons.
This certificate 10 in payment OF certain bonds
and accrued interest issued prior to FEB uary
IA 1892, which have bsen surrendered and can
Eny coupon not surrendered within six months
after notice that the state desires 10 redeem the
same will be discounted Of tue rate OF 10 per
cent per annun.
all tbs annexed coupons
witness the seal of Virginia this - day Of
-, 1891.
s1a. Certificate No. -
Instalment due January !, 1592.
virginia will pay bearer January ], 1892, ut the
ONCE OF the State Treasurer, SIC.
This coupon is the instalmont due at the said
date on certificate Of indebtedness for $1,000,
numbered No. =.
Signed By the state Treasurer.
II the certificate be for 300. the cou-
pons for the first five years will be for 81.
To be ten of these coupons at $40 for
five years, lS92-lSs6.
To be ten of these coupons at $15 for five
years, 18g7-190t.
To be ten of these coupons at $3.50 for
five years, 19O2-1906.
To be forty of these coupons at $50 for
twenty years, 1907-1926.
To be forty of these coupons at s22.50 for
twenty years, 1927-1946.
TO be four of these coupons at S25 for
two years, 1947-19iS.
In other words, the debt pays itself of
In fifty-seven years.