Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1891-06-12
The Debt Conference.


The Joint conference between tho Olcott
committee and the State debt commission
closed in Richmond on Wednesday Of last
week. for the present, and the members of
the former returned to New York The
most perfect good feeling characterized
all of the meetings, and it is believed that
they will result in a better understanding
between the State and the toldeTs of the
bonds than has ever existed before. Mr..
Huoh r. Garden and his associates mani
tested an earnest desire for the represen-
tatives of the State to INDICATE what basis
of settlement they would be willing to
recommend to the Legislature. 1t is net
believed, however, that this was done to
any definite degree. The whole thing
seems to turn upon the construction OF
the RiCdloberger bill ard its amendments.
1t is stated almost positively that the
difference between the plan submitted by
the Olcott committee and the Riddle
berger act, with SIX millions of coupons
eliminated, amounts to several millions OF
dollars. The discussion of the Olcott
plan opened up the whole question OF the
States revenues aud annual expenditures
During the explanation Of these IL was
intimated that the superintendent of pub
lie instruction, in lis next annual report,
will probably recommend an Increase OF
$500, 600 for public schools.
After the departure of Mr. Garden, and
his associates FOR New York the State
commission remained in session for several
hours considering the whole subj ct Of
the negotiations. When the body ad-
iourned Lieut.. Gov. Tyler one of its mem
sers. gave ont the following as the utter
auce of the commission: "a discussion
of the subject has been held, but no con-
clusion has been reached. The negotia-
ton is still pending, with an evident dis
position on both sides to reach favorable
conclusion. Negotiations, however, are
not IN such a condition that the details
can with proprlety at the present time be
made public"
This statement is believed to have been
concurred in not only by the Virsinians,
but by the ClcOtt people as WE'LL
Tie plea seems to be for Mr.. Gardens
committee to return to New York and in
form the bondhOlders exactly what has
taken place between the two parties. In
addition to that the New Workers will no
doubt give their clients the benefit OF
other and equally as valuable information
about the sentiment existing in the State
derived from other sources. When they
shall have heard from the English bond
holders if their information Is favorable
the commission will no doubt be called
together again. While no one will say
that ANYTHING definite has been agreed on
at these conferences the feeling is that
they may eventuate in the parties coming
together. Mr. Garden and his fellow-com-
mitteemen are taking the deepest interest
IN these matters and they have already
gone so far in it, it Is beliel ed, that they
will use every exertion to complete their
work.
The result of the conference may be
summed up III The following statement
of a prominent member Of the conference
to an Associated Press representative:
eve lad pleasant two-dayS' session.
during which crude plan for adjustment /
Of the debt was presented by the Olcott
This was discussed pro and
,op. The great principles of the plan OF
settlement have yet to be agreed urOn.--
Still. a solution of the matter is looked
or at some future time. These principles
will have to be clearly marked and de-
lined before minor details of the plan OF
ettlement can be discussed with any
legree of success"
The Richmond Dispatch says: LAS TO
be difference between the basis OF settle
nent proposed by Mr.. Garden and as
ociates and the RIddleberger bill with
he six million dollars in coupons elimi-
ated, there is a diversity of opinion 1t
GEMS to be conceded, however, that the
Inference amounts to several millions
t was ramored IN financial circles during
afternoon that the difference
7as about $4,000, 900. That it was some
there in the neighborhOOd of this amount
here is not the slightest doubt.