Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-01-15

ton therefor need be but vsrv small and
distributed over 80 long period that the
present generation will never feel 1t.
The failure OF tho creditors to fund I'M
der the RiddleberRer act has enabled the
State out OF her revenues (Which, II they
had funded, must necessarily have been
applied TO pay INTEREST," TO make large ap-
preparations for public, educational. and
oleemosynary purposes, and also 10 puy up
large amount Of her Riddlebcrger bonds.
These, It is presumed, will De cancelled.
public and the literary fund amount to
about $4,000 900. and on this amount the
annual interest charge Is about Sls0, 900.
Add to this the amount OF per cent. on
81 .000. 900, payable under the proposed
scheme Of settlement, and the payment TO
be made on the debt for the next ten years
is found 10 be $560,c0O per annum.
TIE STATE CAN CARRY THE AMOUNT.
This amount we are persuaded the State
can carry without either curtailing her
usual expenditures or increasing her rate
of taxation. There Is good reason to Do,
lieve, too. that q considerable amount OF
the old securities Of the State have been
lost or destroyed. so that the maximum OF
81 9. 900 900 vail probably never be reached.
We earnestly advise the acceptance OF
the proposition OF the Bondholders Com
mittee, ratified as it has now been by their
principals. A settlement on that basis
certainly seems TO be generally desired Dy
the people of the State. We cannot but
believe that failure either on the part OF
the State or of such bondholders as have
not yet come into acquiescence IN the
settlemen; will meet with popular COLI
domination throughout the Common
wealth. Should failure OF the settlement
{rAp AZ
representatives of the State, 1t Is seriously
10 DO feared that the general support OF
the people which has all along sustained
our protective legislation will be with
drawn, and that tide of coupons which
cannot be resisted will low into the
treasury.
should any bondholders refuse to con-
cur in the action of the great majority the
State may at least feel that she has done
her best TO arrive at settlement upon
terms which to the creditors contrast
most fayorably with the terms accorded
by other southern States IN their ADJUST
ment OF their debts alter the war; and me
| further harassment of the coupon-hoid-
ers will undoubtedly be met by SUCH iegls-
lation, sustained by such an overwneim-
| ing public sentiment as Will make IL com.
pletely effective against the payment OF
either principal or interest.
lnasmuch as these whOIe negoti"tiVno
have been based upon the idea that the
Bondholders' Committee is continuing It's
efforts to secure the control or the ooilga-
| tions OF the State. snd will continue those
efforts tor reasonable time, with the nope
| that the greater portion OF those whicih,
have not been heretofore deposited VIII
be IN short time, your commission re-
commends that an act be passed without
delay authorizing the funding, in accord
ance with the terms already agreed upon
by the commission. OF all the obligations
OF the State OF Virginia. which may be
presented by the said Bondholders' Com
mittee, at the Office Of the Second Auditor
of Virginia for that purpose, on or before
| the first day of June, 1892.
Respectfully submitted,
i. w. Mckinney
j. HoGE TYLER,
X. II. CALDWELL,
TAYLOR Berry,
II. Il. WIcKHAM,
W. ID. DABHEI,
RoBIBT II. Tyler,
Virginia Commission.
p. G. Warwick. Secretary.