Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1891-11-26
The State Debt.


The advisory board CT the Virginia debt
settlement held another meeting In New
York yesterday. Cspt. hugh 2. Garden.
representing the bondholde,s' connittee,
Has invited to appear before them aad PFC
eented his report. He was before them for
three bours Tuesday ana for three tours
yesterday. They .aok nothing for grated,
but made thorough aud exhaustive per-
soDal examination OF ell the facts and fig
uras laid before them and Of their bsa.ioS
In Virginia and in London. Hsvirg sIfted
the matter from end to end they eigned tho
following report yesterday evening:
Whereas the ondsrslgned, under end In
pursuance of certain agreement, dated
May IL, 1890, between Frederic P Olcott
and others, therein styled the bondholdere'
committee, and certain creditors CT iho
Slate OF Virginia. were constituted an s;ivis-
org board for said creditors 10 axsElue ouch
plans OF propositions for tie adjustments CT
the debt of toe State Of Virgin!e o. might Be
formulated, ard to ste:e sheis approvsi and
recommendation, or the cortrGry and
whereas we have been faily advised IF tie
progress and coCc usiou OF :ha negotiations
between the Virginia State commission end
fully considered the history OF the csse and
the condition to which IL has been conduct.
ed and the result attained, as presented hy
the report Of said bondhoiders' committee.
Now therefore, we, 60 such advisory DosEG,
do hereby approve and recon nend the gIsn
of settlement Of debt, GO tie sane ID erlcoG-
led In the report OF ea,d 6ondhoiiels' ooU.
mttee. ss follows:
The State OF Virginia. In the settlement
and cancellation OF twerty-eight miiora Of
such Indebtedness. shall execute and deliver
its bonds for the sum Of rineteeo mIlicyE Of
dollars, or ln that proportion for The sulount
of Indebtedness which shall be gu:rei dsrei!
Said bonds Shall be payable in oae handrsd
years after their date cpd GrsH interest
from the first day OF Jolly. 1891, 81 the rate
OF 2 per cent. for the first te0 gests after
that date and al the rate CT 8 per cent. fer
the remaining ninety years enc UE!ii the
maturity OF said bonds.
In thus approving the plan PRESENTED TO
us. We deem 1t proper to Bay that re snculd
consider it unfortunate for the creditors ard
all concerned II the eutjeot OF this indebted.
ness and lis settlement should be allowed 70
again fell into the vortex Of popular poli!i.
col discussion and dispute. In view OF The
differences which Lave been compromised.
the divergence cf opinion which has been
overcome and the sentin ont favorable to &C
juttuent which has been aroused emong tie
people of the S:sto by patient negotiation
and ooncIIiatory argument, we ere dccidad
IN cur jud 2ment thst If the terms Of s..i!c-
nent nov proposed ere r c.ed. th3 praa-
pecs CT nD Advantageous sgreamsr5 "a the
future Is fer from encouraging. Iae ED
sought ie the settle nant Of 81 Indebtedness
the character If Sh!ch hes not IL ell re
epec,s b zen universally conceded, ED
the iaes amount OF which has bsep
earnestly disputed. In This condition
If Attire, it so:m1 70 Us that
| Ii settlement ID promised which
on he whole appears 20 be extedient, 10
slight variance III .eTr1s should DO allowed
| to dsieat the plan. We DO not thiak the
adjustment nov proposed should be at sil
| regarded in the same light So scheme TO
| q ,et new securities OF the State OF Virginia
for tie purpose OF Kissing money to meet ina
| msdiate exigencies, b1t rather az the con-
promise of debt By the creation and de-
livery of valid aud INTELLECTUALLY valuable
public obligation. which, thoush not, per.
haps, Of tho character most favorable for
| speculative purposes, ass be regarded, IL
| the hands OF permanent ownerg, as secu.i-
| ties deriving absolute safety end va!as from
| the pledge of the faith OF e s0s3reign State
combined with the willingness and sbllty
OF the Stale TO make prompt paymens. The
extended psriod Which the proposed bonds
arc to run should not be dsrsgsrGeG n
considering their desirs5iIi y. Theea egg.
gesticns are made not without the hope
that they may In cone degree aid the hearty
acceptance Of an adjustment which lm-
presses u5 as q consu@ nation which should
be cause CT satisfaction to the bondholdess
and congratulatiou tn the peopie OF the
State CT Virginia. Dated November 25
1891,
GRovER CLEVELAND,
THOMAS q BAYAHD