The times. [volume] (Richmond, Va.) 1890-1903, 1891-11-17
THE STATE DEBT AGAIN.

According to our Now York letter published
Sunday morning, thcrc Is growing Deiei
in financial circles that q oasis OF settle
nent Of the debt will soon he agreed upon.
CAPTAIN Hugh Il. Garden of tho Olcott COM
mittee. representing the foreign bondhoiders'
arrived in the city yesterday. and Mr.. Olcott.
its chairman. and the other members will, 1T
is understood. reach the city to-day. so nm
early conference over this yexed question Will
DO held.
Nothing definite as to the proceedings here
toforo had between the representatives OF tho
State and her creditors is known. II is gen.
orally believed. however. that at the last con-
ference the bondholders' representatives sug-
eested an offer which was very close to the
Riddleberger law-tbe basis upon which the
State has frequently admitted her Willingness
10 settle-but the negotiations were heio III
allegiance for two reasons. ono was lnal ~
was thought by the debt commission that tho
terms talked Of by the committee were not
sufficiently liberal, and It was hopeo
that by waiting a proposition more i"-
yorable 10 the State might be pre-
s.nted. In fact the committee had
no authority at that time to make any den
mite offer and their conference was moro
tentative than anything else, as no matter
what was done tho committee would have TO
confer with their principals before they could
act positively. The other reason for delay
was that We were then on the verge of tho
- ,srl,r 20 OH
AT United States senator, and as the witness
Of Malone was well known. and as Il was also
known that DO was ready and anxious 10 take
advantage Of any opportunity offered him
which might enable him to get mp an agita-
ton that might possibly crafty the yearnings
of his soul to get back once more in the
Senate. il was deemed wiser t. discontinue all
proceedings until after the election was hold.
Now. however. the election has been de-
clded. and We have a Democratic Legislature
which will promptly re-elect Hon. John W.
Daniel az his own successor. There IS now no
real obstacle. therefore, to the State debt
commission and the bondholders' committee
meeting and discussing the subject carefully
and dispassionstely and arriving at conclu-
sion which will be within the limits Of the
States ability, and satisfactory to her credi-
tors.
1t is needless to say that il is most earnestly
to be hoped such q conclusion will be
arrived at This unhappy debt business has
been a terrible incubus upon the prosperity
and welfare of Virginia. Although she has
made some advance in the last few years. she
has undoubtedly been kept back terribly on
account Of it, for capital has been frightened
away from her. and her credit has been
damaged beyond measure. And soit Will ever
be until that incubus is removed. Relieved
from that clog upon her progress, and with her
credit fully restored in the financial markets
OF the world, she would leap forward with
incredibestrides; but. untilthen, she can hope
for nothing but drawback litigation aud con.
slant embarrassment.
It will indeed be proud day for the old
State if at the approaching conference both
sides will meet each otherin friendly reason
able spirit, so that this burden OF debt, which
has dragged Virginia down to the depths OF
political degradation, and has retarded her so
greatly while her sister Southern States have
far outstripped her in the race towards pros
perlty, may be finally and forever adj usted.