Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1891-12-19
Foreien Creditor S Accent.

As stated In yesterdays Ga=stte g largely
attended meeting OF the English holders ci
the Virginia debt was held In Lordon ye.-
terday, and after considerable discussion II
was decided, by y5te Of SO 10 II, toe accep:
the agreement effected between the Virginia
State debt commission end the O!cott com.
mitteo fer a settlement CT Inc VIrgi:ia State
debt.
Cir Joha Lubbock presided at the NEST
Ing In an address he repu6iated the idea
that the council OF bondholders was to ex-
acting. Eat any rate" he said. "ws thought
il desirabls to CONS to On smioa5le settle
ment. ard agreed to leave the matter
for the time, in ths hands CT the
New York committee and thu advisory
board in order to stop legal procsediugs."
'Whatever this nsioriIy OF the nesting
may decide upon." he oontiaued, she New
York proposals are undoubtedly more favor
able to the bondholders taan Is The Riddie-
berger bill and this Is due to thu loDg aad
persistent litigation maio'alned By the ccuo.
oil in the fedssaI cour.s, but fos which the
bonds would long ago bsve sunk to point
at which it would have re TO furd shsm
undsr the Riddlebergs- bill"
Sir John Lubbock then re.d tba New
York proposals He sid that neither the
couuoil nor the Vi7gln,a Committee would
have recommended these terms, bscause
they believed the State OF Virginia was
able to pay more. Hs SID he had been re.
questsd 10 read letter addressed to the
bondholders, and signed by Mis57s. L36e7-
dale and Daniell.
The letter admitted that the teln5 we're
unsatisfactory ard said that there was 30
rsaeoa to euppoee that the State yes unable
to pay three per osut. after tTo Or three
years, because the settlement Of the Gsbt
could hardly fall to ssimn s.e the develop
melt OF VrEinia'5 reaourcc5. Toe eb;erce
OF g sinking fur d 10s also SERIOUS ctjsc
ton. The appropriation, even Of small
amount yearly for t:s purpose wcuid oyi.
dance g desire to Gea! fsi;iy With the 5oCd
h1ldors aud enhance tGs credit Of VirglGie.
Yet" he lttie. cantinuee, "as It seems io.
possible 10 ob aip better terms Without 0il-
ticuity and delsv. we decided. af;er much
hesits lon. to advice the acceptance CT tho
proposals."
Sir John Lubbock oencud ty eayiog ne
did not desire to Influence the bondho!ders
In one way or the other.
Mr.. Lson, M. P, moving the acceptance
of the proposed terms, said it was useless to
go into the question of the honesty OF Vir
ginin, or OF oensuring thu committee. The
question OF the reduction OF tie commission
paid the committee might be gone Into later.
II the motion were REACTED, endless lillgs-
tlon would ensue, and the EesultwouId PROF.
ably be the submlssion CT wovse ierns
than ever.
motion to roduce the commi:tion WAS net
seconded.
Mr. franklin then proposed an amendment to
refuse the terms offered uLlsss three per ceot. in
terest was maintained
Replying to question, the chairman admitted
that it would still bo open to Virginia TO repu-
date, bat he thought this impossible.
Mr.. Frank Inns III ,ndment was rejected by q
vote OF "A to 10.
An amendment to allow cepositors sixty days
in which to withdraw their securities was also
rejected-39 to II.
The motion TO accept the agreement between
the Virginia State Debt Commission ard the Oh
colt committee, which was offered By Mr.. Lto1,
was then adopted-39 to II.
The London Times in Its financial article yes.
terdsy said I'VE doubt whether the proposed
Virginia debt sett' ement will increase tho credit
Of Virginia snd indirectly enhance railway &C.
culites Those bondholders who think it worth
while TO sta nd out against this injurious settle
ment have perfect ii 2ht to do 80, and will de-
serve the Thanks of the commercial community
shou' d they succeed in making better terms for
themselves"
The bonds rose 2lh on the result of the mseting.