Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1891-07-17
THE VIRGINIA DEBT.

i
dent Of tho Central Trust Company
OF New York), is chairman, and Mr..
8. Ellis is secretary, were in session
with the Virginia Commission on the
I'd and Sd Of June.
Tho members of tho Virginia Com.
mission are Phillip W. Mckinney,
Governor of Virginia; ]. Hoge Tyler,
Lieut. Governor Of Virginia; r. IL.
Cardwell. Speaker OF the House; ;Tay
lor Berry, Senator from Amherst
countyi h. 7. Wickham, Senator
from Henrico county; W. ID. Dabney,
OF the House, from Albcmarle coun.
ty; II. II. Tyler, OF the House, from
Prince William county.
The members of the Bondholder's
Committee are Frederic P. Olcott,
William L. Bull, Henry Badge, ,Chas.
D. Dickey, Jr., Hugh II. Gardner,
John Gill.
The members of the Advisory
Board for creditors have frequently
been published. They are Grover
Cleveland, Edward j. Phelps, Thom-
as f. Bayard, Geo. S. Coo and Goo.
G. Williams.
1t seems that no conclusion has
been reached, and that the negotia-
tion is still pending. AS we lool,
upon the movement it is great OPP
portunity for the State and her cred
itors. The State of Virginia has
funded nearly all OF it's debt (less one
third set apart as the West Virginia
portion) into what are known as
consols, ten. .forties, etc These fund.
ing arrangements provided for m
annual interest charge beyond tho
ability Of the State to provide. and
the unfortunate "tax receivable" cou-
pons have been an element of dis
tress to the State. In recent deci-
sion of the Supreme Court OF the
United States, i'll the matter of these
tax-recivable coupons, Mr. Justice
Bradley used the following language
"It is certainly to be wished that
some arrangement may be adopted
which will be satisfactory to all the
parties concerned and relieve the
courts as we'll as the Commonwealth
of Virginia, whose name and history
recall so many interesting sssocia.
tions, from all further exhibitions of
o controversy that has become vex-
alton and regret"
On the 9Th day Of March, 1890, the
State OF Virginia appointed com.
mission (1) ito receive proposals for
funding the whole debt of Virginia
npon the principles set out in the
act of February ID, 1882, provided,
however, that no proposal shall be
entertained which is not supported
by deposit in cash OF not less than
one million dollars, in such deposi-
tory as said commission may dosig-
nate, to insure the faithful perform
ance Of the proposal il accepted and
ratified as hereinafter set forth. (2)
To agree, subject to ratification by
the General Assembly of Virginia
upon the terms OF contract with
apy parties offering proposal to
fund the entire debt Of Virginia upon
tho conditions aforesaid, provided,
however, that no proposal shall be
entertained which departs from the
act of February IA, 1881, save and
except that aaid proposal may pro.
vide another plan for sinking fund
| not less favorable to the State than
the present, OF lower rate of inter-
est. or II longer period for the matur-
ing OF the principal, and that it be
expressly declared that the principal
of the debt held by the schools and
colleges of Virginia at present, shall
not be effected, but that said bonds
so held shall. il sold or transferred
by the said schools or colleges, DO in
all respects subject to said act OF
February IA, 1882.
The agreement of May IL, 1890,
between the bondholders and the
Bondholder's Committe, under which
the securities are deposited, recog-
nized this proposition of the State,
and the plan and proposition of the
committee under dato of November
28, 1890, contemplates a settlement
Hereunder. We understand that,
including interest, the defaulted oh.
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