Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-05-10
WILLG0TONEW YORK
VIRGINIA COMMITTEE FORMED TO
CONFER WITH oLcoTT PEOPLE.
Tho Riddiebsrger Basss 60 he Empha.
sired as Sine Qua Non-obiection
to the 81 900, 600 Deposit

1he ,utimation thrown out in the DTs-
.,-ru Yesterday morning that there would
.,,n be a conference. probably this week,
,,,uesn che Olcott Debt COMMITTEE and
.o,resentatives of tho State, as q prslimis
,s-e step to tho Virginia Debt Commits
,.,,s' considering the question Of enter
,aiping a proposition from the bond hold
.-s Is sustained by all subsequent facts that
have been developed.
Itis understood that committee Of five
creed upon at the conference held in
r. Governors Office lust after the Olcote
il.'fr was received will proceed to New
y0rk for tho purpose Of talking over the
r,s,-cr with the 0lcott Committee Four
N che members Of this committee are
Non. j. Taylor Eliyson, Hon. r. n. Card
y,I. Of Hanover. and Hon. W. ID. Dab
rty and Thomas Martin, OF Albemarle.
TIE COMMITTEES DUTY.
This committee will impress upon the
0lr.tt Committee that it would be useless
-...pe for any settlement which contem-
ritci imposing a greater burden upon the
,eye than Is provided for in the Riddle
.rsc5 bill.
Persons seen here who are in touch with
ihe Olcott Committee knew nothing of the
formation OF the committee or unofficial
rrrrat'on referred 20 OF Of their proposed
v.-t 20 New York. All the information
he, had was that the reply Of the 0lcott
Comm ttee 10 the Governors letter
a,sverius the committees request for an
interview was expected TO reach the city
yesterday.
WHY IT WAS CREATED.
Nevertheless il is certain factor in the
rt,e that the Virginia committee has been
formed for the purposes indicated, and 1t
Understood that the object in selecting
NV York instead Of Richmond as the
mace Of conference IA TO relieve the State
a.. Any semblance Of that official action
Which would not be competent until the
cn3itions prerequisite TO negotiations
81 forth in the Joint resolution creating
the Virginia Debt Commission have been
complied with.
yesterday afternoon DISPATCH reporter
VISITED the office of Mr.. Csrdwell, but
found that be was at his home IN Hanover,
AID Mayor Ellyson. the Richmond men,
te5. Is confined 20 his home by sickness.
N6ssrs. Cardwell and Dabney are also
DCmbers of the Virginia Debt Commission.
Position OF the New York Committee.
Late last night the DISPATCH received the
i7 lowing from its New York correspond
cll =" have met with several gentlemen
'hight who have talked with Mr.. Ellis
sa3 others of the Bondholders' Committee
and rom them II Is learned that some In
tu.uce has been active in London TO make
t.e creditors regard the committee as too
fsy rable 20 Virginia. In the first instance
.le committee was undoubtedly interested
ty persons wishing to relieve Virginia of
Gle only obstacle TO her progress, and who
r.Hsysd a settlement was impossible
.,lyr the leadership and methods of the
Council Of Foreign Bondholders. but the
committee has no object except q prompt
.,,'lsmeut, making Nlrginia's credit as
nrl as that of any other State. Such set
dement, Will be satisfactory to all the
.-altors who are acquainted with the
nets No creditor objected TO proposal
r.H1,9meuded last November by the Clevc-
Aal Advisory Board and published sixty
Jays.
pOS'T WANT TO MAZE THE DEPOSIT.
