The times. [volume] (Richmond, Va.) 1890-1903, 1891-06-02
Tue pEnr SETTLEMENT.

Yesterday the Virginia State Debt Cominis-
sion in accordance with the request OF .le
Covernor. held meeting at the Cspitoi lo'
the purpose of comforting together over 'ne
very important matters expected to be oro"sns
| before them for consideration within the heA'
fov DAVIS. The Olcott committee. represent
IN, the foreign bondholders. will. 1t Is expect
al roach the city to-day. when negotiations
Cor settlinc the debt will be officially entered
into. Witt.
Every Virginian and real lover OF Virginia
e;rcernlv hopes that these negotiations may
result successfully. and that the debt incubus
which for generation past has been such a
tremendous drawback to the welfare, adj
voncement and credit of the State, NAV be
finally removed. No contamination could
more devourfy be wished, for with a satisfac-
tory and honorable settlement Of this vexa-
tious and wearisome question. the old state
will take on new life. and enter upon career
OF prosperity which will fully equal, and, IN
all probability, exceed the most sangulne
homes of her most devoted sons and we'll
wishers
to anything like an immediate solution OF
the debt problem which for so many years
has been such sharp thorn in the side Of the
old Commonwealth. In the first place, a mat
ter of such supreme importance as the final
settlement Of the debt is one which cannot be
disposed of without grave and careful con-
sideration. The bondholders, through their
committee. have as yet made no proposition
Of settlement. nor have they even intimated
the outlines of what they are ready to offer.
The conference to Be held to-day with the
debt commission will. therefore, either be
only preliminary to formulating terms
of an agreement. or the committee will come
prepared to make an offer of the conditions
of which the commission as yet are in CON-
plete ignorance.
In either event much time and thought
must be given TO the subject before anything
definite can be decided II the Olcott COM
mittee only seek conference for the purpose
of formulating terms Of settlement, any plan
they may eventually propose will have to be
first submitted TO the commission. and then
the State and the bondholders will both have
to give their sanction thereto. If, on the
other hand, the committee have already
agreed among themselves as to what they are
ready to Offer their proposition will also have
to be considered line by line by the members
Of the commission, SO that they may thor
oughly master the subject and be assured
that they will make no mistake either IN It's
rejection or favorable recommendation.
But the greatest trouble in the way of an
immediate adjustment of the debt is the ne
cessty of a special session of the Legislature
to take final action upon any plan agreed on
between the bondhOders and the commits
sion. Under existing circumstances 1t would
be impracticable and unwse for the Governor
to convene an extra session of the present
Legislature for that purpose. A large num-
Der Of the members of the Legislature are
farmers whose presence on their farms is just
at this time imperative. If they should leave
their farming operations now to come TO
Richmond the step would be fatal to
their business interests, and if they could not
do so, and the Legislature should act on this
vital subject during their enforced absence
the farming element of our population would
be certain TO be dissatisfied, and either think
that they had been ignored or, at least. that
their views and sentiments on so important
a matter had not been properly consulted.
This would be q serious obstacle TO a sat
isfactory adjustment at the outset, and it is
one the avoidance of which is urged by all the
dictates of wisdom and good policy. Then
by the time the crops are gathered and laid
by, the fall elections will be on hand, and it
will be next to impossible to get the Legis-
lature together, since most of the Solons and
statesmen composing that body will be too
busy looking after their individual political
fences to be able to give necessary attention
to anything else And then again by the
time the elections were over and settled 1t
would be so close to the date fixed by the
Constitution for the regular session of the
new Legislature that ali extra session Of the
old would be superfuous.
1t is not likely therefore, that the debt
problem can, under any circumstances, be
solved before December; but it is most earn.
estly to be hoped that by that time the whole
matter will be in shape for a settlement alike
satisfactory to the creditors and honorable to
| the State. Then indeed can the old Com.
monwealth arouse herself like giant refresh
ed with wine, and no longer trammeled by
the entanging embarrassments which have
for over quarter of century impeded her
progress and with her fair fame no longer
marred by blot or blemish. she can march
| II a IL
zation Of her splendid destiny.
SIR JOHN MACDONALD.