Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-05-09
TALk0VER THE DEBT
4 CONFERENCE HERE NEXT WEEK
CONSIDERED QUITE PROBABLE.
Fuller Outlines of the Correspondence BE-
tween the Oicott Committee and
tho Governor,

An interview between the 0lcott Com
mittee and the Virginia Debt Commission
viii in all probability take place next
week.
The "Olcott" letter. about which there
has been so much mystery, was very sim
pie document. II was signed by the men,
bers Of the committee individually, and
asked the Governor TO accord at as early q
date as possible an interview to such men,
bers of the committee as could be present
IN order that these gentlemen might submit
a proposition for the settlement OF the Virginia
debt, and make verbal statement relative
sunereto. Inc letter was addressed to the
Governor both IN his capacity as the Executive
OF the state and as member Of the Commis-
sion, and stated that the olcott Committee
wanted TO meet him, and then II he saw proper
he could call the commission together.
THE GOVERNORS REPLY.
The Governor replied that he had made busI-
ness engagements outside OF the city for this
week which would preclude his making an ap-
pointment for tho week. He would, however,
over any other and appoint somo day for the in
terview. Al the same time the Governor called
attention 70 the prerequisite Of n deposit Of
million dollars before negotiations could be en-
tered into, provided for in the Joint resolution
constituting the Virginia Commission.
WHERE THE HITCH WILL BE-
The Virginia Commissioners are restricted
70 settling on the principles OF the Riddle
berger bill, and IL IL understood that those
who have studied the question are divided
as TO what shall be construed as these
principles. The Wickham amendment provided
that no interest should be paid on bonds which
failed OF funding after a certain time. The
interest accruing since that time amounts 70
some five millions OF dollars, which Is quite an
Item 10 the bondhoders. Certain advisors OF
the commission are understood as constituting
| the "princip0s" OF the Riddeberger blu as out
lawing this interest or In other words, the coupons
| that have accrued since the terms OF the amend
ment became effective The contrary contention,
however, Is that that was not the construction OF
| the Legislature, for the reason that when the
| resolution creating the commission went TO the
| House an amendment providing that no interest
| be recognized which accrued after the limit
named for funding in tic Wickham
act terms Of this amendment as quoted
\ from the proceedings OF the House on tho
| LIST day OF March, 1890, arc "That no proposal
shall be entertained looking 70 the funding OF
outlawed or excluded by legislation subsequent
TO the Riddleberger bill"
| THE SITUATION.
The amendment was freely discussed and was
| lost by large majority vote.
| IL Is adduced az evidence that the General As
sembly fully understood that the the "prfnefpts +"
| OF the Riddleberger bin did not carry with them
the Wckham amendment; that Mr.. Letcher, in
] opposing the resolution, took the ground
that the gentleman who drafted II made
an important omission, they did
not include the acts amendatory TO the
| Rddeberger bill. Further, Mr.. Cardwell
| In opposing the amendment said the effect OF its
| adoption would be to embrace the coupons out
| lawed by the Wickham amendment These
facts IL Is held, plainly develop that the spirit Of
| the resolution authorized the commission 70 set
tie on the basis OF the original Riddleberger act,
sans consideration Of amendatory measures in
| tended as n pressure on the bOndholders 10 make
| them fund, and that the Legislature was fully
| aware Of this.
| Accepted by the BondhoIders.
| The New York Recorder Of yesterday says: G..
| s. Ellis, secretary OF the Virginia debt Bond
| holders Committee, has returned from London
and reports that his conference with the English
Advisory Board resulted in the settlement Of de-
tails looking 20 the acceptance OF the plan OF set
| tement recommended In November last by the
| American Advisory Board. The latter consists
| Of Grover Cleveland, 7. +. Bayard, T. j. Phelps,
| George S. Coe, and George q. Williams. This Ia
expected 10 leave the way clear for immediate
negotiations with the Virginia State officials.
PROVISIONS OF THE PLAN.
Then after referring to the appointment Of the
| Virginia commission the Rce0rder continues
| i. +. olcott, w. l.. Bull. Henry Bulge, c. ID.
Dickey, Jr., John Gin. and Hugh X. Garden
formed syndicate known as the Bondholders'
| Committee. They secured trust deposits OF 80
per cent. OF the bonds Of Virginia as their au-
| thority, and the Advisory Board formulated a
| plan OF settlement. Inc pan provinces tndt ING
Bondholders' Committee shall surrender 10 Yir-
/ ginia all the obligations deposited undor the
agreement and receive In full satisfaction there
| for such an amount Of new bonds as may be
! agreed upon between the committee and state
| representatives.
| The settlement must be unanimously agreed
| to by the committee and approved by the Ad-
| yisory Board. Mr.. Garden, OF the committee,
| said:
ait would increase the losses Of the creditors II
| any settlement be made which would presently
| result in a default Of interest. The solution Is
therefore not in ascertain'ng the amount actual
! ly dine. but the maximum amount OF annual
revenue which may safely be relied on for the
| payment of INTEREST,"