The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-06-18
Tho Debt Conference

The joint conference between the Ol>
colt committee and the State debt com
mission closed in Richmond on the 3D.,
Tor the present, and the members of the
former returned to New York. The
most perfect good feeling characterized
all OF the meetings, and it is believed
that they will result in better under
standing between the State and the
holders of the bonds than has ever ex-
listed before. Mr.. Hugh r. Garden and
bis associates manifested an earnest de-
sire for the representatives of the State
to Indicate what basis of settlement they
would be willing to recommend to the
Legislature. 1t snot believed, however,
that this was done to any definite degree.
The whole thing seems to turn upon the
construction OF the Riddleberger bill and
It's amendments 1t is stated almost pos
itiyely that the differences between the
plan submitted by the Olcott committee
and the Rddleberger act with six nils
lions of coupons eliminated, amounts to
several millions OF dollars. The discuss
sion Of the Olcott plan opened up the
whole question OF the States revenues
and annual expenditures. During the
explanation of these it was intimated
that the superintendent of public in
struction, in his next annual report, will
probably recommend an increase of
300, 900 for public schools.
After the departure of Mr. Garden and
his associates for New York the State
commission remained in session for sew
eral hours considering the whole subject
of the negotiations. When the body
adjourned Lieutenant Governor Tyler,
one of Its members, gave out the follow
ing as the utterance of the commission:
"a discussion of the subject has been
held, but no conclusion has been reached.
The negotiation is still pending, with an
evident disposition on both sides to reach
a favorable conclusion. Negotiations,
however, are not in such a condition
that the details can with propriety at
the present time be made public
This statement is believed to have
been concurred in, not only by the Vir-
ginians, but by the Olcott people as well.
The plan seems to be for Mr. Gardens
committee to return to New York and
inform the bondholders exactly what
has taken place between the two parties.
In addition to that the New Workers
will no doubt give their clients the ben
eft of other and equally as valuable in
formation about the sentiment existing
in the State derived from other sources.
When they shall have heard from the
English bondhoiders, if their informa-.
ton is favorable, the commission will
no doubt be called together again.
While no one will say that anything
definite has been agreed on at these con>
ferenees, the feeling is that they may
eventuate III the parties coming together.
Mr. Garden and his, fellow committees
these matters, and they have already
gone SO far in it, it is believed, that they
will use every exertion to complete their
work.
The result of the conferences may be
summed up in the following statement
of a prominent member of the conference
to an Associated Press representative:
We had pleasant two>day's session
during which crude plan for adjust
ment Of the debt was presented by the
Olcott committee This was discussed
pro and con. The great principles of
the plan Of settlement have yet to be
agreed upon. Still, solution of the
matter is looked for at some future time.
These principles will have to be clearly
marked and defined before minor details
of the plan of settlement can be discussed
with any degree of success"
The Richmond Dispatch says: AS to
the difference between the basis of set
Element proposed by Mr. Garden and
his associates and the Riddleberger bill,
with the six million dollars in coupons
eliminated there is diversity of opinion.
1t seems to be conceded, however, that
the difference amounts to several mil
lions. 1t was rumored 10 financial cir
Giles during yesterday afternoon that the
difference was about $5,000,000. That
| it was somewhere in the neigborhood OF
this amount there is not the slightest
! doubt