The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-23

Wen remember that very soon af-
ter the last campaign of friend OF
mine. Mr.. John Randolph Tucker came
into my Office in Baltimore, and In dis
cu5sing the situation, told me that ne
for one had made his last fight in
debt-paying that no had worked hard
would work no more; that he was not
willing 10 surrender home government
ana leave the control OF domestic af-
IairE 10 the Mahones and Riddlebergers
and that he was going TO unite with
others In hepriving them OF the wea-
pom which they had used, and would
, continue to use for the destruction OF
everything which ne held dear And so
the conflict ended and the debt of yir-
ginia was settled. and in such man
ned that We all blush when the matter
is spoken of IT, however, there be any
reader Of this who believes in stats
Ties. / would call his attention to the
! TACT that the COUPONS OF the bonds
which We're issued by the debt payers
of Virginia to represent per cent up-
on the Two thirds for which they con-
sluered they were responsible leaying
the state of West Virginia, aptly call
ed by one OF our ex-C;overnors "the
bastard Offering Of political rape"
TO settle. with the aid Of its trustee
bslance> and which were receivable for
payment Of taxes. were bought by them
when legislation had stopped their
payment at the Treasury, and utilized
event al such figures as ss cents in
the dollar during ten years of strife
10 the extent of sIl,sp0. 900 out Of si2.-
10000 available Tor that purpose /
do moi pretend to hc exact.
II ! am asked why this use OF cou-
pon did not continue after the sur
render of the debt paying party, /
can only say what / said to some one
who argued that the people OF Virginia
who had taxes u pay would be sure
TO use the coup lns for that purpose
when they could be bought at 50 cents
on the dollar ssld mo. Virginians
ere peculiar people. sentimentalisis
TO the core. They paid up 9s cents for
/ coupons while they were lighting for
the right 10 use them; now that they
have yielded they viii not buy them at
any price / proved that was cor
rest in my estimate Of The character
istics of my own people. Let an Illus
trailoH ilN The point. y yourg friend
Of mine boueh, some sl2,0OG Of cou-
pors from Virginia consols paying
about 30 cents on the dollar for them
and took them down TO the State Ia
pay some taxes due by him on an es-
tate OF which he had control He had
but was thorough Virginian in feel
Ing. When he started he said he was
going 10 look into matters a little
before acting. Not many days after
getting in touch with those connected
in various ways with him and his in
terests, he telegraphed hack, Send
me $1,000. am sending back the
coupons" Quite surely we are a Pc
culiar people
But 1 wander from my subject. and
yet after all this was almost neces
sary as an Introduction
1t so happened that in 1865 had
TO employ lawyer in New York. Fran
els r. iiives, son of Hon. William c
Rivcs. To protect some property thera
from threatened conhscation We were
thrown quite closely together. One
day he opened to me scheme which he
had charge Of on behalf OF enc of the
largest money-lendinS institutions In
Great Britain. This was no other than
the lending OF money 10 farmers in
Virginia on the security OF their farm
inS land. II was proposed TO make the
mortgages run for long terms of years
which was most essential feature
The interest was to he fixed at 6 1-2
per cent. They could at that time get
mortgages on New York City real es-
tate ~ per cent, put they preferred
Virginia farms. The only obstacle in
the way of immediate action was the
existence OF the usury law, which for
babe rate higher than per cent The
only way to meet this difficulty was to
procure change in the law and for
this 1T was necessary to wait until
there should he Leg isiature to act on
the subject, The plan was TO have
representative in every county in the
state VINO would report to and act
through main office in Richmond.
These positions were 10 be filed by
lawyers of the hest standing, and !
was To furnish the names OF sulta BILE
gentlemen Nothing on large scale
could be done until there was repeal
of the usury law. 1t was deemed ad-
visable, however, to prepare at once
so s to he ready to act promptly when
the difficulty was removed. I selected
gentleman in Richmond my friend.
Mr.. James Peasants. to formulate n
method of procedure to be carried into
effect when the proper time arrived
lie did so. and In the way OF nrepara
tlon went through the process OF maxi
ing real loan at per Gems. to the
amount of $4,000 which In all its de-
tails was TO seryAas model for what
was to be carried cut on very extern
sive lines, 1T was prepared to start
with the sum of s5,000,000 to be dis
trthuted among. the counties of the
state In later years 1 became quite
well acquainted With the gentleman
who had special management of the
institution.
Well. the machinery was all ready
and the funds We're waiting The Leg
islature met as soon as II was allow
ed TO do so by the United States gov
eminent. But il declined to repeal
the usury law, and so this might have
been" did not mater:alize. There was
lost opportunity
was no disclosure at the time of
what was contemplated. Even Mr..
Pleasants was not informed on that
point The fact is now presented for