Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-06-06
POINTS ON THE DEBT.
SOME AFTER THOUGHTS ABOUT THE
LATE CONFERENCE.
The Principle Upon Hsich to Proceed No,
Agreed Upon-Theoriss About the
Spurious Bond.

Tie nonresident members of the Virgil
MIA Debt Commission who came TO Rich
mond to attend the sessions Of that body
and the conference with the New York Set
tlemcnt Committee have returned to their
homes.
When the commission will be called to-
gether again cannot now be told by any
one. It will certainly be several weeks,
and maybe a much longer period. The
representatives Of the bondholders will
have to correspond with the London COM
mitteo or send one OF their number across the
water before any further important steps are
taken.
From all that can be heard on the streets AMI
IN financial circles IL appears that the all-lIn-
portant point ON which the Olcott COMMITTEES and
the virginia Commission differed was the prin-
ciplo or basis ON which the States obligation ne
recognized by the Riddlebefger bill should be
calculated.
In fact, those who have tho most positive inior-
NATION ON the subject frankly admit this much
aud snbstantiate In all important particulars
the DlsPATCTs reports Of what occurred In the
conferences.
no DEFINITE AMOUNT STATED.
Tho actual variance between the rough outline
Of tho plan Of settlement submitted by the
Olcott people and what the States representa-
uves thought she was obligated and could afford to
pay cannot be told in dollars aud cents. In
general way their figures may be said to have
Oeen several million dollars apart.
The substantial difference in the basis Of tho
two is probably the amount OF the coupons elimi-
mated under the Wickham amendment, which
Is estimated at six million dollars. The calcula-
tons on this point, though, are beset with many
intricacies, and there Is room for divergence OF
opinion az 20 what IL tho real sum.
There were OF course many other less essen
tlal differences between the two schemes. Much
Of the time Of the conferences Has taken up In
talking tho 1pbf Ipoiglattgu during tho last
nine years and examining into tho real condl-
lions OF Virginia's finances, about which there
was some misapprehension on tho part OF tho
Now Workers, though they we're much more accu-
rately informed than other agents OF the credi-
tors with whom our people have had 70 deal.
THE POINT TO Re DECIDED.
The point now &c be determined and on which
the whole settlement hinges Is whetherth bond
holders viii authorize their committee 20 con-
duct the negotiations on the basis for which the
Nirginians contended.
This settled, there Is no doubt that other ques-
tOns that Will arise can be satisfactorily adjust
cd. Mr.. Garden aud his associates were, IL IL
very certain, limited by the bondhOlders 20 the
plan offered BY them aud declined by the States
representatives. Had tho authority OF the nego-
tiators been more liberal the belief IL That
something definite would have been reached.
u Is likely that tho Olcott Committee viii send
one Of their number 10 London, and In per-
sonal interview with those authorized TO act in
form them Of the sentiment OF the virginia
people ana OF inc actuAl expenses Ol luc CJhlb
as compared with her revenues.
REPUTATION At STAKE.
The New York financiers have their reputation
al stake and IL Is believed they will use every
effort 20 convince the bondhOlders that IL Is 20
the interest OF the latter TO come TO terms. DC
cupying the position they do these gentlemen
will probably be able 20 be more elective than
others who have undertaken n similar work.
They fully realize that 10 allow the negotiations
70 fail would seriously affect them In the eyes OF
the financial world, and 20 secure such an
agreement as the State would be unable 20 carry
out would DO equally as injurious. They byall
means want the matter settled.
IL Is understood that the tables prepared Tor
tho enlightenment Of the conference show the
amount available for paying interest on the debt
10 be about q half-million dollars. Out Of this
tho interest on the new bonds has also 10 Dc
paid.
More About tho Spurious Bond.
The State officials have had no reason to
change their minds as 70 the fact that the bond
70 which reference was made in the DISPATCH OF
yesterday IL q counterfeit.
white paper In general appearance the bond
Is dissimilar 20 the genuine article. IL bears the
imprint Of Sarony, Major q Knapp, 449 Broad
way, New York, photographers. The names OF
Robert Butler the Treasurer, and j. Brown, Dr.,
Second Auditor, are written In bold hand.
These and that Of W. X. Drinkark, on the cou-
pons are all written and not autographed. The
names OF SarOny, MhIOr q hnhpp 40 Hot hpp'ai
on any Of the books or records OF the Auditors
orIlce as having done any work for the Common
wealth In 1851, the date Of the bond, or any pc
Rod since that time.
THE OLD BONDS.
The bonds Issued at that time were engraved
by DOnferth Ball & Co, OF Philadelphia and
New York. The genuine ones bear the imprint
OF that firm. The books of the Auditors Onice
also record q contract with the Philadelphia ee-
tablishment
There is a theory that the bond sent here by
Mr.. j. Il. Manning may have been specimen
printed by Sarony, Major Knapp In competing
for the contract for llthographing the bonds ls-
sued in 1851. II this theory is correct the speci-
men bond may have fallen into the hands OF an
expert who forged tho names and had the seal
made with which IL Is impressed.
Mr. Sheridan, the builder. 81 east Twetth
street, New York who sold this bond 10 Wall
street broker, promptly offered to send the lat
ter a check for the amount when he heard that
its commences had been questioned.