Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-03-22
OPPOSE THE COUNCIL
THEIR PARTICIPATION IN THE DEBT
SETTLEMENT NOT DESIRED.
Views Of Messrs. Massey, Cardweli. and
Pollard rs 20 How IL Would Aneet
the Negotiations.

cott-C Cleveland Committee looking to the
settlement of Virginia's debt, the DISPATCH
has secured interviews with three leading
gentlemen as to the effect of the Councils
appearance in these transactions.
The first person seen was Hon: John +.
Massey, who has been III public Ire Tor
many years and knows ne much about the
State debt and the futile efforts that have
been made to settle il as any man IN Var;
GINA. Aside from being q well-lnformed
man on general subjects, Mr.. Massey has
had special opportunities for acQuainting
himself with the affairs OF the state ana
with all phases of this subject and the
legislation affecting II.
lie was at one time Auditor OF Public
Accounts and as Lieutenant Governor and
President Of the Senate of Virginia was q
member of the committee that spent
many days in conference with Sir Edward
Thornton and Mr. BTsithwaite, who came
here as accredited representatives OF the
Council of Foreign Bondholders. HIS
views are therefore worthy OF special con-
sideratIon.
DIscoUBAoTSG DELAY.
Being asked what seemed to be the. out
look for the successful termination OF the
pegotiations for the settlement OF the debt
MIR. Massey replied:
20 come from persons who are supposed TO
be well informed upon the subject have led
me TO expect an early call for meeting OF
the representatives Of the State and heT
creditors, and in common with the people
of Virginia generally ! have hoped that
such a meeting would result in O final and
satisfactory settlement of this yexatlous
question. But frequent disappointments
and long delay have tended to discourage
this hope. No definite proposition or plan
OF settlement has yet been submitted"
HAND OF THE BoSDHoLDERs.
"Does it not appear from the New York
Times article. 70 which your attention has
been called, that the Council OF Foreign
BondholdArs are by invitation or consent
taking a large share in these negotiations
and in great measure debating the terms
TO the New York Committee?"
In the article TO which you refer II 10
said thore still remain but few prelimi-
paries TO be arranged between the Bond
holders Committee and the representa-
tives of the Council of Bondholders of
London. This statement seems TO justify
the conclusion that no proposition will be
submitted to the representatives OF Nlr-
gina that Is not dictated by the Council
of Foreign Bondholders Of London or
which does not at least meet their ep-
prevail"
What is and has been the attitude OF
the Council toward our people respecting
a settlement"
sELF-CoNsTITUTED AGENTS.
at seems to have been the self-consti-
tuted agent OF the bendholdcrs not seek
ing TO promote their interest by securing
an equitable settlement of the debt, but by
constant agitation and transformation to
keep it unsettled so long as its own reve-
nues could be increased 10y il. Through
hoe
courts. vexed and annoyed her citizens,
demoraliZed some Of them. and done more
20 prevent an equitable settlement OF the
debt than any other agency. Its agents
agreed to indemnify all who would use
coupons, furnished by them, in disregard
and violation of the laws of Virginia
There are now, | am informed, judgments
against these violators Of law guaranteed
by these agents aggregating about $780,
600. and can conceive of no interest the
Council or its agents have in this matter
unless 1t be 10 get rid of their obligation as
Cuarantors. Their accredited agents ac-
knowledged that they neither owned nor
controlled Virginia bond and that their
acts would not bind bOndholders. Yet
they, according 10 the Times article, are
causing delay on the part of the Bond
holders Committee"
SUSPICIOUS OF THE COUNCIL.
after our experience with their COM
mission what do you regard as the feeling
of the, people of Virginia towards the
Council of Foreign Bondholders and
further negotiations with them directly or
Indirectly
From the best information / have been
able TO obtain by intercourse with the peO-
pie there is almost universal opposition
TO entertaining any proposition they would
submit, or to treating with them either
directly or indirectly, and they would look
with suspicion upon any proposition dc
tated or participated IN by the council or
its agents"
GOVERNOR WILL ACT WISELY,
with a plan formulated, would It, in
your judgment, be advisable to convene
the General Assembly in extra session to
consider it 2"
THAT will depend upon the character
of the plan and the time when II may be
presented. We have a clear-headed, pains
taking Governor, who Will look 10 the in
terests of Virginia. If he believes that in
terest requires an extra session, he will
call it. Otherwise he will not, and l am
perfectly satisfied TO leave that matter en-
tirely to him."
What Speaker Cardwell Thinks.
Hon. r. II. Cardwell, of Hanover. Speaker
of the House Of Delegates, and a member
of the joint committee appointed at the
last session of the General Assembly TO re-
ceive and consider any proposition from
the creditors, was seen 1T his office on
Eleventh street. My principal source of
information as to what was being done in
that direction" replied the Speaker, when
asked as to the prospects of settlement,
~ has been the newspapers, and when
] saw that the Bondholders' Committee of
New York had formulated plan of settle
ment that had met with the unanimous
approval of -Bayard Advisory
Committee | was greatly encouraged to
hope for a speedy settlement, but when |
learned from publication III the 18th OF
March issue of the DISPATCH that the New
York committee was delaying their prOpo-
ttion for the arrangement OF some pre-
ilminary matters with the representatives
OF the Council of Foreign Bondholders
confess that became very much dlscour-
aged, in fact disheartened. Past expert
ence has taught the people OF Virginia who
are al al all informed on the subject that
the Council of Foreign Bondholders is
nothing more nor less than money
making concern and anything else but a
settlement suits tins foreign corporation
the best.
THEIR RELATION wELL-KNowN.
~ will not undertake TO recall the
many experiences that the people of Viz
ginia have had with the representatives of
these pretended holders of her bonds.
Suffice II 70 say that the peoples represen-
tatives are now fully advised as to their
holdings, and the taxpayers as we'll as the
real holders Of Virginia securities have
fortunately become aware of the re-
lation sustained by the Council of
Foreign Bondholders TO the public
debt Of Virginia. The commission
created by the Legislature known
as the Virginia Debt Commission has
been ready 70 receive and duly consider
any proposition of settlement that might
be offered by the bondholders. provided
such proposition be within the scope OF the
commissions authority. If, however, it be
known or even believed that the Council
Of Foreign Bondholders are behind the
proposition. the Virginia Commission
would, IN my opinion, be inclined 10 turn
deaf ear from the beginning and her peo-
pie would view with distrust the entire ne
gotiations.
SHOULD sTEER CLEAR or THE COUNCIL.
Therefore. If the bondholders have
proposition TO submit and they know
their own interest. they should and will
sever all connection or utilization with the
Council of Foreign Bondholders and como
along speedily with the proposition, indie
pendent OF the latter"
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