Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-21
SATURDAY. NOVEMBER 81. 1891
JOY IN the Old Dominion.


State debt has created q iubilant feeling
throughout Virginia. That 1t is to be SC
complished without increasing our burden
Of taxation that we have been able 10
adhere 20 ell the pledges that We made
the voters when we accepted the RIDDLE
sERoEs bill. and that we now have II IN our
power 10 leave this chapter Of woe behind
and open new volume of brighter his
tory is certainly cause for sincere congratu-
lstion.
There can be little doubt as TO the Viz
ginia Legislature and the bondholders rati-
fying the plan adopted. There may Je
come skirmisbing over details. but all the
great points arc settled. Even General
MALONE will be able to find no fault with
Che scheme. as he wrote to New Yorker,
when he learned what the proposition
would be. that he was astonished at the
iiberalness Of the oder."
Already the market has felt the quick
ing influence Of our agreement. Our
bonds are rising in value, and in the
course of a few years we hope to see
them as high as any State bonds. We
have made as fair q settlement as any
southern State has made and, therefore,
have the right 10 expect that we will attain
in sill respects as high a credit as any OF
them.
The chief profit that the promoters OF
this settlement can hope for is from the
advance in the prices of the new Virginia
securities. and we trust that they will reap
the reward due their enterprise. 1t was
disheartel ing task that they undertook;
there were few people who encouraged
them; at times II seemed that every spark
of hope had died out. but yet they perse-
vered aud can now join in the general re-
joieing. The difficulty that the OLcoTT
Committee had TO overcome was to con-
vince the Enghshmen of the true situation
here. We are not in their secret, but we
imagine that this must have been hard
work. That done the rest was not so diff
cult.
II appears that the State is largely in
debted to the railroad companies for the
backing they have given it. " 1t IL a we'll
recognized tact. too. that the large bust.
ness interests OF the State. among which
NAV be mentioned the railroad companies,
in their anxiety for a final settlement and
looking 10 the general increase of credit
and prosperity to result therefrom, have
eyinced a willingness TO respond to such
public demands as may fairly be made for
them for the attainment of the object in
view" SAID our commissioners in ono of
their communications TO the OLcoTr Com
rnittee. Put that TO the credit of the rail-
roads
The settlement bonds now to be Issued
(by the way this would be o good name
for the new bonds) Will be delivered to the
OIooTT Committee in lump-sum and that
committee will apportion them to the
various claimants. This plan is vastly su-
perior to all other plans heretofore adopt
cd by us 70 adjust our debt, for zee are
dealing tcith actual holders; with men who
have in their hands $23, 900, out of the
SIS, 1000, 900 Of bonds and coupons sup
posed TO be outstanding.
We were never so tayorably situated be-
fore. When the three former attempts
were made 10 fund the debt we had TO
rely upon the people accepting our terms
and bringing In the bonds, The Nc
CUILocH bill was different in theory, we
know, but in practice was about the same.
Hence we could not foretell whether the
creditors would accept our terms
or not Now we are dealing with
a committee who will deliver lump
sums of old bonds and take lump
sums of settlement bonds" If all
come in the aggregate will be $2s,0O0,-
600, which will be surrendered for $4,000
OOO. II is, however, the OLooTT Commit
tees belief that they hold nearly all of the
debt that actually exists. Certainly in
the course of time and from the occur
rences of war, foods, fires, and ship
wrecks many of our old bonds must have
been lost or destroyed. 1t is not 70 be ex-
pected that all can or will be presented
for redemption.
When banks 60 into liquidation and
large dividends are declared to depositors
they find that it 10 impossible TO get all Of
the depositors to call for their dividends.
This is invariably the case. How much
more likely then that the bonds of this
State, which have been scattered all over
this country and over large portions of
1sDElhlus huOAlh hoA IA iColpNal Itlo AOI
redemption under the new arrangement
We have not seen the public mind in
eueh buoyant mood since the Democrats
won their victory in the presidential cleo
ton in 1854. There is happiness on every
face and music in the air. The Joy is so
general and uuconfned that ii seems 10
have obliterated party lines and made the
Republicans feel that 1t is much their af-
fair as ours.
When the plan is finally ratified by tho
contracting parties we should not wonder
IF the people kindled bonfres on every
hilltop in the Commonwealth.
Such a famous victory" proceeding
out of one OF the most tangled skeins of
controversy IN al recent history would
be worthy of some such signal demonstra-
ton Of popular approval and gratitude.
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