Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-11-25
10 TRIUMPH.

WEDNESUA1s NUvEWDLh Aoth' ASsA.
10 TRIUMPH.
GLAD TIDINGs OF GREAT JOY.
THE DEBT sETTLED-A CoNsUMMATIoN DE-
yoUTLY wIsHED-aREAT CAUSE FOR
THANKSGIVING.
We have the pleasure in this issue to
make an announcement which will be
gratifying to every son of Virginia, and
that ig-that the question of the State
debt, which has been the Iliad of our wees,
is on the point of being finally and difnite-
" settled to the satisfaction and the inter
ests of both the State and her creditors
The incubus which has rested for years
upon Virginia, distressing and expressing
her, is about to be removed. The question
which has divided her people and arrayed
them in hostile ranks in opposition to each
other is about to be settled. The great
clog to the wheels of progress is about to
be removed, and increased speed in ad-
vancement and greater prosperity will be
the result. Virginiahaving made an honorable
adjustment, in agreeing to pay to the ut
most of her ability, DO stain of dishonor at
taches to her bright escutcheon, and she
can look the world in the face unabashed.
She can now turn her face with confidence
to the East which is Toseate with the
promise of increased prosperity. She will
now become, not a new Virginia, but the
revived old Virginia, whose integrity was
above suspicion and whose credit stood A
No. 1. Virginia will feel that she is her,
self again.
The bright prospect of the definite settle
ment of the State debt, has given patriotic
Vir gin;ans of all parties additional cause
for the observance of Thanksgiving day
to-morrow. She has more cause for
thanksgiving than any State in the Union.
No true and patriotic and honest Viz
ginian can contemplate this settlement, so
honorable to both the parties concerned,
without experiencing fervid glow Of salts.
faction, for he cannot fail to appreciate the
welcome fact that all the dark clouds that
lowered over our house are about to be in
the deep bosom of the ocean buried, and
that Virginia will soon enter upon career
Of unexampled prosperity. Every former
enterprise will be invigorated with new life
and countless others will spring into ex-
istence. The terms of the agreement ar
rived at by the Virginia Commission, and
the Olcott Committee, representing the
bondholders, is such as should be, and We
have no doubt will be,ratifed by the bond
holders on the one hand, and by the Vir-
ginia Legislature or the other. The Legis-
lature should ratify it by unanimous vote,
after first carefully examining all the de-
tails to he sure that there is no defect that
could give rise 10 future contention.
After this is done, and all found to be
secure, it would be better for member of
the Legislature to have stone about his
neck and be cast into the sea, than to vote
against the ratification Of the terms of set.
Element.
On the basis of settlement agreed upon,
Virginia can pay the interest On the public
debt-as she has always been willing and
anxious to do-and support her govern
ment, and sustain, without detriment, the
public schools, colleges, public charitable
institutions, &c., without any increase of
the rate of taxation. The bonds to be is
sued are to be for $40 ,O0O, 900, for debt of
1913, 100000 outstanding, other than those
held by schools and colleges, and to run for
100 years, bearing per cent interest for
the first 10 years, and 8 per cent for the
remaining 80 years. The present assess
ment will enable Virginia to pay the 2 per
cent, and before ten years the increased
values of property in the State will enable
her to pay the per cent without any in
crosse in the rate of taxation.
The basis of settlement agreed upon is
that the State shall issue in lieu of all out
standing claims, unfunded and IN default,
$19,00O,000 in bonds having one hundred
years to run aud bearing interest at 2 per
annum for ten years and per cent. per an
mum for ninety years.
This does not affect the $4,000, 900 in
bonds funded under the Riddleberger act
and in the hands of the people or the securi- !
ties held by schools and colleges. All other
securities, however, are brought into the
100000 pool, and the start is to be
made with clean score.
For fuller account and that our readers
mey know the details, we publish the cor
reepondence below which effected the SETTLE
ment -
vIRGINIA's PROPOSITION.
"To Frederick P. Olcoa, Vim. L. Bull,
ChdS. D. Dickey, Jr., Henry Bulge,
John Gil, Hugh r. Garden, committee
"Gentlemen On yesterday you submit
ted to the Virginia commission propo-
sitlon to sell the obligations of Virginia
mentioned in the Riddleberger bill (not
heretofore funded under the bill and now
outstanding in the hands of the public, but
not including bonds held by schools and
colleges) on one of the two following bases,
viz, an issue of $18, 100000 of bonds as
one alternative and of $19,000,000 as the
other in lieu of the outstanding obligations
aforesaid. Your proposition was that the
SIS. 100000 of bonds, if issued, should run
for one hundred years, bearing per cent.
the entire period, and that the $40 900, 900
of bonds, If issued, should run for one hun
d1ed years, bearing 2 per cent, for five
years, p for five years and per cent. for
the remaining ninety years. You further
suggested that the proposed new bonds and |
the interest obligation on them should in |
either case conform in their general charao- |
ter to those issued under the Riddleberger |
bill. We have carefully considered your
proposition and are constrained to say that |