Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-03-13
NOT ASKED TO MEET.
THE GOVERNOR HAS HEARD NOTHING
FROM 6oNDHoLoERS' COMMITTEE.
The Subject Discussed and an Extra ses'
sion Talked Of-Tbe Duties OF the
Virginia Commission.

The article copied IN yesterdays DIS
PATCH from the New York Times, stating
that matters had progressed so far in re-
spect of the Virginia debt settlement that
the Bondholders' Committee hoped within
week to open formal negotiations in
Richmond with the commission ap-
pointed by the Legislature of the State TO
receive and consider such propositions as
might be submitted. has reawakened In
terest in the debt problem.
Yesterday this subject and the question
OF an extra session of the Legislature,
which always arises withit, were discussed
in the basement offices at the Capitol and
upon the streets. There was also consid-
erable talk on the subject in financial cir
cles.
NEWS TO THE GOVERNOR.
Governor Mckinney was seen by DIS
PATCH reporter last night at the Executive
mansion and asked about the matter.
After giving the Times article more
careful reading than he had done during
the day and having his attention called to
the interest il had excited, he said heihad
heard nothing of the matter for some
weeks except what had appeared in the
newspapers. Under the act OF the last
session Of the Legislature creating the Nr-
GINA debt commission be was made chair
man OF the commission with authority TO
call them together, but he had received no
proposition to do so. He had not been adj
vised of any intention of the Bondholders'
Committee to visit Richmond az set forth
in the article copied from the New York
Times.
NO EXTRA SESSION.
He therefore, he added, saw no reason to
change his views so often expressed with
reference 10 calling the General Assembly
together in extra session.
All the information at hand indicates
that the negotiations are progressing very
harmoniously and with promise of sue
cessful termination.
Captain Hugh r. Garden, whose inter-
view with the Times was copied in the DIS
PATCH has been quite active in connection
with the work OF the Bondholders' Com
mittee. He stated that between six
sevenths and seven eighths of the whole
outstanding obligations of the State of
Virginia have been deposited under the
conditions of the plan of refund
ing, with an agreement on the
part of the depositors to abide by
the result of the negotiations. There re-
mained but few preliminaries to, be ar,
ranged. he said, between the Bondholders'
Committee and the representatives, of the
Council of Bondholders of London, and he
was satisfied they would be concluded by
cable in 4 few days, in which event the
committee hoped to be able to proceed to
Richmond by the close of the week.
DUTIES OF THE VIRGINIA COMMISSION.
The following is the Joint resolution of
fered in the Senate by Mr.. Wickham and
adopted by both branches. under which
the Virginia commission was appointed:
R,solrsd 6y the senate (the House OF Delegates
concurring), That the Governor Of the Common
wealth, the chairman Of the Finance Committee
and Banks OF the Senate, the chairman OF tho
Committee on Finance Of the House OF Dele
gates, and one member Of the Senate and one OF
the House Of Delegates 10 be elected oy their re-
speciiye hOuses) be constituted commission 70
receive prOpOsals for funding the whole debt OF
Virginia upon the principles set out In the act Of
the 14th Of February, 1882; provided, however,
that no proposal shall be entertained which Is
not supported by a deposit In cash OF not less
than S1 100000 in such depository as said COM
mlselon may designate, 70 insure the faithful
performance Of the proposals II accepted and
ratified as hereinafter set forth.
2. Resolved, That said commission be, and the
same is hereby, authorized to 6gree, subject 70
upon the terms of a contract with any parties
Offering proposal 10 fund the entire
debt Of Virginia upon tho conditions afore-
said; provided however, that o, no proposal Poem
the act OF the 14th Of February, 1882, save and
,'xcept that said proposal may provide another
plan for sinking fund, not less favorable 70 the
State than the present or lower rate OF In
teres,, or longer period for the maturing OF the
principal, and that 1t DO expressly declared that
the principal Of the debt held by the schools and
colleges Of Virginia at present shah not be
affected, but that said bonds 80 held sha IL sold
or transferred by said schools or colleges, be In
all respects subject TO said act Of February IA,
1882