Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-06-05
POINTS ON THE DEBT.
SOME AFTER THOUGHTS ABOUT THE
LATE CONFERENCE.
The Principle Upon which TO Proceed Not
Agreed Upon--rheorfesA About the
spurious Bond.

Tie nonresident members of the Virgi-
MIA Debt Commission who came TO Rich
mond to attend the sessions of that body
and the conference with the New York Set
tlement Committee have returned to their
homes.
When the commission will be called to-
gether again cannot now be told by any
one. II will certainly be several weeks,
aud maybe much longer period. Ihe
representatives of the bondholders will
have to correspond with the London COM
miftee or send one OF their number across the
watcr before any further important steps are
taken.
From all that can be- heard on the streets and
In financial circles II appears that the al-ihl.
IO-tant point on which the Olcott Committee al d
the Virginia Commission differed was the pfui-
ciple or basis on which the states ooigatlon AZ
recognized by the Riddleberger bill should DO
calculated.
In fact, those who have the most positive infor-
nation on the subject frankly admit this much
and substantate In ali important particulars
the DIsPArcIfs reports OF what occurred In the
conferences.
NO DEFINITE AMOUNT STATED.
The actual variance between the rough oesiine
Of the plan OF settlement submitted by we
Olcott people and what the states representa-
tives thought she was obligated and could auoru 70
general way their figures may be said 70 nave
boen several million dollars apart.
Tho substantial difference In the basis OF the
two Is probably the amount OF the coupons enmi-
mated under the Wickham amendmont, whlcn
Is estimated at ak million dollars. The calcula-
tions on this point, though. arc beset with many
ntrcacies. and there IL rom for divergence OF
opinion as 10 what IL the real sum.
There were OF course many other less essen
tial differences between the two schemes. Much
Of the time Of the conferences was taken up III
talking over the debt legislation during the iass
nine years and examining into the real cohui-
tions OF Virginia's finances, about which there
some misapprehonsion on tne part OF the
New Workers, though they were much moro accu-
rately informed than other agents OF the Stedi-
tors with whom our people have nau 70 uea"
rsIg POINT TO BE DECIDED.
The point now TO be determined and ON which
the whole settlement hinges Is whether the pond
holders will authorize thelr committee TO con-
duct the negotiations on the basis toG Thich the
Nirgniaus cOntended.
This settled, there ia no doubt that other ques-
tlons that win arise can be Satisfactorily ADJUST
cd. Mr. Garden and his associates were, II is
very certain. limited by the bOndholders 20 the
plan offered by them and declined by the states
representatives Had the authority OF tho nego-
tlatOrs been moro liberal tho belief IL that
something definite would have been reachen;
It is likely that the Olcott Committee Will send
one Of their number TO London, and In per
sonal interview with those authorized to act IN
form them Of the sentiment Of Ao virginia
people and Of the actual expenses OF the State
as compared with her revenues.
REPUTATION AT STAKE.
The New York nnanclers have their reputation
at stake and II IL believed they Will use every
effort TO convince the bOndhoders that II is to
the interest OF tho latter 20 come To terms. oc-
cupying the position they do these gehtlemen
will probably bo able 10 be more erectiye than
others who have undertaken a similar work
They fully realize that 90 allow the negotiations
10 fail would seriously affect them In the eyes OF
the financial world, and to secure such an
agreement rs the state would be unable 10 carry
out would bo equally as injurious. Ihey Dy all
means want the matter settled.
10 Il understood that the tables prepared Tor
the enlightenment OF the conference snow the
amount available for paying interest on the dent
to be about a half-million dollars. Out OF this
tho interest on tho new bonds has also TO be
paid.
More About the Spurious Bond.
The State officials have had no reason to
change their minds as 10 the tact that the bond
70 which reference WAS s'mado IN tho DISPATCH OF
yesterday s q counterfeit
Tho security IN question Is autographed on
white paper. In general appearance tho bond
Is dssmilar 10 the genuine article. IL bears the
imprint Of sarony, Major & Knapp, 44S Broad,
way, New York, lthOgraphers. The namos OF
Robert Butler, the Treasurer, and j. BroSn, DR.,
Second Auditor, are written Ia bold hand.
These and that Of w. K. Drinkark, on the cou-
pons, are all wrnen and Dot autographed. Inc
names OF SlfOny MAJOR a. hhhpp 90 uot oppoht
on any Of the books records Of the AUDITORS
Office as having done any work for the Common
wealth In 1851, ,he date OF the bond, or any pc
riOd since that time.
TIE OLD BONDS.
The bonds issued at that time were engraved
by DOnferth. Ban S Co., OF Philadelphia and
Now York. Tho genuine ones bear the imprint
u that firm. Tho books Of the Auditors office
also record contract With the Philadelphia cs-
Enlistment.
& ba nv
Mr.. }. B. Manning may have been specimen
printed by Sarony, Major 6 Knapp In competing
for the contract for llthographing the bonds Is
sued In 1851. II this theory Ia correct tho speci-
men bond may have fallen into tho hands OF an
expert who forged the names and had the seal
made with which u Is impressed.
Mr.. sheridan, the builder. 81 east Twelfth
street, New York, who sold this bond 70 wall
street broker, promptly offered 20 send the lat
ter check for the amount when ho heard that
It's genulnenoss had been questioned.