Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1890-07-11
VIRGINIA DEBT QUESTION.

The New York correspondent of
the Baltimore Sun, under date of
June Both, says:
Capt. Hugh n. Garden, of the
Virginia bondholders' committee,
in an interview published this eve.
ming is quoted as saying: "NO
plan has yet been formulated stat
ing the figures on which a settle
ment should be reached, for the
reason that the committee desires
, to have the conservative opinion
and advice OF those who have stud
led the question from the Virginia
standpoint, the creditors stand.
point and the dIsinterested stand
point, before we formulate any
scheme for submission to the adj
visory board. We hope that when
our plan is finally submitted to the
State, the Virginia people will feel
that 1t represents a consensus OF
opinions, based on the highest con
slderatiOns of sound finance and
public policy, and that thus the
State will have to accept the plan.
believe that Virginia will gladly
accept it.
"Ihere is an excellent prospect
that the creditors will join III this
plan of adjustment with practical
unanimity. The bondbOder com
mlttee announced their proposal
at the first of this week, and al
though creditors were not asked
to deposit the bonds before July,
large amounts of the Virginia obi
cations have already been deposit.
ed both in London and at each of
the American Repositories. We
anticipate no opposition whatever
to the proposed plan of adjustment.
"The State needs cred : at this
moment in an essential degree.
Virginia is just starting on "a lil'
of prosperity after many years ct
commercial and industrial Stagua
ton. The mineral aud manuiac
turing opportunities of the Sta
are Just beingappreciatcd. Almost
every town has Its improvement
company, with prospects OF far
naces, factories, new Buildings, etc
The development of the iron an
coal deposits within the last Ven
has been phenomenal. Their l..
therefore, every reason To urge tin
State and the people of Virginia
lend assistance to the present 81
tempt 10 settle the Virginia drhi
IN way that VIII restore tie credit
of the State"
Mr.. George S. COr, Of the ad
vlSOry board. also said on the same
subject :-"Ths movement for th'
settlement of the Virginia q bt j.
an effort to bring public opinion TO
bear upon he stare IN such WAY
as to induce the Legislature to Sc
cept an equitable plan. devised by
men of known ability AMI fairness
after they shall have considered AN
the conflicting interests. Both j, I
London aud New York the belief L.
general that the committee VII /
succeed in formulating plan hicn /
will he accepted alike by the Staff
and bOndbOlders, thus terminating
the long and costly struggle be- /
tween the parties"
Mr. James p. Cooper. The hnn /
ella agent of the foreign bOndhp 81 ,
ers' committee, has gone to Loudo
to attend he meeting OF IN CON /
mittee to be held there o. Jul /
ID, Mr. Cooper is considered hel f
a functu~ oficio. The commitr .
have had no d alings with him. b.fI
only with the principals for Vh1"
ne has acted AS agent More llal
a majority of the bonds have %
ready been deposited, and all Oh,
necessary consents to the carrying
out of the committees plans o.
tanned. As they say on the track.
"He is not i'm it,