The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-07-02
AN ADJUSTME NT
OF THE STATE DEBT TO BE
MADE SOON.
WHAT CAPT. Il N GARDEN SAYS
THE State Needs Credi,''-aIr. George
w. Coe, of The Advisory Board on
the Same subject-COoper Not I'm II.
Committee to Meet OH Jniy 18th.

Captain Hugh N. Garden, Of thu
Virginia bondholders' committee, il
an interview published in q New Yorl
paper, says: No plan has yet beer
formulated stating the figures or
which settlement should be reached
for the reason that the committee de
sires to have the conservative opinion
and advice of those who have studied
the question from the Virginia stand
point, the creditors standpoint, ant
the disinterested standpoint, before
we formulate any scheme for submls
sion to the advisory board. We hope
that when our plan is finally submit
ted to the State, the Virginia people
will feel that it represents Il consen'
sus of opinions, based on the highest
considerations of sound finance and
public policy, and that thus the State
will have to accept the plan. l be,
lieve that Virginia will gladly accept
it.
"There is an excellent prospect that
the creditors will join i'll this plan OF
adjustment with practical unanilnity
The bondholders' committee an
nounced their proposal at the first OF
this week, and although creditors
were not asked to deposit the bonds
before July, large amounts OF the Nlr'
ginia obligations have already been
deposited both in London and at each
of the American depositaries. we an
ticipate no opposition whatever TO
the proposed plan of adjustment.
1.-The State needs credit at this mo-
ment in an especial degree. Virginia
is just starting on tide OF prosperity
after many years OF commercial and
industrial stagnation. The mineral
and manufacturing opportunities OF
the State are just being appreciated.
Almost every town has its improve
ment company, with prospects of fur
naces, factories, new buildings. etc.
The DEVELOPMENT of the iron and coal
deposits within the last year has been
phenomenal. There is, therefore,
every reason to urge the State and
the people of Virginia to lend assis-
lance to the present attempt to settle
the Virginia debt in Il way that will
restore the credit of the State
Mr.. George S. Coe, OF the advisory
board, also said on the same subject:
This movement for the settlement OF
the Virginia debt is an effort to bring
public opinion to bear upon the State
in such way as to induce the leSis-
lature to accept an equitable plan,
devised by men of known ability and
fairness after they shall have consid
cred all the conflicting interests. Both
in London and New York the belief is
general that the committee will sue.
coed in formulating plan which will
be accepted alike by the State and
bondholders, thus terminating the
long and costly struggle between the
parties"
Mr.. James P. Cooper, the financial
agent of the foreign bondholders
committee, has gone to London TO at
tend the meeting of the committee to
be held there on j uly 10. Mr.. Cooper
is considered here a functus ollicio.
The committee have had no dealings
with him, but only with the prin-
cipals for whom he has acted as agent.
More than a majority of the bonds
have already been deposited, and all
the necessary consents to the carry
ing out of the committees plans OBJ
tanned AS they say on the track,
"He is not in it,"