Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-06-08
Deht.Sattlement Prospect.

Among some of our men of affairs who
usually take a bright view of things there
is fear that those who have undertaken to
formulate plan of settlement Of the Vir-
ginia debt do not understand the Difficult
tres of the undertaking.
This IL not our opinion.
The English bankers and their asso-
ciates no doubt have read the steno-
graphic report of the conference where
Sir EDWARD THORNTON and Mr.. BRAIrH-
WAITE represented the Committee of the
Council of the Foreign Bondholders and o
legislative committee appeared for the
people of this State. If they have studied
this volume and subsequent legislative
documents they know precisely what to
expect; but in addition to these sources
of information the proposers of the new
scheme have been in correspondence with
several Virginians whose counsel is every
where IN this State regarded as valuable.
With oil this light the CLEVELAND 0LcoTr
committee have entered upon their enter
prise. No doubt they are acting advisedly.
After eight years of costly litigation the
foreign bondholders find themselves no
nearer the object aimed ut than when they
started.
The London Ne7Cs OF q recent issue said
"tho committee have been many years pur-
suing the State OF Virginia through Ameri-
can law courts without other effect than
perpetual fresh eyasions of the duty Of re-
ceiving coupons for taxes. A separate and
independent group here lately took mea-
sures with the view of seeing what could
be done by friendly attempt at compro-
mise"
HAMBLEToS's weekly circular saysl I'VE
have no doubt that tho special committee
appointed by tho Virginia Legislature last
winter was created through an under
standing with the parties who are now
moving 10 accomplish a settlement of the
debt" and then the publishers, after dis
cussion of the States position, adds:
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 70 settle the Virginia
debt does not require creditors TO incur
any responsibility OF risk any part of its
expense.
y
of Virginia bonds have refused the terms
offered, and have through various agencies
expended large sums IN fruitless efforts TO
obtain better terms.
1T has been thus established: list,
that Virginia has not been able 10 nego-
tlste successfully with agencies heretofore
proposing TO represent this debt; and, I'd,
that the State will not entertain any pro-
position unless 10 is accompanied by q sat
tdactOfy guaranty that II accentod sinh
stantlally all the bonds will be- immediately
surrendered.
10 meet the requirements Of the STU
alton, the debt is 10 be condltionailv de-
posted under an agreement giving com.
mttee power 70 consuInmate such com
promise a. creditors accent
An ADVISORY board viii examine such
plans OF settlement as may be proposed by
the creditors Represented by the Bond.
holders Committee) and win state their
approval and recommendation. or the CON.
trary. Of such plan when submitted TO
After a plan of settlement has been
approved by the boardit will be submitted
10 the bondholders for their acceptance,
and when accepted by them. but not
otherwise. 1t viii DO carried into execu-
"Tbe Bondholder's Committee Is Pred.
eric p. Olcott, Charles ID. Dickey, Jr.. Will (
liam L. Bull. Hugh X. Garden, Henry
Bulge, OF New York, and John Gin, OF
Tho Advisory Board consists Of Hon.
Grover Cleveland Hon. ThomasF Bayard. |
Hon. Edward J. Phelps. Dir. George 3. Coe, |
and Mr.. George q. Williams.
The depositaries are Central Trust Com |
pony OF New York, Brown, Shipley 4 Co. |
u London, the Mercantile Trust and De-