Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1890-01-13
The State Debt

The State Debt
As stated in Saturdays GAZETTE Govern.
or Mckinney, 10 his message 10 the Leots.
lature, transmitted a letter from Mr.. John
Lubbock, chairman of the couacil OF forti, F,
bondholders and of the EagIi.h
of Virginia bondhclders. Mr.. Lubbock
after congratuiatiDg the Governor on hi.
election and calling attention to the Ion,
pending question OF The Virginia State dem
expresses the hope that the important snn.
jsct may be brought 10 q satisfactory CON.
clusion under Gov. MckIuuey's auspices
rendering his term Notable Ia Inc annals of
the Commonwealth.
The letter says: 'Tae council and com.
mittee trust that your e1cellency will taxa
an early opportunity OF bringing uader the
notice Of the State Legislature their earnest
desire TO put an end TO the protracted con.
test, which has proved so detrimental to tina
interests of the people of Virginia as wei. as
to those of the bondholdeIs. The points in
divergence on which the negotiation in lSST
failed are not go great az to preclude, a. tte
council ventures to hope, the adjustment Of
the questions at issue, especially bearing lie
view the increase In taxable values and
the consequent increase Of available reve-
nue."
MIR. Lubbock expresses the desire that, in
order TO preclude the possibility OF a simlsr
miscarriage to that of 1887 before formal L,-
EQUATIONS are reopened, q preliminary III.
de%rstandiDg shall be arrived at As 10
the general principles that shall govern such
deliberations. He sugg,s.s that accredited
representatives uf the state, to carry uut
and conclude matters at issue, Dc sent 10 Len.
don but II it should not be deemed pruc,i.
cable TO meet this suggestion, then the couu.
Gil and committee Of the foreign bo|ndhg!d.
ers would be prepared to sebd a compIts.op
TO Richmond with full power TO conclude nm
equitable compromise. MIR. Lubbock, in
CONCLUSION, gives assurance Of The desire of
the creditors 10 bring about au equitable I'D.
Justment which may afford all acceptable
and permanent settlement, ana says VIZ.
ginia may rely with perfect confidence that
any agreement made by the State with tho
council and committee will be a permanent
settlement 30 far as he Dondholders are cou.
ceruei.
Governor Mckinney in his message say
: | deem It proper TO say TO the General Aa.
stmbly that | would be greatly ~9ratihrd Il
the question of the public deb of ViIgInia
could be settled in such Il manner as To eul.
lsfy all parties and retire it from the courts,
from the legislative halls aud from the
politics of the State. From my
knowledge OF the financial condition
Of the people of Virginia ana the
action they have heretofore taken upon the
.utjact 1t is clear 20 Inc that We are not able
20 Ctfer 10 our bondbolders 3 more liberal
settlement tEau that embodied in tbe settle
ment known as the RiddleDerger bill, and
that ary considerable departure from the
provisions of that bill would be contrary TO
The expressed will Of the people and to the
pledges made 10 them by the party IN
power"
The Governor sees no reason why d cen
mission should be sent 70 London, Virginia
ga viDg offered the b0ndholders under lie
Rlddleberger bill, which bias been approved
Oy both political parties and ratified by The
people, az liberal terms DC the haancial con-
dillon Of the 5 ate will allow refers 10 lie
increase in the annual .xpenses on account
Of educational ana eleemosy nary institutions
and pensions 10 dIeAbl. d soldiers speaks Of
the material d!minuIion OF resources, ard
SAVE 10 offer more liberal ter ms would mean
an increase In tho rate Of taxation unlesi
there 10 an increase in the taxable values 6Y
This years assesemen,s, or new subj cts Of
can be tuund,
After advising lhat;he S ate ste nj by The
R;ddlebeIg-s till AID ameudmouts The GOV
eruor concludes: But il the Dondbo.ders
propose different terms bot materially IL
creasing the principal or interest, as sscel-
tanned BY the bill, it would be We'll 10 require
as an Indispensable condition OF considering
any such proposition that IL should embrace
d bona fde teuder of 81 large u proportion OF
The consol AID 10 40 bonds ne 10 guaranteed
settlement of the wnole debt If it should be
accepted"