Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-06-14
THE QUESTION.
Some Suggestions as to How Negotiations
May he Advanced.
tn The TSIjfo,- NJ fbe TJeDoleb.


All agree that the debt question should
be decided one way or the other. Ii IS
now an open secret that tho proposition
recently offered TO the State Commission
by the Olcott Committee was different as
regards the amount from the proposition
which they had recommended 10 the bond.
holders, aud that the interference of the
Council Of Foreign BOn1holders required
the committee to ask for a larger amount.
IL IS also al open secret that the OlrOtt
Committee requested their proposition to
be kept conlidentlal. because some OF them
entertained hopes that the creditors would
presently realize that the Council Of
Foreign Bondholders do not and will
not comprehend the situation. By
reference 10 the agreement under
which the committee is acting you
will find a provision authorizing them
10 submit a modified plan of settlement to
the creditors, and this modified plan may
be 80 wOrded as TO eliminate the Council
as q disturbing element. Therefore, |
make this suggestion: let a tribunal be
appointed to formulate new plan of set
Element which the Olcott Committee will
submit TO the creditors. This tribunal
should consist Of four persons: one APP
pointed 10y the Cleveland Advisory Board.
one appointed by the State Commission,
one by the State Board OF the Farmers
Alliance, and one by the Olcott Committee.
The plan formulated by this tribunal can
be submitted both to the creditors and our
people, and If the creditors accept, then
the next Legislature will pass proper law
10 carry It into effect | believe If this
course be adopted we will never hear the
debt spoken of again with impatient ac-
cent.
The Olcott Committee were informed of
the amount that could be spared out of
our present revenue. and theyneye would
have proposed larger amount unless act
ing under instructions from the persons in
London who have been misleading the
foreign creditors. Tie last report Of the
Council published, dated February 10,
1891, that we were able 10 appropriate out
Of the present revenue more than $500, 600
for interest on the now bonds which might
be issued 10 compromise the consOls,
l0-40's, &c; whereas everybody who has
examined the subject knows perfectly well
that we cannot spare half that amount out
of the present revenue.
II the OlcCtt Committee should recon-
mend and submit to the creditors plan
having the sanction of such a tribunal a. |
have suggested, do not believe the Coun-
Gil Of Foreign BoDdhOlders would be able
TO influence the creditors against II. The
committee are fully acquainted with the
condition OF our farmers, and II should he
our policy 90 help the committee 10 re-
move from the mind OF English bondhold-
Crs the false impression which the council
has so seduously cultivated
The best judges IN such matters believe
that If the debt be settled an era Of pros
perity unknown 10 our people VIII COM
mence, and that within FIVE years the value
Of property will have so increased that we
may then spare two dollars better than We
can spare one dollar now.
After ascertaulng the amount cOmingt to
the creditors under the principles of the
Riddiebcrger bill, the plan should offer
such rate of interest az the present revenue
affords, and should offer to increase the
rate gradually 10 3 per cent. provided the
revenue sufficiently increases 10 Justify
doing so. If the expected increase in our
prosperity does not take place then we
cannot pay more than is permitted by the
present revenue This is the only sensible
view Of the subject and if 1t be properly
placed before the actuai owners Of the
bonds tine Council will be powerless to in
fuence them against the unanimous advice
Of the Cleveland Advisory Board and OIL
colt Committee. NIIdISIAN.