Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-03-22

settlement of this vexed Question, put l
am now far less hopeful. as the tune IS
rapidly passing in which there remains op-
portunity for action on the part OF tho
present Legislature. In my Jqdglnent tnS
Alliance element will largely predominant
as annrehend, will scarcely be so iaVora'
hle 10 the bondholders "a the present, one,
and the present temper of the people as
10 compromise and adjustment does not
encourage the belief that they VIII be pre-
pared 10 make greater concessions lhau
those at which ! believe settlement can
now be effected with the state. III the
bondholders could understand the tone OF
public sentIment on the subject ana the
meapre ability of the State TO pay onI
LITTLE time would be lost in accepting the
Riddleberger settlement or some approx
mate one"
MUST BE THE HIDDEN HAND.
How do YOU account for this hitch IN
the proposed settlement"
Z" cannot account for il. To me 1t seems
strange. considering the proptious clrculn-
stances under which the proceedings were
inaugurated. DISTINCTIONS, II there be oo-
structions, surely have not been placed IN
the way 10y the State. for she STANDS ready
with her committee to confer whenever
the committee is advised that8 conference
is desired. and the Governor stands ready,
no doubt, to call the Legislature at any
time the committee has anything, OF
tangible character TO report. mere
must. therefore, be distractions ana
obstructionists somewhere, and i strong
lv suspect that the hidden hand is
the Council of Foreign .,Bondholders.
Beyond question many OF the holders
of the bonds are anxious for the proposed
settlement as evidenced by the deposit OF
so many bonds.
THE COUNCIL HELD IN CONTEMPT.
I'm speaking of the Council Of Foreign
Bondholders am free 10 say without re
serve or the fear of contradiction that III
(the COunciD is held in contempt, ana us
name provokes resentment in the breast
of every lover of his State acquainted with
the deceptive representations made TO IN
duce the State TO treat with itat all-ylZ., It's
representation that il controlled, when 1t
did not, large part Of the Indebtedness oil
the State-the arrogant behavior OF ltsrep-
reseptatiyes before tie debt commission
viz, that we spend too much money on
our schools and colleges and paid our
school-teachers too much-and the talsl-
fed figures given to the public Of pro-
position claimed TO have been submitted
to the committee on tho part OF the
State. which was nerer submitted, as
abundantly appears from Senate Docu-
ment No. Is of the Senate journal
lSS6Is7. To these grieyous insults there
was added great lndignlty and INJURY. As
clearly intimated or threatened by the
commission vexstious litigation was com
menced and the highest law officer. of the
Commonwealth and other of her faithful
officers, honorable citizens all, were lie
gally arrested and falsely imprisoned by
order of a Federal judge, and only set at
liberty by invoking the efficacy OF a writ
of hnJeGs corpus from the Supreme Court of
tho United States. fain hope that these
enemies of Virginia will be kept far in the
BACKGROUND in the proposed settlement,
and / know that they will have to be If 1t
Is to succeed"
WILL APPROVE no INCREASE.
do YOU think the Legislature or the
peOple at the polls would approve settle
ment that increases the annual liability be-
yond that necessary under the Riddle
berger bIll?"
Unhesitatingly No. Not that the peo-
pie care anything for that settlement be-
cause of its name or its origin or what not.
INIT because il has struck the mark as to
the ability of the State to pay. She cannot
increase taxes. Tho depressed condition
of her farming interest will not bear II.
| do not believe there is a constItu-
ency in the State where an advocate
of the increase of taxes, whatever
his other qualifications might be,
could be elected to the Legislature.
The small increased revenues at the pres
ent rate, which is too high. are consumed
by the increased criminal expenses and
other necessary increase in the expenses OF
the State. As to an increase in the prlncl-
pal of the debt over that fixed by the Rid
hill that would nGrncCqr1IV H.
minish the rate of interest TO bring the
annual charge on that account WITHIN the
revenues, and think it would be very IN
wise TO run the risk of giving diseatistac-
ton with a new settlement by such an In
crease of principal.
PROVISION OF THE PLAN.
Under the plan proposed q settlement
with a greater principal may be ehected'
1t is as follows;
First. The Bondholders' Committee shall, In
CARRYING out the purposes Of tho agreement
dated May 10, 1890, surrender 20 Virginia al
tho obligations deposited under the aforesaid
agreement and receive in full satisfaction there
for such an amount OF new bonds as may DC
agreed upon between the said committee and
the representatives Of the State, as the maxi
mum amount upon which the State is able 10
appropriate an amount annually for the pay
ment Of interest, which amount shall not DO less
than the sum agreed upon as minimum by
Advisory Board.
II simply meant to express the opinion
that it would not be wise to increase the
principal-not that it cannot be done"
HIVE THE BONDS QUICKLY.
what do you think is the immediate
work TO which the Bondholders Commit
tee should address itself!'
From my standpoint an answer TO that
is plain. 1t should hive the bonds, and
do il quick, taking care TO secure authority
TO settle upon basis of interest not
greater than the ability of the State to pay
nOu on her present revenues, and ignoring
all side issues about pending litigation,
rendered coupons, etc. To permit these
minor matters, Important to a few people,
because profitable to them, to interfere
with orr retard the settlement will
be a great mistake. 1t turns the settle
ment over to the next or some subsequent
Legislature. / do not believe that the
farmer element that will largely compose
coming Legislatures will be less honest or
less patriotic than their predecessors, but
/ do believe that they will be bent on di-
minishing taxes on land. This they may
reasonably do before a settlement IS
reached, while practically no interest IS
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