The times. [volume] (Richmond, Va.) 1890-1903, 1890-06-08
THE STATE DEBT.
MORE ABOUT THE PROPOSED
PLAN FORTS SETTLEMENT.

/ Latest Details OF the Suggested Cosnpro-
mise-Expisnstorv Pamphlet Of the
Committee Having the Matter In Charge.
An Interesting Movement.
From the last circular OF Messrs. John
4. Hambleton a Co., Of Baltimore, we take
The following about the Virginia state debt.
We are further informed that Mr.. ii. &.
fahuestock, Of the First National Bank OF
New York. sailed to-day for London, in con-
nection with these negotiations:
rBE PLAN
under which II Is hoped n compromise and
inal settlement Of the debt will be made.
provides as a prime essential mat an
mount of the indebtness OF the state, suf-
icient 10 guarantee the success OF the re-
funding plan, shall be deposited under u
power OF attorney authorizing cJmmit'ec
to negotiate with the State. Flo, this psir-
pose repositories are provided nj London,
New York, Baltimore and Richmond.
AN EXPLANATORY PAMPHLET.
The committee having the matter in
charge will issue.an explanatory pamphlet
addressed 20 the holders OF Virginia bonds.
from which we take the following extract:
This undertaking TO settle the Virginia
debt does not require creditors 10 incur any
responsibility, or risk any part OF its ex-
pense.
"For more than seven years the holders
Of Virginia bonds have refused the terms
offered, and have, through various agencies,
expended large sums in fru itless ofioris 70
obtain better terms.
"It has been thus established: lst. That
Virginia has not been able to negotiate SITE
cessfully with agencies heretofore pronos-
ing 10 represent this debt; aud. I'd. That
the State will not entertain any proposition
unless it is accompanied by satisfactory
guaranty that. If accepted. substantially all
the bonds will be Immediately surrend, red.
"T0 meet the requirements Of the situa-
ton, the debt is 10 be conditi0nally depOsli-
ed under an agreement giving committee
power 10 cOnsummate such compromise as
creditors accept.
"An Advisory Board will examine such
plans ofsettlement a. may be proposed by
the creditors Represented by the Bondhold-
ers' Iommittee), and Will state their ap-
prOyal and recommendation. or the contra
ry, Of such plan when submitted 10 them.
"After plan of settlement has been ap-
proved by the board, II will be submitted 10
the bondholders for their acceptance, and
when accepted 10y them. but not otherwise,
il will be carried into execution.
"lhe bOndhoders' committee Is: Frederic
Z. Olcott. Charles u. Dickey. Jr., William
l.. Bull Hugh II. Garden. Horny Budge, Of
New York, and John Gill, OF Baltimore.
"rhe advisory board consists OF liop.
Grover Cleveland. Hon. Thomas f. Bayard,
Hon. Edward G.. Phelps. Mr.. George ;. ,oe
and Mr.. George G.. Williams.
The depOstaries are: Central Trust
Company OF New York. Brown, sbipley a
Company. Of London, The Mercantile Trust
and Deposit Company of Baltimore AMI
The Planters National Bank Of Richmond.
Mr.. Olcott is the president Of the Central
Trust Company, of New York. Mr.. Dickey
represents HrOwn Brothers. Dir. Bull II an
sx-president of the New York stock IN
change. Mr.. Bulge represents llallgarden
4 Co.. Mr.. Garden is the president ~ the
New York Southern Society. md Dir. Giliis
he president of the Mercantile Trust Com
pany, Baltimore.
HEARTY CONCURRENCE RECOMMENDED.
TO our friends and correspondents In
England and at home, we BEG 70 call the at
enti0n OF this movement 10 settle the debt
question of Virginia. and would advise them