The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-02-27
SETTLEMENT. OF THE STATE DEBT.

SETTLENEST~OE InE SfAs bGDls
The special committee OF the Legislature
appointed to confer with the bond holders
concerning the State Indebtedness, met the
committee of the bond holders on Weda asday
last the 10Th inst. The conference of the
two committees was called to order by Sena-
tor Cochran chairman Of the Legislative COM
mittee, who submitted, the following propo-
si,ion to the committee Of bondholders
aro provide by proper bill for the pay
,neutqf interest due LIST January, and lss Ju-
| ~, 1873, as follows
.:Pay at rate, as follows: Four per ccntum
Der annuni on funded debt. -Four per centum
per annun, on; two-thIrds unfunded debt, and
]! at same rate on Eve per cent. bonds
"For each cospon redeemed to issue a Ger
tifcate for one third, to the following effect
/ due, By the State of Virginia to the bearer
Zone -third amaunt.of coupon redeomed) with
/ out interest. y
4 II MrsSoett, .of the bondholders, wanted to
Know What would be done with the matured
co1poihsss = Mr.: Cochran explained that the
proposidien related to and embraced only the
iolarest for Ibis year, 1873, beginning 1st Of
Mr.. Coghil said that they would be glad
to provide. for all the unpaid interest if they
could, but thought the State could now do no
more than was embraced in the offer. Mr.
Scott thought the failure to provide for the
ma,urcd coupons would prove an embarrass-
ment to the State and roasoa why the bond
holders might decline the terms offered. Mr..
Kirk patrick said this was only an expedient.
The committee made no proposition as to the
past, aud did not believe it was worth while
to undertake anything which would increase
taxes
| 1t. Gov. Marye, Of the boad'.oldor com
mttee, said that if the natured coupons were
no. provided for the bondhoders would be
repelled MIR. Il f. Maury, Of the bond
holders, said he had ascertained that there
was 81 500 900 in the treasury, and So ,000,-
600 of revenue would be received during the
year. With these resources, he thought
something ought to de done for the matured
coupons He suggested proposition like
this: On the presen tation Of natured cou-
pons at the treasury, pay four per cent. iute-
rest, and give certificate for the other two
per cent. payable when the State becomes
able. He thought that all, or nesrly all CT
, | al,
raagemert.
To these Mr.. kirkpatrick replied that il
the bondholders accepted the Legislative
Committees. proposition they would not b
t bound as to matters net embraced in it. IL
hardly thought the committee could cnlargs
sheir proposition.
8 Mr.. Scott then said that If the 81 900, 00(
of matured coupons were not provided fol
t suits would be brought on them. They we:'
: made receivable for taxes, and the promis;
e on their face had been ratified by the deci
d sion of the Supreme Court, and it was tot
q much to expect the bond holders to agree t
It anything not including fair provision 70
their payment y reinstatement Of the lav
r of last year modified according to the term
&c Of the proposition submitted, would prov
+ less embarrassing to the Commonwealth thai
n 70 leave them to take care of themselves.
l. At this poirt Mr.. Williams said he Wa
te there as bond holder and Visgnian al
u as they were confined to the consideration c
the proposition submitted by the Commute
of the Legislature ho proposed that the bond
holders retire foy consultation.
N They asssutsa to this proportion and re
tired After they had been out halfau hou
;, t,hey returned, aud their chairman, Mr.. Scott
read the following paper:
1.-The undersigned, representing majorit
of the committee appointed by snch OF th
d, olders of the bonds of the State Of Virgini
sr as convened undcr the invitation of the Gen
r. eral Assembly, to consider propositions sub
, mittcd BY the joint committee Of the Genera
. Assembly, have Lad under consijera io
u the following proposition. made to us By SAT-
joint committee; 1.-THE proposition is printe
ID above
l. III TeSpoHSC lHeEcto VS. nave w Guy what
r understanding the proposition to provide al
y adjustment affecting the interest accruing tn
er present year (l973), we approve and accep
he the same so far as concerns the bonds owne'
y BY US. and we will advise its acceptance b
m the holders whom we represent OF may inau
,c cnce 1t will be observed that the propose
ar adjustment makes no provision for the pas
Re due coupon Of 1872, aud thai the holder
u thereof are left to pursue such course touch
st ing the same as they may think proper.
to "We respectfully suggest that in our jude
at rnent it will be found cxpedient for the Stat
d, to provide similar mode Of adjustment 70
&c these coupons, because We believe that by S
il providing. relief rather than increased bur
to den, will be produced, and such proyisio
will tend strongly to obtain larger concur
renee in the proposed adjustment on tn
part Of the bondholders.
r. This paper was signed by every memba
OF of the committee then present and was repre-
&c sentcd 10 be their unanimous action. Nj
&c Scott said that this acceptance was uncon
I'd ditiona. SO FAR as the s;gners were concerned
n Legislative Committee then formally re
5th,