Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-17
WILLCONFER TODAY
The STATE COMMISSION AND OF
coTT COMMITTEE ToMEET AGAIN.
The New Proposition said to Ne More Fa-
vorsbie to Virginia than the Last
One General Gil interviewed.

The commission consists OF Governor
Mckinney chairman. Eeutenant-Gov-
ernor J. Hoge Tyler, Senators Berry OF
Amherst and Wickham OF Hanover
Speaker Cardwell, of the House. and Dele
gates Dabney of Albemarle, and Tyler of
Prince William. The members OF the Ol-
colt Committee attend the conference
upon invitation of the Governor. Captain
Hugh II. Garden, Of New York, arrived IN
the city yesterday afternoon. Mr.. Olcott,
chairman of the committee, and Mr. Bull
second on the committee. will reach here
this morning. Mr.. Dickey, another mem
Der and who Is a director IN the Chesa.
peake and OHIO Railway Company, and
now on tour Of inspection over the road,
was expected latelast night. Mr.. Bulge,
of the firm of Halgarten 4 Co.. and repre-
senting German bondholders, may also be
here to-day.
TALK WITH GENERAL GILL.
General John Gill, of Baltimore, who
was on General Fitz Lees staff during the
war. arrived in the city on the $50
train last night on the Richmond, Frede-
ricksburg and Potomac railroad and IS
stopping at the Exchange Hotel. he is
also member of the Olcott Committee
and Deposit Company of Baltimore.
General Gill talked for some time. with
DISPATCH reporter in q general way,
answering some of the questions put TO
him without hesitation, but excusing him.
self from replying 70 others on the ground
that not knowing what might be the trend
Of the negotiations he ought not TO com;
NIT himself in advance OF the ofnclal
action Of his colleagues.
MORE FAVORABLE PROPOSITION.
When asked what the terms of the new.
proposition were he replied that he could
not say, but upon being told that tho Gov
| ernor had remarked that it was under
stood the terms were more favorable to the
State than those Of the proposition pre-
seated some months ago, he said there
could be no harm in his admitting that
they were.
The next question put to the General
was whether the Baltimore and Ohio Rail
| road Company had deposited their bonds,
and would continue to tender coupons for
taxes.
10 this he responded that his attention
| had not been called to the matter until
Yesterday, but he added; :" / have since my
| arrival here endeavored to take care OF
that point, and have no doubt that before
the conference adjourns l shall have au-
thority from the company TO pledge IT 70
abide by any decision that may be reach
| ed"
PROSPECTS OF SETTLEMENT.
When asked what he thought were the
chances of reaching settlement or the
| debt matter. General Gill said:
1.-THE bondholders's committee expect
| to have a very pleasant and satisfactory
interview with the Governor OF Virginia
and the gentlemen composing the State
| Debt Commission, and L am greatly en-
| couraged in believing that this vexed debt
| question will be settled by the incoming
! Legislature which conyenes next month"
General Gill went ON TO say tho queS-
| ton of the settlement of the debt OF Viz
] e'nia IS not second in importance to any
| OF the grave questions that have arisen
| from the war, involving the peace, honor,
and dignity Of this great commonwealth;
1.-The question" he said has received
| the attention that its Importance deserved,
but unfortunately the solution OF the dif-
| fculties surrounding the subject has been
| complicated by the introduction of other
| considerations foreign to the main ques-
| ton. 1t is inevitable under government
of the people that all matters affecting the
| common interests are drawn into the folds
| of politics, and the solution of them made
more or less the subject of party division.
NOT AN EXCEPTION.
ut must be admitted that the settle
ment of thedebt of Virginia has not been
an exception to this rule, and it can hardly
| be claimed that the result has been such
as to commend the operation Of the rule
| itself when applied to a subject that OF all
others required the calm judgment OF
| those who are qualified to deal with the
| delicate subjects of public credit and the
| adjustment of the burden of taxation to
the means and necessities OF the people
| and at the same time give due weight 10
the vital matter of the just claims OF the
| bondholders of = great Commonwealth
| like the State of Virginia.
"When 1 was asked TO serve as one OF
| the committee representing the bond
| holders interest determined at once,
even though / represented only some or
| the creditors of the State and not the
| State itself to say just what | thought l
ought to saw. and by this / mean that 1
| know but for the vast losses caused by the
civil war which swept from existence a
| great part of the basis of credit on which
| the public Debt of Virginia was contract
| ed. and tore away one third OF her terri
| tory and of the population charged with
the payment of this debt, the question of
an adjustment with the creditors OF the
State could never have arisen.
TWO SIDES TO THE QUESTION.
81 freely confess that there are two sides
| TO the question, and II the creditors OF TINS
State were not before the people OF VIZ
| einia with fair and liberal proposition l,
| tor myself, aud think l speak for Gay col
| leagues. would not be here to-day
| in our present attitude. No man
/ would have ventured even the
| thought of a defeat prior 10 the late
/ war. Under the old order of things Vlr-
| ginia paid dollar for dollar; she never OF
fered her creditors less than the utmost oo-
| LEGATION of her bonds. There are many
men not even now beyond the ago OF md:
| die life who remember when the credit OF
| Virginia was equal to that of the United
States in the rate Of interest and the price
of her bonds.
"The authorities of the United States
Government invested trust funds Tor the
support of the Indians and her old soldiers
in Virginia bonds as the most secure IN
yestment to be obtained for such sacred
funds.
AN opPoRTUNE OCCASION.
1.-The occasion is now offered to Vir-
piuia TO resume that valued position IN
the financial world and no reason exists
why she should not promptly avail her
self of this golden opportunity. LOOK at
Georgia, North Carolina, and Alabama.
Their per cent. bonds sell about par,
and compare their situation and resources
with those of Virginia,
THE committee will argue the question
fnIly before the State Commissioners to-
morrow (tO-day) with deep sense or
their mutual responsibilities. They fully
recognize the loss the State has sustained
by the bloody war, the entire change In
the condition of public and private affairs,
thus rendering some kind Of compro-
mise of the public debt, swollen by inte-
rest to proportions beyond the means lett
wherewith to meet il absolutely necessary.
NOT WHAT Is DUE.
Substantially al the great body OF the
public creditors recognize the strong.
equitable right of the people OF Virginia,
General Gill continued, Ito have their
great losses and the vast diminution OF
their ability TO pay tho debt taken into
consideration, and few II any OF those
/ creditors are claiming anything like what
Is due them. To the honor OF Virginia, pe
II said. that the practical question has al
ways been, How much OF the debt are we
able to pAyY and whatever the bitterness
of party strife and discussion nc, party IN
favor Of reputation Of the debt has ever
shown itself The creditors we represent
fully understand that the State cannot oe
sued. that they must rely upon her honor
and good faith, and can only get what sne
pleases to pay.
A coSFIDENT ASSERTION.
Therefore, am confident that no mat
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