Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-06-06
TO SETTLE THE DEBT.
A COMMITTEE FORMED IN NEW YORK
TOPOOL VIRGINIA BONDS.
tessrs. Cleveland and Baynrd on the Ad-
visory Board-An Outline of
the Plan.

A telegram was received in this city from
London q few days ago asking if it was
true that the State debt had been settled.
The answer was NO"
The debt has not been settled. but there
Is q scheme which is being pushed that
gives promise, many well-posted financiers
think, of bringing about this greatly-to-be-
desired condition of affairs.
In brief, the idea is to pool the bonds
through committee Of New York busi-
ness-men that has already been appointed.
and then to effect settlement through an
advisory board with Mr.. Cleveland at its
head.
Those interested in the undertaking
think the bonds will be pooled readily If
there is proper sentiment manifested
in Virginia. The first intelligence OF this
movement, which is to be promu gated IN
New York in q few days. was received here
aday or two ago, but not until last night was
it given any publicity whatever.
The coMMIrTEE.
Already the London Times has had an
announcement by Brown, Shipley Il Go.
that they will receive Virginia bonds on
deposit under an agreement authorizing
committee 70 settle the debt.
The committee consists of Fred. z. OIL
colt, president of the Central Trust Com
pany of New York; Charles ID. Dickey, of
Brown Brothers d Co., New York: Henry
Bulge, of Hallgarten & Co.. William J..
Bull, ex-president of the New York Stock
Exchange: John Gill. president of the
Mercantile Trust and Deposit COMPANY Of
Baltimore, and II. r. Garden, president Of
the New York Southern Society.
crrrrrNr or rBy PrAN
The plan is for the creditors to deposit
their bonds and agree among themselves
on basis of settlement within the reye-
nues of Virginia, which is to be- submitted
to and approved by an advisory board,
consisting of ex-President Cleveland, Hon.
Thomas +. Bayard, of Delaware, Hon. l.. j.
Phelps (recently United States Minister to
England. Mr.. George S. Coe. president OF
the American Exchange National Bank.
and Mr.. George G.. Williams. president OF
the Chemical National Bank.
After the board has approved plan OF
settlement it will be submitted to the
creditors for acceptance. and when ac-
cepted by them viii be presented to the
General Assembly Of Virginia. lnasmuch
as the committee will offer TO surrender
the bonds the moment the State accepts
the propo osition, it is claimed that a mis-
carriage Of the settlement is impossible.
The depositaries are the Central Trust
Company of New York; Brown, Shipley &
Co., Of London; Mercantile Trust and De-
pOsit Company of Baltimore, and the
Planters National Bank of Richmond.
Mr.. CLEVELAND ACCEPTs.
Colonel W. W. Gordon. of this city, has
received from Mr.. Garden, member of
the New York committee. private letter
relating ID the matter and pamphlet out
lining the whole plan and entering into the
details OF the proposed agreement. From
it the above facts are cleaned. This pub
lication contains the following letter from
ex-President Cleveland and Others accept
ing the trust they are asked TO assume:
sEw YoSK, May 10, 1890.
To Nssus Trederics T. .OlcoH William i. BuH.
CHARTS b. Dicksg, Jr., q. Il. Garden, Henry
Buige, AID John GiN:
Gentlouen,-We have received and duly con-
slderod Your letter Of the 18th instant and tho
agreemen' n copy Of which was enclosed there
ia. In common with all other friends OF the
state OF Virginia, We sincerely desire TO see hor
public credit restored and her people relieved
IRON their present distressing situation. To
promote his object VIC are willing 20 act as the
board pf0rossd In your letter, with the mutual
understanding tnat our duties snd functions are
TO "eXAnne such plans or proportions OF a1-
| tus;meu, rs may 10 formulated and proposed
by the folders Of the obligations Of Virginia
represented by your cOmmittee) and submitted
10 us IN accOrdsnce with the terms OF the agree
ment "a 10 state our approval and recommen-
dations, Cr the contrary, OF any such PROPOSE
tious.n
We ara, gentlemen. very respectfully, your
obodlent servants, GROVER CLEVELAND,
THOMAS 7. BAYARD,
GEORGE =. Coz,
GEORGE =. WILLIAMS,
T. j. PHRLPS