The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-20

Major Mann Page president of the State
Farmers Alliance now in session in this city,
in his opening address to that body. published
yesterday spoke some very sensible words in
relation to the settlement Of the State debt
that terrible incubus upon the advancement
and prosperity of Virginia. Says he.
Il would recommend that inquiry be made
into the report that at the late meeting be-
tween the representatives Of the State and of
the foreign bondholders there was only diff
ference of S860,0O0 preventing a final settle
ment of the debt, for if il can be shown that
the finances of this State Will justify the &C
ceptance of this difference without increasing
taxation OF interfering with the appropriations
necessary TO administer our State government
and provide for our asylums, schools and col
leges. I believe we would be benefited 10y
the establishment of her credit, and the State
would be saved thousands of dollars annually
now expended in the Payment OF attorneys
fees and costs in defending coupon suits"
This is a recommendation Of the highest
wisdom. SO far as is known. the recent con-
ference between the State Debt Commission
and the Olcott committee accomplished moth
ing definite because the committee were not
delegated power TO do anything All they
could accomplish was, by conference with the
commission, to inform themselves as 10 the
status of the debt. the resources Of the State
and the terms upon which the people were
willing to settle. Having done this. they were
TO report the extent of their information 10
the Council Of Foreign Bondholde-s and await
further instructions. This they have done
and until those instructions arrive and they
are authorized to make TO the State a distinct
proposition of settlement the whole matter
must remain in statu quo.
This is the state of the case, and whether
there was found to be only difference of
$500, 900 between the committee and the
commission is not positively known. In
this connection, however. it will be interesting
to read what Governor Lee had TO say on this
subject III his last message to the Legislature.
delivered on the 9th day of December, 1889.
Under the caption, THE State Debt" the
Governor says:
The first subject TO which direct your
attention as it is the first in importance. is the
present condition of the State debt The
subject should receive your careful consdera-
ton and calm elaboration. It's solution
brings peace, plenty and prosperity TO Viz
ginia; its agitation, misconception, miscon-
struction and costly litigation to all con-
cerned til the one weight on tho wheel of
State which retards its successful reyolu
ton. II ~ the rock against which breakers
may dash IN the future. but whose removal
will leave calm and untroubed sea- into
whose depth the anchor of good fortune can
safely and securely rest"
The Governor then recites the condition Of
the debt and the proposition made during
his administration by the bondholders through
committee appointed by them. of which
commission Sir Edward Thornton was
chairman. This proposition. it will be re-
membered, was rejected. and it seems that
there was then difference between the
States representatives and the bondholders