Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-20
FRIDAY. NOVEMBER 20. 1891
Good Newa Ahont &c Dali.

The DISPATCH is the messenger of good
tidings TO the people Of Virginia this morn
tng.
The representatives Of the Common
wealth and Of the bondholders yesterday
came 10 an agreement which commends
itself for ratification TO all parties con-
cerned and which viii be advantageous TO
our taxpayers and TO the holders Of our
securities as we'll.
All OF our pledges 20 the voters have
been kept and the terms Of settlement as
whole are clearly within the obligation
assumed by us in the passage of the RID
pLEBxRaEB bill.
WePet one hundred years in which topay
the principal of thedeb now 10 be funded,
and for ten years we are 10 be charged
with only per cent. Of interest, and for
the balance of the time per cent.
The aggregated principal new SIS and
newer $3.50 in view Of the accumulation
Of interest will not exceed that which was
recognized by the RIDDLEBERdER bill,
while the interest per cen. will not be as
large, for that measure provided for a uni
form rate of per cent.
Daylight Is at last breaking over a
ciouded question. Litigation that seemed
70 be endless may now soon be closed
forever, and with il should be buried the
recollection Of all the strife and conten-
ton that have agitated this Common
wealth for twenty years. These are
reasonable hopes from yesterdays con-
illusions.
II is better for US and better tor tho
bondholders. We acknowledge no amount
OF principal that is not due; We assume no
interest charge that we are unable to meet,
and that without taking anything from our
government and public institutions that
they are now receiving. And as to the fu-
ture beyond the ten years, there is little
doubt that our growth and increase in
wealth will enable us TO face it with conf
denee. We will then be as able TO pay 8
Ter cent. "a we are now TO pay2.
For their part the bondholders have the |
right to expect that their securities will at
once advance in value and give them ade- |
quate compensation for all the claims that
they surrender. This is infinitely better
than pursuing the State in courts and har- |
ryinR collecting officers with tax-receiya- !
BILE coupons, each involving loss to them |
and both raising up imminent peril against |
the time when their unsecured principal |
shall become due. While we heartily re-
ioice for the good such settlement pro-
misses Virginia, we can also rejoice that the
bondholders have at last come to realize
what is TO their true interest.
The gentlemen with whom our repre-.
seutatives are dealing actually control
s2s, OOO, 900 Of the S2s 100000 of outstand-
ing claims, and to them, If the agreement |
is ratified and carried into effect, will be
issued twenty.three twenty -eighths of the
total of the new bonds. They expunge
81, 600 out Of their S23,OO0,0O0. Many
old bonds are undoubtedly lost, and hence
never will be presented for exchange. The
sum of the inteTest-charges on the new 3's
On the hands Of the public and the col
leges) and the newer bonds will be not
more than our Treasury can we'll bear after
il has been subjected TO the usual annual
appropriations and fair margin for ex-
traordinary expenses.
This is the brightest prospect we have
ever had of settling the public-debt ques-
ton, and the State Commissioners are
unanimous in their resolve to recommend
il for legislative approval and for enact
men. into laws necessary to give it force
and effect. Some OF the bondholders may
at first be inclined TO demur, but al the
advice from wise heads that will be sent to
them from this side Of the ocean will be
for them to accept the terms agreed upon
as the best possibly TO be hoped for.
Though there are numerous details yet
20 DO arranged, aud though over them
some discussion may arise, it seems to us,
at this writing, that the plan will have q
more solid support from the masses of the
people than was ever given any heretofore
framed, the RIDpLEBERoER bin not except
ed.
We therefore say that we bring good
news TO our readers.
Who is il that does not wish to see this
barrier removed; who that is not worn out
with hearing of the "public-debt ques-
ton -; who that will not feel that with a
final settlement Virginia will bound for.
ward In the path Of progress as she has
never done before2