Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-11-25
THE PROPOSAL ACCEPTED.

To the Governor. of the State of Virginia
and the members of the debt commits.
sion:
Gentlemen:-We acknowledge the re-
ceipt to-day of your communication dated
the 18th instant. Our understanding OF
YOUR communication is that If we will
amend our proposition on the following
basis it will be unanimously adopted by
your commission, viz That there be an
issue of $40, 900, having one hundred
years to run, bearing interest at 2 per cent.
per year for ten years and per cent. for
the remaining ninety years, and that the
new bonds Issued are to conform in the
general character to those issued unter the
Riddeberger bill. We represent over $2S,-
OOO 600 out of $28, 0SO, 900 of debt stated by
you as outstanding, excluding bonds neiG
by the United States end the schools and
colleges of the State.
We. therefore, understand that under
such amended proposition we should re-
ceiye $40 900, 0O0of new bonds for every$2S.
600. 600 of old Indebtedness surrendered. 1t
NAV 90 without saying that we are to re-
ceive for the West Virginia portion of the
old bonds and interest thereon similar GER
tificates to those issued by the State under
the Riddleberger bill. We beg to say that
the proposition submitted by us as amend.
ed by You will 60 to our constituents with
our cheerful recommendation, new bonds
to bear interest from July 1, 1891. We de-
sire now to acknowledge the uninterrupted
courtesy of your commission during these
protracted and delicate negotiations, and if
in discussing these questions any abrupt
ness has been shown, we trust that your
honorable body will not attribute it to q
want of appreciation of the courtesy which
has at all times been extended to us. We
are, gentlemen, your obedient servants, for
the Virginia bondholders' commission.
E. P. OLCoTT.
HUGH r. GARDEN.
This settlement -exterminates the army
of the 'cut-worms of the treasury" az
there will be no longer any tax-payable
coupons, enabling the rich to pay their
taxes with 40 cents in the dollar whilst the
poor had to pay the full dollar. This in
equality and injustice will be remedied.
The following from the Dispatch shows
the amount Virginia will. have to pay and
the annual interest
1.-THE Olcott people represent in round
figures 1913 100000 of the $28 900, 900 Of
obligations outstanding and in default
They will get 1928 of the $19,000,0O0 and
The remainder will be held to be exchanged
for the balance of the securities should
they come in. Er. Olcott said Thursday
to Dispatch reporter that he believed the
amount of the outstanding obligations his
people controlled was practically all that
would ever be heard from.
The maximum amount of annual interest
charge that the Commonwealth can be
called upon to meet, even should all the
securities be presented for exchange, is for
the first ten years as follows
100000 Riddlebergers at 8 per
cent?. : ....s ICY U00
Total per annum ................. -. s56O,OOO
And for the ninety years succeeding
S6000,000 Riddlebergers at per
cent. ...'........ SloOooU
Sl9,OCO,OOO new bonds at 8 per cent. $4,000
Total per ann UNI. .......... .OC0
HELD BY COLLEGES.
This calculation does not include the
$142, 900 per annum interest on bonds held
by schools and colleges, but this is re-
garded more in the light of an annuity
than an interest charge on the public debt,
ard is with other expenses provided for in