The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-11-26
A Fuller Statement.

We elsewhere refer to the agreement
entered into between representatives of
the bonded debt of Virginia and com
nissioners from the State, for the set
Element of the debt matter. We give
below fuller statement, which will be
read with interest by every Virginian:
RICHMOND, Nov 1s--The conference between
the Olcott committee Of New York and the Vim
ginia debt commission, which began here Tues
day, resulted this evening in an agreement upon
a plan for settlement of the State debt, the de
tails OF which are explained i'll the following
correspondence:
vIRGINIAs PROPOSITION
ITO Frederick P. Olcott, VIM. L. Bull, Charles y.
Dicker, IT,, Henry Nudge, John Gin, Rugh r..
Garden, Committee,
"Ienttelacss: on yesterday you submitted to
the Virginia commission proposition to sell
the obligations Of Virginia mentioned in tile
Riddieberger bill mot heretofore funded under
the bili and now outstanding in the hands Of
the public, but not including bonds held by
schools and colleges on one OF the two follows
ing bases, viz, an issue of Sl8.0aW,000 bonds as
one alternative and of sl9000c00 as the o5ilef IN
lieu of the outstanding Obligations aforesald'
Your proposition that the $iS,0o0,coo OF
bonds if issued, should run for one hundred
years bearing per cent. the entire period, ara
that the Sl90O0C00 of bonds If issued, should
run for one hundred years, bearing 2 per cent.
for d sc years, 2h for five years and per cent
for the remaining ninety years. You further
saggeste:l th,i the proposed rev bonds ana the
interest obi alton on them should in either
| case conform in their general character to
those issued under the Riddleberger bill. we
have carefully considered your proposition ana
are constrained to say that apart from other
| objections thereto which occur to some or all
! of u.s. we fear that the State would be finan
cfally unable to meet settlement i'll accord
apce with either OF them. It Is, Of course, con-
| coded on all hands that settlement which
! cannot be met would be worse than no settle
ment at all Upon reflection, however, the Vir-
| ginia commission has come to the conclusion
that there are certain sources of revenue which
the State may avail herself of without increas-
ing taxes The additional income to be derived
/ from these sources will perhaps not amount to
very much, but thei Virginia commission hope
| they may be utilized for the purpose OF accom-
plishing a final settlement of this much VeXed
ouestion 1t is q well-recognzed fact that the
large business interests Of the State, among
which may be mentioned the railroad compa-
MES in their anxiety for a final settlement, ana
BOOKING to the general increase of credit and
prosperity to result therefrom, have evinced a
willingness to respond to such public demands
as may fairly be made upon them for the at
| tainment of the object in view. This commits
sion will therefore make to the Legislature
favorable report upon the $1a.0o0,GC0 proposition
If the same be modihed-that is to say: We will
recommend propositson to issue a maximum
amount of $19,000000 of bonds to be exchanged
for the outstanding obligations of the State
mentioned in the Riddeberger act (other than
those held by schools and colleges) now In the
hands of the public, but net including bonds
/ already funded under this act, such new bonds
| to run for one hundred years, and to bear per
| interest for 10 years and per cent. for ninety
| years The bonds and interest Obligations shall
be of the same general character as those pro
vided for by the Iiiddleberger bill, and it is dis
| tinctly understood that the coupons OF other
interest obligations not to be receivable for
taxes The proposed new, bonds shall be eX-
| changeable for the outstanding obligations
aforesaid in the proportion of 10 of the former
for rs of the latter. This recommendation is, OF
course, to be made conditional on the under
standing that your committee hold and has the
authority to exchange the obligations men
toned in your previous communication to us,
amounting to at least S24, GG0,000.
p. w. MCKINNEY,
j. HOGE TYLER,
TAYLOR BERRY,
/ II. L. WICKHAM,
W. D. DABNEY,
RODT. Ii. TYLER,
/ Virginia Commission.
=. c. WARWICK, Secretary