Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1891-11-20
Virpinia's Debt

Virginia Debt
The conference between the C.cott COM
mittee OF New York and the Virginia debt
commission, which began In Richmond
Tuesday, resulted yesterday evening In an
agreement upon q plan for settlement OF
the State deb, ths ds:ails OF which are ez-
planned In the following CORE 10 ldence:
v1RaINIA's PROPOSITION
$50 Frederick P Olcott. FIN L Bull Ctas:
d. Dickey .jr.. Henry Bulge, John G'H,
Hugh r. Garden, committee =
s'Gentlemen: Ga yesterday sou submit
ted to the Virginia commission PROPOSE
ton to sell the obligations Of Virginia men
toned In the Riddleberger bill mot hereto
fore funded uuder the bill and now out
standing In thu hands OF the public, but not
including bonds held by sohoo!s and COL
leges) on one oftbe two following bases,
viz an Issue of SIS 000.0C0 Of bonds sD one
alternative and of $40 coo 600 IS the ether In
lieu OF the on standing obligations aforssln.
Your proposition was that the SIS ,C00 COO
OF bonds, If Issued. should run for one bum
dred years, bearing3 per cent. the eoilFe
period, and that the SIS. 100000 ct bonds, II
issued, should run for one huudrad years,
bearing per cent. for five years. p for ave
years and par cent. for tee remaining
ninety years. You further euagsSsed that
the proposed new bonds and ths interest
obligation on them should In either case
conform in their general character TO those
issued under the Riddlebsreer Dill. we
have carefully considered your proposition
and are constrained to soy that spart from
other objections thereto, which occur 10
soma or all Ct us, we fear that the 8 late
would be financially unable to n oet aett!e-
ment In aocordsDcs with either Cf them.
It is, of course, conceded on all hands that
settlement which cannot DO met you'd
be worse than no settlement ct ALL Upon
ref ,otion, however, the Virginia commits
sion has come to tha conclusion that there
are certain sources Of revenue which the
State may avail herself Of without
Increasing taxes. The additional in
coma TO be derived from these
sources will perhaps not amount to
very much, but the Virginia commission
hope they may be utilized for the purpose OF
accomplishing final settlement OF this much
yexed question. Il is well-recogniZsd fact
that the large business interests OF the Stste,
among which may be mentioned the rail-
road companies, Ia their anxiety for hnal
settlement, and looking to the general In
crease of credit and prosperity to result
therefrom, have evinced willingness TO re-
spond to such public demands as may feirIy
bs made upon them for the attainment OF
the oil act In view. This commission will
therefore mske to the Legislature o favor.
able report upon the SIS, 900 0C0 proposition
If the same be modifed-that lie to ssy: We
will recommend proposition to Issue
maximum amount OF SIS, 900 600 OF bonds to
be exchanged for the outstanding obligation
OF the State mentioned in the R!ddleherger
act (other than those had by schools and
cole gss) now ia the hands OF the public. but
not Including bonds already funded under
this act, such new bonds to run for loo years
and to bear per cent. interest for 10 years
and per cent. for 80 years. The bonds end
interest obligations shall be OF the same gen
eral character as thoss provided for by the
Rlddleberger bill, and 1t is distinctly UNDER
stood that the coupons or other interest," OBJ
| legations are not to be receivable for taxes.
The proposed new bonds shall be exchange
able for the outstanding obligations afore-
said in the proportion OF 10 Of the former
for % of the latter. This recommendation
is, of course, to be made conditional on the
understanding that your committee hold
and has the authority to exchange the obli-
cations mentioned In your previous commu.
nioation to us, amounting to at least 1913.
100000.
P. W. MCKINNEY.
J. HoGE TYLER,
&. 81. CALDWELL,
TAYLOR BERRY.
Fl. T. WICKHAM,
w d DABNEY