Nj. FlIs was sent to London six weeks
s-a ard by explaining the situation TO the
-. lt0rs Put things in shape for Mr.. Oh
c..ttomake an unequivocal tender Of more
| r., aI pcr cent. Of the tax-recelvable cou-
I'm tHrds. Governor Mchinney's message
,fIeruarv. 1880, advised that no PROPOSE
lion should be entertained unless accom-
-9.iei by the tender, substantially, OF oil
H.tg1-c1upon debt The Legislature, not
erecting the debt could be deposited un-
ARA power Of attorney. provided for de-
| r.It 6f one million dollars TO secure per-
t,--rarce Of auv contract. Asthe commit
twill exhibit and tender twenty-three
r.lon dollars of the debt, it would, 1t Is
c.,t,lied. be child's play TO require the
| f..oy-. The committee cannot offer the
deposit until after the commission meets,
f-rs1e- the commission must name the de-
uo.t.~v aud conditions of deposit, and
I. would Do unreasonable TO subject the
committee 70 the expense of tying up
million dollars when no possible benefit
OH come of the deposit If the commission
Isiu-eslt.'
Letter to Governor Mckinney.
The New York Times Of yesterday re-
fa-rl.c 20 the return from Europe of Mr..
G.S. EIhs secretary of the Bondholders'
Committee. and Of his meeting the COM
Mite. FRIDAY night at the Office OF the
Central Trust Company, says:
Mr. Ills had some hard work 10 do on
Che other lie Of the ocean. In the hrst
la.ethe greater part of the debt is held
% England, and in the second place the
Ir-asamen were not at oil fayorably. DIS
posed toward the plan OF the committee
"fe'5re be returned TO this country,
however, be had brought the British ma
,0r.q over 10 the side of the American
minority. As things now stand, the COM
4 --es represents about 50 per cent. OF the
Boz Jed debt Of the State, and the interest
o. 30 duo and unpaid. Something IKE
Si-oIis held in this country ana about
sl.eIuJ Do Great Britain.
"a, 10, meeting the committee drew up
S.H..r 90 Governor Mckinney, OF virginia,
"4.4.tlat il was ready to deliver 50 per
c-l; %. the defaulted securities. IN the
.a-is OF creditors of the State. and asking
-- o. arrange for a meeting between the
committee and the State Commission.
4-, iy'ter was sent 10 Richmond iast
1--', a.d II IS hoped that arrangements
.'al early meeting will be made.
Tuy Trims NOT STATED.
Just what terms il will be attempted
trasr between the State and its creditors
b., not been stated. The general plan 10
7..cl Tie Eupli-hmen have agreed is tle
Alt .ue Which was described some
-.-,hs ago, sLI. Of course, involves 'he Is
&C. % new bonds 10 take up the outstand-
~ ISSUE.
some of the bonds TO be retired were
sslsi before the war, and the list practi-
gi.y covers all the States issues except
-ss1-cll.ed Mddleberger bonds. one OF
'-s latest efforts 10 secure settieluenS
Va made about SIX years ago, when or
i-sa-I Thornton and s. n. Bralthwalte
C.t-al negotiations with Governor Lee,
Do. TIE attempt fell through"
The Olcott Committee Sued.
NJ Willis b. Smith, a member OF the
A,a-out bar yesterday instituted sun
. it Caancery Court against James nj.
George G.. Williams individually and as
primers, trading under the style OF the
i-,-.-Deht Adjustment Company, +. Z.
Q.o. William l.. Bull, Henry Bulge; =.
L Dekey, Jr., Hugh II. Garden, John Gill;
"'1sf Cleveland, L. J. Phelps, the Cen
". Iust Company; Brown, SIMPLY d Co.,
tll.l1u firm whose individual names are
l,A- w, the Mercantile Trust and DE;
si company, and the Planters National
tllL. Il Richmond defendants. The
CESS sued was made returnabIe at the
Gay rules.
WHY HE SUES.
IT,. object Of this suit" the order OF
PUBLICATION says, ." is 10 recover OF the de-
.'-iA1's the sum OF $1,000 agreed by them
b, PAID The plaintiff for his services IN
e-a ton with the Virginia debt ques-
Fad services being directed espe-
ssy o. their attempt, which has been
,;;a.es.iul 70 compel the Foreign Councn
q boudholders 10 cease their litigation
VA the State and 10 unite the