Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-20
open and the announcement made that the
documents containing the basis Of the
agreement had been formerly signed.
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NfNhhthte containing tue pnSis OF the
agreement had been formerly signed.
THE COMMISSIONS LErTEE.
The letter from tho commission Is as
follows,
RICHMOND. VA. November 1s, 1891.
10 tFed,rtet y. 0lcotG. William L. Bal, Charles
~ = Dessg, u, Henry Bulge, John ca, Hu9h
Gentlemen, ,-On yesterday you submitted 70
ths virginia Commission y proposition 70 sell
we obhgatione of Virginia mentioned Ia the
Rddlebcrgor bin tnot heretofore funded under
that bill, and now outstanding IN the hands Of
the public, bat nos including bonds held By
schools aud c0ieRes) 90 one Of the two following
bases-'Ylz-, an issue u eiS,000.O00 OF bonds "a
one alternative, and Of $4,000, 900 as the other
in leu Of the outstanding obligations Aforesaid.
Your proposition was that tho 8lS,000,000 Of
bonds, II issued, should run for one hundred
years, bearing per cent. the entire period, and
That the s1g,OO0,O Of bonds, Il Issued, should
run Tor one hundred years, bearing per cent.
Tor hve years, ~ for Gvo years, and 3 per cent.
Ior the roulaiuing ninety yoers. You further
interest obligations on them should In either
case conform IN their general character 20 those
issaed under the kiddleberger bill.
FEAHED THg sTATE COULD NOT HKET IT.
We taye carefully considered your proposition
ana A-C coEeif9ined % say that apart from
other objections thereto which occur to;sofne or
al OF ne we fear that the State would be finan-
cially unable 10 meet a settlement in accordance
with either of them. It's Of cOurse conceded on
al hands that q settlement which cannot be met
would be worse than no settlement AZ ALL
Upon rehcc'il IN, however, the Virginia Com
mission hHs come 20 the conclusion that there
arc coftain sources Of revenue which the State
may avail herscN OF without increasing taxes.
The additional Income 80 30 derive from these
t0ucces win perhaps not amount 10 very much,
but tho Virginia Commission hope thoy may be
utilized FOR the purpose Of accomplishing lDal
settlement Of this much voxod question.
TIE POSITION or THE RAILROADS.
It is q wcll-ferognized fact. too, that the large
5esincss interests OF the State, among which ma ,
be mentioned tho railroad companies, IN their
anxiety for lnGl settlement and looking 10 tho
general increase OF credit and prosperity 20 re-
suit thcrefrOn, have ovinced a willingness 20 re-
Fpond % such public demands as may fairly be
made upon thom for tho attainment Of the OBJ
iect IN view.
A COUNTER PROPOSITION.
This commission will therefore mako % the
Legislature favorable report upon the sls-
O0O.O 600 proposition II the same be modified as
fOlOw5-that Is tosay: We viii recommend q
proposition 70 issue maximum amount OF
$4,000 600 Of bonds 10 DO exchanged for the
Outstanding obligations Of the State mentioned
in the Nddlcberger act totbcr than those held
Ay schu, and colleges ToR In the hands OF the
pablo, ult not including bonds already funded
under this act, such now bonds 10 run for ono
hundred years and 10 bear = per cent. Interest
for ton years aud per cent for ninety
years. The bonds and Interest obligations
shall be ~ the Same general chafaC-
ter as those provided by the Bddleberger bill
and 70 is distinctly understood that tho coupons
or other interest OBJ cations are not 10 be re-
ceiyaUle for taxes. Tho proposed new bonds
shall be eXchanRable FOR tho outstanding obliga-
tions aforesaid, IN the proportion OF nineteen Of
tho former lor twCuty-eght Of the lGttor. This
recommendation Is OF course 20 be made condI-
tIuDai on the understanding that your committee
hold and has the authority 10 exchange the OBJ
legations mentioned I'm your previous cOmmuni'
cation 70 US amounting 10 AZ least s23,OO0,OOO.
=. ". Mckinney,
j. HOGE TYLER,
X. II. CALDWELL,
TAYLOR BERRY,
II. II. WICEHAA,
". ID. DABNEY,
ROBERT H. Tyler,
Virginia Commission.