The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-05-14
The Debt Settlement.

IU6 AOOt 06bbl0lu0AO.
Dispatches from London to the mem
bers of the committee in New York con-
firm the announcement with reference
to the negotiations for the settlement
of the Virginia debt. They state that
Mr.. Geo. S. Ellis, of the Central Trust
Company'of New York, who is the sec
rotary Oft the American bondholders com
mittee, and who has been in London fol-
some weeks past, has been in communi-
cation with Sir John Lubbock, William
Lidderdale and John Daniel, G. B., who
constitute the English advisory board;
that since the American bondholders
committee and the English advisors are
in concord, the negotiations with the
State of Virginia will proceed in accord
ance with the plan and proposition sub
mitted November 2S, 1890.
This plan and proposition. provided
for under the agreement of May H. 1890,
is the plan which was approved and rec
commended by Messrs. Cleveland, Bay
ard, Phelps and other members of the
advisory board in the United States. It
provides that the bondhoiders' commit
tee shall surrender to Virginia all the
obligations deposited under the agree
ment, and receive in full satisfaction
therefor such an amount of new bonds
as may be agreed upon between the COM
mittee and the representatives of the
State as the. maximum amount upon
which the State is able to appropriate
an amount annually for the payment of
interest; the new. bonds to. bear such
rate of interest, and to have such ex-
emptions, and to be of such a character
as the representatives Of Virginia and
the committee consider best calculated
to give them the standing they will de-
serve in the money markets of the world.
Mr.. Ellis will return at once from London
with the further details, and the settle-
ment, then viii sitis expected, be at once
pressed to the long desired satisfactory
conclusion.
The agreement among the London
bondholders as to the Cleveland Olcott
terms of settlement of the State debt
does not contemplate the tax~receiyable
coupon feature, and the settlement is
likely to exceed the terms Of the Riddles
berger bill 1t seems to be certain that
Governor Mckinney will not be likely
to convene tbs. Legislature to consider
any measure not practically within the
bounds of that measure.
The position of the United States Con-
stitution referring to patents was OBJ
tanned by the efforts of James Madison
and Charles Pinckney. The first gener-
allaw. providing for patents was passed
in 1870, and the first patent issued was
to Samuel Hopkins. July 81, 1890, for
making pot and pearl ashes. The two
first superintendent of the Patent Office
were William Thornton, appointed in
1902, died in1s9s, and DIR. Thomas JONES'
born in Herdfordshire county, England,
franklin Journal at Philadelphia. On
April 10. 1928, he removed to Washing
ton, and took charge of the Patent Office
under Henry Clay, Secretary of State.
This position he held until after the res
organization of the Patent Office under
the act of July 4th. 1886, ut which time
the non. n. Il. sifsSvrtr WIS macst tyoslls
missioner. Since the office has grown in
Importance and the salaries of the Off
cials have been doubled, but the depart
ment still remains the least partisan of
all those in Washington subject to pres
idential influence.