The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-12-25
yIRGINIA'S BONDED DEBT,
English Holders Agree to the Proposed
Plan Of Settlement.

LnNDoS, dec. GA largely ATTENDED
meeting of the English stockholders o
Virginia debt was held Friday, and afte,
considerable discussion it was decided BY
a vote of 80 to II to accept the agreement
effected between the Virginia State Debt
Commission aud the OlcOtt Committee fol
the settlement Of the Virginia State debt
Sir John Lubbock presided at the meet
ing. In an address he rOpudiatcd the idea
that the council Of the bondhoders was
too cxactinS. cat any rate, he said, "wc
thought it dcsirablc t" come to an AMIGA
bic settlement, and agreed to leave the
matter for the time, in the hands Of the
New York committe aud the Advisory
Board in order to stop legal proceeding"
.Whatevcr the majority Of the meeting
may have decided upon" he continued,
"the New York proposals are undoubtedly
moro favorable to the bondlolders than is
the Rddleherger hill. and this is due to
the long and persistent litigation main
tanned by the Council in the Federal
Courts, but for which the bonds would long
ago have sunk to the point ut which it
would have paid to fund them under the
Riddlcberger bill"
Sir John Lubbock then read the New
York proposals. He said that noither the
Council nor the Virginia Committee would
have recommended these terms, because
they believed the State of Virginia was
able to pay more, 10 said he had been
requested tn road letter addressed to the
bondholdcrs ard signed by Messrs. Lid
dcrdale and Daniel. The letter admitted
that the terms unsatisfactory, and said
that there was no reason to suppose that
the State was unable to pay > por cent.
after two or three years, because the set
Element Of the debt could hardly fail to
stimulate the development of NirGinia's
resources. The absonco OF sinking fund
was also serious objection. The appro-
priation even of a small amount yearly
for this purpose would evidence desire to
deal fairly with the bondhoders md en-
nance the credit Of Virginia. "Yct, the
letter continues, as it seems Impossible
10 ODlalu DcttcT tcTuiS "itHOOt uiHiIuito
and delay, we decided, after much hesita-
ton to advise The acceptance of the pro-
posals.
Sir John Lubbock concluded by saying
he did not desire to influence the bond
holders in one way or another.
Mr. Leon, NJ F., moving the acceptance
Of tie proposed terms, said it was useless
to 90 into the question eff the honesty of
Virginia or of censururing the committee.
The question of reduction of commission
paid the committee might be gone iuto
later. If the motion were rejected, end
less litigation would cnsuc and the result |
would probably be the submission of worse
terms shan ever
The motion to reduce the commission
was not seconded.
Mr. Franklin then proposed An amend
men to refuse terms offered unless the
per cent. of interest was maintained.
Replying to question, the chairman
admitted that it would still be open to
Virginia to rcpudiate. hut he thought this
Mr. Franklin's amendment was rejected
IS il vote Of "A to Is.
An amendment to allow the dcpositors
sittY DAYS in which to withdraw their Sc
:urites was also rejected, 80 to II
The motion to accept the agreement be-
tween the Virginia State Debt Commission
and the Olcott Committee, which was Of
fered by Mr.. Leon, was then adopted. 80 to