The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-17
The Conference on the Public Debt.
TaE JOINT COMMITTEE AND THE
BOyDHOLDERs IN COUNCIL.
WHAT WAS SAID AND DONE.

Just Oh predicted in the Dispatch, the con-
ference Of the bondholders who convened 10
the Senate chamber Oh Saturday afternoon
ended without having arrived at any salts
factory conclusion.
The body was called to order at O'Clock
by Judge A. B. Cochran, chairman Of the
Senate committee, and Mr.. j. Bell Bigger,
clerk OF the House Of Delegates, appointed
secretary. The proclamation OF the Gov
error citing the action OF the General Assem-
bly, and calling for the meeting was reao:
Upon call for the number and amount OF
State bonds represented the following list
was announced
J. L. Williams, $1,000; s. A. Swami,
Sc 600: DR.. Douglas, So, 100; r. w. Bragg.
lsS,100; George Benton, $500 E; j. Il. Pop
ham, slGG,OUU; Danger.jcld Lewis, $4,000;
&c. W, Statham, $1S,OO0; w. 3. Isaacs, So
0aO; Captain Coke, S9,771.34; J. a. Seldom,
$4,000; G. Morrill,, S5So,0O0; c. D. Middle
ton, S}5,1O0; N. Rosenhaum, S10,0UO; X.
| II. Maury, S4G3, 900; j. T. Meredith, S25, 900;
James Gregory, $4,000; r. z. Richardson,
SSOU,O0O; Enders Robinson, $4,000; VII
| liam Gray, $4,000; DR.. Wexford, S65, 900;
p. J. Wright. $4,000. Total, 81 1913 81.
General james a. Walker, from the House
committee remarked that the amount was
so inconsides;,blc rs to prevent the confer
ence from taking any decided action II the
matter. One million nine hundred thousand
! out or tbirty-two millions was too great
disproportion. 1t was too clear for arSu-
mcnt or doubt that they would not be JuStl-
fed in taking any action whatever: T
Mr. lead moved to adjourn until Monday
afternoon, in order to give other creditors
time TO meet with them.
| Mr. james a. Seldom: Would it not be
advisable, Mir. Chairman, if the committee
have any plan to propose, TO Go 1t at once !!
Had some plan been proposed, creditors
from q distance Mi ht have come to consult
with us, and we would have had much
larger number present.
| The Chair: This is conference On the
part of joint committee Of the Legislature
with the DondhUldcrS TO arrive, if possible, ut
some plan Of adjustment, and we have no
definite Plan 70 propose The committee arc
OF the opiuion that 50 small Il number would
not justify them il taking action. But the
committee, after Il contelence, Will suomi
plJn il the bondhoidcrs desire it.
| Mr. Seldom inquired whether It was
plan of compromise; w.le5ucr they proposed
TO settle disputed rights OF propose & plan
for the adjustlIt ut OF acknowledged debts !!
The Chlir replied that It was tue desire oil
the General Assembly to bring the debt
within the means OF the people of Nlrginl.
10 pay.
MIR. j. L. Williams : These bonds are held
by persons all over the world; and in those
represented here, from various parts OF the
Uniled States and, possibly, England and
Germany, you have variety of sentiment,
which will probably give the spirit Of the
| Ia, RI a n,t rpnTY.pntP1
| tie amount.
General Walker said.for himself and as
member OF the committed that 1t was not only
useless but unwi>e 10 agree 10 any plan OF
compromise unless they were i'll teaty With
q sufficient number Of creditors that i mil
! iority would not de bound ty any action
taken here, and that it would not amount to
anything. We should know that the propo-
sition had been responded to in sufficient
numbers TO make their action acceptable.
| We do not deny or controvcrt the acHnoWI-
edged rights Of tue creditors Of tie State !;
we don't deny that it is Il just deJt. nor do
we seek to eyadc payment lOnger than we
are compelled to; but Sl,SO0,UUO Of bonds
cannot bind thirty-two millions.
Mr. Seldom: 1t is certainly matter of re-
gret that mere of the boudholdcrs did lot
respond. But even ii three-tourths were
here it would not be proper or possible to
make settlement which would bind those
VINO are absent. If settlement is attainahlc
at all, it will be only by one which will effect
the general feeling OF tie community, by q
conviction that it is an equitable plan OF
settlement, and one which will he ratified by
| the General Assembly. All that can be done
will be something that will meet with the
sanction Of thee great class OF Oondaoidels.
4 ISL, 4nf
,nent which they may deem equitable and
which will maintain the honor and dignity
of the State. And it will thus commend
itself, and enable some plan to be adopted
and carried out which will satisfy all.
Senator Kirk patrick thought that some
good might come Of this conference. Al
though small, it represented to considerable
degree the sp,rit Of the debt, and gave some
assurance tAat existing difficulties could be
adjusted. The speaker further remarked that
he had received letter from northern
bondholder stating that the Legislature
should get all it could in the way OF revenue,
and after paying the expenses oi the Govern
u1cnt the balance should be appropriated 10
the payment Of interest; and us tie State
revenue increased, annually tue Common
wealth might increase the pa: mcnt OF interest
on The bonds Until Tic whole Obligation had
been met.
Mr. Kirkpatrick further said that if ali
the taxes Of the state should he paid in th9
coupons the Treasury would be left empty
and that this conference had been called Ill
order that some temporary adjustment might
be had; 10 see il some portion OF the luter-
est could not be paid and still leave enough
Tor State expenses. II is not the wish OF
the General Assembly TO place themselves in
the attitude of man with his pockets full
of money who refuses to pay his debts.
Cannot we interchange views, said the speak
cr, and agree upon some plan acceptable 10
the bondholder? Virginia does Dot ask to
be let OF with one cent, but will ultimately
pay all. BY reducing expenses OF the Stale
to the lowest possible minimum, and raising
all the revenue That the people arc able to
bear, the thing may he done. If this con-
ference would recommend to The boDdhold.
ers some scheme which did not hazard the
life of the State some good may come OF it.
Mr.. Gilman at this point moved to adjourn
until Tuesday afternoon 10 order to give the
committee time to consider tic question of Il
proposition to the bondholders.
Colonel Popham: This is but prelim;-
nary meeting, and it seems to me that If the
committee would adjourn The boldholdeIs
and confer among themselves this evening
they could be ready to report on Monday.
Mr. Gilman insisted on his motion III order
Ito get others here by Tuesday.
Mr.. Williams made a request Of the CON-
mittee that they should have some PROPOSE
tion to present by the next meeting.
The Chair, in response to question from
one of the bondholders, stated that he could
not speak certainly for il, but the Object OF