Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-06-07
SATURDAY. JUNE 7. 1890.
A Hopeful Plan of Debt Settlement

A Hopeful Plan of Debt Settlement
No announcement that could be made TO
the people of Virginia would cause such
thrill of Joy rs 80 the debt is settled" linen
O great burden Of care would fall from the
shoulders of our State officers and public
men generally. Then vivid impulse
would be given 20 industrial enterprise.
Then the courts would be freed from the
bother and labor of coupon suits. Then
our legislative sessions would be exempt
from oneofthe most vexatioussubiectst that
ever tested the patience or taxed the inge-
nuity of man. Even the bare thought Of
such happy day quickens the hearts and
brichtens the faces of our long-suherlng
people.
Up TO this time scheme after scheme has
been proposed only TO fail. Hope after
hope has been raised only to be dashed TO
earth: but mean while and notwitbstand-
ing the State has not only held her posi-
ton. but strengthened her defences. Here
and there the enemy have broken through
our hines but only 10 come face 10 face with
entertainments they had not seen before
with an array Of force theexistence OF which
they bad not dreamed. Occasionally we lost
gun or flag. but while our advorsaries were
shouting with JOY and Dragging of their
victories we repaired our losses and pre-
scented amore formidable front than ever
before.
In the last great contest before the
United States Supreme Court the State
had the happiness of hearing that tribunal
declare that che school-fund is ever to be
sacred from incursions of the coupon, ana
that for hquor-lcenses we clearly have the
right 10 demand actual money. The bond
holders carried some points which were IN
consequential in comparison with those
they lost. The damages they then and
there suffered can never be repaired; those
that fell upon us will at the worst, cause
but slight and temporary inconvenience.
Ii is pleasant to know that some of the
bondholders are tired of this litigation,
which has proved so useless and costly to
them and so unwelcome to us, and are
looking forward to a peaceable settlement
within the revenues of Virginia" Had
such course been pursued years and years
high up in the market, and the holders of
them would have been rejoicing in the Wis
dom Of their choice and the security of
their investment. That course is still
open, and it is the best. Cease litigation;
fund your old bonds; take new threes. and
instead of hammering down the credit of
the State buoy it up. Freed from the null
ssnce of this coupon warfare Virginia, al
ready rapidly developing her mineral lands
and alert in railroad enterprises. will make
"A bound that will astonish her own citizens
and the world.
II we are correctly informed this is the
general direction to be taken in the move
ment headed by Brown, SHIPLEY Il Co., the
great English bankers, who announce in
the London Times that they will receive
Virginia bonds on deposit under an agree
ment authorizing committee to settle the
debt
The plan is for the creditors to deposit
their bonds and agree among themselves
on basis of settlement within tho reve-
nues of Virginia, which is to be submitted
20 and approved by an advisory board
consisting of ex-President CLEVELAND,
Hon. THOMAS f. BAYARD. Hon. i. j.
PnELps, Mr.. GEORGE S. Coz, president Of
the American Exchange National Bank,
and Mr.. GEORGE q. WILLIAMS, president Of
the Chemical National Bank.
After the board has approved a plan of
settlement it will be submitted to the
creditors for acceptance, and when accept
ed by them will be presented to the Gen
eral Assembly of Virginia. "lnasmuch as
the committee will offer to surrender the
bonds the moment the State accepts the
proposition, it is claimed that miscarriage
of the settlement is impossible"
One very marked advantage this scheme
presents is that we will know with whom
we are dealing, and the proposers of the
settlement will have the bonds in hand to
fund when they agree upon terms with the
State. Sir EDWARD THORNTON and Mr..
BRAITHwAIrR when they were here trying
- effect a compromise never gave to the
legislative committee any satisfactory as
surance of the amount of the debt they
could influence or control.
The intelligent gentlemen who have I'M
uertdhtn 10 cOuuuCt Wis uloNCidcut nv
doubt we'll know the position of the peo-
pie Of Virginia. iterated and reiterated in
their determination TO stand by tho RID
pISBrReEB bill. but in the lapse of time
since that settlement was first offered TO
the creditors questions have arisen which
require legislative construction. Hence
the necessity of plan of settlement"
A. IS IL .Nf
SHp1EY a Co. further than are here stated
We have not seen; but proceeding upon
the hypothesis that the position of this
Commonwealth is clearly comprehended
by them, and that their proposed settle
ment is meant to come within the reve-
uues of Virginia" there ought not to be
any obstacle that conference and concilia-
tion cannot remove.
For the present the work of Brown,
SHIPLKY Il Go. and their associates in Eng
land and America will be to convince the
bondholders Of the advantages Of their
movement. The great bulk o. our foreign
debt is represented by the Committee of
the Council of Foreign Bondholders in
London. whose chief reliance to force Viz
ginia TO q settlement has been III the sale
Of coupons and litigation to create mar
ket for the coupons. II they Cthe bond
holders) are satisfied with their present
situation they viii be immovable; il not.
! they will be ready enough TO sell out or to
cooperate in the new plan.
At any rate settlement never can be
effected without beginning being made.
Here seems to be start and in the RICH.
direction. In this view who in this old
Commonwealth does not wish il success
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