Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1890-06-13
VIRGINIA. DEBTA AGAIN.

AGREEING TO Act AS ARpIfRATons:
RicnMoSp Va, June 5.-Tne an
nouncement male 'ilftho Suns dis
patches today from New York of, a
new and important schsme looking
to the settlement Of the States debt
attracts Considerable attention in ii
nancial and official circles iIeic. The
correspondent of The Sun this after
noon called at the executive mansion
to get Governor McKinney,s views
on this subject, bnt lie was sick aud
could not be seen. The scheme is
regarded by many as having many
things TO recommend il to the. State
authorities. a holder of .more than
three and u half million dollars
something like Que seventh of the
outstanding bonds of the State--to
day said: II have read the scheme
outlined by the Sun, L have no iu
formation about the matter, but |
have known for some timo past that
negotiations of some character were
going on The debt commission
appointed Mt the last session Of the
legislature to receive propositions
from the bondholders has never yet
had meeting. They will probably
do so iii month or so. Under tho
provisions of the act creating this
commission little or no latitude is
given Their to act. They aro bound
by tho terms OF tho. Riddleberger
bill, and before any proposition can
be received by the commission the
law prescribes that those rendering it
shall give security for million dol
lars. Sons fnanciers here think
that if the scheme outlined in the
Sun is carried out it will not be sub
United to the commission, but di-
rectly to The Legislature. In that
event, OF us soon as it is ready, those
acting in the matter would present it
to the Governor and ask him to con-
veno the Legislature.
The pamphlet giving tho whole
details of the plan for placing the
holdings of the State bonds has been
received by n prominent lawyer here
In a letter accompanying this MIR.
Hugh r. Garden, one of the commit
tee, says: "The plan is for the cred
itors to deposit their bonds or agree
among themselves ona basis of set
Element within the revenues of Viz
giniu,' which is to be submitted to
and approved by the advisory board
mentioned in today's Sun. This
statement adds: 'Inasmuch as the
committee will offer to surrender the
bonds the moment the State accepts
the proposition, q miscarriage of the
settlement is impossible. BY the
terms OF agreement under which ii
is proposed to pool the debt, those
representing one half of the whole
debt eau control the conditions o,
scheme. In other words, it is agreed
that majority shall direct absolute
ly, the negotiations. The bonds are
to be deposited With the committee
and in. their hands, and therefore un
der their CONTROL a.e.
The following is the letter of OK
President Cleveland, ex-senator Bay
ard aud Others agreeing to act as
the board OF arbitration in the mat
ter: s3
New YoRk, May 10. 1890.
To Messrs. Frederick P. Alcott, WIN. L.
Bnll, Charles D. Dickey, Jr., II. r.
Garden, Henry Bulge and John Gill;
Gentlemen: We have received and
duly considered your letter. of the
18th instant, and the agreement, q
copy of which was enclosed therein
In common with all other friends Of
the State of Virginia, we sincerel,
desire to see her public credit re
stored aud her people relieved from
their present distressing situation
TO promote this object we are will
ing to act as the board proposed ir
your letter, with the mutual under
standing that our duties and func
tions are to .sexamine such plans OF
propositions of adjustment as may
be formulated by the holders of the
obligations OF Virginia, Represented
by your committee) and submitted te
us in accordance with the, terms o.
tho agreement, and to state our mp
prevail and recommendations or thu
contrary of, by such propositions.
| We are, gentlemen, very respectfully
your obedient servants,
GROVER CLEVELAND,
THOMAS T.. BAYARD,
GEORGE s. Cox,