Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-02-13
FEBRUARY 10. 1892.
The Work of the Debt Commission.

With the bill that has been agreed upon
and which was published in full in Thurs.
days issue OF this paper the labors OF the
Virginia Debt Commission have wellnigh
come TO an end. The members have work.
ed faithfully; their services have been
valuable. and they should be suitably
paid.
The commission had great difficulty in
determining what recommendation 1T
should make with respect TO the funding
of those bonds which have never been
pooled. Not unnsturally the OLcoTT CON-
mittee thought that inasmuch as they had
planned and projected this scheme of set
Element, and had been at great pains and
cost to bring it to successful issue. all
bonds TO he offered for funding should be
made to pass through their hands and. of
course, subjected 10 their tax. But this
position OF the OLCorr committee the Vir-
ginia Commission could not support. 1t
rejected the idea that the syndicate should
have monopoly OF the funding, and it was
able to show that that was no part of our
contract with Messrs. OLcoTT. GARDEN,
and associates.
Inc result WIS tndj tuc CoiuuIioSioh io-
solved to recommend that the unpooled
bonds be allowed to be funded through
the Commissioners of the Virginia Sinking
Fund, who will be required TO charge the
same percentage as Is charged by the
OLoorr committee. In this way it is pro-
vided that the unpooled bonds shall have
no advantage over the pooled bonds. This
seems fair.
It 10 proposed that the bonds shall DO
non taxable. Any other arrangement would
be TO prohibit Virginia capitalists from
holding these bonds. For instance. to tax
"a per cent. bond $3.50 on the 800 (the
combined rate for the State and city In
RichmonD would be to absorb the bulk of
the interest.
We hope soon to see this whole matter
disposed c.. We do not urge the two
houses to 60 at it with a rush." but we
do think that it should have their prompt
and earnest attention. Each body can
we'll afford to set aside all other business
TO give the right of way to this.
The prospect of happy settlement of
oil OF this debt question gives great plea
sure TO Virgipians and friends of Virginians
everywhere, and it will be beneficial tothe
State directly and indirectly.
It will do us good at home and abroad.
To get it out OF politics, out of news
papers, and out Of legislative halls alone is
worth million OF two.
1t is doing good, too. TO the holders of
"Virginia 3's"-" RIDDLEBEEGER bonds"
Those who were wise enough to accept the
offer of settlement known as the RIDDLE
BERGER bill are better off to-day than any Of
our other creditors, and whereas the "S's"
were only worth As few years ago they
are now worth between 70 and "A, and
there is no reason why they should not go
higher still.
1t is not TO be expected that " the hun
dred-year bonds" which the State is to is-
sue in lieu of all of her outstanding in
debtedness, save that which is represented
by the RIpDLEBERoER bonds. will sell for
as great a price as the "3s" until the
per cent. period (ten years. is passed and
per cent. has begun TO be paid. But the
time will soon come when these securities
will be much sought after, and when they
will DO regarded as just as safe as United
States bonds.
We have the right to expect that the
hundred year bonds" will bring us a
century OF peace.