Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-02-01
TEE SKATE nEBT CONFERENCE.


III: SUB Committee Of the joint Committee
o. i':12rA, cf The Legislature, charged with the
du.y Ct con!elli0g with the representatives CT
tn, boudho'ders ne! at the Exchange Hotel
Last ligh'.
Mr.. McCuiloch mako statement OF his con.
1cc.ian With tic debt, 10 with be seemed to
.cc,enizJ tie impracticabilitY Of securing an
;ncreasc ortazs,ion. His opinion was that as
the State is now paying out about 81, eco, 600
p:1 aalum By means of coupons, and as only
abou! $950,000 OF that amount actually reaches
tho bougiholders, some arrangement should DC
r,aie to prtc1rc for boodhoders, who 20"
receive Ic,tioe, The difference between the
suas pancd, and to add to that whatever may
be realized from oew sui acts If taxation avail
stls. II, however, as ne understood from the
remarks w.d, ct tee previous meeting, the
legislature had determined not to- sy more than
three per c.ut., be would say that in his judg
nent that sort Ct settlement wculd not be 90
eaptabe g hc:e whom be represented, and II
Tia! Vas he hest that could b, done, be begged
r5ry respectfully to cay can!iily be consiicred
i. pcp. cs:s.ry that be shoud r,lnaio here any
i2ugc:.
Mr. Barbour sal Ina; nc had given
il % lis individual opinion that ) per cent.
va. the highest emlult Of interest that We
| c juld spi.!y promise 10 pay; but lie G!d~not
n!can - lay doSa 81 ulimaIum tJr the
! LEGISLATURE, cut did Dcan to say that ua'
! der 30 circumstances wcu'd the Legislature
! al7ac ~ rate Ct interest that would OCCASION
i aay ;rcfcasa uf tng present rate OF taIatlOO.
NJ. B.cjc!, thought that per cert. was ali
! &c c III safely promise 10 raT. FEgtnie wants
| &C. make Z :ni!lencGt that VII &c hna:iy
| There ar; & t:w memb7.s who would probably
zoe fJr sFral! itcicaao Ct taxation, but the
MI ,!i,g would uat think Of il. Eheo it nusl
| b. ;crr,nbercd that 40 are 10 have reasses;-
!.Dt Ct i>nI:, whcu re may exp: c.a reduc!on
| ,flexstlc values. 1t We could pay little moro
| thar G.r cent. noT, We cluidn't alter rea5
ssssmant. He impressed upon the haanelers
! The &c: that the people are deslr0us OF msklog
| permanent aDd IistiDg sc;t!ancnt.
| Mr. i. i.Qu'r2d il his friends could no! frame
| u scheme CT compromise oc graded scale oil
alertst. commencing ct per cent.
Mr.. Ward inquired It 10 taking about three
! ~ per ceut. il mcant par cent Gu oil Glasses
o: the bonds.
Sir. Halvic let it he plsioly understood
Tat be navcr would conscut 10 any agrcemen.
which did not put rcsicEa AID conso!s on on
c1u.l fnaliag.
iir. Fry said lis position in NeT York caused
| lin to know !hat he interests CT this Statc
wtre i;iured by ayi!aiiag this question, aud
a!tcr hcarirg the statements OF tho gentlemen
.cp,csen,i5g the SGato abou. its condition, he
| :, nE tho finn If ho dahl n
bends, tc lu3 Is years and bearing per cent.
iajarest for j. ycslS, t per cent. for II years,
ard $ pr cent. Tor the remaining years. which
you'd be equal 10 4 per cent. in the aggregate.
| Mr Fuikcrson said that he did not suppose
! the creditors Of the State would ask or accept
aav readjgstEnent of the debt thai could Let be
| complied with By the people; that tho security
taC:e boHdho!ders claimed in tic. coupon wss
| "holy unreliable, because the Legislature could
| m.kc TO contract binding the future revenues OF
the tate or OF shy other character, beyond TIE
| control oGibe people in their sovereign cspGcltyi
tnst the Legislature could, if it saw proper TO do
So ii tGcnly.iCur hours, render this security ut
| terry worthless. That if tho creditors would
make y proposition that the people could en-
dorSe, tus! he would feel it bis duty 10 carry il
| cut rc!igously.
| Air Molett explained the siIusLion and stated
| that there were Il crest nELy past due coupons
| wh.ch might come upon US at any time and any
arrangement We might mako for the present rata
| afinierest, We must t1ke into consideration the
| possibility lhot q great deal OF cur revenues
Iiga. be absorbed by these ccupoLs., Ee cen
Cured il the main on the graded scale OF inter
| CT suggested by Mr.. Rocock.
Mr Brooke stated it might be that after hear
| ing the views OF the different members Of the
Legislature present iG the conference. tho repre-
| ..LlatSes 0! tho creditors prese1t might be Viii.
Ing 10 n.u.u cut and suggest pan for an adjust
nent.
After further conference ard q! tho request Of
tho sub com rnltse, aesaIs McCulloeh and Isaac
Il. C.I:iEgton-lhe latter agent for the Council
OF Foreign Bondholders-sgreed 10 prepare such
,. ! Ia. ~ tney thought would meet the demands
o. lie situation, having in view the concurrence
0: lhe bOrdlolGers aid Obtaining the assent OF
the General Assembly.