The times. [volume] (Richmond, Va.) 1890-1903, 1891-09-26
r,,x sr.rr DIET SETTLEMENT.

p y -
rho o,a,nroent in the Norfolk Landmark OK
Thursday that it had received information
from, New York TO the effect that the Olcott
committee had given up oil hope OF q settle
rnent Of the State debt. and that negotiations
were about TO stop. has excited CONSIDERABLE
interest. There is reason 81 believe. however,
that tho news Of the Landmark IA not
altogether authentic. Governor Mckinney
was engaged yesterday morning for some,
hours with Mcssrs Wickham and Cardwell'of
the State Debt Commission and after the
conference was over he said that he had re-
ceived no information 30 justify the belief
that negotiations were about 10 cease. All
there is about it," said he, lis that tho COM
mittee sent me communication on tho SUD
ject. which I received some days ago, and the
receipt Of which have acknowledged. Since
then nothing moro has been heard. Inc
Landmark may have means Of information
which do not possess but If anything has
happened TO break Of negotiations do not
know of Il. That is all. q"
From this and from whatever else could be
gathered the status Of affairs seems to be as fol-
lows: The New York committee sent a commu-
nication % the State Debt Commission through
the Governor suggesting basis upon which
a settlement might DO effected. This sugges-
ton did not altogether meet the approval OF
the Governor and the other members Of the
commission, but ho has not vet definitely so
informed the committee. There has there
fore. 1t seems. been no regular proposition
made OF acted on, and ell that has been
dore ia in tho nature Of preliminary
diminishing. At the first conference between
the committee and commission, 'teelers'
were thrown out TO ascertain, if possible, the
best terms that the State would make. and 1t
was at this meeting that it was understood
tho bondholders' representatives expressed
willingness to settle on tho basis mentioned
in this paper some days ago, viz. that the
State should agree to principal which would
involve only S.. 900 year in interest more
than she ut present pays The Debt Comm.s-
sion. however, was under the impression that
still better terms could be made and so
stated The communication recently received
by the Governor evidently contained another
suggeston-stil thrown out rs 'feeler -
somewhat modifying the terms Of that first
offered. but which. it seems. is still not en-
tirely satisfactory 10 the commission.
The situation. then. IS as about herein
stated. and 80 matters remain at present.
Certainly nothing is known % the Governor OF
the other members Of the commission in this
city to Justify the fear that negotiations have
been stopped and that tho bondhold-
ers have abandoned ell hope Of a
settlement, II such should DO the event
nal result it will be very unfortunate day
for Virginia. She has been most sorely beset
and harassed by this vexatious debt problem,
which has been made more yexatious and
more troublesome than il ever need have been
by designing politicians, who have too success
fully used it as q means of advancing their
own selfish ends. So long as It remains IN
settled, solong will il DO a torribleincubus upon
the progress and prosperity Of tho State for she
will be constantly annoyed by costly and
troublesome litigation; capital will be fright
ened away from her territory; her credit will
remain seriously impaired if not entirely de-
stroyed, and she will DO a laggard in the race
towards prosperity while her Southern sisters
will far outstrip her. Her farmers, especially.
will suffer, and no alliances they can
form will ever afford them any material
relief from the grievances Of which they COM
plain 50 long as capital shall refuse to aid
them, and immigration, which will create a
demand for their surplus lands, shall be
driven off to other localities by tho fear OF
settling in State whose financial standing is
in disrennte